The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-10-27
sonE WILD FIGURING.

this, without proposing now 10 go mo 'nclh
are based on the general consideration that as
the paper currency of the country ought to be
uniform and national in character, so it ought
to be as fully under the control Of the national
government as the coinage of gold and silver
and the regulation of the value thereof" Suf
flee it that the FREE TRADER has never taken
stock in that vast amount of captrap that is
INDUCED in by so many currency howlers IN
this connection in reference to the national
banks. Exactly what kind Of claptrap we
mean may be illustrated with sufficient clear
ness by generic specimen. AS MIR. Isaac
| Mason, of Otter Creek, in this county, is the
candidate on the Independent greenbacker tick.
ct for county treasurer, he becomes in II meas
ure a representative man of his party, cspcc
Iially as he was nominated after publishing in
the FREE TRADER, over his own signature
the article an extract from which we give be
low, and which therefore we propose to use as
a text Says Mr., Mason:
The following shows how the national banks
fleece the people: Since their incorporation
1866 they have annually received $2l 100000
interest on bonds deposited with the govern.
ment for trading with the peoples credit This
sum invested as a sinking fund at six per cent
would, in 1895, become Sl,1j0,0 0O--in thirty
years would wholly eXtinguish the interest
bearing national debt amounting, on May LIST,
1877, to 81 III G42, 1870 Again, in 1856 the in
terest on the public debt 033,000000) similar,
| " invested, would become in 1898 l552j,OOO,-
600 Manifcstly ever dollar of these huge sums
would be saved by substituting greenbacks for
national banks notes which should dispel ev-
cry doubt as to the adequacy of greenbacks.'
| 1t is doubtless through the constant repeti.
ton of wild and irrational statements like these
that these soi-disam greenbackers have brought
the very name into such contempt that an hon
est democratic greenbackeris almost compelled
to blush at being called one 1t is not only
Mr. Mason that INDUCES in this sort of clap
trap. We recently read in the scf-styled green
back organs long letter from Mr.. a. Camp
bell, in which the same kind of figures is free
y used and Mr.. Sam Cary is said to make
them the burden of most of his talk. Now if
these people would take the pains to examine
the last report Of the L. 5. Comptroller Of the
Currency iley might avoid making themselves
ridiculous. BY that report they would learn
that the national banks, in 1876 instead Of gel,
100000, received about $160O0,00O of interest
instead Of this being such gratiuty as above
commended, amounting by 1895 to $1717,G42,-
$780, &C., they would learn that the banks at
the same time paid back to the government
about as much as they got.
The case stands in point Of f'ct about as fol
lows: The total amount of bonds deposited
with the government by the national banks is
about $4,000 900, the interest on which aver
ages triie less than per cent, but say they
receive per cent and il makes $1GO0O,0O0
OF this the government got back in 1876, ac-
cording to the cOmptroller's report:
Tax on circulation. ............ 3d. ZIG, $1,000
deposits. ........... 420l, 0l1.O
Total. ACKNOWLEDGEMENTS. 81, 317 ,j3l 90
Add to this about ~ per cent, the annual
amount OF notes lost and destroyed, all of which
accrues to the government, say S4,500,000, and
the S10,05s 122 which the national banks paid
in 1876 in state and local taxes, and the footing
stands as follows:
Interest received by National banks on bonds
deposited in L. ). Treasury 80. .Sl6,O00O0O
National and state taxes, &c paid. 81 ,S12 G53
Banks annually out of pocket. :. !. $5,S12633
So it is seen Mr.. Masons figures are nonsen-
seal The truth is, when in 1865 the govern
ment had issued all the paper it dared to and
had no other way TO raise money but to issue
bonds, to induce the bankers TO subscribe for
the bonds they were offered the privilege of
depositing the bonds with the government and
taking out circulating notes equal to 30 per
the time were issuing paper based on state
bonds as security in the same way. They didn't
care TO make the change; but congress impos-
ed Il tax of 10 per cent on all but national bank
circulation and the state banks were compelled
to fall into the arrangement. So they sold
their state and bought national bonds There
was no gratuity or special favor about it, The
banks paid for their bonds exactly as other
people did, and put them up to secure their
circulation, just as other people put them up
udlN rs COllultT3lS III injurious Oh OttT WAYS.
While then, as already stated, the FREE
TRADER is an advocate of the plan Of taking
up all the national bank bills and supplying
their place with greenbacks, it certainly does
not do so because it believes the banks are
making too much money out of the govern
ment If they did-if they made even Il 1.-THE
of what Mr. Mason pretends-why is it that so
many Of them are returning their currency and
Withdrawing their bonds, and most of them
even would gladly return all their currency i'll
they could do so and retain their charters
We shall always have banks--no CONNER
cial country can get along withou, them, and
of all the banking systems this country ever
had we are not sure but the present national
banking system has been the best We think
it would he improved by taking from it the
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