Ellsworth American., 1875-11-11
National Banks.

Perhaps. the most effective, and at the
same time groundless argument. urged
among the ignorant and unihinking, in
this locality. by Democratic demagogues,
j. the attack on our National Banking Sys-
TEN, and indirectly also upon the Repuha-
can party. Il is represented as a mon
strous monopoly. rolling up its gains by
taxation of the people. and appeals are
made TO the preiudices and antagonisIn al
ways to be found between capital and la
bor. Banks, their officers and stockholl-
ers receive interest on their capital stock
government bonds and interest on their
circulation, thus doubling their profits and
yearly Increasing the number Of "bloated
bond-holders.T
Il is true that the National securities fur
n.sh the banking capital OF the country.
These securities are bought aud soil and
have fixed value like any others, and il
would be difficult to say why banking cor
poraiion may no: invest in them Ike any
other individuals. The banking law al
lows these national bond- 70 consti-
tute the capital Of banks; and il there any
reason why their holders. whether they be
private persons or banks should not draw
and receive interest upon them; The de-
maud for these national securities created
by the absorption OF this immense amount
by the banking capital Of the country i a
benefit to the government and enables
them 10 pay and withdraw six per cent.
bonds aud replace them with others.
drawing = less rate OF interest. Again
more than three millions of taxes are paid
annually into tie treasury by these banks
This is an item rarely mentioned Ia the
tira.ia sGainsi tho - >-B~-i --~- 7,l--~-~.-.
banking system has been safe and sati.fac-
tory throughout the country. Let those
who condemn the present system look
back twenty five years and call to mind
the vexation, loss and uncertainty which
were caused BY irresponsible or fraudu-
lent State banking institutions, flooding
The country with their worthless currency.
and compare it with the soundness aud
facility Of tie present system. Let the
people oi this County remember the two
Banks which once had an existence in this
cry. and ask themselves If their failure
would not have been averted and their
stockholders protected, if the capital OF
the Banks had been deposited in the Treas
ury al Washington. It is said. aud has
never been denied, that not a single doll ar
has ever been lost by any bill-holder OF
anY national Bank.
If,as i alleged the profits OF banking are
% immense, why at the present time. .whe Il
capital Is so abundant. heaped up. and ly-
Ing idle in our great commercial centres.
d2 not is holders establish everywhere
tAe.r great money-making institutions.
Are capitalists 50 blind to their own inter-
ests? L would be difficult for these loud
mouthed logicians TO answer these ques
tons. single tact will show the absurdity
OF their argument.
The reports of the Treasury Department
show that for the last three months. only
sixteen new national Banks have been or
sanzed, with a circulation of 1876 ,7lO.
and that during the same time, there have
been retired from existing National banks.
s. 800 900. Iu the name OF common sense.
how can it be that the banking business OF
the country j. heapiug up wealth, VII
capitalists are Withdrawing their capital
and investing elsewherei
A, any rate, Banking under the present
law is as free for one man as another. and
a itting answer to those who complain (
IL operation, Is, avail yourselves of the
advantages which you decry."