Year: 1870

again be employed as agents to assist
| in placing the new loan at home and
abroad. For this service the people


could well afford to give them lib
eral compensation. One per cent. for
all new stock TO be taken by them for
their own use and for their customers,


would be to the Government but as


dust in the scales of the transactions


as compared with, and the lasting


benefit that would have been derived


therefrOm; but just here dignity and


pride, as well, come in on the other


side for and against bank legislators.


Having heard so much on on this


subject In regard to foreign coun-


tries, let us bring 1t right home,


and graYely contend that il IS beneath


the dignity of the people to peddle


stocks and have them hawked about


by banks and agents, aud that those


that desired stock could go to the


treasury direct and purchase them


there, and besides, save a percentage


to the Government that the banks


would otherwise get.


1t Is doubted whether dignity of ar
gument is as clear to the understand
ing of bankers as in the case Of the
foreign market. bly, mind is so OBJ
tuse that it cannot see a difference,
it is false dlgAity and false pride, as
Wei in either case, as well as false
economy.


Pride and dignity, if you prefer
that term, is TO nations as well as IN
dividuals, the most expensive Of all
the foolish luxuIies, some die OF It.
As I firmly believe all that is herein
stated to you, and all that l
stated in the letter TO a
distinguished banker in New York
that you read with such surprise, l
cannot, therefore, reconsider the
recommendation of foreign agencies
and making bonds payable in foreign
currency. neither can l lend my aid
to some such plan as you have sug-
gested. When nearly five years ago
I congratulated the lamented Stan
ton. the then great war minister, on
the eOaGlVsiOn of the war, he said TO
me "the war il not yet concluded, and
true my troubles ana cares are now
probably at an end, yours are really
but Just beginning"


His far-seeing mind then saw, what
almost everybody sees now, that our
great debt must be placed in such a
way that the people can and will
stand the burden of the annual inter
est, and az the same time a gradual
reduction OF the principal until the
whole shall be hOROrably paid, and
until this is cOnsummated the war
is not ended. But why, you ask,
cOupie the hanks with the funding
bill, and you 20 on TO say that
you really think the banks
had better be let alone for
for the present, 1 answer the two
naturally belOnef together; divide
them, and the banSs would certainly
defeat the one, ii n&t both. The 4rst
crv Of the rebellion was " let US
alone" This " let Us alone" policy
would no doubt suit the banks, but
how would it be with the rest OF man.
kind? Would tax payers, think you,
stand it, and if so, how long. The
making and issuing Of money IS
prercgAtiye of the sovereign. Here
the people are sovereign. lt, there
fore, belongs TO theh TO issue the
money of the country. If they choose
to DELEGATE this power to Others, then
their own gOYdl lment, and govern
mental agents,93CI of course be for such
and on such terms
as they mag dictate. The
bankers connected with the bank OF
issue should bear these facts con-
stantly In mind; they would then
learn TO consult their people, VINO
give them their life Sna being, ana to
Study their selfish interests less, and
temper people more; they would III
the end be greatly SPsd pecuniarlly
benefited BIZ slclCa course. You seem
TO view the whole question from the
single standpoint OF banker,
and to forget that the prosperity
of the whole people Is most especially
70 the interest OF banks. /, too, am a
banker, yet have tried to LOOK at this
question OF finance ia all its bearings
upon all the interest OF cur whole
country, and Others looking 2t il have
become satisfied that banks, Sc banas,
should not interiere-t1ey should re-


main out of the fight and leave legis-
latiOn frse. Most members Of Con-
gress desire TO 40 tbs very best that
can be done for the general good, the
people have their eyes flXed not upon
them but upon the bankers, who as
sumo 70 direct legislation Tor them.
They are as anxious to have this imam
cial question settled right and at once
as ave years hence, ana other inter-
ests may defeat their wishes !GraWhile,
but they will be sure 10 conquer in
th6 end. You, Of course, know that
there is a party in favor OF the repu-
diadon Of the entire debt, and that
are als0 well meaning men with
strong convictions VINO think paper
money should be Issued By the gov
exclusively; they argue that
this would save the people from
twelve t. twenty million dollars an
nually. These have great antagonisms
to them. rhe banks cannot afford to-
make any issues with the people, II
Is not safe for them to do so. The
old United States Bank that
once Aourished ana then, at
last perished in your very
city should be an everlasting admonl-
ton to all banks ia Ike case5 offend
ing. But it would seem that banks,
Ike individuals, never learn profit by
the experience of others. 1t IS Just
possible that the short-sighted self
interest of some Of the bankers may
from Congress tbe passage Of
q funding bill that will be satisfactory
TO them, but which will be entirely
to the great body Of the
people, or | may succeed IN prevent
ing action upon the entire subject OF
banks and funding Of the national
debt; but neither would be a settle
ment of the question, Depend upon
Il, the next Congress will not be dis
posed 10 give the banks as iavOra-
bic terms as are now offered
them In the recommendation
of the Secretary OF the Treasury.
Many bankers see this. They believe
that IL the question is showed of, or
IL there is too much given, the bank
next Ells. The election will turn on
these questions, and the banks
have nothing TO gain and much TO
lose. l fear, from such state OF
things. They know, too, that the
first offers in such cases are generally
the best, and they are therefore anxi-
Gus to accept the situation. You Will
notice that these views conflict In
some respects with Secretary Bout
wells recommendation, and much
more with Senator Sherman's bill, as
h passed the Senate, but that 1 prefer
either project TO such an one as you
propose, and TO any ether That shall
Ak a uniform rate Of interest as high
AS . per cent, and making such lean
for a long term of years. In hopes
that the whole question will be ami
cably adjusted to the satisfaction OF
the banks aud the people az well, !
am, etc,


(Signed) F. II. SPINNER


I. y. Treasurer.
To Thomas Robins, Esq, Philadelphia,


Pa. GE