Democratic Sentinel, Volume 5, Number 9, Rensselaer, Jasper County, 8 April 1881 — N ATDONAL BANK. [ARTICLE]

N ATDONAL BANK.

The following was published and sent to the raembeis of the Senate and House of Representatives, with compliments of Peter Cooper: The conversation, copied from the Daily Press, presents the operation o* our National Banks in a manner so clear and convincing as to make the path of duty plain to every lover of his kind and country. A republican asks a national democrat to make plain bis reasons for his violent op position to our system of National Banks. The national democrat says

—“Well, let us go across the way and get tho evidence from the banker himself:

National Mr. B inker, how much money did you loan the government? Banker—One million dollars, sit. National-What security did you take for the loan? Banker—l took the Government’s bond payable in twenty years, drawing 6 per cent, [gold] interest. National—Do you still hold that bond? Bunker—No; I pawned it to the government, and received on it $900,000 of national currency. National - What did you do with the $900,000 of currency? Banker—l paid it out to the people for property. National —What security have the people that the currency you paid them is good? Banker—My bond is on deposit us collateral for its final redemption by the overnment.

National—Then you have parted with nine-tenths of your claim against the government by passing it over to the peop'e in exchange for their property? Or, in oilier words, the people have reiunded to you 90 per oenr. of your loan ti JtheJgoveriiraent, and taken a lien on your bond? Banker —Y»-s. National Do the people draw from the government nine-tenths, or their proportion of the interest on the bond? Banker—Oh, no; I still continue to draw the entire interest without being taxed; while the ptople who own ninetenths of the claim draw no iutere t and are taxed to pay mine. National—Then really, the government owes you but SIOO,OOO of the million, you have transferred $900,000 of the claim to the people, and at the same time the latter are taxed to pay you iuterest ou the whole?

Banker—Those are about the facts under the law. National—To whnt exteut does the law allow you bankers to carry this system of speculation? Banker —We are not limited by law. We can carry it to the extent of the bonded debt of the nation, and, as John Sherman is obliged to increase the bonded debt from year to year to obtain gold to pay interest, we oun cairy it to the extent of our opportunities for speculation. It is one of the nieest schemes ever invented. It is like a ratchet wheel, it takes all and gives nothing. The whole people are taxed to pay us interest on wha: they do not owe, while we are exempt, even from our own burdens. National —Do you expect to hypothecate more of your bonds for currency, and transfer them to people for property? Banker —Yes, as soon as we can get the infernal greenbacks out of competition and property values are depreciated enough to enable us to rope in three dollars’ worth tor one of currency. This we intended to do when we got a clause inserted in the redemption act to allow us to inflate our bank currency without limit.

National—What amount of bonds do you now hold, which you are not at liberty to “putup” for bank currency? Banker—Near two thousand million dollars, with what we already have up. National—By handling the $2 000,000,000 of bonds and the nine-tenthr or $1,800,000 000 of currency, as you did your million dollars and $900,000 of currency, what would be the result, financially, of your investment? Banker The resalt will be, we shall carry but one-tenth or two hundred mill.ons us the public debt, while drawing interest on tho whole. The people will carry niae-tenthe of the draw no interest, bat have the privilege ox paying ours. National—How muoh will your annual interest amount to? Banker—About one hundred mil lion. National—What do the tax-payers get in return? Banker—Nothing. National—Then you contracted to extend a eertain favor to the government, for which you were to receive $100,000,000 in gold, per year, from the people. But through the agency or your national banking machinery you are enabled to make the people perform nine-tenths of your contract, while you reaeive the entire reward. Is not this a most autrageons robbery—a swindle upon the pec» pit? Banker [John G. Deshler. president Franklin National ba*k, Columbus, Ohio], says:—lf the people are such fools as to yote fonmen to putsaddi- ■ on their backs, spurs on my and then inyite me to ride, I am m g going on toot. If it is robbery, tb # j

the people who sustain the party that authorized the robbery are to blatoe, and not the robbers. I am most profoundly impressed with the unmeasured importance of paying off at once our national debt, with the people’s money, that was wrongfully taken from them and then converted Into a national debt —a debt that must now bo paid off to save our country from being further enslaved io the curse of a perpetual national debt. Petob Coomb.

Ehhich’s Fashion Quarterly is like the swallows; its cotniug proves that Spring is here in earnest*, acd that the dreadful winter of 80—81 has at length receded into the .past, to furnish forth a fruitful theme for fireside discussion ou many a future winter night. • Ths Fashion Quarterly, as usual, is full of information for the fair. It tells them what to buy und how to get it: what styles have gone out of fashion, und whbt are comingiuto vogue: and its copious dessriptiousaudprice lists will enable its readers to practice a wise economy, by foreieeing, and providing for, every item of the season’s necessities, A strictly novel foature of the present number is the system of Ladiet* unmade dresses: which is intended to enable u lady to secure the most fashionable goods and patterns, without being subjected to the charges of a New York dressmaker. Under this system, the Ehrichs’ furnish the materials and patterns of the various costumes illustrated in their journal, for a ' xed price; sending not only the dross goods, but the lining, trimming, buttons, sewing silk, and, in short, everything but the needle and thread, The economy of this system is evident, and it is safe to predict for it an immense success. The fashion Quarterly ispublished byEhiioh Brothers, Eighth Avenue. New York, at 50 cents a year, or 15 cents a copy.