The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-12-07
The Way the Blind. Lead the Blind.

The Cincinnati Enquirer IL asked
this question:
III n national bank bill Is destroy
ed who IL benefited, the bank or the
govcrnnlent?'
And gives This answer, THE Bank"
The Davenport Democrat takes
the question up, aud after reciting
the deposit OF the greenbacks to re-
deem the notes on Withdrawing its
bonds deposited for their redemp.
ton, II says:
Nov, II any OF tho notes or the
bank are lost or destroyed, 1t can
not receive greenbacks for them be-
cause they cannot be presented for
redemption. and the balance OF the
grccnhacks will b. covered into the
treasury-a loss to the bank, for the
government is not to be- blamed be.
cause missing notes Of the bank
were not to be found"
In considering this question, let
Us say that the question Of loss de-
ponds entirely upon who owned the
bill. II 1t belonged to the bank. then
the loss falls upon the bank, because
the bin itself Is the only ticket that
calls for its redeemer--ths green
back-deposited for its redemption.
But II the bill has passed from the
ownership Of the bank, to that Of an
individual. the bank having received
4 full equivalent for it, sustains no
loss, which falls upon the individual
loser. As We write We have before
Us ten dollar note issued by the
Third National bank OF Cincinnati,
in 1863. Should We lose that note
the loss Is ours. But how stands the
account with the bank. II in 1868.
|, exchanged that note for an inter-
est bearing obligation, drawing ten
per cent. interest, payable semi an
nually, 1t has received In interes.
alone on the note 1881. And dur.
ing all this time the bank has been
wing the public, or such members
Of il as held this note the $40 which
this note is the promise for, and no
individual holder of the note has ev-
Il been paid any interest on this
deb, OF the bank, nor is any person
entitled to any. This note certities
on its face that 1t is secured by the
deposit OF bonds OF the United States
deposited with the treasurer OF the
U. S., ut Washington. Now these
bonds draw interest which the PEG.
pie pay semi-annusliy for tn bene
iii Of the hank. To secure this $40
bank note. bonds to the amount Of
$ll were deposited, and ut per cent
compounded semi-annually, the in
,.rest paid on the bond TO keep this
note before the people has been over
Sit. A United States treasury note,
known rs Il grecnback, issued the
same year as the hank note, also
lies before Us. During all these
years this greenback has been bet
ter money than the bank note, be-
cause q legal tender for all private
debts, which the bank note il not,
anil the very money the law desig-
mates as that which redcems the
bank note. aud yet with all these
better qualities. this poor despised
RreenbAck has not cost the govern
ment or the people one cent OF inter-
est, but like labor has engaged in
varied enterprises aad industries III
the country to produce by its use.
fulncss. its proportion Of the in
crease OF wealth.
Now, for whose benefit does this
monopoly OF issuing national bank
notes exist. Certainly not for the
people. but tor the banking corpor-
Ations.
Our neighbor OF the Times. for the
past two weeks has shown some
penitence about the mon0polies
viii h have robbed the people, and
sounds the bugle call for their re-
preston. How about this one?
Does it include that, or is its prom
lee OF reforming abuses and con-
trolling monopolies . pretence aud
and a sham?