Iowa voter. [volume] (Knoxville, Iowa) 1867-1874, 1870-04-21

having the interest payable quarter.
ly in the coin pf the several Countries
could al any time, at any OF sech
agencies, be transferred al the option
Of the holder ~ new purchaser
With the money realized from such
sales Of such efock the six per cent,
stock on which the government 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 national banks, AZ
4 security for the redemption and pay.
ment OF the circulating notes Of such
banks.
/ Now. IL others could afford TO pur.
chase . four per cent. stock. it would
seem to he no great hardship on the
banks to compel them TO replace the
stocks so redeemed with 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 20
kind as 10 inclose me, that the Ma
tionaI Banking system be made free
and open 10 all who might choose to
engage in il, under certain safe
guards. / would compel all new
deposits for securing the redemption
Of circulating notes, whether Of new
tanks or Of banks now existing, to
be made in u four per cent. United
States stock. So far / would mix
things, as you style the provisions OF
the proposed loan bill. This would
not he breach Of good faith with
the banks, nor in any sense repudi.
alton Of co itract.
agree with you that We are not
Mexicans; neither In this country
Mexico; nd further, that the govern.
IDent il not now fn extre8is, but
insist II at a course as above indicat-
ed, or that proposed by the Secretary
Of the Treasury, is not Mexican, nor
in any sense taking forced loans.
Their. is fear that unless some fair
adjust ncnt is made TO satisfy the
mass Of the taxpayers. they may
tab.e il into their hands to repudiate
tie whole debt. What then would
!, become Of the interests OF the banks
that bankers have 50 much at heart,
and Ut the baBksfhesnselyes? Indeed,
prudent bankers should ponder well,
and bear the fact constantly in mind,
that, next 10 i,igi, taxes, banks, OF
all institutions, are the most unpOp-
ular with the people who have votes,
and who direct the legislation of the
country. 1.-THE banks will join their
interests with those OF the people,
and will ask Of Congress for nothing
but what Is right and reasonable,
they will have no trouble; but IL they
resist wholesome legislation for the
public good because they imagine il
may possibly be against their present
interests, they will find their mistake
when IL will be entirely too late for
their salvation.
The funding Of the entire national
debt, ut the lowest possible rate Of
interest and on the best terms posi-
bic, should now be paramount to
every other financial interest. When
the loan shall have been advanta-
geOusIy placed, and the country
made easy financially, the necessary
details, including Justice to the
banks, can be easily arranged. If 1t
shall be found that banks can not do
u reInunerative business on the issue
OF their circulating notes, based and
secured by 4 four per cent. stock,
concessions In the way Of reinissiOns
Of taxes or duties can be made In
their favor. As the law In regard to
national bank taxation now stands,
these banks IRE not only subject to
State and municipal taxation, but
hAi atn hf,l In hn
taxed separately on their individual
shares, held by them In such banks.
The general government levies
contributions on these institutions In
mn excessively annoying manner.
The manner OF assessing Is very
Objectionable, and the aggregate
amount collected Is probably more
than Is reasonable. The general
government, through its collectors
OK internal revenue, eXacts from each
bank q license fee, and Il percentage
on dividends, and on undivided
profits. Through this Office 1t collects
percentages on three other items, viz:
On circulation, OF deposits and on
capital, aggregating about ak million
doIiars; and probably about three
million dollars through the office Of
Internal Revenue. Should the duty
on circulation only be RENTED, It
would, to Il great extent, compensate
the banks for the differences of In.
terest as now received on the stocks
held by them, and the proposed four
cent. stock, as proposed In future to
be held In trust by this Office to
secure the redemption OF their circu.
lating notes.
The National Banks acted nobly,
and stood by the people during the
war. It Is hoped that they will con-
tinue In their patriotic course by
again aiding the government in
placing the loans with the interest ut
4 low figure, SO that tho people will
be satisfied, and no that population
will not he able to raise its hateful
head In the land. +. +. SPINNER,