The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-01-02
one bank.

all OF them III receipt OF faVOrS from
the Government. Some of them arc
in receipt OF exceptional favors from
that Department of the Government
that, in these hours of peace and f.
nancisl legislation, is supreme-the
Treasury Department. The country
saw the power of one bank more than
a generation ago, when it was linked
with the Government, or when enor-
nous privileges were given by the
Government to combination of cap
italists. The old United States Bank
was great terror to the Republic, and
might we'll have been. But it appears
that the Secretary of the Treasury has
loaned without interest to one of the
two thousand National Banks a sum
larger than the capital of the United
States Bank which Andrew jackson
confronted, and whose existence was
a great political issue but little more
than two score years ago. That these
things can now be done almost with
out the public notice is fact that
shows the growing power of capital
in the affairs of Government as well
as in the affairs of business. The thing,
essentially, that Andrew Jackson We
toed is the thing that the present Sec
retary of the Treasury has done. There
was then but one United States Bank
and now there are two thousand
United States Banks. Then the one
was regarded as a great peril now one
of the two thousand receives larger
Governmental favors than the bank
received which Jackson defied, and
the surface of affairs is scarcely rippr.
ed. The attitude of Andrew Jackson
toward one bank was thought heroic
and statesmanlike. He was deemed
brave in defying its power, and
thoughtful for the Republic, solicit
GUS for the welfare of democracy on
this Continent liz guarding the future
of this Government against its dan
gerous aggressions. One bank with
thirty-five millions of capital set Web
sters and the Clays and the BentOns
snd the statesmen of the last genera
ton to thinking and talking, and was
made the pivot of national politics.
The First National Bank of New
Va AinS ACCCutiy Pi
inence. 1t is bank of capital of half
men in the country who have as much
as that as private fortune; but what
individual, worth half a million, can
borrow $45, 100000 front the Govern
ment without interest :? What indiyid-
ual worth half a million can loan 9th
er peoples money 10 the amount OF
ten millions of dollars, drawing inte-
rest on the same and paying none, as
this National Bank does2 With
| capital of half million this Nation
81 Bank has surplus and profits to the
amount of more than 81, 10000 But
this is not the fact that lifts the bank
into national notoriety. John Sher-
man loans to il the public moneys to-
an enormous amount. 1t is intimated
in several public journals that the
Secretary of the Treasury has per-
soDal pecuniary interest in this bank
without consideration. We are dis
posed to dispute this assertion. 1t is,
to be sure, reported that the Secretary
of the Treasury was once 4 stockhOld
er In this favored bank. A writer in
one of the leading New York journals
only three days ago named this affair
John Sherman's greatest speculation.
| The facts in chief are undenied, for
they are published to the world. That
these millions are infrusted to this
bank by the Treasury Department
without interest is fact known. On
the sixth Of December, when these IA
vors were reduced to minimum, the
First National Bank of New York
owed the United States Treasury S16,-
100000. The capital of the bank, re-
member, was. only S500,OOO. What
or even for these S1600O,OOO, deposit
ed with the bank? The Secretary of
the Treasury has at least safe in
which to deposit money and other val
liable things. Why should the Secre-
tary of the Treasury deposit $45,O0O,-
coo, or Sl6,OO0,O00, or any number of
millions of dollars, with this National
Bank or with any other for safe-keep-
ing? Why should he deposit these
millions with that bank for any other
reason? The charitable view to take
| of the matter is that this bank and the
men connected with it have aided the
Secretary of the Treasury in the sale
of bonds to secure the success of his
resumption scheme, and John Sher-
man, feeling that the nation owes this
bank debt of gratitude on that ac-
count, is willing to loan to this bank
with little or no security, and with no
interest, the nations money to the
amount of ninety times the banks cap
itsl. This represents the nations graf
itude to one bank-John Sherman,
agent.-[Enquirer.