Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-08-09
: toOacladsa from Fa-ss Paoe.l

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Let us look at this thing and see If there
is any reform to be effected. The. great
PraetiScal question is, how shall, this debt
pe nonorably paid and discharged, and the
expenses OF the State Government and the
nasaons be met by the, people? , That is
great questionable of the great questions
OF the day. don't profess to be fully in
struetedsin- this subject and what shall
say will be rather in the way of suggestion
than the expression of any settled convica
ttons on my part. In the first place, what
Is the scheme of the party in powerp 1t is
to liqnidate the whole of this indebtedness
BY the bonds of the Government drawing
interest payable in coin. That is the poll
cy now of the Government. How speedily
they may come to it do not know. But
who is to furnish the . currency for,
the country? e.Aslsa matter of course
this system Of National Banks, or.
ganized at almost every cross -roads-Na5
tlonal Banks in every, town. Shades of
jackson how did they get to be here ?---
We can all reeeAeesvthe time when Gener-
al Jackson, uwithpthe. country at his back,
attacked the, bank lofs the United States
and pronounced it unconstitutional aud
one Of the most corrupt elements that
could be brought around Congress. 1twas
shown how it had subsidized the press and
made loans TO members of Congress. All
these things got our backs up under the
leadership of Gen. jackson. That bank bill
what was It 1ti1was bank closely con-
Iiected with the Treasury, and performing
many offices for the Treasury Department.
IsSwas . bank of thirty-five millions of
capital. What have we got in its place
now? Old Democrats, who used to think
somethiag of General jackson and the
CONSTITUTION of the country, and some, hing
OF the purity of Congress, / ask, you what
You have in the place of that, noW2 You
have thousand and one national banks 1
10 nrrr L
great banking system, with its thseeA hum
Qred millions OF capital, instead of the
United States bank, with thirty-five mil
lions. You have banks depending, as
much as that, ever did,- upon the legisla-
ti0n of Congress to be maintained andsupa
ported. Ii that bank, with thirty five mil
lions, was able to subsidiZe presses, and
corrupt members of Congress, what are we
TO think of the numerous banks now en-
gagged with three hundred millions of cap
1tal. And these banks are eventually to
furnish the entire circulating medium of
the country. With all the schemes of
fraud and theft that have been practiced
upon this poor bleeding country for the
last few years, do really think that none
has exceeded this attempt to combine
the whole moneyed interest, and support 1t
In power in the Federal Government by
the institution OF this system of National
Banks. Let us look at it for moment.
deem it, but how. Do they redeem their
notes in specie. ,Ahl such a thing is not
contemplated. Not at all. The way they
redeem is, if you will only carry back one
of their notes they will give you another
ipbits place to bring home with you. That's
the way they will redeem. just look at
this for single moment. What is it? 1t
is saying TO these men. 'sIf you will de- |
positthese Government securities i'll the |
Treasury of the United btaets, we'll keep
them there safely, and pay your six per |
censjn gold leQual to nine )interest on them; |
we will pay you that much interest; and
in consideration that You have done this, !
we Will invest you with the Government |
prerogative of making an irredeemable
paper currency, equal to ninety per cent. |
of all you deposit" What is the conse- |
quence, so long as the currency remains ir. |
redeemable? 1t is just saying to these gen. |
tlemen that they may draw secured in |
terest upon ninety per cent. of their bonds. |
1t is paying, in the aggregate, to these |
men, to make a currency for the country |
not less than twenty millions of dollars |
and IN view of the amount they charge up |
on these loans, having no respect to, the |
limitations of Congress, it will probably |
amount to from thirty to forty millions per |
annurn, as a consideration for the work of
depositing bonds in the Treasury, getting |
gold interest upon them, and then issuing
currency and getting interest upon that.
Judge Ranney then spoke briefly in con-
clusien OF the personal qualifications OF the
candidates of the Democratic ticket, and
urged all who heard him to vote with the
Democracy in October. III ~ , p,.5.r-i,'i