Daily National Intelligencer

MORE ON NATIONAL BANK.
FOR THE NATIONAL INTELLIGENCER

A National Bank ought to belong wholly to the nation, if it was possible to devise a plan by which it could be well directed, and no other banking association should be incorporated by the government, for the following reasons:

All bank notes that are destroyed by fire or lost by water, accident, carelessness, or willfully destroyed by fools, drunkards, and madmen, or that stop circulation in the hands of ignorant persons, by being torn, defaced or worn out, never returned to the bank to be exchanged for specie, and all those added together where the capital of the bank is $50,000,000, and its notes circulated over the U. States, will amount to several million dollars annually, and is so much clear gain to the stockholders.

Therefore the United States should be the only stockholder. Then every individual in the United States would share in proportion to the taxes they pay for the support of the government of the United States, in this gain, arising from losses or folly of individuals. For it is not right that a private association should engross the whole of this gain. A bank is little better than a monstrous monopoly.

Thus appears the reason why those who understand the subject of banking, are so anxious to get stock--this is the cause of stock rising above par. And this is the true and most solid grounds on which a bonus can and ought to be demanded, or rather say secured by government. And it is difficult to ascertain the maximum amount of the bonus that the government might secure, before it would operate to deter those who wish to engross bank stock from purchasing it.

The right of the United States to a bonus from a company to be incorporated for banking, with a capital stock of $50,000,000 is worth many millions. And if Congress neglect to secure it, the interest of the U. States will be sacrificed to the company.

For it is doubtful whether a bonus of $20,000,000 would stop the stock from being taken as fast as subscriptions can be received; this would be but $1,000,000 dollars a year for 20 years, short of one third part the sum to be gained by the causes above stated during the charter--counting simple interest on both the bonus and the gains.

If the government were to reserve as a bonus $20,000,000 bank stock, to be paid in new 6 per cent. stocks, to be created for the purpose, and should require the whole of the remaining $30,000,000 to be paid in specie for stock, it would be subscribed for as fast as specie could be found to make the payments.

From which it appears that if the nation cannot hold the whole of the stock of the National Bank, that it should hold at least 20 millions of the 50 millions capital; and hold fast the bonus while it grants the charter. For if it be suffered to escape the national grasp, and has to be demanded of the stock holders, it will suffer great diminution.

Private interest will raise every where a great clamor against these arguments, and scout the ideas as chimerical, and the principles as unjust. But it is to be hoped that the representatives of the people will legislate for the interest of the people.

FRANKLIN.