The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1870-04-23

OF the wrong perpetuated upon the taxpay-
ers, if section nine of the Funding bill be-
comes law.
REPRESENTATIVE MEN.
The national bank rings have their repre-
sentative men on the floor of each of the
three houses of Congress-the Senate,
Housc"and lobby. In the Senate, and on
the Finance COmmintee we find that emf
nent banker Hon. A. g. Cattell, Presi-
dent Of the Corn Exchange National Bank
of Philadel phia-a bank that has been
highly favored by the Secretary Of the
Treasury, and on one occasion at least it
got very good turn from the Senate Fl
nance Committee. Besides the $3.50, 900
received from the Comptroller of Currency
for circulation the Senators bank has been
entrusted with the following very liberal
United States deposits :
October, 1856 $I90 4Io
Oc"S~r, isSt --..... -....--.--......... 52T 83S
October, 1865 ....-...... las sl0
Oct''<r, 1903 -. ~, S21
Though the nation is q borrower to the
extent Of $4,000. 900, 900, our finance min.
listers have managed, nevertheless, to keep
these deposits Of the taxpayers money in
the Senator's bank, even though there was
an Assistant United States Treasurer 3
Office almost within stones throw. A bill
passed the House almost unanimously, in
January, 1868, prohibiting the deposit of
government money in any bank within
twenty miles, believe, of United States
Sub-Treasury depository. 1t went to the
Senate and was referred to the Finance
Committee. Senator A. G. Cattell, Pres
ident Of the Corn Exchange National Bank
Philadelphia, reported against its passage in
the Senate, and the bill was consequently
killed. The official record shows the
United States deposits in thie Senator'S
bank to have been as high ut one time
in August, 1867-as $4S9 1923. The
assurance exhibited in this whole business
by the honorable Senator is beyond the
power of language TO describe. The law
that expels a member Of Congress for sell
ing cadetship, or consigns q sub-treasurer
to the penetentiary for lending the money of
the government, on whatever pretext, prom
ise or security, and irrespective Of the
question Of loss, seems grossly inconsistent
and severe if these transactions Of Senator
Cattel are lawful or excesible.
A fair and full blooded representative Of
the new school ring may be seen in the TO
tund and complacent person of Hon. Daniel
j. Morrcll, member Of Congress from
rural district in Pennsylvania, President Of
the First National Bank of Johnstowu.
Superintendent Of the Cambria Iron Works,
Chairman Of the House Committee on
Manu-. 4cturers. and President Of the Indus
trial (high tariff League. In the grand
government distribution Of $500, 600, 900
currency subsidy to the national banks, Mr..
MorrelPs bank got only $54, 900. Conse-
quenty the honorable gentlemen is lusty
advocate, on the floor of Congress and
elsewhere, Of additional issues OF currency
to national banking associations Like
Artemus Ward, who would sacrifice all his
wife's relations to save the Union, 80 Mr..
Morrell would cut down the interest on the
bonds held by the Old schoolers s6, 600, 900
per year or 50, if Congress will only pass
the Funding bill, that permits the new
schoolers to get possession Of $72O, 900, 900
more gold bonds and currency, worth about
S41, 900, 900 per annum. In the speech
delivered in the FOrtieth Congress Mr..
Morrell advocated the additional issue Of
5000, ,0OO, 900 national bank currency, aud
in another speech delivered on the 10th
ult he advocates the repeal OF the clause
limiting the national bank circulation 10
to $500, ,OOO,O 900.
Altogether Mr.. Mor7ell i useful man
in his way. He presents the spectacle Of
small national bank president elected to
Congress and there advocating the issue Of
Unsuitable greed puts all honest men to con
sidering the best method of wiping the
whole system out Of existence.
THE ONE THING SKKDvUL.
The only proper course for Congress to
pursue is to repeal the National Bank act,
call in irredeemable national bank currency.
issue greenbacks and cancel the bonds to
secure circulation. Here $4,000, 900 per
annum can be saved TO the taxpayers by one
simple act.
VIEWS or DISTINGUISHED MEN.
Before the national bank lobby had OBJ
tanned its present strength very many dis
tinguished members of Congress freely ex-
pressed their views upoa the subject. Some
Of them do not like now TO see their speech
es in print They contain nothing any
man need be ashamed of, but on the con-
trary, much to be proud Of. Here are few
extracts Of peculiar interest Mt the present