The New York herald., 1870-04-07
TWO NATIONAL BAsx RINGS II CONGRESS.

The Honest Features Of the Funding Bill
Opposed by the National Banixs-A National
Bank President Helps Himself-National
Bank Presidents In COngress-Wall Street
Operations In Washington.
WASHINGTON, April s. 1870.
The national banks have organized two distinct
rings here Both are opposing the honest feature Of
the Funding bill, aud, at the same tine are having
q pretty tough fight between themselves over
4ltanlc scheme OF plumber. When rogues fall out
honest men get their due. Perhaps this contest
between the old and new school national bank rings
may result in great good.
The Old school ring Is from Massachusetts, with
sprinking from other States The new school is
mainly OF Western origin.
THE OLD SCHOOL RING.
Massachusetts,, having secured for herself per
capita circulation OF lfty-eight dollars while the
remaining States and Territories have, on an ave-
rage, only six dollars and forty cents, is OF course
sterny opposed TO any change In the present sys-
TEN. Opposed alike to additional national banks,
increase OF circulation restrictions upon the pre-
sent monopoly, and. consequently. opposed to t5e
passage OF the seventh and ninth sections of the
Funding BILL as one restricts their prese Mt priv.
leges, while the other creates competition. Here,
then, you nave the origin and animus Of the old
school national bank ring its members have
obtained subsidy Of $500 Oo0 600 from the national
government, aud wish to enjoy it without the com.
petition oil other m0nop0lies.
THE NEW SCHOOL RINa.
Nearly oil or large portion Of the national bank
men outside Of Massachusetts regard themselves as
unfairly used In the DISTRIBUTION OF the $500 900
already apportloned. They claim that gold, silver
and greenbacks can never more be made to answer
the purposes of currency, and that it should
be retired (ail three classes) to make way for
additional issues OF national bank notes to the
extent Of s7oo,ooo,0oo or upwards. They are some.
what Indifferent to the fate Of the seventh section OF
the Funding bill, but work like beavers for the
passage OF section nine Here you have the origin
and animus Of the new school ring. Between the
two the members OF the Ways and Means Commit.
tee, who submit to interview daily ore very nearly
dri ven to distraction.
SECTION SEvEN-FUNDIN0 BILL.
The seventh section STANDS solitary and alone the
only really honest feature OF importance IN the
Funding bill. 1t provides that the bonds Of national
banking associations held by the United states
funded at lower rate OF interest. The old school
ring fight tnis tooth and nail: They do not IN the
terest on the bonds held by the people az large but
are very decidedly and vigorously opposed TO any
reduction OF the nut rest on their own. The new
school looks on with composure taking grounds
Tor or against the seventh section as their feelings
may for the time being dctGte--sometimes Tor, but
NISrH SECTION OF THE FUNDING BILL
the ninth section OF tne Funding bill provides that
certain national banking associations that have
failed TO get their share OF the present subsidy ana
others yst 70 be formed may ABSORB the $500
greenback currency now outstanding, take TO the
United States Treasurer and have II canc eled, aud
receive IN return therefor $72000O,o00 IN gold
bearing bonds ana currency-$40o, 100000 OF
the former ana $40 00 900 OF the latter. For this
stupeId0us scheme Of plunder the new school ring
fight Ike tigers, While the Old school oppose az
every possible opportunity, for the reason that no
portion OF the plunder II secured VIII fa INTO their
hands, and the enactment OF the section IN question
into law would disturb the $300,0o0,OOO monopoly
already IN their possession.
BATTLE OF THE TITANs.
Familiarity with the immense financial transac-
prevents the realization OF the stupend0us magn
tlde OF the contest now going on In Congress-. The
recent operations OF Messrs Vanderbilt Fisk Jr aud
Drew gigantic as they were dwlnde to childis play
IN COMPARISON with the Titanic contest now raging
az our national capital. Three hundred and twenty
million dolarsl How many fully realize the magn-
profit that Will accrue TO the new school national
bank rlng aud OF the wrong perpctrated upon III
taxpayers, If section nine OF the Funding bill be.
comes law.
The national bank rings nave their representative
men on the door Oh eacn OF the three houses Of Con-
grcss-tlie Senate, House ana lobby. In the Senate,
ana ON the Finance Committee, we ind that eminent
banker Hon. A. u. Cattel csidcnt OF the Corn EX-
change NATIONAL Bank Of Philadelphia-a bank that
has Been highly favored Dy the Secretary VI the
treasury, and OH one occasion at least II got very
good inin IoD the Senate Finance Co,Dinliice. Be.
sides tue s45J,C coo received IRON the Comptroller OF
Currency for circulation the Senator's bank has
Deen entrusted with the following vary ..oeral
United state deposss:i
>0cIoper ls5r.. ................... $120.473
cct0Ocf lSh1
Octopcf iooo oso
Oc'ooer lS69 . ~ 81, ozy ~
e1.yy2..9A0y2. our BaaDce migsiers nave laaAa2eds