The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-23
From the New York Herald Of April Z.
THE NATIONAL BANK RINGS IN
CONGRESS.

OPPosRD BY THE NATIONAL BANKs-A Ma
TIoSAL BANK President HELPS HIxsKLP-
NATIONAL BANK PRESIDENTS IN CONGREss-
WALL SrREEr 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, and, at
the same time, are having a prettytough
fight between themselves over q Titanic
scheme of plunder. 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.
Massachusetts, having secured for herself a
per capita circulation Of fifty-eight dollars,
while the remaining States and Territories
haye. ON m Averages, only six dollars and
forty cents, in. Of course, sternly opposed to
any change in the present system Op-
posed alike to additional National Banks,
increase Of circulation or restrictions upon
the present monopoly, and, consequently,
opposed to the passage Of the seventh and
ninth sections of the Funding bill, as one
restricts their present privileges, while the
other creates competition. Here. then,
you have the origin and animus of the old
school national bank ring. It's members
Lave obtained a subsidy Of $500, ,oOO, 900
from the national government, and wish to
enjoy it without the competition Of other
monopolies-
THE NEW SCHOOL RING.
Nearly all, or a large portion Of the ma
tional bank men outside of Massachusetts,,
regard themselves as unfairly used in the
distribution Of the $500 100000 already
apportioncd. They claim that gold, sill
yer. and greenbacks can never more be
made to answer the purposes Of currency,
and that it should be retired (all three
classesl 10 make way for additional issues
Of National Bank notes to the extent of
$500, ,0OO, 900, or upwards. They are
somewhat Indifferent to the fate Of the
seventh section of the Funding bill, but
work like beavers for the passage Of sec
ton nine. Here you have the origin and
animus Of the new school ring. Between
the two the members Of the Ways and
Means Committee, who submit to inter-
view daily, are very nearly driven to dis
traction.
SECTION sEVEN-FUNDING BILL.
The seventh section stands solitary and
alone, the only really honest feature Of i'm
portance in the Funding bill. 1t provides
that the bonds of national banking associa-
tons held by the United States Treasurer
as security for their circulation shall be
funded at q lower rate Of interest. The
old school ring fight this, tooth and nail.
They do not in the least object to the Sec
tons reducing the rate Of interest on the
bonds held BY the people at large, but are
very decidedly and vigorously opposed to
any reduction Of the interest on their own.
The new school looks on with composure,
taxing grounds for. or against the seventh
section as their feelings may for the time
being dictate sometimes for, but oftener
against.
NINTH SECTION OF THE FUNDING BILL.
The ninth section of the Funding bill
provides that certain national banking as
soclatlons that have failed to get their
share Of their present subsidy and others
yet to be formed, may absorb the $4OO, :
OOO,OOO greenback currency now outstand-
ing, take it to the United States Treasurer
and have it cancelled, and receive in re-
turn therefor $720, 900, 900 in gold bear.
ing bonds and currency-S4OO, 900, 900 Of
the former and 1920, 100000 of the lat
ter. For this stupendous scheme of
blunder the new school ring fight like
tigers, while the old school oppose at every
possible opportunity, for the reason that no
portion Of the plunder, if secured, will fall
into their hands, and the enactment of the
section In question into law would disturb
the 100000, 900 monopoly already in
their possession.
BATTLE OF THE TIrANs.
Familiarity with the immense financial
transaction Of the government during and
since the. war, prevents the realization Of
the stupendous magnitude of the contest
now going on in Congress. The recent
operations Of Messrs. Vanderbilt. Fisk.
JJr., and Drew, gigantic as they were'
dwlndle to child's play in comparison with
the titanic contest now raging at our ma
tional capital. Three hundred and twenty
million dollars |! How many fully realize
the magnitude of the amount =? Yet, it is
Doen the measure Of profit that will accrue
TO the new school national bank ring, and