Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-06
THE NATIONAL BANKS.
Polly 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, az said before, if any of you are
paid some money do you stop to look If it
sgreenbacks or natior al bank notes! No
man does anywhere in the United States,
and right under that, my Greenback friend,
you may find lesson Of valuable wisdom
You say you would just as lief have national
bank notes as greenbacks. Why, national
bank notes are not legal tender at all. You
say it is Just ~ good as greenbacks because
the United States has written in front OF
that word, "This note is secured by 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, AZ l said be-.
fore, that choose to establish bank, is at
perfect and absolute liberty to do it, Sen
at0r Thurman said that this was "monopo-
w." ! do not know what dictionary the
senator uses. / have always supposed a
monopoly was where one man enjoyed a
thing 10 the exclusion OF others, or where
one class enjoy anything to the exclusion
of the rest of the community. Does that
apply TO national banks? 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,
snf cfts"'sss establish. R'S s pfs ssy l s5s
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 man-the 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 1000 national
banks-every man is at liberty to go in and
start 1900 more, if he has got the money
The United States invite you to establish a
many banks as you please with just this one
condition, that you shall not 20 to banking
and make money off the community in that
business, unless yoS go right at once and
secure the bill-holder by depositing per
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, il you war, less, close up
your banks. If the county demands more
there will be more very loon. 1t is regu.
lated by the law of supply and demand, and
IL always absolutely safe and sound. But,
says my Greenbacl, friend, you are getting
double interest. Well, is that all? On y
double! The old state banks used to &c.
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 il always good until the other 10
told, and this amount of double interest
ON the part of national banks is q 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 1 state it in
correctly will ask any gentleman in the
audience to correct me,-the Greenback de
uand is that the 1920, OO0, 600 of national bank
notes shall be retired, and that greenbacks
shall be issued instead of it; and that with
these greenbacks q certain amount of bond.
Of the United States shall be taken up and
cancelled, and thus the interest ceases, and
that goes for the benefit of the public. Nov
propose to show that that policy, If it wer,
practicable, would be net loss to the PEG
pie Of this country l meet the Greenbaeke
right there, and propose to show him tina
bis policy, If il were practicable, would b,
an absolute net loss TO the people of thi
country. Now, the bankers and nationa
banks pay larger taxes than anytother elias
Il PROV .rty in the United States. l want t,
Apeat that there is no class of property il
country that pays so large tax as tn
onal bonks. They have 1920, OO0, 600, or
precise and correct, $685., 900 900. The.
rear paid 10, 100000 to the states ant
ies where they were located, and the.
~ 100000 20 the national govern
that makes SIG ,5OO,OOO which
ko in
TX pin there. Sixteen and one.hal
Now we will suppose you break
IN, call in the circulation, and is
OOO, 600 Of greenbacks, and take NJ
)unt of government bonds, and tn,
4 of bonds you can buy at par, anc
init, for the sake OF the argument
buy those, would be the four pei
Well, supposing this was done
the interest on $685., OOO. ON Unitet
hr per cents? 1t is Sl2, $3.50, 900, ant
ID have stopped that amount o
You would have stopped, then
ant of interest on the bonds, ant
getting Sic, 500. 900 of taxes from
nal banks. Can you figure gu
great gain is there? II seems Il
eople Of the United States woul,
ers Of more than s. 500. 900 by tina
were to be carried out But it Cal
parried out The monopoly of at
to issue this double elastic, in
e, double backward somersaul
ks, do you suppose any man il
i've up his bonus for them-prom
nothing, at NO time, to no on.
Id realize, in a very large degree
definition of faith, "the substanc,
hoped for, the evidence Of things
Yet if you 10 to carry this on
20 to carry out the whole schem,
result in a dead loss to tn,
this country, as l have said, ii
between s.. zoo, 900 aud 81 ,OOO, GOO
silver dollar. A man is not YER
has got as many as be can carry
favor and give it all the chance
possibly could have, the Unite,
that any man who has ~ man,
deposit them in the sub treasury
ted States anywhere and get
for them. Ihsve got one of then
ing it up]. The front of it read
"This certi6es that there ha
bsited with the Uuited State,
reasur,r at New York City ter
xs, retl MALE on demand to the
he cern6cate." There are three
(per that are coming Into use.
in my Undergraduates, Ma
notes, aud silver certificates. II