The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1878-11-07

merce was known among men, and you
cannot dispense with them, for the sim
Pile reason that it is the place where the
borrower Of money meets the lender. -
You cannot carry on business without
having some common point where the
man who borrows money shall meet those
who lend. If you break down the ma
tional banks under the cry that they are
a monopoly, you raise up the ghost of the
old State bank just as sure as fate.
| remember of hearing of a man bar
gaining for a stock of timber Three
prices were offered. One was to pay in
wildcat" that was Michigan money -
Another price was in "redtag." which
was Ohio money, and the best offer made
was to pay in good counterfeits on
solvent bank in New England Laugh
ter That is the old State bank curren
cy. Oh say some gentlemen, the ma
tional banks have double chance They
get interest on the bonds and on the
money they circulate That is an ex-
ceedingly good story until the other is
told, and it would be very effective if the
national banks did not pay taxes. l
should like any gentleman to tell me if
he knows, in all his experience, of prop
erty in any form that pays the taxes the
national banks do.
T A voice-"Don't the borrower pay the
taxes 2
Wait a minute The total valuation Of
your great and beautiful city is six humid
red aud thirty millions OF dollars aud the
total tax levy is seven millions, eight
hundred and odd thousands-short OF
eight millions.
Four national banks pay in 1856 900 in
taxes. one ninth OF your tax. Ii per cent
and, beside that. these banks pay $I05 600
in taxes to the General Government
The national banks OF this very city Of
Boston pay 81 $50 900 taxes on a capital
ot S52 900 600, that Is. per cent, on the
whole. VIII any gentleman tell me OF
any fifty two millions o' property in the
city OF Boston or the State OF Mas-achus
etts that pays that tax? Applause
Well, suppose you abolish the nAtioual
banks, il that is the question you have
got to vote on The bonds which are
held by the Government to sustain the
circulation, and which are the basis of
the corporation that pays the tax, 90
back to the holder, and are not in them
selves taxable property at all But the
bonds. which are non taxable in the
hands oil the banks, are put into circula
ton and voluntarily subjected by their
owners to the severest system of taxation
in the United States Applause. The
entire bank circulation of the country is
1922 00O,000, in round numbers There
are $43000O,000 OF bonds deposit ted to Sc
cure that circulation, and every one of
that $43O,u00,0 600 is worth and will sell
for more than its face in gold to day-in
the markets of-the world. TAPp1ause ]
| submit that the like of that never ex
listed in the world The boasted Bank
of England and of Amsterdam, or the
Bank OF France, never presented such
security to the bill holder. The 1922 000
600 of national bank bills out in the hands
OF the people to night are sustained by
$43000O, 900 of gold, or that which is alb
solutely equivalent to it, and it makes
the bills absolutely good in the hands OF
the holders. Applause Now the to-
tai taxes paid locally by the national
banks of the United States amount to
$9,300 900; the taxes paid to the Gener-
al Government are 81 100000 Put them
together and you get sixteen and half
millions of dollars of taxes derived from
the national banks of the country.