The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24
THE NATIONAL BANKS.
Folly of the Cutlery Against Them The
Amount of Taxes that they Pay.
What Would Result from their AbO-
litiOn.

The following extract from Senator
James G. Blaine's recent speech in Chi
cago, is commended to the attention OF
those who think that the abolition of the
national banks would be good thing:
Now, as said before, if any of you are
paid some money do you stop to look if it
is greenbacks or natioral bank notes? No
man does anywhere in the United States,
and right under that, my Greenback friend,
you may find a lesson Of valuable wisdom
You say you would justas lief have national
bank notes as greenbacks. Why, national
bank notes are notlegal tender at ALL You
say it is just as good as greenbacks because
the United States has written in front of
that word, "This note is secured by a de-
post of the bonds of the United States in
the treasury at Washington" and if the
bank that issues it does not pay it, the
United States will step forward to do that
little job for themselves; that is the whole
of it, and any FIVE gentlemen, as | said be-
fore, that choose to establish bank, is at
perfect and absolute liberty to do it. Sen
ator Thurman said that this was a ''monopo-
ly." | do not know what dictionary the
senator uses. ] have always supposed a
monopoly was where one man enjoyed a
thing to the exclusion of others, or where
one class enjoy anything to the exclusion
of the rest of the community. Does that
apply to national banks2 Are national
banks in the hands of any particular men
They tell you that Jackson vetoed down the
national bank, and they have taken up the
same cudgel. Why, my dear friends,
the Greenback party to-day are
lighting to establish the precise kind
of monster monopoly that Jackson
fought against. The are fighting to
establish the entire control of the currency,
the money of this country, in the hands of
one mantle secretary of the treasury-a
far more curious monopoly than the old ma
tiOnal bank ever was under Nicholas Bid
die. But here you have 1900 national
banks-every man is at liberty to go in and
start 1000 more, if he has got the money.
The United States invite you to establish as
many banks SIS you please with just this one
condition, that you shall not go to banking
and make money off the community in that
business, unless you go right at once and
cent. more of government bonds than you
propose to issue of circulating notes.
There is the whole of it. That regulates it.
SELF If you want more money establish
more banks, and, if you want less, close up
your banks If the country demands more
there will be moro very soon. 1t is regu-
lated by the law of supply and demand, and
is always absolutely safe and sound. But,
says my Grcenback friend, you are getting
double interest. WE'LL is that all? Onl y
double? The old state banks used to get
four and five times that out of nothing
now you say the national banks get
double out of something. That is a
fast increase for good. But one
story is always good until the other is
told, and this amount of double interest
on the part of national banks is very good
story until the other side is heard. The
accusation is tn 1t those who establish the
national banks out bonds in the treasury
and get interest on those bonds, and then
they get the interest that comes from loan
ing this money out to the community, and
the Greenback demand is,-if state it in
correctly I will ask any gentleman in the
audience to correct me,-the Greenback de-
uand is that the 1920, 100000 of national bank
notes shall be retired, and that greenbacks
shall be issued instead of it; and that with
these greenbacks certain amount OF bonds
Of the United States shall be taken up and
Cancelled, and thus the interest ceases, and
that goes for the benefit of the public. Now
I propose to show that that policy, if it were
practicable, would be q net loss to the peo
pie of this country. meet the Greenbacker
right there, and propose to show him that
his policy, if il were practicable, would be
an absolute net loss to the people OF this
country. Now, the bankers and national
banks pay larger taxes than anysother class
of property in the United States. | want te
repeat that t. re is no class of property in
this country that pays SO large tax as the
national bonks. They have $500, OO0,O 600, or
to be precise and correct, 1922, 100000. They
last year paid $9,200,000 to the states and
counties where they were located, and they
ment; that makes $16,500,O00 which
the national banks paid in taxes
Now stick pin there. Sixteen and one-hal1
millions. Now we will suppose you break
them down, call in the circulation, and is
sue 1922, 900 of greenbacks, and take up
that amount of government bonds, and the
. only kind of bonds you can buy at par, and
I will admit, for the sake of the argument
you could buy those, would be the four pei
cents. Well, supposing this was done
What is the interest on $685., 100000 United
States four per cents? 1t is $12,880,O 900, and
you would have stopped that amount Of
interest. You would have stopped, then
that amount of interest on the bonds, ano
the national banks. Can you figure ou
where the great gain is there? 1t seems tt
me the people of the United States would
be the losers of more than So 800, 900 by thai
plan if it were to be carried out. But it car
never be carried out. The monopoly of at
tempting to issue this double elastic, in
convertible, double backward somersaul
greenbacks, do you suppose any man il
going to give up his bonus for them-prom
ises to pay nothing, at no time, to no one
They would realize, in very large degree
st. Paul's definition of faith, " the substance
of things hoped for, the evidence of things
not SEEN" Yet if you so to carry this GU
If YOU go to carry out the whole scheme
it would result in d dead loss to thu
people of this country, as have said, ii
the sum of between So, 00O, 900 and So, 100000
This is a silver dollar. A man is not yer,
rich if he has got as many as he can carry
and yet to favor and give it all the chances
which it possibly could have, the United
States says that any man who has as many
as $40 may deposit them in the subtreasury
of the United States anywhere and get
certificate for them. 1have got one of then
here holding it up]. The front of it read
as follows: "This certifes that there ha
been deposited with the United State
assistant treasurer at New York City tel
silver dollars, returnable on demand to tn
bearer of the certificate" There are thre
kinds of papDr that are coming into use.
hold them in my hand-greenbacks Ma
tional bank notes, and silver certificates.
onr+b;oo &c o,,;no Won which woTld svo,