Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1871-09-21
NATIONAL BANKS.

| NATIONAL BANKS.
Gen. Thomas Ewing, in his speech
delivered here August II, chiefly de-
voted to a consideration of the finan-
cial policy of the Republican party,
makes some very remarkable state
ments, and indulges in course of
reasoning anything but satisfactory
and conclusive. I am not an advo-
cate of the National Banks, and care
nothing about them except in so for
as they subserve the public good. I
own no stock in them and have never
been their agent or attorney. 1t is
probable that they have found their
business under the law sufficiently re-
munerative, so that we owe them
nothing. But I recognize the fact that
they have been of great service to the
country, and in more ways than one.
If no other good had resulted from
their establishment than the dcstruc-
ton of the old State bank and wild
cat systems, and the creation of a safe
and uniform currency, it would be suf-
> fcient. 1t is, therefore, only fair that
t we should not misrepresent them, and
| refer to them now, only to correct
what I regard as misstatements made
by Gen. Ewing. He says: eff we
would now substitute greenbacks for
I National Bank notes we would save
17,2SO,O0O in greenbacks annually.
This is exactly the sum this circula-
ton privilege given the banks, now
= costs the people yearly, after crediting
the one per cent. tax paid on circula-
ton. Mr.. Sherman impliedly denied
this fact, asserting that the banks pay
other large taxes, State and National
But the fact is, that with the sole eX
= ception of the tax on circulation, there
is not one tax levied by the general OF
LEGAL government on banks or theil
stockholders, which does not fall OF
private or national banks alike, O
which would not be paid, if the Nation
q al Bank circulation were substituted b,
on greenbacks.' Now I happen to know
re that, practically, what Gen. Ewin;
states incorrect For instance: Sid
81 by side in the city Of Cincinnati are
national and private bank, both EN-
. ploying large capital, both doing a
extensive business, and highly reputa
BILE. The National Bank pays the 70
lowing taxes, namely: One per cen
on circulation, one-ffth of one pc
c cent. for lisence, two and o half pc
cent. on income, one-half Of one pc
cent. on deposits, and three and si1
teen hundredths per cent. on its entil
capital and surplus fund for State, nj
nicpal and county purposes all fly
Z and sixty-seven hundredths per cen
And there is flo way to avoid this
any portion of it, as sworn statemen
have to be made under the law, quartz
Z ly and in detail. Now the priva
"a banking house invests its capital
government bonds, deposits the bon,
in New York firm, and draws again
such deposite as money is needed.
the whole capital remains invested
bonds during the year, no tax VIII;
ever is paid on circulation, or
State, county or municipal pl
poses. It is absolutely lost to us
taxation. Yet Gen. Ewing says the
is no difference except, as to the o
PEI cent. on circulation.
Again The same National BAN
k have spoken of does business on Th
street, in the city of Cincinnati, i
building owned by one of our veal
citizens. The rent Of the building
IS! about $1,000 per year. One of
stockholders of the bank owns stt
which yields him an income of 81
600 annually. You will perceive t
If&R @&R' the income of the two is equal. 4