The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-09-23


four and five dollars per day. and his grain II
proportion. He furnish a half bushel o
greenbacks IN less than time. and he cal
demand that you shall receive for your farm
the balance Of the purchase money in depreeiates
green backs That would be fun Tor him bu
But again, they propose to get rid ofthe nationa
cause they saw the green back Is the cheaper cur
rency. Is that strictly true? know there IS
strate to you that it is not. The greenback is n,
more taxable by the State. county or city thar
sAe 6Gna n e ~ 0 mSeR IN O Te se
an obligation of the United States, 1t is not tax
national BANK noteT There are ss54 900 o. o
these ahoat- whoever has any OF these notes II
the FIRST of April. must render account on oath a.
TO the sum. and he must put them on the list s!
part Of his taxable property. Well, IN the sun
have many national banks in this state. Iheil
CIRCULATION amounts 70 about Sl5.oo1.eo. Thi!
men. Now, not only is this 1854 ooo. go taxable
for state, county township. road, school and fol
banks themselye. taxed by tae States in which
they are located, for State and municipal pur
circulation. deposits and capital; and they paid
during the last fiscal year seven millions of t.
paid in all si7000 900 to the United States since
the system has been in operation. That that the
green backs are not the cheapest currency
BUTT is said the United States can escape the
payment of all interest on the bonds held by the
banks, and on deposit with the Treasury Depart
ment. by abolisa ng the system. So il can by
honestly paying them off, but not otherwise. The
amount OF these bonds on deposit is about s}93,-
Comptroller of the Currency, showing the differ
emit classes of bonds 50 deposited to secure the
demptIon of the circulating notes of the national
banks. There are more than S55. 6o0.gO of these
bonds. which antedate the issue of the greenbacks
and were bought with gold. How aid these banks
come by these bonds? They bought them in open
here. for example. in the eitY of kendaliyilie go
70 Chicago, or cincinnati, or New orS or Wher-
them up, paying for them the premium at which
they quoted. You get six per cent. bond
anu YOU pay Premium o. zen Or aLteeh per cen :
the Treasurer Of the United States as a condition
TO apply. on get only ninety per cent on the
face amount Of your bonds; the premium counts
these bonds while they are held BY the ban Just AZ
pf1d interest vb whe sold fhe t to
soeiation that i formed the bank. What disrenee
Is II TO the government whether IL pays interest
to the bank Z, or whether it rays interest on the
bank acquired thS M Now look over these bonds
deposited BY the bank tons for the security
war ami the creenba * iaw-some under the law
of ls5S, others under the law of February. 1s51
1851. As have Just said, L find in the list abou
e2 s3e eq the e Bonds dsR Ss oues f of
And yet the Democratic party dare to say that the
greenbaek is powerful enough to take up these
know something about these bonds that were is
sued in 1851 for taking UP the treasury notes Of
1851. know that the govern I'M ent received moth
ing but gold in exchange for the notes and bonds
in that year | remember it very well. be sause
thought II the duty OF PATRIOTISM to loan the gov
ernment all the money could raise; and accord
ngy in tha t. ys G Ra5shpssd two bgns
bank money to the bank for the purpose of paying
for the bonds. WAS politely told that the govern
for bonds, ana / stepped around to a Shaving
shop" and got the sold and paid the govern
ment dollar for dollar for those bonds
see there would be no iust;6e if sreenbacks were
50 as to be worth ninety cents on the
dollar, and considering the extra promiuIn which
these bonds comm anded. everybody can see that
We would be losers by the bad faith of the govern
ment if this Democratic theory enforced.
But they propose to destroy the national bank
system. l do not stand before you to-day
of the national banking system. But
have read the law very attentively. and have
noticed very carefully the operations of the law
ulsr favor have seen the absolute safety of the
bts his 50 that ana preRirsd to say
ban king system-that, indeed, it lacks but a
single element Of being perfect I propose to il
usfrate that to you; and let me say right in this
that am not here eulogist of
not hold, and never held, dollar of stock in one
d them, and certainly never shall while | con
.inqe member Of Congress. But can do the
the systems which have preceded it. 1t lacks but
being payable either in coin in green backs they
are not Immediately convertible at the will OF the
holder, because the bank has the, option of re
But mark the excellence of the. sys-
government and furnished to the banks, are SO
,latorately executed that eoUnterfcitipg is almost
Ike ereenbacks. have Uniform Value all over
he country, and whenever you receive them in
he BIZ to learn that particular banks
ssued them because You know they have
{ Gu know that the notes OF these banks cannot
possibly fail unless tn, government itself fails
ose the one -hpndreth part Of one per cent on the
ills that he holds. 1t may seem paradox to
broken national bank are more valuable than
IRE the notes. offs bank that is in full and pros
trate TO you that this is 80: you can find the
eason OF 1t from any man connected with the I
'eTaiventure BY the bonds Of this great govern
nent. which are put on the market and sold M
ank becomes insolyent. And then.
gain, you hare, this ADDITIONAL securi- !
mount of STOCK he has paid in, Then the Comp
roller of the Currency, who Is the head center of
his ne, s syStsnb sn may call at any moment
, ortng =, h tS' ,h under eafh; Then
be Bank Examiner who is circulating
trough the country. and steps into /
heSe banks at some unexpected moment,
falks into their vaults and examines everything, I
urns ever the books and examines tue en-
ries; walks through the bank aud ascertains the 1
ondit3on o!its resources and its liabilities. and
makes report to the Comptroller of Currency. (
Beyond ali this these banks are valuable as fiscal
gents Of the government. I discover in this
epurt that about S '.6O 600 were on deeoS- T
ny tae Discussing agents of the govern nent on
ne 18th of September lat, and equal amount
Y the government itself.
There is another fact which I wish 70 call the
ttsntion of my audience to in connection with /
hose resolutions. The Democratic party pro-
oseS to strike down this whole system and reYeGi
he law. Now il so happens that when the last
eport was made by the Com ptFollcr of Currency
T the condition of these banks the 18th Of last
eptember, the amount of their leans ami dis
cunts to the public was 500 co.. 900. The people
rere indebted to these banks-I 976 in number
catered over the cogntry.-s94o, coo coo. and ii
his system is repealed this debt is precipitated at
nee on these borrowers. and they are required 10
tep 20 the captain Office and settle. OF course
ne affair. Of the, banks have. to be wound u p,
he stockhoiSers. What DO Won think 81 tbat nv
riends? That is Democratic fnanciering. I
rat do imagine vor}a Ia, the nortin=. off