The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-03-19

IN me HOuSe 81 Representatives, Fe6. ID, '69
The House having under consideration
the bill Is. No. 44O) supplementary to az
entitled An act to provide a national cur.
rency secured by a pledge of the United
States bonds and. to provide for the eircula
ton and redemption thereof" approved
June 3, 1888
Mr.. BUCKLAND said:
Mr.. SPEAKER: 1 rise principally fol
the purpose of opposing the amend
ment of the majority of the Committee
on Banking and Currency to the fourth
section of the pending bill. 1 am moi
entirely satisfied with that section as il
came from the Senate, but I think it is
better and more just than the amend
ment proposed by the committee.
1t is not necessary to consider at this
time what were the circumstances lead
ing to the establishment of the national
banks. Whatever may have been the
inducements to grant these exclusive
privileges, the system has been estab-
lished by law for nearly six years, and
these national banks have enjoyed dur
ing that time exclusive privilege of is.
suing paper money and making profit
thereby. The Government of the
United States are under no obligations
TO them at all, for they have been more
than compensated in profits for all the
aid rendered by them to the Govern
ment Nor have they any claims on
the ground of subsisting contract, be-
cause the laws under which they are
organized provided that they may at
any time be altered, amended or repeal
ed. 1t is a question only of public
policy and of justice to the people of
all the States, as to how the Govern
ment shall distribute these exclusive
and profitable privileges.
The chairman of the Committee on
and Currency (Mr, Pomeroyl
stated in his remarks that the capital
lists of New York and of the eastern
States came forward in times of great
trouble and uncertainty and loaned to
The Government their capital to carry
On the war and to sustain its credit
He also told us that these banks were
organized for this purpose. Now, Mr.. |
speaker, is not the simple truth Just
his, that these capitalists, when the
Government was in distress for money.
,ame to it and said that ifit would pass
law by which they could make
,roht of from ten to fifty per cent on
he use of their money they would Or
,anize under that law and take the
'onds Of the United States9 But admit
IL that is claimed by the chairman of
he committee, and all others represent
ng this great interest, what has been
be result? Why, sir, the result has
cen that from the organization of fthese
anks down to the present day they
ave made from ten to fifty per cent.
er annum profit on their Investments;
nd am told some Of them more than {
tty per cent per annum. say, there
IRE, that this question is not to be set {
ed upon any consideration that it is a d
ardship to the States having more t
ian their just proportion of this bank |
g circulation to require them to sur t
'nder a small part of the excess. 1t is e
ot hardship at all. We are met at (
le threshold with this objection, but e
contend that we are bound to do {
Iual justice to the people of all the '
tates. No set Of men who have en- t
yed these privileges under the law for t
ur or five years have the right to t
me here now and say that they must t
continued in the enjoyment Of more d
an their proportion of the profits of G
suing paper money because they have Ii
ZEN permitted to do so heretofore. il
The first law authorizing national 81
nks, passed in 1868, required $780, ii
of the circulation to be sap R
rtioned to associations in the States.
the District of Columbia, and the SC
according to representative p'
pulation, and the remainder by the til
cretary of the Treasury among associ- ez
ons formed in the States, in Dis. of m
'lumbia, and in the Territories, hay- pl
due regard to existing banking. al
oltal, resource, and business of such a
ate, District and Territory" But on de
Sd of June, 1854, the national bank bs
law was enacted, leaving this pro. W
ion out. On the Sd of March. 1856. or
provision was restored and remains br
force; but before it was restored the la
ties of Massachusetts,, Rhode Island, 60
nnecticut, and New York had ab- de
bed more than ore half of the entire gr
,ulation authorized for all the States. tic
reby preventing other States from tn
aiming their due proportion in &C. or
dance with that provision. They tn
retain it, and presume will not tn
lingly, ,relinquish the profits they are pc
king thereby, however unjust this tel
quality may be to the people of the Gu
er States ! have prepared a table is
y the last report Of the Comptroller pu
he Currency, showing the number no
rational banks in each of the States, ter
District of Columbia, and the Ter sys
ries, and-th circulation in each, in me
ober last. Also, the number of IS
'resentativss in Congress from each laS
e, to indicate the representative ent
ulation which, in my opinion, is the OF
just basis for the appointment of sta
national banking circulation among
States: que
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