The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-19
The National Banks and Tho FuudinI

w. BILL
The following private circular Is printed
In the New York Herald: r.tsr
New York, March ID, 1870.
10 NtS National BanES:
The undersigned mcmbers Of the Ex-
ccutive COMMITTEES of the NRdnmlI Bank
ing Association have visited Wh9Ripgton
for the purpose of explaining 70 members
Of Congress that the eighth section Of the
Funding bill, reported 10 the Senate by
the Finance Committee Of TINT body,
would, if passed into law, prove highly
injurious, ifno disastrous, 10 the interests
Of National banks; inasmuch Us 1t re-
quircs them 10 take one.thirtl each Of four,
four md q half iahd five per centIbopdS at
par In gold and deposit them ii The de-
partment TO secure their circulating notes,
In place Of fYe-twenty and eighty-OnC
bonds issued to the Union Pacific Rail:
road, all bearing six per cent interest, md
in place also Of the ten.forty five per cent
b6nls within one year from the date Of
die passage Of the act or forfeit their
right TO receive circulating notes. We
endeayOred to show members that there
could be no profit on circulation 10 induce
the banks 10 tAke the proposed bonds,
bearing an average rate Of four and q
half per cent interest, and therefore u
large portion Of them, .ifnot all, wOuldrbC
forced ito other abandon their orgatiza.
tions under the national law and wind up
or organize under State authority, or Us
private banks. -. .,y..5.
We are very dcifous OF seeing tho bcbt
ortllc country funded nj b lower rate Of
interest," and thus diminish the burden Of
taxation upon the people, and fayOriug, rs
VIC do, NIL the provisions Of the bill tliat
arc lcgitimately designed 10 effect that OBJ
jcCt, we insisted that the provisions Of the
eighth section have no righttul connection
with that measuFetj lJl,.lU --
We plead the injustice Of making any
distinction between banks and other own.
ers OrbOnds, md we maintained that they,
like Others, should be left free to take the
bonds or not. We especially protested
against the injustice Of compelling banks
70 surrender or dispose iof bonds which
are not due, and The right TO hold which,
and to use for tho purpose thut they are
now used, VIC think they have the plight.
ed fhith Of tic government as a consider
alton for their compliance with the terms
Of the National Banking law NOtwith-
standing, Our efforts to tho contrary, the
Bill, withthe Objectionable section, has
passed the Senate. 1t now goes to The
House Of Representatives, TOR concurrence,
where VIC shall make an effort to have the
objectionable features stricken out, and to
that end VIC need the prompt and efficient
assistance Of all who are interested In
this important question, We there
fore urge upon you tho necessity Of car
.ncStly appealing to your local representa-
tiveS in Congress, and NIL other represent
atives with whom you may be acquainted,
10 use their efforts to 80 amend the bill ms
to free 1t from the objections which we
have stated and thus preserve to the pco.
pie the best banking system ever adopted
In this or any other country: With the
present enormous taxes imposed on bank
Ing capital by the general, State md mu-
nicipaI governments, 1t is, In our opinion,
impossible for large portion Of the bnnks
TO maintain their existence md pay rca-
sonable dividends to their stockholders
without, tho benefit leriyslgfrom eircu(a-
the section ofths bill now under cOnsid-
Grafton takes away entirely.
The following statement will show TINT
there will be no profit on .Circulatonit
obtained on four Ind a. half ;pcr cent.
bonds paid for in gold at par, III making
It We assume that money to be paid for the
bonds will e.Worth seven pcr cent
If gold is above par THE result will he
more unihvOable than appears in the
sl1'safo5 sHsia tolbs tboatnssiss i Gil nFsdASSSA dg6y
her cent of Circulate ion. can DO Obtained lon
the par value IF the bonds : e
BoSDs At ~ Pen CENT. OOLD AT ran.
Bond fol. q, 900. DR..
For interest on 81 900 for one year at 7pcr