The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1870-05-19
GREENBACIks FOR gATEoSAE. CUR
kEEGy.


Most Of our National Banks are OPP
posed to the funding bill now pending be-
fore Congress, because they viii have to
submit to decrease Of annual interest
Of three TO four per cent. on their bonds
or else give up their business as National
Banks.
The following answer Of General Spin
ner ii reply to a complaint of that nature
IS really worthy OF serious attention and
the most extensive publicity:
..yari say for yonr bank that sshe acknowledges
that the government has the power to compel nor to
saos..e 49, to,. 81 1slT .li She i unable vet 10
discover how IT can he done in honor, justice and
good faith You seem. from Your STANDPOINT u see
that great ni,sict Is about to BE dome yonr bank
The people viii. however. he ant 70 take your own
satera ant Of tho cas- AMI after doing little cnlieT-
Ing VIII to YIN that their vfev Of the case is mat
Tor 90nt hourht these bonds eft Il IN currency ;lt
tn1e when gold stood at col, which wound be about
e~nal to ST in gold: that you have since then re-
e-fe3 lac1 again on the nominal amount. for interest,
p raar cent in gold that you bought these stocks
with varr circulating notes. which yo' have
-nt rsl cen: Of Interest, and shat YOU car, no
SCI hase bonds above nar IN sold. and that. should
v01 SCI them. viii receive and haze recei'ei
tlsa S0Gs OF United States stock purchased,
Ipl+ nftf sold hV a.SHf Crl- ilE WHICH N'l
pal5 go yeas ago. in then gold prices $50 mere
by maxine clear profit, less 5utos and taxes, on this
sirg'7 little Investment, Of over 900
sT0sr there few people who would not Ike to
have lie Government honor them with Just such
"instee and eaoa Saith. The Toner IS that any one
sboHIT he disposed TO find fault with sch treatment
These facts, thus stated by General
Spinner seem to us strong argument,
that National Banks have in reality not
the ieast cause for complaint, and also
that they might be dispensed with entire
y and their notes replaced by Greenbacks,
without the least injury TO the people of
the United States, on the contrary to the
great advantage and profit Of the u. 5.
Treasury. Greenbacks are in every re-
speet the safest and best currency we can
possibly have, being backed BY the credit
AMI resources of our whole United States,
and if they were put in circulation in
place Of National Bark Notes. the coun-
try would cave an immense amount Of
interest, which is now drawn by the Ma
fi7nal Banks on money that does not be
long to them, and for which the country
receives no equivalent.
The establishment of National Banks
was a necessity of the then existing
fearful state Of our country, war meas
ura to which our Government was COM
pclied, for the purpose of raising means
to conquer rebellion; it had to submit to
fearful sacrifices and to promise large re
wards in the shape of interest, to those
who would furnish their necessities but
thank God, that time is past, we are
again the United States Of America; we
have fulfilled our promises honoraby and
faithfully, but we are no longer disposed
to have the conditions of lid and support
prescribed to US, nor to be bled almost to
death by still continued sacrifices. Let
the National Banks be hencefocth salts
fed with the profits they can make ont
Of their own means Ike other private
banks in this country, or else retire en-
timely with the large profits they have
accumulated oUt Of the nocoSsitate1 sac
giiiees Of our common country, and thus
show, by cheerfully submitting 70 the
decisions of Congress, that they are
grateful for past fagors and ever ready
to prove themselves worthy Of continued
regard by the people Of these United
States of America.