Arkansas true Democrat., 1858-02-16

their legitimate business, sir, but they really carry on most outrageous system of "kitino. ;, and upon good and solvent promissory notes they pay out their own notes, which bv char tered privileges is considered money, and which are redeemabe at some inaccessible point They contribute nothing to the wealth of a State, but are continued and oppressive tax upon the industry of a country-.hey are an unmitigated evil-eating ulcers upon the body polite.
 Mir. DAVE, interposing. Does the gentle. man include Tn his denunciations, the individuaI managers of these banks?
 MT. THOMPSON. Mr. Speaker: I have always admitted publicly and have inform d the gentleman from Montgomery privately that there were some men of integrity and honor engaged Tn the business of banking. but that the very principle of banking was a swin. dle, and for the Legislature to authorize it was 'o 'egailze fraud and swindle upon the peo- pie.
 Mr. DAVE, The gentleman does not ap- swer my question.
 Mir. THOMPSON. Then don't know how to answer it.
 Mr. DAVE. I ask the gentleman if, in his general remarks denominating the banks indis. crlminately as swinding, thevng set, he intend OD- trolling and managing those banks?
 Mir. THOMPSON. I have said this that bank charters are "eX necessitate re'-from the very necessity of the case--swindI les unon the people of the State. have also said to him that have uniformity both publicly and pri. vateiy admitted, that honest and honorable men might be connected with banks; but this I do say, and apply it individually and personally. that any man who enters in the business of banking, and by system of expansions, for the advacement of his own interest and that of the stock kholders in his bank, in the way of increas- ed dividends, and dlsregards the soivencv and convertlbiity of the issue of his institution. is dishonest man and publics Sndler, and should be hung or confined within the walls of our State penltentlary as an enemy of mankind. and not allowed to screen his moral turpitude and vllllany behind bank charter Now. sir I hope l am understood upon this question.
 MT. Speaker, It IS known to every member upon this floor that 1 have advocated every wholesome restriction that has been proposed in regard to these banks; that have strenuonslv advocated the liability of the individual proper- ty of stockholders for the redem ption of all hank notes; that l have advocated the restriction of bank note circulation te bills of the denomina- ton of twenty dollars and upwards. so as to prevent losses to the aboring classes. who sel dom have at any one time large amount of money on hand by furnishing them with specie with gold and sllver sir upon which there is no discount at any time, or in any latitude. In short, SIT, It IS knownupon this floor that to com mand my appreciation and my vote for any proposition Tn reference to banks, it has only been necessary to give me to understand that It's purport and tendency to favor the peo- vAla nta.t II erclse of their heretofore boundess powers of swlndlng and cheating. 1 have always been regarded and denominated a Hard: but the gen. tleman from Shelby says that metallic currency has never been considered a part of the demo- cratic creed. 1 had thought sir, that we were always regarded as the hard money party, and had been derided and ridiculed therefor. 1 was but boy in that day, but it occurs to me, Mr. Speaker, that in 104O, the issue was between those who advocated the yellow bovs," as old Bullion called them and those who ad vo ,ated national bank-between those who advocated good money and those who advocated simply plenty cf money; and have not vet heard it charged, or at least admitted by democrat that my party had deserted that cardinal doc trne of its faith
 But the gentleman further says, in derison of those who are denominated Hrrds, that when an exclusive metallic currency comes to be adop- ted in this country, he would suggest that it be stamed with the figure of certain long earet ani- naatupon aohich Baalna rode on certain memorable occasion. This figure he thinks would be indca tive of the wisdom ofthose who adv vocate such policy. We'll Mir. Speaker, there is principle Tn human nature which exhibits itself in de- sire of many persons to have the likeness of thelr friends and relatives constantly about them that they may look upon and admire them. and that the portraits of loved ancestors may be transmitted in some durable form to posteritv and 1t Is upon this principle sir, that 1 can ex- cuse and account for the desire of the gentleman from Shelby to have the coin of our country stamped with such figure! Laughter
 But sir regardless of all this. as for myself whenever and by whatever party the issue may be started, as between hard -money-gold and silver on the one hand, and bank notes, mere rags, oil and lamp black, on the other-I will be found on the hard money side and it is my fervent prayer that my party may always be found battling against the oppressive aristocracy of our banks, until they are effectually stript and shorn of their power to deceive and swinde the honest industry. of the country out of it's hard earnings, and whenever 1t ceases so to bat tie through good and through evil report, every where and before all men, 1 hope 1t may be Shorn Of it's strength; or, in the language of the gentleman from Shelby, become mere name, power that has been, but is not"
 But, MT. Speaker, as the gentleman from Shelby has designed stamp for hard money 1 hope the House will allow me to suggest a suitable vignette for the rag currency with which he would furnish the country. Instead of the Goddess of Liberty, and the figure of Justice, blind and scales in hand, we now have it, 1 would have upon one side of these bills or notes something symbolical of slavery, with "a set of lazy lousy, lounging street-loafing, God for saken reprobates," in the back ground and upon the other side would have representation of some poor carey worn, toil-worn widow, with her haI-clad, hunger -pinched brood of little ones, presenting to bank official his notes for re- demption-notes for which she had toiled for long and weary days and sleepless nights while the bland official politely informs her that he has suspenfed. 1 would have also repre- sentation of the destitute orphans whose funds and effects have been squandered by these banks and they compelled to spend their spring time of life in penury and toll, while those who have stolen what their parents had provided for them, repose in the lap.of luxury and affluence Il would have this vignette, produced by the genius of West, if you please, and stamped upon all ther " "crculatlon,' for the comfort and admiration of the advocates of bank paper! Sir, if had my way, I would compel these banks to redeem all their circulation in gold and silver, and after the people were once furnished with specie in lieu of paper, would decapitate any bank officer " ho would dare to sign a note to be used as money, and would thus protect our great producing interests.
 But, sir, the gentleman would base the right to issue money-notes upon the deposit of State bonds, which he says must ultimately be equal to par. This, sir, would be less objectionable than any other system of banking in that it furnishes the note holder some security against the frauds of bankers; and have repeatedly here declared that considered our free banking system far preferable to our other system on this very ground. Apd before my constituents l took the ground that if we must have banks at all was in favor of banks which should de- posit with disnterested party-a sworn off cial of the State funds in the shane of State