Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-09-23

ty the tax on banking capital is from
one and one-half to tao and half per
cent. If Greenbacker or any body else
will take the trouble to add the various
per cents enumerated above together, he
will find that banking is not that won
derfully profitable business he intimates
in his article. We close this part of this
answer by reminding him that the
amount of bank stock in the United
States is constantly diminishing, which
is pretty good evidence that banking
does not pay any such profits as green
hackers report. American capitalists
who are to-day investing heavily in four
per cent. bonds, would be pretty likely
to go into the banking business if it is
SO immensely profitable. Before we close
this part of the answer we want to ask
our greenback friend if government,
greenbackers, grangers, farmers or editors
have any right to say that bank shall
make only certain per cent. in its bus
mess ? If so havn't ''the people" right
to say to you. "Blr. Greenbacker, you
must lower the prices on your seeds,
your vegetables, your fruit trees and all
your farm products 1t is reported that
you are lnanIug mUre Uuau nvv pO. vcuv.
in your business, and the people can't
stand such profits" Really, Sir, have
you and I, or any other party a right to
say how much banker, manufacturer,
laborer, or a scotsman shall make in
his business
Our friend has "scheme" which all
"intelligent greenbackers' endorse for a
system of banking. We wish he had
given us the details of his system little
more full but he would have no banks
of issue. This means that all paper cur
rency should be issued by the United
States. That is, it should all be green
back. Three hundred and fifty millions
of it. But what right has the United
States to issue this kind of money? The
Supreme Court only admitted that it was
constitutional" as a war measure-it
wouldn't DO as peace measure. This
"interconvertablc" notion of the green
hackers means that government can
compel the holders of its bonds to sur
render them at any time, and receive
pay for them in greenback currency.
This is contrary to the agreement made
with those who bought the bonds, and
would be an act of such fragrant dishon-
esty as to make every respectable Amer.
lean blush with shame. The United
States can't afford to 60 back on it:
agreements. Our Greenbacker would
have banks hold bonds, he is not quite
so far gone as to have them do business
without any capital whatever, but would
not have them bear interest. Well, if hi
can get up a banking scheme on tina
plan, all right. 1t will require new
system and a new kind of bonds, anG
something never yet attempted and, w
are inclined to think, something that the
most fertile brain of greenbacker ha.
not yet invented. Mr.. Greenbackel
says, "the issuing of paper is no proper
and legitimate part of banking business
Perhaps not. but it has been done eve
since banks were started and will prob
ably be done as long as they exist. HI
intimates that ''the government, that is
the people" ought to reap the profit o
banking. 1t has been and is the opin
ion of the greatest statesmen of thi
country, that government should not rul
the banking business of the country
The old United States bank scheme fel
through very quick. Our writer, Will
ne is very ingenious, is probably no
wiser than the great mass of American
brain that has decided that his scheme
is dangerous and impractlcable. Their
are a great many who do not think
advisable to put the management of tn
banking BUSINESS into the hands of tn
U. S. government, which means, int
the power of the. dominant political par
ty. In our opinion that system is alto
gether better which places it in th
hands of the people as in now is. Gu
friend and half dozen of his neighbor
can establish bank and commence t
do business; if they find it will not pa
they can wind up and 60 to doing othe
business. And SO it may be anywhere
where $4,000 can be spared for tn
, business, bank can be set up an
greenbackers, if they choose, can rea
all the imaginary blessings that bloate
bondholder and bankers now enjoy. N
system of banking can be more 'of tn
people" than this, and no plan can bel
ter protect the public against losses fror
bad bills or broken banks. Government
wisely compels the banks to keep o
deposit in the United States Treasury
capital stock which is greater than a
the currency they can put out, and guar
, antees to make every sbill'' of natior
al bank good; it also exercises a super
vision over the management of bank
and compels them to do safe and legi
: innate business.
We have looked this matter over yer