Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1871-09-09

good. own no stock In them. and
have never been their agent or attorney.
IL Is probable that they have found their
business under the law sufficiently re.
munerative, 50 that we owe them
nothing. But recognize the fact that
they have been of great service TO the
country, and in more ways than one. If
no other sood had resulted from their
establishment than the destruction of
the old State bank and wild cat syst tens,
and the creation of safe and uniform
currency, IL would be sufficient but
there has been mgch else. 1t is, there
fore, only fair that we should nat mis-,
represent them, and ! Eefer to them now
only 10 correct what regard as mis-.
statements made by General Ewing.
He says: eff we would now substitute
greenbacks for National Bank notes, we
would save $l72so,oo0 in greenbacks
annually; This is exactly the sum this
CIRCULATION privilege given the banks
now costs the people yearly, after cred
lation, Mr. Sherman implicitly denied
this fact, asserting that the banks pay
other large taxes, State and national.
But the fact is, that, with the sole excep-
tion of the tax on circulation, there is
not one tax levied by the General or
local Government on banks cor their
stockholders which does not fall on ma
tional and private banks alike, or which
would not be paid, if the National Bank
circulation were substituted BY green
backs" Now happen to know that,
practically, what Geheral Ewing states
u incorrect. For instance Side by
side in the city of Cincinnati, are a nd
tional and a private bang, both employ.
ing large capital, both doing an txteii-
sve business, and both highly reputable.
The National bank pays the following
taxes, namely One per cent. on cir.
culation, one-titth of one per cent. for
license, two aud a half per cent. on in
come, one-half per cent. on deposits,
and three and sixteen-hundredths per
cent. on its entire capital and surplus
fund for State, county and municipal
purpose i'll all five and slxty-seven
hundredths per cent. And there is no
way 10 evade this, or any portion of it,
rs sworn statements have TO be made
under the law quarterly and in detail
Now, the private banking house investe
its capital in Government bonds, de-
posits its bonds With New York firm,
and draws against such deposits o.
money is needed. As the whole capital
remains Invested in bonds during the
year, no tax whatever is paid on circula-
tion, or for State, county and municipal
purposes. Ii is absolutely lost to Us for
taxation. Yet General Ewing says there
is no difference except as 10 the one per
cent. on circulation.
Again, the same national bank have
spok zen of dqes business on Third Street,
III the city Of Cincinnati, in building
owned 10y one of our wealthy citizens.
The rent of the building amounts to Sl1,-
900 year. One of the stockholders Of
tie bank owns stock which Yields him an
income of 81 200 annually. You will
preceiye that the income OF these are equal
And yet the owner of the real estate
pays tax of $937 per annum, and the
owner Of the bank stock, S3,47e-the
Latter paying on the eptire value of his
investment, and the former only on
small portion. And it will also be re-
m'mbered that, while the national banks
pay tax on their captal, the old State
banks formerly paid only on profits.
And, my friends, is it true that the
Government pays Sl7,28O,OOO annually
tor nothing !? have sh9Yqp tR2t large
portion of this sur returns in the shape
Of taxation. The banks. are, moreover,
| responsible and accommodating agents
to dispose of the United Sta es bonds,
and are themselves heavy purchasers of
! the bonds. In The next place, by furnish
ing currency which, 'under the policy
of the Republican party, has been rapid
y approxmq:ing to tho value of gold,
the worlds standard, the Government is
enabled to purchase all its supplies for
the army and navy and for pqblic works
at much lover prices than could possi-
bly, prevail ander the greenback infa-
lion system. And, finally, the people
are vastly benefited in the reduced prices
for which all the necessaries and COM
forts of life may be purchased. The pa
tiopai bauk system gives lis uniform
currency, and, best OF all, is absolutely
safe, The banks deposit 100000 OF
bonds at par, which are worth premi-
um of IL to l5 per cent, and get in re-
turn only 100000 circulation, and so on
in proportion, BY puEehasjig and dis
posing of United States bonds in such
large amounts, the banks have kept up
the credit of the country abroad, and
have made it possible to'lower oar rates
of interest on the public debt. 1t lis now
apparent that, at no distant day, further
reduction can be made. 1
HE -uS a* =
r DEPARTURE.
The Democratic party entertains no
honest convictions upon any subject, and
has no principle of action whatever 1t
seeks only success, AMI is so shcrt-sight.
ed and mistaken as not to understand