The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1875-08-26
RANDOM THOUGHTS.
BY THE EDITOR.

Two weeks ago I showed that the crea-
ton of National Banks never increased
the interest on bonds one cent, and if
the Banks were all extinguished in one
day, it would not lessen the interest one
cent; yet l see in papers every day, the
assertion that the National Banks cost
the people in taxes, vast sums of money,
These lying scoundrels do not agree as
to the amount One will assert that the
Banks cost eighteen millions of dollars,
another will affirm that it is twenty, an
other twenty-four, another eighty, and
another one hundred millions
Do not the Banks get five or six per
cent on their bonds, and do they not loan
out their currency at eight, ten or twelve
per cent, and do they not thus get inter
est at both ends, amounting to from six
teen to twenty per cent? have seen
some statements that Banks get thirty to
forty per cent. The official figures show
that the average profit of National Banks
is only about eight per cent-the present
legal rates in Ohio. I showed in my
former article that every dollar received
as interest by the First National Bank of
Jackson is paid back to the people in
taxes, and more than three-ffths of.it, or
So, 300, is paid into our county treasury,
thus taking that. much tax off of the
farmers, and other taxpayers. Under
the act passed by the Republican Con-
gress last winter, banking is now free,
and there is no monopoly about it. The
Iron Bank of Jackson, or any number of
other individuals, can open National
Bank in Jacks on, and it would be done,
if it were so profitable.
After you get it pounded through a
Democrats wool, that the creation of a
National Bank does not make one more
cent of taxes, or interest to pay; that it
taxes bonds, which, in any other shape
cannot be taxed; that it really puts the
National debt into a circulating medium,
as currency, ninety dollars in National
Bank notes being issued for every one
hundred dollars in bonds, and then ask
him what he has to say, he will inno-
Gently and honestly O tell you that
greenbacks should be issued and ex-
changed for the bonds now held by the
Banks. The first objection to this is,
that even if the Banks should consent
and make an even exchange, the green
backs could not be taxed, and while the
would pay no taxes. All that would thus
be lost or gained, would be the loss Of the
local taxes. Take again the case of the
Bank in this place. If the Bank had
greenbacks instead of its bonds, the Gen
eral Government would pay it no inter
est, and it would pay no taxes. Now the
wealth of the whole nation pays this
Bank five thousand dollars, and the
Bank pays thirty three hundred dollars
of that amount into our county treasury,
thus taking that amount from the other
taxable property, and it pays twenty-one
hundred dollars back to the General Gov
ernment. Again I appeal to the Demo
cratic officers of the First National Bank
of Jackson for the correctness Of the fore
going statement.
| l have repeatedly asked Democrats
how they would get the Banks to take
greenbacks, which draw no interest, for
their bonds, which draw five per cent in
terest in gold. None of them can tell,
One honest rascal the other day was bold
enough to tell the truth. Force them
to exchange" said he. All That is it.
Reputation. That is exactly what it all
means, and what they are driving at.
Steal the interest on the bonds first, then
steal the principal. Their war upon the
National Banks, which are abundantly
able to furnish as good currency as the
world ever saw, except specie, shows con-
clusively to my mind, that the cry of
more money" is dishones t, and that re-
7 rpddiation is their sole object. If these
allies of the rebels could destroy the
credit of the Government, as they labored
so zealously to do during the rebellion,
| they could succeed in a second attempt,
as nation once dishonored by repudia-
ton, could not a second time procure
the means to save its existence, when
attacked by democratic treason and rebel
| lion.