The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-20

atoms al this time in the State Of Ohio.
Such is the security for bank issues which w
have in the State Of Ohio. We have nothing but thu
word Of the bankers-not even their private proper
ty Is bound for the redemption Of their issues
Whatever you can find in the bank you can take
But the difficulty is here: that the bankers get int
the vaults first, and take out every thing that II
tangible" leaving 10 who work hard maullne
rails, and with sledge hammers, and at our othe
honest occupations, nothing but their vile and worth
less paper. Such will not be the state OF things un
der this bill We propose that every person appoint
ed shall be made responsible and give security tc
the satisfaction of the President And If any Off
Ger should squander in any manner, or loan out the
public money, II is made penientiary offence. A
similar provision was proposed by US 10 be inserted
in the bank bill Of Ohio. The wings were horri6ed
at the idea; they went strong against it, as they did
against all individual liability. They were not will
ling that these bankers should pay their honest
debts, though, when citizens would make PROPOSE
tons to be excused from the payment Of their debts
they compel them to stand up TO the rack, as the
saying is, fodder or no fodder. This is unjust.
ask any whether, in his own private transac-
tons, he would not take the bond of A, b, and G,
we'll and responsibility endorsed, with the additional
security OF their private property pledged for Its
payment rather than bank note-a promise IN
pay-stowed away in a trunk for safe-keepng'
The statement Of the proposition is sufficient
TO demonstrate the expediency and necessity Of this
independent treasury system. Gentlemen on the
opposite side cannot show single instance in which
a dollar has been lost by its operation. The mint
Of the United States has been in operation for many
years under the regulations prescribed by this bill
in relation to the revenue of the country. Security
has been given to a great amount, and not dollar
has been lost | do not wonder that the banks and
their friends here opposed to this project, be
cause by its adoption we refuse To put the public
money into their hands To bank upon They are in
"A. - L., Il.
ing for their clients. They wish to remain in the
enjoyment Of perpetual and exclusive privileges; and
we, in behalf of that people whose voices can be
heard here only through their representatives stand
up TO protest against such partial and unjust egisa-
tioR.
The gentleman from Kentucky GMr. GRIDERl
has said that these bankers cannot become leg
and run away. What then, does he think of
the Swartwouts, and other men who have squan-
dered the public money No independent system
was then in existence. They were allowed to in e
vest the public moneys, as II is known that Swart-
won't did, in lands and stocks, at time when spec
uation was rife. No such facilities for specializing
with the public money can be furnished under this
BILL nor ought they TO be furnished again. The
surplus funds Of the government were never de-
signed for any such purpose. We ought, in the
hrst place, to collect no more money than is requ
site for economical administration OF the govern
ment, and that amount ought to be entrusted in the
hands Of responsible men, appointed by the govern
ment, and responsible to the people, until il shall
be drawn out by process of law. The experience
Of years has demonstrated the necessity of throwing
additional guards around the repositories Of the
public money, so that when collected from an hones'
and conhdng people it may remain IN safety until
drawn out for the legitimate purposes Of the govern
ment We propose, therefore, finally to discharge
these irresponsible and rotten banks from the pub
lie service; and | believe the the passage of this
hill will hpuy nj this ninn
system, not only in Ohio but throughout the Union
A man, TO be sure has as good right to bank as |
have TO mill, or to deal in merchandise But the
community requires make il safe in the trans
action Of that business and it is but fair that sim
liar condition shall be exacted from the banker.
IL we iciH take paper money from the banks and
use il in place Of the constitutional currency, it is
not the fault of the banks; but after the experience
we have had, we should no longer suffer ourselves
to be made their dupes The monetary system diff.
ters from all other species Of business and ought
be more closely guarded, because il enters into the
necessities and the business of every man, compel
ling them to take bank paper where the security is
altogether insufficient. That security ought to be
ten-fold, to prevent these banks imposing on the
confidence and the necessity the people. am OPP
posed in toto to this whole system of banking. |
doubt much whether under the constitution of the
United States any man, or any set of men, have a
right to issue paper promises that are to enter in to
In Ohio we have made this the great question
We have run up the ''pot-metal," hard money flag,
and announced to the people OF that State and o.
the United States, and Of the world, if gentlemen
please that Ego the hard and set our faces las
a flint against any kind of paper money. Why
so. Because we have tried every experiment, and
offered every compromise--we have proposed to the
banks this plan and that plan; and everything has
utterly failed to answer the purposes which believe
the country demands and therefore we are driven to
this resort. The bankers themselves by their I'M
worthy and base conduct have driven US to it.
Let me before take my seat refer to some of the
opinions expressed by distinguished men on this
subject of banking. | allude to Washington, JEFF
ferson, the elder Adams, John q. Adams and Dan
lei Webster.
Gold and silver Us. bank paper.
mo State shall enter into any treaty alliance or confed
Grafton; grant letters marque and repriss coin money
emit bills OF credit make anything but gold and slve coin
post facto law law impang the obligation contracts
grant any title of nobility"-Sec 10 fhe constitution Of
the United States.
Drive all paper, and specie will flow in upon us
the tide."-.7ndrsp Jackson
Cen Jackson's dying ,oords.
"Give them he working classes an honest government
freedom from monopoes and privileged classes hard
ey not paper currency for their labor and all will be
well, -Jdckson's last nords 10 the american people,
JeGsrson's opinion.
dangerous than standing Thomas jefferson John
Taylor Of Caroline May %, 1916.
"Of all the contvances for cheating the laborng cases
of mankind have been efec than which
deludes them with paper money This is the eectua
Of to ferze the rich mans field with the
of the poor mans brow "-Daniel Webster in the United
States Senate, 1882.
John .Adams's opinion.
al" will be in vain to talk of public credit until return
the pure unmixed circulation of standard gold and sill
verJohn adams 10 Col Joseph Yard October 81 1900
Hear what the immortal Washington has said OF the rotten
paper currency He says:
e" heard and hope shall hear any serious
mention Of paper currency in the State do verify be-
eve that the greatest foes have in the world could
devise more enectual plan Of running Virginia"
at is OF the greatest bmgs attempted to be i'm
posed upon people that there specie enough in the
world to all the necessary wants Of the
y".4ndreW Jackson 10 Moses DaVsvn November a. lsi2
General Harrison's Opinion.
~ AN not a hank Once in my life was; and then
they cheated out Of every daidr placed in their hands,"
General Harison's Dayton speech.
General Washington in a letter to Mr.. Stone, of Mary
land, says:
q" do not scrupe to declare that IL had vote in your le
giSlaue would be given decidedly against paper ennis
sion upon the general principle OF its utility substitute
for coin the necessity of il medium"