The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-05-02
REMARKS OF MIR. WATERS,

An Senate, February, 1915; the question
being on the passage Of The Bank Bin,
Mr.. WATERS said:
The question now pending is one Of no
ordinary importance TO the people Of the
State. This bill, if enacted into law and
placed upon the statute book, will change
the whole policy of the State. The major
ity Of the committee on Banks and the Cur
rency presented it to the Senate, as mea-
sure Of relief, and as such its friends have
advocated it. This has been the plea of
bankers for the last century and half The
aristocracy Of England, when wanting ex-
elusive privileges, raised the cry of relief to
the people, and, by their plausible promises,
induced that government TO grant them cor
porato rights, promising TO extinguish the
small debt resting upon the government
AT the time Of the incorporation of the Go
vernors and Directors Of the Bank of Eng
land, the government owed some four or
five millions sterling, which has been in
creased by that measure of relief to the en-
ermous sum ofeight hundred millions sterling,
and every child born within the kingdom is
heir TO debt of f32 sterling. Like banks
of modern days, before the suspension of
1897 tine Bank of England, with other banks
in every principal town, greatly expanded
their circulation, so that there were men in
every town and country village 10 loan the
debts of the banks. Even the workshops Of
the mechanics were converted into the SER
vice of bankers, to loan their promises, and
what was the result? The people became
insane, and ran into all manner of specula-
tion-men forsook their honest calngs, and
the people, as well as government became
indebted beyond their means to pay. Con-
traction followed. The banks could not
pay their debts, and consequently the people
could not pay theirs. Bank influence pro-
cured the enactment of law authorizing a.
general suspension. Bank paper deprecia-
ted; whole communities became bankrupt;
and general distress prevailed. Such was
the result of paper money in England. The
few ate up the substance of the many. We
have had paper money, or paper promises of
different names and denominations. The
cry Of relief was raised in this country in
1851, and for this purpose the Bank of North
America was incorporated. Did il bring the
relief promised? No. In less than five
years its charter was repealed. This expert
ment was not enough. In 1790 Congress
incorporated National Bank TO relieve the
government and people; but in place of be-
coming source of relief, it became poll
tical engine, corrupting and subverting the IL
berries Of the people, so that Mr.. Jeferson's
administration disposed of the government
stock, and in 1911 Congress refused to re-
new its charter, and the people approved of
their act. But when bankers could not OBJ
tain from the general government the right
to sUindIe community, they focked to the
State Legislatures for those rights, and with
the plausible promise of relief, they were
only too successful. Local banks sprung up
in every State, and in 1916 more relief was
needed. Another National Bank was incor-
porated 6y Congress. The local banks
which had expanded their circulation found
it necessary to contract it,and the circulation
was less after the creation of the National
Bank than before. The local banks could
not redeem their notes-suspension and de-
probation followed, and from 1916 to 1920
bank explosions followed in close succession,
leaving their notes in the hands of the peo-
pie, of less value than the rags of which the
paper was made. Distress entered almost
every dwelling, and bankruptcy was COM
mon. The Bank of the Uuited States went
into operation on the first day of January
1917, and from that time until 1922, the
State which held this monster within its bo-
som, was but one continued scene of bank
ruptcy, suffering and ruin. In 1919 or 30
the suferings Of the people became SO intol-
cradle as to call for legislative interpostion,
and committees were appointed in both
branches of the ennsylvania Legislature 10
report the facts, as well as some form of re-
lief One of these committees, headed by
the celebrated VIM J. Duane, to whom
whiggery voted service of plate for his re-
fusal as Secretary of the Treasury to remove
the deposits under Gen. Jackson, traced the
bankruptcy and ruin of the people, and of
the State, directly to the issue Of bank pa
per by the local banks, aided by the Bank of
the United States. These banks, like the
one now under consideration, were charter
ed with the plausible pretext of relief to the
people; but instead of relieving the people,
they plunged them into bankruptcy, distress
and ruin. The facts Of which l speak are
10 be found in the bank history Of the coun-
try, and | would warn Senators that like
causes will again produce like effects
But this was not ALL This same National
Bank which had been created, as was said
by its advocates, for the relief of the govern
ment and people, sought TO corrupt Congress
by loaning its debts to the peoples 'srepresen-
tatives; and, though it had been styled an
agent Of the government it assumed to it
self the mastery. 1t sought and succeeded
in corrupting the public press, and poured
out its funds like water for electioneering
purposes; but in 1880 its career of profliga-