The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1875-10-27

HS~A w oeA~
ton and teach their fellow citizens
their duties. What debasing influence
must not such teachings have upon the
youth of our land, who are following
these teachers, when they read
their articles and hear their
speeches But these seem to be the re-
forms of our political parties Of to-day,
and, consequently, We shall have TO
abide by their improper influence.
Let US now turn to the financial ques-
ton, upon which Mr.. Dunnell dwelt for
some time, trying to show the advan-
tage Of the National banking system
over the greenback system. Quoting
from Mr.. WINDOWS speech, he stated
that the National Banks are paying q
tax of $40, 600, 900 annually. 1 wish
to ask for what do they pay this tax?
For their stock Of government bonds ?
Certainly not. The bonds are exempt
from taxation. Would Mr.. Dunnell or
Mr. Window seek to make US believe
that they are paying $40, 100000 for
the privilege Of issuing $3.50, 000, 900
worth of bank notes, for which they
pay the government one per cent, which
goes towards defraying the expenses Of
printing the same?
The fact appears to be that the Ma
tional Banks do not bring any more
revenue to the government than they
would were they banks of exchange and
deposit, or brokers'; and that the peo-
pie are making them present Of over
$40, 600, 900 annually, by granting them
the privilege Of issuing currency, which
$40, 900, 900 would otherwise go to the
government treasury and aid in paying
off our heavy national debt. That it to
say, the government is paying the Ma
tional banks interest on bonds (for
which the banks have received value in
bank notes) to the amount of over $780,
100000. Now, will any right thinking
man consider that to be a reasonable
discrimination between the different
branches Of business, and can the far
mers and mechanics, who are really the
heaviest taxpayers, feel content with
such discrimination
do not pretend to be a law-maker
nor statesman, but by the use of what
little common sense I have been gifted
with, l cannot see why it is not legal
and prudent to have all our paper cur
rency in greenbacks or legal tenders, az
well as one portion .ef it; and if our
government is not a safe guarantee for
their payment, much less, then, must
private corporations be. Furthermore,
if the government conducts the business
trusted to it in an honest and economi-
cal manner, its currency will soon be
counted at par with the currency Of the
world, without the artificial means of
passing laws setting time for the re-
sumption Of specie payment, without
making any preparation for the same.
Such action seems to me parallel
with man building fire in his potato
patch 80 that the potatoes may grow
faster; thereby interfering injuriously
with the course of nature.
Every one knows that greenbacks are
worth less to-day than they were when
congress passed the specie resumption
law of last winter, and why? Because
congress tried, by artificial means, to
bring them to par. I do not wish to
be understood to be in favor Of more
paper currency, but l do favor green
backs or legal tenders in preference to
any other paper currency, as the gov
eminent will thereby save interest on
bonds to the amount of such green
backs in circulation, and at the same
time the people would have stable
currency.
Mr.. Dunnell also stated that the
government, under the democratic ad-
ministration of Buchanan, tried to ne
gotiate a loan in Europe for $780,
600, 900, offering bonds drawing twelve
per cent, and Gould not do it; while
at the present time, under our repub-
lican administration, it negotiated for
bonds drawing five per cent: thereby
trying to make his hearers believe that
our credit is much better under our
urasant admir- Stra ton fhar ,,axla. IL