The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1879-10-03
oallvE q tecullocM
The Nationals Banking System Ard
VIA, I, Costs the People,
Rssifs n the rx.ssrf~satyi FiNA
Lcsars iss Masd Mssey.
Nv ~ w. t.s NJ IA


lstst ~ itsss NsgtA
TIE fbei lrssnses ~isisA have i#ea lssFssn
ssst hsivsA have t*s@a Isss Is.saslts ~ slse
mAin .Hl9@a. s',sarss - ,wfas and swaaslp llse
sAss'less ~ il4 rs-aap Ny rsesssss,,s. W ssla
NsNs. she mrfs~ss~. snd Ihssvl.sy Nv shlal.
seslfh and rswss have w lanp sn..IagsseA nsea
Aaa Governments N si.e sl.sasy vi npsn,isi
iicsAsiea ~ fsf Nj, Mssalloei, hss usi,s
iahes tesistns muaes h, ignastug oil lss fi..fans.
tts'ns, Ard issl-sing 'lss' nnsisiug rsa h. maess
inl~s~ \ smieiiss IN .r,'f intrinsic value. NJ
ani~ss n Absolutely represents The win II M.
iettaAs~ n represent
lie intssis Inst meney eisonll have a fiAs.l,
snehAnr.isle and word conceded ss.ae, and
hat goA and silver ran alone furnish these rs.
lniremeats: white Le s.imiss ilas The, are nol
niy constantly changing IL vaiae, ha, that ihe
sntsrsainty ~ their production |. -n.h ~ IL
make thai uncertainty inevitable That rtlsrr
AS hasl tla most nnifurm value, aud stt liaas II
smnhi fuf money because England and tier.
man, havr refHsesito ~ rr~rnixe u - mosry.
ThflS frum hts ONn pusitpn. excluding IL ffum
performing tl,a fnm'tioas II nAcnsy, he il on
hqsi rt,ss " the silver question, and - hedges
"a meet either -i.Ie uf nj. argument: j,
o0c snc'a. MI declaring that N and golsl alone
roHsrss intrinsic vAine, ani tho nexi tina, wc
oslEhs no ~ rain u. nntc~s II u fof subsidiary
com AnRl ~ 3 substitute for Tho common rss,-
pie ~ liaec ~ all hills below ~,
Aad yrl thu learned Secretary In alarmed for
fca that tie commercial world Aso too sccttc
III s,cir confidence that We can n,AiIi ain specie
Lay tnscni IN iho event NJ any snch want ri con-
nd ncr "a PAPER - has heretofore character
,yrsl every monetary crtsir, for hc N forced 10
admit that u sre.ie rAs smont wAs In bc male
requirement. We would be entirely nnshln
y sasei slc demand, and the eu,in,r, wnnl,i be
thrown ibtp more terrible rffki. than 80 bay.
a. an lnse cxpcritMcrd-4 N n,orcy n,en
should INT on ihn srrews, ~ the Iintllschilds
AL othei jews may ~ any time conclude ~ 10.
universal failure would " the r.sult. And h
shi~ he y entirely correct. fnr l. In the expert
ensa of the world that coin always disapI,ears
The moment ttis demand a.
from these general views hc proceeds to the
consideration ~ tho representatives III moncy
lie Nays ihnt the siablirhihg vi TIN national.
lAsking system was thu leading n,ea-n.e ~
~ ChAsr's administration This I ,,uns /,
Mas trsnfssd to as mere secondary nieans.
an Tor reason neither ctf,ltal,le Ia snn
Patriotism or purposes IL the jnobry men IN
thn country. He rrsofscd Ia " ,ccausc capital
~o.ld do n"ihing 10 relieve tho pressing ,ir.
tlsnds q ihn treasury ffum tho terrible drsin
tnrn,s, ard exact the infamous usuty un wliirl,
hH whole Z, stem Mas liascst ita Ic.orin.i "a II
ouy after tin grccnbark had been limited In
IL issne u etnn,usi.tss, and AFTER II hsd lpcp
fopndl ased by aud under tbr influence of rati-
tsllas, ~ that II would neither pay revenue
dut.s nor interest on ihs public debt. He re
~fartef to u only after II hail been VI ralun,ni.
sspd a..lereh aud criod down BY reason of
ila nj udAtion AMI ~ II. limited amount, thai II
cotlld 10 longer supply the demand nor hll tho
rsqi'fs mrnis VI The treasury Then, IN tho
hosi. 4 the nations s'rngslc. when national
life an hahnf, AID DAtiotiAi defense demanded
slmasl unlimited nisAts, Mr.. Chase mad. bi,i
~ I'll mon, who Mr. MrdnlIech IL frank
eaa h to ray, would soailer 500 tho t,oyern.
neii ield % reDcls than open their pursca,
nnics they could dictate tho terms on which
lucy would lcndit thor support.
