The Ohio star. [volume] (Ravenna, Ohio) 1830-1854, 1854-02-22

might give them. The inevitable effect of this poll
banks without any common organization, without
any security for their notes, upon such any
bank money, which the people experienced before
the war viii recur again. Nearly generation has
PasSep since me neongruous system OF paper money
national banking act 1t is safe to say that the in
Jury done to the people of the United States by the
their paper money, by It's limited local circulation
and by successful counterfeiting, was annually
greater than the interest of the entire national bank
circulation of the United States.
BANKING CORPORATIONS THE WEAKEST MEMBERS OF
COMMUNITY.
It is easy to oppose banking corporations. Instead
OF having political they are the me @ 81
them. their substitution for State banks was one OF
the wisest and most beneficial acts of the general
government since the commencement of the war.
Personally, have but little interest in or feeling for
national banks. But for the benefits derived from
Their continued existence ought to depend upon
their ability without cost or trouble to the United
with United States notes or coin. If they fail in this
they ought to be abolished. If they do it,
useful financial agents scattered throughout the
United States in exchanging the products of indus
the gov government Of the United States s7,o760s7 in
taxes and for State ana local taxes So 701 1872 or
bOLal Sl0,TH,o1S,
Judge Thurman estimates we will save to the people
by issuing greenbacks instead of. the bank notes.
and to the States il the national banks were aboI-
ished. Their notes are secured beyond peradven-
ture they protected from counterfeing far more
successfully than any former system, and, to their
credit be said not dollar has been lost on any
national bank note ever issued. Wherever you go
ton as to where or when they were issued. They
good everywhere in the United States.
THURMAN's OBJECTION TO NATIONAL BANKS CON-
sIDERED.
Senator Thurman has stated some objections to
the national banks, to which Twill briefly reply. He
says; VS. .,. e,. t,on., h.n nj orr,encv means
the indefinite perpetuation of the public debt"
As national bank exists only for twenty years
any time by act of Congress to be abolished, this
does not seem very potent reason | am sorry to
the lie Of national bank IS not very atterng nor
are they likely to deter Its payment: AS Tor Ine
Thurman it is not object of alarm, for it can not
be.comDined; or if that were attempted 1t could be
oyerthrown by single wave OF popular opinion
His second objection to the national banking sys
tenn is that it tends to combine. concentrate, and
intensity the money power"
this country that is SO weak in political management
as what is called the money power. 1t never has
ical questions. The tendency of our institutions
makes it easy combine at once political opinion
and political power againsti it.
NO TEN BANK PRESIDENTS AGREE.
Party Orga0lZaCOn Is 1Q0nlt6ly mOrG powerful lOT
combination than the money power. My own ex-
perence in office enables me to say that if you con-
vene ten bank Presidents, you will have ten differ
ent opinions, while party organization brings even
Judge Thurman and Gen. Ewing on the same plat
form.
the legislation of Congress favored the money inter
during the period of the sway of the Republican
party for this legislation guided by the love of
national unity and national honor, and national ex-
istence. 1t tended to make our nation strong at
home and respected abroad and in no single ques-
has is called the interest,
THE VITAL ISSUES BETWEEN THE TWO GREAT PARTIES.
The vital issue between the two great parties has
been, on the part of the Republicans, desire to
maintain the integrity of the Union and abolish
slavery to secure equal political and civil rights to
all men, to maintain the national honor, and to ad-
the industrial interests of the country while
been nneof t bee u tSe national to subor
dnate it to the power of the States TO preserve slave
ry, to leave industry without protection and sup
port and sectionalze into petty communities the
elements of great and powerful nation; and these
are and will be inthe future the inevitable tend
The third objection stated by him to the national
bank circulation is that it is special privilege and
takes many millions out OF the pockets of the peo-
pie.
This again is untrue in point of fact and illogical
special privilege but is open to every association
OF five persons that may pc organized IN IN
ea it part special the prvlese R'ef IS aSsSd
privilege might be granted to every individual
citizen of the United states, put experience shows
that corporation is wisely administered when
it is composed of number of persons. not less than
five than when it is controlled by single person,
and corporate authority is essential to preserve its
existence in case of the death of partner. But for
this the special privilege might be granted to every
citizen who could give the requisite security for
the redemption of the notes issued by him..
As to putting money into the pockets OF the share
holders this again is absurd. The government pays
nothing and Contributes nothing to bank. The
shareholders buy the bonds of the government and
deposit them with the government for the security
of the noteholders. II the bank retires the bonds
belong the shareholders and to the government
| Nor can the government pay these bonds in any
| OF individuals The government would pay the
same interest on these bonds, whether held by the
| bank, or by any citizens or in Europe. r-
THE REASON WHY BONDS ARE DEMANDED
| as security is because they the best security
| But for this mortgage security or personal Sc
| curity might be taken, but as the government Sc
curity is the highes and best, this is demanded, moi
for the benefit of the government, but for the note
holder, for whom the government is mere trustee
| When the government pays to the bank interest OF
| Justly due, and what 1t would have to pay at al
events to anybody holding the bonds until they
| How it takes many millions annually out OF the
pockets of the people is hard to conceive. No one
borrows the notes of the bank unless it is for his
terest to do so. The ability of the bank to lend is
convenience to the borrower as well as the lender
| ioaning money. It would be a sorry time for thu
people other than political strikers If the govern
enf Loaned money ia fhs sbsnd Is P purely m per
smithing. The right to issue notes is free to all
| the same terms, and, when guarded as to preven
loss to the noteholder is the best possible
| increasing the amount of circulating notes.
| IF GREENBACKs WERE SUBSTITUTED FOR NATIONAL
| BANK NOTES.
He says that the government ought to issue thest
notes. The answer is, that if the government issue
| them it must undertake to maintain them at pa
with coin, or else the people must suffer from thu
evils of an irredeemable currency. The cost of thi
redemption by the banks is already great, befort
specie payments have actually come that this Sc
called special privilege is getting to be specia
| burden, and more banks surrendering their cir
culaton than are taking circulation. 1t is specia
privilege that more seek to avoid than to acquire.
Judge Thurman computes how much the United
States would save if it issued 1922, 0.000 NOR
| of greenbacks and redeemed that amount of bonds
| 1 do not stop to examine this computation. but
| only wonder why he stopped at SS22, 100000 VIII.
not save the entire interest OF the public debt b!
issuing greenbacks for the whole of it? Why not
! pudiate it at once? That would, according to hi
| computation, save the entire interest of the pub
debt or S93 600 O00 with other loss than the los
of national honor.
| TIMELY QUESTIONS THAT THURMAN SHOULD ANSWER