Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1876-05-11
The Old Hate.

The Old Hate.
The average Democrat will never
forgive the National Banks for their
aid to the Government in the prose-
cution ofthe war against their rebel
lious brethren of the South. A
Northern Democrat has love for the
Southern Democrat, even in the face
Of his attempt to destroy the Govern
ment, which nothing can assuage.
These banks gave credit to the bonds
of the Nation, and thus were the
immediate instruments of furnishing
money to carry on the war, and
hence in their existence the North
ern Democrat is continually remind
ed of his duplicity and dough-faced-
ness during the perilous struggle to
save the life of freedom, and he be-
comes their enemy, regardless of the
wants of the government or the peo-
pie.
The Bulletin has these periodical
attacks of hate and venom, and the la
test was but recently. We care not
to follow it through its TRADE of
abuse, for these are nothing but the
frothings of disappointed partisan
malice. What we wish to notice is
the text of the article purporting to
be copied from the Bankers Maya
zine, and the use sought to be made
of it.
The extract purports to give the
dividends of certain Banks named,
ranging from Sc to as high as 2l3
per cent. Now mark the unfairness
of the use that is made of these fig
ures. AS we understand them they
represent the dividends Of the banks
named for the entire time they have
been in existence, but this idea is al
together ignored by the Bulletin. 1t
would have the reader conclude that
the figures represent the dividends
of a single year. This appears from
the fact that the editor speaks of
them as enormous gains" If they
are for term of years they are not
enormous" whereas, if they are the
gains of a single year. they ,are
enormous"
That they represent term of
years is proven by reference to Off
cial sources. The reports to the
Comptroller of the Currency, from
National Banks for the last six
months of 1875, shows that the aver
age dividends on capital were Asp
cent, and on capital and surplus only
3.S5 per cent, less than 10 per cent.
on capital, and less than 8 per cent.
on capital and surplus per year. But
we have more direct proof of our po
sition, and of the false implication of
the Bulletin. These enormous
gains" to which the Bulletin refers,
were represented to be by Banks To-
Gated in Philadelphia. By reference
to this same official report of the
Comptroller of the Currency, we find
that the National Banks of that city,
for the six months ending Sept. 1,
1875, declared an average dividend,
on capital and surplus, of only 8 9-10
per cent. These are small accumu-
lations, much less than money re-
ceives when loaned ON mortgage by
the private citizen.
These facts dispose Of the Bu1le
tin article. The premises being
false, the whole superstructure falls,
and the design of the editors TRADE
is made as apparent as the noon day
sun in a cloudless sky-an attempt
to mislead the judgment of its read
ers by false and scandalous infer |
ences, instigated by hate and malice
because of the assistance these insti-
tutions rendered in : destroying a
Democratic rebellion.
The Democratic party depends
upon the rebels to elect their Presi
dent, and these attacks upon Nation
al Banks are made to keep that class
of voters in column with the North
ern Democracy. 1t won't exactly do
to say the rebels were right in max
ing war-that would jeopardlze sue
cess In some Northern State-buf
the Northern doughface can indicate
to the Southern wing that such is
its secret thought by attacking the
agencies employed to put down the
rebellion. And hence we expect |
these attacks enthusiastically du-
ring the pending campaign.
The Portsmouth Tribune suggests
the name of Hon j. j. HARPER, for