~ snew that the only roai ~ tho patriotism
" n capitalists Was through their roekcts.
ana. Though the sacrifice wAs immcI,ss. Lo r.
soit 4 ~ the national bank system a~ t,e only
ineaAr of securing the all of the rert,eetai.ln
rel Through This system, created ~ 4 mo.
nopolf, he hoped % eecnrr thu aid of money
n.e, y grant. 70 valuable that cnpt'i'y isreli
Ia, ,rro would 10 .,uaO Danks--.hns cIeys.
lnr monetary axissocracy ..aOo bank Pres.
iita ..tAsl eAsliicrn, lt,.Mn hank clerks. .AltAD
bafh Directors, and from ;xU,thU 10 Nn,su
bAi,A stockholders. All OF shese p0sitions
woulA add consequence to the individuals.
make 'h.m conspIcnonnly respectable and givc
thuii money and luAdrnpline their interest
vii heir premiums. Capital consented 10
leis . otovcrnmrnt sl0s, IN, I'M, on condition
that "a soiArics should receive sli0,NntsA In
United stAtcs bonds. ealt,, ,CAt,uD of currency
~ niai,ey guaranteed BY tho Government. with
The Il vilege II lending u, - bAnkers, At com
ponna interest; tho further privilege of rc-
ceiying public and private depoei.s, which tl,oy
conlt ,Iro loan at compound interest, aud il,c
selling of cxchAugoe They further in.lstcd
that 'i,e bonds. for which they paid less llS,
w ceI's on tho dollar. should bc exempt hpn
laeeh Is
.lD aAtortionase tsrms wcro never before made
Iii sla history Of The world The bAnkcrs MAX
ing ssI3,vUO,OCU by way Vt shave tho moment
tile hUnls wcrc taken, and getting bach, bO-
~i.ic. tho bonds, moro than ~ In United Blatsa
money for esosy dollar they loaned, and got.
tin. intarest double W tho b0uAs, double on
tho eai rcncy, and more than double on their
deposits.
Aud scl Hugh ncCulloch hasthe eNPronicry 10
declare that ilsta hugo shave aud gigantic mon
opals allied Tho national. hank system IN ono ri
the eiiiaf compenaattons 0f tho war. And In rc-
pls y lin say, and defy contradiction, that
tho national basss - havs done . moral, more g aspi,,s,
val. they have cursed The land BY thc pnb!Ic
lcbt. - they have combined 10 cuslaso The
people ~ thctr Infamous privileges.
Mr.. Mc(,ullOch dlnrusscs ihs system BY pro.
tending % consider thr objections % II. 1lc ar-
ranges hts pptnts - follows: hs says, hrst,
IN N contedded that thc notes of tho rational
q rrfais ,his otjsc.len M sic ssss te bsnl. can.
lot got hat e!U 10 circulation On : eiuu lond.
This, hc says, nis enssly 10 the banks. hut not
o tiic people" Again, he says, Tho system
= ln no wiss costly 70 tho people; they pay
nothing for its support" On tho contrary, 10
.ss: "s: B, s sss. Fss s y ~ W. Sss s
iAxas which ars.' = 10 ssys. "ss nnwise =
thsy Ars uniuss, and which, " continued, will
forcc many IT them InsO liluliAsion."
This n the aum aud substance of the answer
, tho objection that the national lMiks arc
eossly 70 the people. His Ans~cr y all asset
I'M. and his assertions an destitute ~ sfmth
- basis, - they Aso of facls. ~ will lldrsh',-
Tho nAtiOnal-hAnk currency costs elio people
80 interest OM otlU,Nn,u1D annually directly,
md Il cOsts them In l0ss of taxes from which
thc bnnds dcposlted " sccurity for tho bills
sucd Arc exempt T1,is interest will average
per cens. Tho sum 81 tho cs'as then =,
laiercsl on slinn r.sss' Il pr cent. ~ ~ 80
e ~ On tax IN hon.is yer cent ....t..s s.vaH"
T.,.i ~. T..uN
II rrvcntacks were substituted In place of
aaMtuuAl-pNHk ultlSs ehu ue0u w pas ~ s@@
hntnln on which thai currency II is~uesl ~
sllsalld mi only ave - 5Ui. ~ but ~e should
have egin.AHltAu ~ ErcenDacks In place of
sl.nslt ltHO III national hank lills. without .
rhv.low II expense 70 the iAx payer
have thus shown The absolute cost IN shao
la.s ngures. and demonstrated that Mr.
Nes'ull,el, entirely miAslAleA the fAcen when BE-
I'll thai national hAnk nntcs sfe 81 10 apense
81 he ,aorle. Hut. sAts Mr. Mccullnrh. y
me g.~tnlArk " substituted for the national:
Is Hills ihc tanks woMld pay ~ iAxes, and
~ Government would inse that soirsc o. roy
tlass I'hta u another bmgs'cas, eut \ 10 ~
hlsiow a. Il l. faisc. The national banks psy
nn ssAcs srcrl pn prohi~. ansl - fnll0ws.
a. irrmlatirn alI ths bsfts IN thu
lttrd Ntstrs, vi ts1s. patd e....s e9va~.Ht1t~
Nv efvstis ,....et.....s..........s. sssst'itss
tiia sriisi rns Invested In t~nds of the
fbti..t ktatsr. r.,+.,.s......s.....,..,s hhsN1I
Total. .,,,......k kH.71f io,as
ii.ey arc only taxed Oh profits. and their
pr 4ills on dcnnsits slnnc arc more than eN,-
ho.nN annually. hut the amount they 10 pay
IL Only m squivAlsnt for .lr cswt ID ihc tsuv-
esnn,rnt NJ furnishing thc currency aud III
ii A.