National Republican., 1878-07-20

bank-and then, as our correspondent sug-
gests-let the bonds be redeemed and the
sixteen millions OF interest now paid nm
nually to these banks, which forms part
of the burden of taxation borne by q tax
ridden people will be saved to them. This
is strong argument In favor Of abolishing
the existing national bank system, which
grew out Of the war, and for which there Is
no longer any necessity, If any ever existed,
which is exceedingly doubtful. The green
backs, based upon the faith Of the nation,
arc as good as the bank-notes purchased
with bonds, and far less expensive to the
Government and tho people
The national banks of the State of New
York havo become arrogant in their
strength, and have during the last year
made very vcxatious and embarrassing
war upon the savings institutions, which
nrc the banks of the people. These insti-
tutions were organized for the convenience
and safety of the poor man and his surplus
eAnings. With only here and there an ex-
ception, they have served their purpose
with marked fidelity and usefulness. The
money deposited therein from the savings
of the industrious poor aggregate very
large amount. The savings banks, which
have been managed with prudent care
have loaned q portion of these deposits to
the agriculturists of tho country upon
much better terms than could be secured
from the banks established in the interest
of trade and commerce, and in that way n
large range of necessities have been re.
lieved under liberal and fair loaninp
policy.
1t Is alleged openly in the State Of Now
York that the national banks have, either
directly or indirectly, beset the Legislature
until they have secured cnactmcnts which
have greatly crippled the savings banks IN
their deposits and inconvenienccd their de
positors. In the first place the deposit limit
is greatly reduced, and again no depositol
can check for his money without accompa
nying his check with his bank book, and
having the amount entered at the time
when the check is paid. This is great in
convenience to the depositor, and, as th'
rule and practise does not apply to the M
tional banks, it is intended to SO far disoom
mode the dcpositor as to lead to chang
of his deposits from the savings to that clas
of banks, and thus secure large busincs
heretofore enjoyed by the savings institu
tions.
This has created prejudice against tn
national banks in that State among tn
farmers, and has added much strength I
the greenback movement, which Is aimt,
at repeal of the national bank law, an,
will not reiinquish its purpose until tina
end is reached and the grecnback of til
Government supcIsedes that class of none
circulation among the people.
If this allegation IL we'll founded; il tn
arrogance of the national banks has le
them to make such war upon the saving
banks, which are the banks of the peopl,
then we say let them and their notes be rt
tired and the grcenbacks take their plac
and save the interest which the nations
banks are annually receiving on the bond
which form the basis of their circulation, b
, calling them in for redemption. We hay
l no quarrel with the national banks, br
l argue their retirement as banks of issue q
, measure purely Of public economy an
f justice. The people will demand it, nm
Congress cannot ignore the demand, no ma
t ter which political party is in power. IL
D popuH. The people of this country arc IL
/ soyereigns, and public servants must hee
D their voice.