The New York herald., 1870-04-11

iiShls" ciaiineu py tne lew are pus Nesscu "io"s'
You say "Mr. Boutwell, may have better know
ledge OF what can DO effected IN the way OF porr0w
Ing at low rates In this or other countries thah
you) possess, but from the best information as wen
M from my your own observation, J am
dlsappoIntmenf. and failure In the attempt
Will be most damaging to the already not TOO sliong
credit OF the governmcntn Passing the Rratlilous
ming at the credii Of the government whose stocks
having but eleven years 10 run are now Two PEI psi
ssRs sOSgS Se par VI ep
doomed to disappointment was not Iather 10 the
thOughtf
OF the country above their private interests at hear
feel that II the banks instead OF sending oDbies nero
to prevent the passage or the Funding bl ana olher
wholesome legislation, would place themselves IN
perfect accord and unison with the reasonable
wishes Of the masses Of the pe9pe and would sns
during the war, no doubt large part OF u woua
be taken up readily BY tie people 9! our own coul.
try, ana that such course would In the end DC
greatly to the benefit OF all, ana in special manner
TO the banks themselves
You say that to your mind at presents most
Illuminating position for the government Of THIS coun.
try TO 60 abroad trying to pedde ts bonds In ioregn
lands. begging them to lend us Their money" ahas tu
1T may do Tor individuals, but 1t Is undQnlhed lor
this great country to place itself In such sitnation
and you add. ~ foreigners want our bonds tney VIII
Now, 1t IL with nations as with individuals No
particular dignity comes to either from the mere
's to borrow MONEY nom e Som. may 81 wiling to gray
their Spanish grandec pauper PRIDE 10 pay an extra
per cent wnen teey wish TO borrow money % 10 some some
TO them TO collect the interest as well. Our
people can AFFORD no such nonsense You bankers
know better. You are not in the habit OF gong to
your customers TO lend them money, nor do you 20
to your creditors 10 collect the interest on Your oans
Your customers, like other sensible people, know
that when they must have money they must 60 for 1t
tO the place where is and not where 1t IL not 10 be
nad ana nsy WI be apt to CO. t9S TO me place where ns
nations as well, under such circumstances, PRIDE
and dignity must yield to stlilnterest ana the
pubic good. The parentage or this dignity taK on
the floors OF Congress now stands confessed; It was
suspected all along that some private interest dc
tated II.
You say Congress may pass laws TIL doomsday,
but they Will not Drlng the money, unless adaptei
to the circumstances and pOpnar with the people,
and that you "have yet 10 meet the first man who
approves Of Mr.. Sherman's BILL" bank president,
like KING surrounded by his conrters. 81 ting m
the parl0r OF bank OF discount, with none around
him but such as hold views in accordance with his
own, and only such others as have favors TO ask In
the way Of discouns, mas perhaps not the best pos
opinion. From the start felt anxious 20 c0nciliate
the national panks. | know their power for good
and their stu greater power for evil The great aid
they gave the governmenG during the war was
not Forgotten, and it was evident 20 my
mind tnat they should again be employed
as agents to assist in placing the new
loan at home and abroad. For tins service the
pensaion. One per cent Tor all the stock 70 he
taken by them for their own use and Tor their GUS
toners, would be TO the government but as the dust
IN scales OF the transaction as compared witl tne
great aud lasting benefit that would have been de.
rived hereirom. But just here "dignty'' and pride
as well come IN on the other side. Not lOr, but
against the banks. Legislators having heard mucn
on TINS subject In regard To foreign countries bring
the dignity OF the nation 20 pedd!c the stocks,
aud have them hawked about by banks
and and agents, and thss those who de.
sired the stocks could go to the Treasury
direct and purchase them there and besides save
the percentage to the government that the banks
would otherwise get. IL 10 doubted whether the
"dignity" argument IN this case as clear 10 The
understanding Of bankers as In the case Of the icr
eign markets. NY mind is so obtuse that It can't
see difference. 1t is false dignity and false econ
omy well In either PRIDE or dignity, If you
prefer That TERM s to nations as well as individuals
the most expensive OF all foolish business. Some
As firmly believe all that is herein stated to you
ana al that stated IN the letter to distinguished
banker IN New York that you 'read with such sur.
prise" cannot therefore RECONSIDER the reCoUl-
mendai0n OF foreign agencies and the making bonds
payaoe In foreign currency;n neither can lend my
aid to some such plan as You have suggested.
When, nearly i've years ago, congratulated the
the conclusion OF the war, he said to me, rne war
Is not yet concluded. True, my troubles and cares
a an sw neas xa
everybody sees nOW-inal our great deot must be
psSsdt as people can anS ana 3, w sa
aniil until he % whole ssaIi . aonSr.Dy paid taV !Ss
Ss %S s ss dSs ' 9& s Banks Win The
snnk the ia better a ss yss
=
apf aefsa e jaa SY e So s ss yGaq ~ ffHsp! s
beiion was 'lct us alone" This let us alone policy
IT be with 'the rest OF mankindD Would the tax
payers. think you, stand It, and, if.so, how longf
tive Of the sovereign. Here the peope are sovereign;
II therefore belongs to them to issue the money OF
@ Sef % s & sssgss sssu Ss % sS
course, be or such considerations and on Such terms
as they may dictate Bankers connected with BANKS
OF Issue should bear these facts Constantly IN mind
They would then learn to consult the people, VINO
give them their life and being, and TO study their
ssiash interests less ana the !emnss q the neons
r1y benefited by such course. You seem to view
the whole question from the single STANDPOINT oil
banker ana seem TO forget that the prosperity Of the
whole people IL most especially the interest Of the
banks. ], 100, am banker, yet have tried to look
at this question OF finance III all ts bearings upon all
the interests Of our whole country and thus looking
should not interfere They should remain out Of the
fght and leave legislation free Most OF the mcm-
be done for the general good The people have their
eyes fixed not only upon them, but upon the bank
ers who assume to direct LEGISLATION for them. They
are anxious TO nave this financial question settled
right, aud at once, as they were five years ago to
have the other aud first part Of the war 50 settled
Bank and other interests may defeat their wishes for
while, but they VIII be sure TO conquer IN the END,
You OF course know that there Is a party iu favor
Of repudiaon OF tne entire debt and tnat there are
honest, wcll.meanlng men, with strong CONVICTIONS
who think that paper money should be Issued by che
government exclusively. They argue that this
would save the people from twelve to twenty
million dollars annually These TWO great an
tagonisms to themselves the banks must meet
Can they for patry per cent afford to run the
risk OF either one of these dangers, when, by a
cheerful acqulescence in what the masses of the
people think 70 De right they can avoid these Ian
eersY
Banks cannot afford to make issues with the
people. IL is not safe for them TO 90 SO. The fate
Of the old United States Bank that once fourished
and then persisted In our city snOuid be an ever
lasting admoDton to ali banks in ike cases Offend
Ing. bnt 1t would seem that BANKS ike individuals
never learn TO profit by the experience OF others.
1t Is just possible that the short rtsIghted senser.
est OF some bankers may procure from Congress
the passage of such o funding bill as Will be satls
factory to t but that wlll be entirely unsatisfactory
TO the great body Of the people; or IL may succeed
in preventing action upon the entire subject OF
the banks and the funding of the debt;
bnt neither would be o settlement OF
The question. Depend upon &c, the next
Congress will not be disposed give the banks as
favorable terms as are offered them IN the recon-.
mendatODs Of the Secretary OF the Treasury MANY
banks see this. They believe that il the question is
STAYED Oh, Orif there IL too much given the banks
the next as elections will turn on these que stIons