Year: 1870

insurrection, a coup G6t0t or foreign war, to
be got up by the Emperor in order to divert
the minds of his people. In any case 1t is
evident that the Old World foresees another
political earthquake.


Treasurer Spinner vsntllatins the National


Banks Again.


We publish to-day another capital letter from
Mr.. Spinner, the Treasurer Of the United
States, on the grasping cupidity of the national
banks. Mr.. Spinner wants the Sherman Fund
ing bill to pass, and is rather savage with the
banks for opposing it, The section Of the bill
requiring the banks to take new bonds at a
reduced rate Of interest-that is, bearing FIVE,
four and half and four per cent interest-in
equal proportions to deposit in the United
States Treasury as security for their circu-
lating notes, and in place Of the six per cent
bonds now deposited, is the one the banks are
opposing with such determination. Mr..
Spinner says, "To-day gentleman said In my
hearing that not a corporals guard could be
found voting for the Funding bill now pending
before the House unless the section in regard
to the banks should be stricken out" He then
exclaims, II don't believe it, and won't be-
lieve it until see it. and then we shall see
what we shall see-what the people will have
to say on the subject"


Though Mr.. Spinner affects to believe that
the banks will not show power enough in the
House to defeat the Funding bill, or the bank
section of it at least, he is evidently afraid Of
it. Our special dispatches from Washington
assure us that ''the national bank interest is
beginning to develop itself, especially in the
House. Members from the West boast that no
measure can 60 through that Is inimical to the
banks. The same is also true of the Southern
members" This is just what we have been
telling the public for long time past. We
have had no doubt that this gigantic monopoly
would develop a power superior to public
sentiment, Congress and the administration
whenever its interests were touched Probably
two thirds or more of the members Of Con-
gress are interested, directly or indirectly,
in the national banks. It requires no
prophet to show that their individual interests
will prove superior to the public welfare. The
banks are already turning round upon the gov
ernment that so recently created them and gave
them vast privileges They get a free gift of
over twenty millions year, and expect to get
forty millions from the pockets Of the people
and the Treasury. and yet they refuse to share
the burdens Of government. 1t is always so
with vast corporations and monopolies.


The banks say that injustice would be done
them by the adoption of the bank section of the
Funding bill referred to, and they have the
cool presumption to talk of honor, justice,
equity and good faith. What mockery |!
They have already received immense advan-
| tages without giving the government or people
| anything in return, and Congress reserved to
! itself the right to legslate for, remodel or
abolish the national banking associations.
| There would be no right to complain Of injus-
| tice if Congress should take away from them
| the privilege of a national circulation and the
enormous profits on it. In fact, it is an injus-
| tice to the people that the privilege is given
away at all. Mr.. Spinner shows by q ''little
| ciphering' what enormous gains the banks have
received They bought the bonds they de-
posit at III in currency, at time when gold
stood at 2Ol, which would be about equal to
55a in gold. Since then they have received
back again on the nominal amount, for interest,
thirty per cent in gold. They bought these
stocks with circulating notes, on which they
have not paid cent interest. In five years
they have made clean profit on their invest
ment of nearly eighty per cent, without reckon.
ing the yearly profits on their circulation
These are the poor, suffering institutions tha
refuse to contribute few millions year te
support the government, while all the rest O
the community are heavily taxed.


The lnfallibihty Dogma-The Professors Al
! Last.


| At last we see some fruit Of our Sunday
| editorials on the folly of Rome in the matter o
infallibhity. We knew all along that we were
expressing the sentiments of the best Catholics
in the United States, in Great Britain, in ever.
English speaking country, and, indeed, in al
parts of the world. The Catholic Church in th'
United States, inwardly ashamed Of the doing
Of the Council and the ultramontane tenden
cies of the Pope, has been slow to speak out
It has been moro or less the same in Grea
Britain and in France. At last, however, tn
patience of the most patient has been exhausted


In our columns to-day will be found pro
test against the definition Of the dogma of in
fallibility, in the required form and with al
necessary solsnrity, presented to Pope Piu
the Ninth by large number Of church dgnta
ries. We are glad to find that twenty-one o
them are Americans, aad that Of these twenty
one twelve are natives Of the United States
The accompanying document will well repa.
perusal. We had all along hoped for som


such action. 1t has come late but better
late than never. This protest will fall like
thunderbolt on the nations. 1t is not, perhaps
bold enough. But what fruit it is to brinl
forth who can tell? It is beginning not a
| oil ,,puorfhv nf tho n ,fho1ie Eh,1rOh Of tht