Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1870-06-16

81 10

Thus you will perceive, that
should the bill before you become
law, there is no profit to the banks
in retaining circulation, and wtth-
out it very large portion of the
banks would find it for their inter
ests to surrender their charter
You are fully aware that the coun-
try banks cannot eri8t without cir
culation; their deposits are very
small, and they depend on their
circulation to enable them to pay
dividends.
The banks in a few large cities
might continue, perhaps, and live.
under the present system, aud pay
fair dividends, doing business main
ly on large deposits; but will this
class Of banks continue, if the cir
culation is rorth nothing, and keep
twenty-five per cent reserve on
their deposits, when they can Just
as well surrender their charters and
organize under State law, or bank
as private bankers, and be relieved
from keeping a reserve Of twenty
FIVE per cent? We think they will
not; it is purely a matter of dol
lars and cents. Capital cannot be
controlled by legislation, unless
that legislation makes it for the in
terest of capital to be controlled
From the official statements Of the
Comptroller of the Currency, it will
appear that the Taxes paid by ma
tional banks, for the year ending
September 80, 1867 were as fol,
lows, to- wit
Faxes paid to United States . $1,000. ss2 q
states es.............. Ss72, I'll OF
SlOO0g,6as "A
Rents salaries and other ex-
penses ACKNOWLEDGEMENTS. Is 3s1, $50 90
S34,9s4 52s 81
Percentage of u. S. tax on capital as
State .a1
"expenscs on capital. Sd
so
1t appears from this statement
hat under the present law, undis-
urbed, national banks must earn
light per cent on their capital be-
ore they can begin to earn any
hing toward a dividend. Is not
his question pertinent here; Dees
congress desire to wind up the ma
ionsl banking system? Do you.
gentlemen, desire to wind it up, or
disturb it, thereby seri-
usly disturbing the whole business
interest of the country? Do the
eople want the present system
isturbed or wound up2 We trust
OF. We believe the present bank
lg system is the best ever adopt
4, or that can be adopted, for its
liability as a system, or its security
or debts, and particularly for the
are and perfect redemption of it's
REGULATION in the hands of the peo-
lie.
Under our old various State bank
iws, we had say twelve to fifteen
lousaud different plates, of all
inds and denominations, and the
ublic generally did not know
hether many of the bills passing
ere genuine or counterfeit, and
,nsequently great quantities of
State bank notes were
ways in circulation, and the loss
arising therefrom almost entirely
il upon a class of persons that
,uld i'll afford to lose, because if
Ich bills found their way into a
Ink they would be rejected, threw
Q such losses on to an meduea-
d community. How is it now,
til only one set Of plates for all
g banks in the country. The
ople are easily educated to know
c genuine bill, and the losses
owing out of counterfeits on the
tional currency plates are so
lall that it is hardly worth MOTTO
2. This fact, gentlemen, is one
great moment, in furnishing q
culating medium to the whole
lntry.
Formerly, the bills on one State
'uld hardly pass in an adjoining
lte, without charging a small