Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1875-10-10
TINS BANKS.

tlon with the currency demanded by
the Democracy 1t the East Is the abo-
lition OF the national banks. The
Democrats of Ohio and Pennsylvania
are emphatic in their denunciation of
these favored institutions-favored 1t
she expense Of the Government and
people. The Ss1Oes State thus forcibly
presents the case:
Through the influence Of the
mOneyed power, Congress passed q na-
tiOnal banking law, under the prOvi-
sions of which bank notes issued by
private banking institu tons are placed
on . par with greenbacks, or the notes
OF the Government. These national
bank promises TO pay are secured by
Government bonds deposited with the
United States Treasurer. On these &C.
curities the Government pays interest
semi-Annually ut the rate of six or sev.
on per cent. The interest IN these
bonds aggregates about $25, 600
yearly, which the people are taxed to
pay. This affords the pets of the party
who are in power . splendid opportu-
nifty to make money. They draw in
tsrest on the securities for their circu-
lation, a. they do or the notes which
they circulate, and have, to use . very
expressive phrase, ~ very soft thing"
on the Government. II one of their
bills Is destroyed while in circulation,
they are the gsiners, and their bonds,
which draw interest in coin, are secure
In the vaults of the United States
Treasury. II has been proposed by
Democrats 10 repeal this national bank
ing law, and have the Government
issue greenbacks equal in amount 10
tho national bank notes. circulation,
aud redeem the bonds on which it now
pays 81, 1000, 900 annually with the pro-
ceeds OF the new issue. This will not
increase the volume Of currency one
dollar, and it will save $25, 100 900 an
nuslly. Then II . note is destroyed
while the property of private indi-
viduals. tho Govsrnment-the whole
people, and not q private bank-gets
the full benefit Of the loss. Republic.
can journals and . republican Cong ess
oppose this change, because the nation.
al banks are q power in the land and
their influence Is required for party
purposes. They call it "infiation" and
can save 81, 100000 annually by pay
HSyHuH 10 Oott8utiOtiS WitIOut III
creasing the volume -of currency, the
people will favor it no matter what
names Republican journals may please
to call it,"
Our contemporary 10 in the main cor-
rect, though Understanding the an
nual interest paid by the Government
on these bonded securities. W. have
seen 1t stated on good authority that
90, 600 600 annually would more near
~ approximate the saving to the peo-
pie by the wiping out Of the National
banks. There Is also another impor-
liant item which the Silver State omits
to mention: The bonds deposited in
the National Treasury as security Tor
the National bank issue are not SUBJ
ject TO taxation, the same rs other
classes Of property. This IL of course
In accordance with the terms of the
contract entered into at the time be-
tween the Government and the parties
who purchased the bonds, but IL the
Democratic doctrine were carried out
bonds would DO redeemed equal in
amount to the National bank circula.
ton, thus lining . load OF 80, zoo, 900
In gold yearly from the people In the
shape of interest, and that, too, without
Initiating the currency Of the country
n dollar. II there is q single valid
reason why this should not be done we
would like TO hear it. The Enterprise
has the floor.