Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-04-15

ton Of the holder to new purchas
.er. With the money realized from
such sales of such a stock the six
per cent. stock on which the Gov
ernment has the option to redeem,
might be paid. This would include
most OF the stocks that are now
held by this office, on trust for Ma
tional banks, as security for redemp-
ton and payment of the circulating
notes Of such banks.
NOW, if others could afford to
purchase four per cent. stock, it
would seem to be no great hardship
on the banks to compel them to re-
place the stocks so redeemed, with
a four per cent. stock. While, there
fore, / would agree with the propo-
sition of the hanncrs Of Wisconsin,
as set forth in the printed slip that
YOU were so kind as to inclose me,
that the National banking system
be made free and open to all under
certain safeguards, l would compel
all new deposits for securing the
redemption of circulating notes,
whether of new banks or of banks
now existing, to be made in four
per cent. United States stock. So
far l would mix things, as you style
the provisions of the proposed loan
bill. This would not be breach of
good faith with the banks nor in
any sense reputation Of 4 con
tract.
Il agree with you that we are not
Mexicans; neither is this country
Mexico: and further, that the Gov
ernment is not now in ertremis. but
insist that course as above indi-
Gated, or that proposed by the Sec
retary of the Treasury, is not Mex
ican, nor in any sense taking forced
| loans.
"There is fear that unless some
fair adjustment is made to satisfy
the, mass Of the ax-payers, they
may take it into their hands to re
pudiate the whole debt What
/ then, would become of the interests
of the banks that bankers have SO
much at heart, and of the banks
themselves Indeed, prudent
bankers should ponder well, and
bear the fact constantly in mind
that next to high taxes, banks, of al
institutions, arc the most unpopular
with tine people who have votes, and
who direct the legislation of the
country: II the banks will join theil
interests with those of the people
and will ask of Congress for moth
ing but what is right and reasona
BILE, they will have no trouble; but
/ if they resist wholesome Legislation
for the public good because they
imagine that it may possibly b.
against their present interests, they
will find their mistake when it viii
be entirely too late for their saliva
ton. .ssT'a hl
i "The funding of the entire nation
al debt, at the lowest possible rate
of interest, and on the best terms
possible, should now be paramount
to every other financial interest -
When the loan shall have been ad
vantaseously placed, and the coun
try made easy financially, the ne
cessary details, including justice to
the banks, can be easily arranged
If it shall be found that banks cal
not do renumerative business, or
the issue of their circulating notes
based and secured by four pc
| r%<
of remissions of taxes or duties cal
be made in their favor. AS the lay
in regard to National Bank taxation
now stands, these banks are no
only subject to State and municipa
taxation, but their stockholders ar
liable to be taxed separately o.
their individual shares, held b.
, them in such banks. ~
"The General Government levie
: contributes on these institutions i
! an excessively annoying manner
The manner of assessing is very oh
!. jectionable, and the aggregat
v amount collected is probably NOR
than is reasonable. The Genera
Government, through its collector
of internal revenue, exacts fror
e each bank a license fee, and a pei
eentage on dividends, and on undi
!. vided profits. Through this offic
| it collects percentages on these 9th
' er items, viz On circulation, on dc
f posits and on capital, aggregatin
about six million dollars; an
J. probably Internal Revenue. Shoul
the duty on circulation only be re
s mitted, it would to great exten
' compensate the banks for the diffel
:. ence of interest as now received G
!. the stocks held by them, and pre-
d posed four per cent. stock, as pre-
!. posed in future to be held IN tru'
d by this Office to secure the redemE
5. ton of their circulating notes.
e1 1.-The National Bal ks acted nobl,
t. aud stood by the people during tt
it war. It is hoped that they wi
Q continue in their patriotic course t
e again aiding the Government
J. placing the loans with the interst {
low figure, so that the people wi
be satisfied, and so that repudiatio
8 will not be able to raise its hatef
head in the land 's"t
"F. E. SPINNER.
Il Treasurer United States"