Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-09-04

Lished in full, and, like all the efforts
Of the Old War Governor, is able and
exhaustive. He discussed all the liv-
ing issues in a manner that will carry
and that will result in the
demolition of some of the pet theories
and vagaries of the infationists and
As the Greenbackers
are very severe in their denunciation
ofthe National banking system, which
they stigmatize with every known
epithet of approbrium, we reproduce
what Gov. Kirkwood said upon this
question, which is stated so plainly
that any one can understand. The
Governor said:
have been trying to show you that
it is unreasonable to suppose that
these banks could or do make the
profit alleged. Now | have further
proof on that subject, and | hope that
my friend here, the greenback candi-
date for Congress, will take down
what ! say. Suppose we start Ma
tional bank here in Marengo with a
capital of one hundred thousand dol
lars. The first thing to do, we must
buy United States bonds to the
amount of one hundred thousand dol.
lars. We must put up one hundred
thousand dollars in coin to get United
States bonds at four per cent. If we
didn't put that into banking it could
be loaned for ten per cent. interest.
Then it would bring ten thousand
dollars; but we think we can make a
"hig thing" in a bank, We must
buy these bonds in order to deposit
them with the Treasurer of the United
States. For what? As security. As
security for the bills we expect to is
sue. We are entitled to have ninety
thousand dollars of unsigned bank
bills-in bills-and not bills of tht
government, but in bills engraved b!
the government for us. The govern
ment won't allow us to make then
ourselves. 1t won't allow us to go t.
New York city and have them en-
graved at the best bargain we coul'
make with the engraver, because W
might then by some possibility issu
more than the law allows, and there
fore the government sells them to u
and we nay the oxpcnsc. We &c
ninety thousand and come home
Many men suppose that we canlet ou
the whole amount. We can NOT. w
are compelled by law to keep green
backs so that any man that has one G
} our bills can come there and get
greenback for it. We must all til
time keep coin or that. Weare CON
PEELED by law to keep 20 per cent. {
the amount of our circulation to max
, legal tenders. Take out of the ninet
/ thousand eighteen thousand that
, twenty per cent. We must CONVEX
enough to give eighteen thousand do
lars legal tenders, and must lock thel
$ up. That leaves usseventy- thol
sand to loan out. Very well! No
how stands the account? If we ha
not gone into bankingat all, we woul
have got ten thousand dollars as int
est. By going into banking we g
four thousand dollars interest on tt
bonds, and ten per cent. on the sever
, ty-two thousand that makes eleve
thousand two hundred, doesn't j
, Therefore we have one thousand tM
+, hundred more than if we had notgo
. into banking. You will say there
, twelve hundred dollars for the bloate
!. Bondholders and the Shylocks. I'll
assessor comes around every 81
8 months and assesses us the half of OF
e per cent, or one per cent year. On
q per cent. a year is 5000, and when Nc
. take that out, you have three hundrt
= dollars left as the enormous profit
e National Banking, and ont of TIL
i three hundred dollars you must p;
3 the expenses of printing and engr
= wing and the expressage from Was
" ington to MarengO, and back III
e forth, and l tell you three hundr'
l. dollars a year won't meet the eXpe
q SEES, and this talk about enormo
:. profit is all a humbug to gull pc
" pie who are gullable and you can Fl
: ure until your lead bursts with hea
J, ache and you can't make it anythil
q else. If have the credit of bell
;, worth one hundred thousand dolli
:, and of being an honest man, ] c
u beat any National Bank. 1t Isl hui
5, bug, all humbug, told by some IN
who don't know any better, and
Isome who do know better and Dug
r. not to do SO.
dl Again, there is another item. 1t
;. said that while it is entirely true til
bankers pay one per cent. they dol
:, have to pay anything on capital in t
is State; that while your capital a
d houses are taxed the bankers CAPT
= is not taxed: thus they escape and y
!, have to suffer. If that is true it
Al wrong; but the question is, is it tru
at / know about that. For ten years a
70 l was engaged in that business. 1t
f. perfectly true you can't tax Dor
:, held in the treasury at Washingtt
II but any share of bank stock in a
e National Bank in this land, from t
e} Atlantic to the Pacific ocean and
&c the gulf, any share is taxed as 70
:, property is taxed, and in order
II make sure that it don't escape tax
: ton, they don't look to each indivi
d ual shareholder, but assess the amou
of capital stock and the yalne of
:. share. They assess that to him al
81 compel the bank to pay it lest tn
.e should not, and sometimes stockhol
e ers out of the State hold shares a.
Il they could not get at them. The Fl
amount is assessed and the bank
. then compelled to pay the tax. I'll
Ne is the truth about the matter. / t
l. you in all truth and soberness. cal
afford to lie about it. ! am too o.
and the people of Iowa have treat
IS me too kindly. l certainly reach
h the highth of any political ambiti
n ever had. You have treated !
e kinder than any other man, perhal
a in the State, and would be unjust
Re told you an untruth. ] tell y
) there is no money invested that pa
10 as high tax in the United States
America. That is the Gods tru1
# The National Benks pay one per &C
= on their circulation, and the half
le one per cent on the profits, and tn
q pay to the State of Iowa the sal
j. taxes upon every dollar that you p
At upon your house. They pay count
city and road tax and all tax. Scht
e tax and all that is paid, just as y
e pay, and in addition they pay one a
); one-half per cent. That is the tru
= about it.
y Listen to what Gen. Garfield SO
d in his speech:
el 81 ask every man that believes
J. this allegation to wrestle with the f
=. lowing facts: In 1869, a year of pee
y and of loast af fnip npGsparitv q W.