Year: 1866


tienal Bank Notes . LegSl Tender. 1


TO FHE RDIroB OF THE HxSALD.


TAsfs ere the days Of discussion; and While the Pres
dent and bis Financial Secretary are foreshadQwng q
ways and means whereby the government and peopl
are 10 bs brought back 70 specie basis Mr. SpauIang
one Of the orignstors Of the government paper where
by paper made 70 take the place Of specie and b
como legal tender between the government and peopl
and the people In their dealings with each other-step
forward the advocate Of making the issues Of th
national banks legal tenders also and thus put on "a
day Of resumption during thel existence Of this
1t is true that It would be slight stretch of power aft
what has been done In the Of the national curre
cy, to include that Of the national banks, as sh|
banks deposit at the department in washingto|
bonds Of the United States, and arc aiows
bills for circulation equal 10 ninety per cent leaving
the department margin OF ton per cont which, undd
ordinary circumstances, must be sufficient TO guarant
the holder against loss But there Is another queso
which important in this connection and that is b
effect this arrangement must have upon the great bod
polite. The banks would be large gamers because the
could create debt without being compelled TO pay d
They would borrow Of the people capital equal tlI
amount of circulation and that ~thout interest," and
the money TO the people and charge Interest Under su
Congress for more bank caplta and As we increase
bank capital we should, in corresponding ratio Il
crease paper circulation This In Effect initiates price
followed by increased demand for money al
moro banks Thus there would be no limit TO the mud
ber OF banks or of paper money. This would give
speculation, and as that is more profitable than lcgma
enterprise cities and towns paper would sprin. up
by magic, and clever men, instead OF using the hammy
In getting up companies dig gold and silver and BOZ
for oil, leaving tho unwary TO look for their mond
where It could not be found


Banking is privilege to be enjoyed by the few at N
expense Of the many Although paper dollar in o !.
pocket is no direct expense, except the increased pr
from somebody: otherwise the promises to pay would
snugly laid aside in their vaults And, under
system Of national banking banks receive interest wic


first by drawing interest on the stock deposited in Was
ington, and second by lending out the notes to I'll
dealers II this is not the banks lend their
without interest: and TO suppose such state OF things
to give them credit for degree OF lbcraty which,
to the present time, has not been claimed


Tho wisdom OF establishing this system Of banking,
say the least Is question TO be decided in the futu
therefore do not propose to discuss IT, To argue
bankers the advantages presented TO the pubic
be to talk with the manufacturer in regard TO prot
tive tariff with the holder of gas stock in the city
New York in relation to the monopoly Of supplying
city with gas Such is the effect of large prof
to the individual interest that honest men
led to believe that system which puts Lar
sums into ther pockets Is equally advantagec
to the public at large. and therefore we see
having reference to individal advantage. Thus we
Mr.. Spaulding. Of tho Farmers and Mechanics Na'or
Bank OF Buffalo, leave his vocation sufficient time
write letter in favor OF Congress passing law max
national bank notes legal tenders; and what Is m
remarkable, although he signs hts name from the Fa
and Mechanics National Bank, Buffalo, yet, dis
tcresed as b, Ia, he advocates the makns Of legal
ders on the principle that II will be public beneG
word about the advantages 10 result TO the ban
Here is pres anted q patriot OF the old school;
Daniel, indeed, como TO judgment; scheme,
adopted to bring large profits to the banks
the expense OF honest indus sry; wheeled chariot to
in authority over tho necks or the people.


We want no increase OF legal tenders to enrich
stockholders of national banks; but we do want 50
policy by which country can be brought
harmony with the world, with whom We have aln
This can be done gradually by self adjusting mach
to work IN harmony with all the different Interests
this widely extended country. We have the material
such machine, and II can be set In motion da
notice. We have a surplus Of specie in the Treasury
the Unite States, caused by redundancy OF gre
backs Sell the surplus gold for greenbacks, which
the absence Of gold has become basis for bank
aud take the greenbacks out OF circulation and as
backs produce tho surplus gold, you have only TO
gold and retire greenbacks until the change felt wi
must be mt early day. And when the currency
comes adjusted to the currency Of the world, then
the price OF foreign commodities be reduced and
products brought to the shipping point then gold
paper will have become Of equal value, and spI
payments must come, and that 80 qu city that. un
we stand by this simple machine. we should be igno
OF its existence We want no law nor pancs, and "
would be none except unless pv Interested parties.


machine would not only regulate the currency, but
the imports and exports OF the country. Speculs
holding merchandise 9y Specie for An advance W
lose; but their osS would bc public gain, In FAC
always lost great good must result theret
TO the people, as what they now make would DO save


q H.