The advocate., 1890-04-30
NAIIONAL RANKA.

UpAVio me- WY byuphhltb 30 oug W shV
long suffering Mr.. G. w. n. Griffith,
banker. He says the laws impose an
"actWdl buTden" on the banks. And yet
there was no law 10 compel the said Mr.,
Griffith 10 20 into the business; he went
into IL voluntarily. And yet our patriot,
the said Mr.. Griffith, filings his arms in
mid-air and pufs like pair Of Scotch
bag pipes and prays that this popular (l)
system may not be abolished, and "that
II would be a public calamity 10 destroy
or impair the system" II the people Of
Kansas fail 10 recognize in Mr. Griffith a
patriot, they must be blind indeed. He
may be, and / am willing TO concede that
he is 10 per cent. patriot.
He then asks the question, "Why do
you organize a national bank instead OF a
state corporation il the law imposes bur
dens that are nprohtablep Hear the
answer Of the great patriot, G. W. b. G.:
at Is on account Of the popularity OF the
national banks" The people patronize
them better-"in preference, and bank
er must be governed by the demands Of
the people II he meets with success.
They must have the full confidence Of
the people National banks have this
confidence 10 Il remarkable degree"
Whewl the truth IL, people that are
compelled to use the kind Offices Of the
banks have little or no choice in the
matter. There are many that have had
confidence in remarkable degree in ma
tional banks that have lost it-e. o., the
wrecked banks Of New York City. There
Is no protection afforded depo8itors in
national banks because bonds are de-
posted
SEC big7 The bonds deposited by any asso.
citation for the security Of Us circulating notes
shall be held exclusively tOT that purpose.
The first Is a general denial Of the allie
cation that banks under the national
bank act are favored Is his statement
true, or s II falseY There is an old max
i'm that teaches, ,"false in one, false in all"
sEC 3li23ii3. Every national banking assOci-
alton shall pay a tlX NJ NJ per cCnlm ON the
amount Of notes Of any person or Of any STATE
bank or state banking association used fOT CiTcu
ldtiOn and paid ont by them. Every national
banking association, state bank or banker or as
BOCiatl0n shall pay tax OF 10 per ccHtttm ON the
amount 0f notes OF any town, city or municipal
corporation paid ont by them.
BRC Ni7 The provisions Of this chapter re-
atlng tO th0 tdr on banks, circulation, etc. as re-
lated 10 the tax Of 10 per ccntum ON certain
notes, shall not OppU tO associations which are
taxed under ana by virtue Of title, NATIONAL
BANKS,
Mr. Griffith, shall / take your word,
or shall take the lawY The law says IL
your association IL not under the national
bank act you must pay 10 per cent, on
your circulation. You say you only paid
per cent That is, you paid 1926 TAX
for your privilege, but had you issued
your own currency you would have had
10 pay S925O, Now are you favored, or
are you notp The truth is, the great pa
triot Griffith TO the contrary, that the
system Ravors those that come under its
provisions and dlscrlminOtes at the rate
Of o per cent against those that do not
come under the system,
You say that in 1878 the actual circula-
tion Of the national banks was S349, $780,
600, and that in December, 1880, the cir
culation was only $l26,O4O,OOO, showing a
decrease of $9l68iOOOO In tho clrculat-
ing medium, This fact, which you ad-
init, ia one Of the greatest curses that our
people have to endure. just in proper
tIon as Won contract tho currencv of a