Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1880-02-28

made by syndlcates, t6at too mucn care
cannot be exercised in the action now to
be taken. MI. Sherman bitterly OPP
posed a reduction to four per cent, and
4 large number of bonds were unnec-
sssarily funded at = halt per cent. more.
The country is indebted to Hen. VIM.
of Illinois, that the reduction
10 four per cent. was effected At all.
The people are alive to this question.
It is not q mystery to them In any ssnse.
They know what they want, and
what they do not want. They do
not want any experiments with hat
money-that much is settled-they do
not want any more Sherman %syndicates.
They do want the bonds honestly fund
cd. at the lowest possible rate Of inter-
est, in such a way As not to impair their
standing in the market. and without en-
favored bankers at the expense
Of the people. They understand a.
fully as does the ablest fnanceer that .
half per cent. on 500, OOo, 900, amounts
to an annual tax of So. 500. 900. They
therefore, that every fraction OF
interest which can be saved shall be
saved. They want congress to discuss
this question fully and freely. They do
not want any more smuggling through
of financial legislation, as was done in
the case of the iniquitous law of 1869,
and In the surrsptitious characterization
of silver. MI. Cox struck the key note
OF popular sentiment, the other day,
whom he said in the house,"
am in favor OF having every money
bill that comes here discussed
in committee of the whole. l am
opposed to any bill Of a money charac-
ter going through without debate and
without amendment. We emily truly
represent the people when we stand
upon that principle" This is tersely
and well put. Let the country know
what you do, gentlemen. A democratic
congress must permit no. covert
impositions upon the people.
There is no such hurry about this
matter as to require any unsesmly
haste. Congressman are paid by the
year. and they may as we'll be earning
their salary in Washington as idling
their time away at their homes.
There will be many suggestions made
regarding this matter.It is already prov
en- that MIR. Sherman was mistaken when
he said that a three and a half per cont
bond would not float at par. We be-
lieve that q bond with a much less rate
of interest can be made to command one
hundred cents, and we desire to make
suggestion, which may be taken 70,
what it is worth.
According to the comptroller OF The
currency. the national banks pay.in tax
es to the government, on circulation,
per cent, amounting to $s.OO9.647 Is
on deposits, ] per cent, amounting to
8 .sO9, 66s 90; on capital stock, ] pei
cent, amounting 10 $401. $50 81, q total
of $6, 721 1856 81. The non = natisna,
banks pay. in taxes to the government
on circulation, 10 Fer cent. amounting
to $13 1908 20; on deposits, ] Per cent.
amounting to $2,s54.911 "a; on capita
stock, ] per cent. amounting to $3.50.
068 Sc, a total Of %, 1913 1888 SO. TIL,
amount derived from stamps on checks
all banks, was, last year. 81, 9s4,604 16
These three sums added give u a tota
of Oil. s44, 724 ~. Mr.. Sherman, in hi
report, gives the cost OF collecting tn
revenue at a little less than 81 per cen,
for convenience OF statement. We shall
slightly underestimate it. and call it s
per cent. Three and one-halt per cent
upon $11. s44. 724 ~ equals s414. sos "a
and added to it gives the total of $12,
259. 289 rs, the sum which all bank
pay to the government. and tbs cost G
collecting it.
What does the government. or tn
people. pay to the banksP Hon. PhiliJ
c. Hayes. of Illinois. a republican, in
speech made IN the house OF reprssen
tatlves. February II, 1880, s~ustsinin,
national banks. said 1.-THE people pay t
the banks, as intereat on their bonds
each year, the sum of Oh, 2l5 GAO.
The comptroller. In his report for 1875
page IL, places the amount of bond
held by national banks to secure the
circulation, at S4s4, 9ss, CSC, which, q
4 per cent, would demand an annu,
interest charge OF 81, S99, 346. I'll
real charge is 6 per cent. On $50 ,315,
$50; 8 per cent. on $1S1, SOL 800; 4
per cent. on es4,86 $50 4 per cent. Q
S1S8, 31S, 400. and held for other purpe
sss. kinds NO. given, $71,1s1,2 5
Again, for convenience, we will ado
the comptroller's figures. The cost
disbursing this amount il not less th,
IL per cent, which, on s17, S99 "a
amounts to 1890, 800. The two SUI
added give a grand total of SIT &C
1886. We may safely estimate Il
amount Of bonds held by n%on-lation
banks at 800, 600, 900, which, at TO
per cent, gives an interest charge
"a. 900, 900 per annum. end the cost
disburslng it at $50, 900.
!. We find from all these figures til
the government. or the people, pays
!, the banks of the country $21, 1908 81
and collects from all banks, less I
cost of collection, S12, 259, 287. T
difference between these two sums
exactly stated, the amount which t
country pays to the banks. 1t is 5!
3 46i,049. Or, as is estimated. II per ce
t on the bonds held by them tt seer
+ their circulation Snd for other purpos,
Why not break dowq the exclusi
/. privileges OF national banks, extend t
r advantages OF a circulation based
bonds to all banks, do away with I
oxnansiva mschjnarv nf suonp;po r.