Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1879-09-24
NATIONAL BANKS.
Are They an Expenaive and Oppressive
1onopolyi
The Policy Of Substituting Greenbacks
for National Bank Notes.
Speech Of Thomas n, Michel NJ
Green Bay, Wis.

IL
It nI.o. S..sn ~ 10y svetywnete demands that tn!
}, :.n DsAs W Aponsnoo ana tner notes substituted
or.tie WI eoenoac.s, ana nIge part OF the demo
w. ..s'o p..y 70 cvnnsted 70 tne same doctf1ne
sra edouno.o VI .n,s ueInsnu ~ tnst tne Danki
~. !. uHnserous .h ana expensive monopoly And
'-ns tne quesuon We are to examine tonight
D ARE NATIONAL BANKS AN EXPENSIVE MONOPOLY
9 a monopoly is some valuable privilege held
ny one or . few persons with such conditions
that others can't enjoy 1t, and that offers no
Gnance ior competition, But the National
Q banking law ofers no special priuileges. It ID
open and free to al there is not person in
. tne country VINO has any capital large or small,
S: Sse ..sy lave tnst csPitAi lnVesteo IN the
: ppsnMne Doaness ne 90 desires. Any num-
ooI VI oasons not less tnan nve can organise
a ~. new Dsnk any where, by complying with the
NV sno oompete WITH those Already In exist
enoe ior business profits. Any person can pur-
cnsse M Ine stock OF any Dank At It's market val.
uo: mere ID no element OF monopoly or special
{ Ptlvueee ABOUT Nauonal banking. The law
irom tne nrst disseminated against large insti-
the BANKING Rnsnns. u 5nsm on, Um
WIN NOT more than half million dollars CAP.
a.t ,.a ooI'a D. ao nave c'5cuinoon equal TO 70 per
cent OF the'r capital. But their capital was
ao,'Ia nn a,s'u ~. uoen nn 70 mnon oonats tney
millions TX yer cant and y n.o- tSre. ,,,,i;.'o
only 60 per cent And the lsw "a ~ .nsnSa1
July l2th. 1S7O' that No h.nl orc,n;.a1 s;,ssa
that lime Uefu than half v,nil1ir,, .arl
lars Of circulafine notes. TINS ntteriv nrevent. %
ino the combination oS isrra srnonnt. ~ "e-I-
tai in one institution' fhe bsnL iav not n,,Sv
does NOT esfshiish . rnononoi1 h-t - ',.L.y. CIy
bsnkino mononoIies imno.SIhias' '~' ~ A'@A''
Apr - 49,. .~n-,..,
AnA an1 sA'As AAfhSsfSAf
II n charged that the banks are expensive on
account OF the interest on the bonds deposited
70 secure their currency, and it is claimed that
tnis expense could be saved by the substitution
OF greenbacks for bank notes. The persons
who make this charge and claim seam to for
th.t ~ ;ntt oey and assIea ICnos ior H. ana
- tns. ;I ;de - .l M On t1ese Ionds woulo nave to
Dsn;.a Is.J uTa;n h nsn1s !. nso eyer Deen or
ss.,,ra :. rl l~~ng Donas % 70 % depoated to
~ ne;ncsp., Ucp. oncy aoes not increase either
0n e tba cOpt1 % IHe ,9;eseM Q. sne PUBIC debt:
.dnn .as baan Oh ptoslding currency nae not been
% ! Issued sno tnat would have been an increase
~ ., Ine pIDIc aeDt tor greenoaoks IN the shape
~. a.tt SS.s1s ~ nS.es ~ = muon part u
- the deot t sne o. % aIe and were 90
FL t96|& seHa Uk tA ea nh
the cot of IN army supplies TO the great disAd-
vantage of the government. The banking Law
gave q currency without Increasing the govern
public credit and instead Of increasing the ex-
nenses of the coyernment, the banking system
kacan,a A once . souroe OF revenue ON account |
of the tsxes paid by the banks. For example
the Comptroller in his report for 1877 shows
that the banks paid to the national government !
the previous year in taxes $7.076,O67: The
same year they paid efate, county and local
taxes amounting to %, m, ,Sl9-atotai OF S!6.-
TT, ,819. The interest received on n0nde Dy me
banks the same year, was ~, ,oS1,y7Z 70 tnat
the interest received BY the banks that ye.r.
only exceeded the taxes PAID Dy tne penks y