Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1870-04-07

lunulnb Dlil aS pfopOscu ny peCictuiy bout-
well. lie has been consulted by letter on
the subject by leading financial men. The |
following is a letter to the President of the |
National Park Bank of New York:
TREASURY OF THE UNITED STATES, !
WASHINGTON, March 81, 1870 J
Dear Str--Your letter of yesterdays
date has been received. Although all that ]
possess of worldly goods, save my house and
furniture, is invested in United States stocks
and National Bank stock, based on such
Government stocks, still l am in favor Of
reducing the rate Of interest on all our Gov
eminent stocks as soon as il can in any way
be done, to four per cent. per annum. so
you see that my idea of what can and what
ought to be done is further from your views
than is the plan of the Secretary of the
Treasury, that you regard with so much dis
favor. | cannot, therefore, advise him to do
as you desire should. Little doubt exists
that if Congress would pass a law favorable,
| Tour per cent. stock could be negotiated in
Europe if agencies should be authorized at
| Amsterdam, Berlin, Frankfort-on-the-M Main,
| London, and Paris, where such stock,
having the interest payable quarterly in the
| coin of the several countries, could at any
| time at one OF such agencies be transferred
at the option Of the holder to a new pur-
chaser.
With the money realized from such sules
of such stock the six per cent. stock, on
which the Government has the option to re-
deem, might he paid. This would include
most of the stocks that are now held by
this office in trust for national banks as Sc
curity for the redemption and payment OF
the circulating notes of such banks.
Now, if others conld afford to purchase q
four per cent. stock, it would seem to be no
great hardship on the banks to compel them
to replace the stocks SO redeemed with a
four per cent. stock. While, therefore,
would agree with the proposition of the
| bankers of Wisconsin, as set forth in the
printed slip that you were so kind as to en-.
close me, that the National banking system
be made free and open to all who NIGH
choose to engage in it under certain safe
guards, would compel all new deposits FOL
securing the redemption of circulating
!, notes, whether of new banks or of bank
now existing, to be made in four per cent
:, | United States stock. so far / would "mi,
= things" as you style the provisions of th,
proposed loan bill. This would not be
f breach of good faith with the banks, nor il
i any sense "a reputation OF contract"
+ / agree with you that 1--WE are not Mexi
1 cans" Neither is this country Mexico
+ And, further, that ''the Government is no
h in extrems," but insist that a course a
Secretary of the Treasury, is not Mexica
n or in any sense .making forced loans"
M There is fear that unless some fair adjust
!, ment is made to satisfy the masses OF til
!. tax payers, they may take it into heirhcad
: to repudiate the whole debt. What the
- would become of the interests of the bank
- that bankers have 80 much at heart, and {
70 the banks themselves indeed2 Prudcr
~ bankers should ponder well, and bear tn
i. fact constantly in mind, that next to hig
n taxes banks Of all institutions are most III
,e popular with the people, who have votes an
~ who direct the legislation of the country.
m If the banks will Join their interests wit
Il those of the people, and will ask of Coz
at gross nothing but what is right and reason
to able, they will have no trouble; but if the
mr. resist wholesome legislation for the publ
a. good because they imagine that 1t may po
ad sbly be against their present private int
81 est, they may find their mistake when it wi
In be eternally too late for their salvation. I'll
Of funding of the entire National debt at IL
lowest possible rate Of interest and on Il
best terms possible shoald now be par
an mount to every other financial interes
re ously placed, and the country made ems
financially, the necessary details, includir
Justice to the banks, can be easily arrange
III If it shall be found that banks cannot do
i remunerative business on the issue Of the
" circulating notes based on and secured by
NJ four per cent. stock, concessions in the W,
of remissions of taxes or duties can be ma,
+ in their favor. AS the law in regard to N
IT, tional bank taxation now stands, the
an banks arc not only subject to State al
of municipal taxation. but their stockholde
an are liable to be taxed separately on their |
hs iividual shares hold by them IN such bshl'
Tbs i'feela Government l9yiPs fiAl,lb