National Republican., 1878-07-20
THE NEXT ISSUE.
VIRGINIA, lith July, 157i

fih'iNiN' ifih vhiyt iO'O'
To The Editor Of he National Republican:
SIR The indications are very manifest that
the question Of retiring the national.bank
notes and the issue in their place of green
backs will be made tho issue to great extent
in the next Congressional campaign by both
the Nationals or GreenbaCk party, and the
issue cannot be avoided by the Republicans
The National or Greenback party, composed
largely Of Democrats and thinking Republic
cans and Conservatives In the South and Wost,
will coalesco to q great oxtent. with that party
who favors these measures, and the friends Of
the National Administration and the moderate
men of both parties are very anxious that
the administrators, In their anxiety to force
the resumption Of specie payments before or
by the lst Of January, 1873, at all hazards,
should not take the ground advocated by the
national bank interest that this system shall
be continued. The national banks and the
Comptroller of the Currency both state that
the profit on tho circulation after paying the
taxes imposed by the Government is very
small, and the Comptroller of tho Currency,
Mr.. Knox, makes the statement that 1t does
not average over per cent. per annunl, and
that tho tax oil national banks should be re.
duced. The taxes received from national
banks last year was about s6,OOO,OOO but the
interest on tho bonds Of the United States de-
posted ~ collateral security amounts to about
SlG,0O0,0OO.
The establishment of the national banks was
war measure; but there can be no objection
10 their continuance Us banks of discount and
deposit without circulation, and let US have
one issue Of gTeenbacks based on tho credit of
the Government, and whatever profit there Is
In the circulation let II 10 to tho whole people
1t is well known that good many Of these
banks were established In many parts Of the
country during and after the war for the profit
made on circulation. This profit they say has
naasal m N rpturn and IA IL fIr,
ther known and believed that In conscq
of the great decline In all values, aud the losses
| made by the banks within the past five years
| that good many will have to go out Of ex-
| istence NJ soon US resumption takes place. The
accomplishment of this change Is 80 easy, and
will cause so little trouble, that 1t ought to be
| done as fast as tho national bank.nOtes reach
| the Treasury for redemption. Let them bc
cancelled and greenbacks be issued In their
place, until the whole circulation is retired,
the Government taking the bonds and cancel.
ing them aud settling the difference that may
be due each bank. The people at large viii
then save the interest on S3jO,OOO,O0O OF circu-
lation less the tax, and tho saving OF lost notes
will also go to the Government and reduce
| tho taxes.
| Then, with the establishment of postal saw
| ings banks, the funding Of the public debt, not
| in England or Germany, but among the people
| of the United States, will be easily accom-
| plishod, and ut low rate Of interest, and will
not require the aid of the Now York syndicate
or tho remittanccs Of large amounts of gold
every three months TO Europe TO pay our inter.
est Any party, even the great Republican
party, that goes against greonbacks, Is hound
to be defeated. KEMPER.
We give place to the above for the reason
that it treats q subject OF great public inter
est, and presents the case in very common
sense way. On the question of paper money
the Greenbackers have the inside track in
the way of argument. There is no longer
any necessity for the national banks, and
hence they have become somewhat expen-
sive luxury. A greenback dollar issued on
the faith OF the Government squite as good
us one which is issued undor the name OF a