The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-05-13
BANK MONOPOLEEs.

The National Banks constitute q
part, and prominent part, Of the mo-
nopoly system inaugurated and sought
to be perpetuated in the country
by the Republican party. 1t has III
ready grown into n power so gigantic
that it has obtaiaed absolute control
of Congress and can therefore over
ride the popular will and defy popu-
laf sentiment. It is said that major
ity of the members of Congress are
interested directly or indirectly, in
National Banks, the maintainance of
which is o perpetual war upon the
rights of the people.
The Washington correspondence of
the New York Herald of April 30th
says: "The strength of the national
bank interest is beginning to develop
itself, especially in the House
Members from the West boast that no
measure can go through that is mimi
cal to the banks. The same is also
true of the Southern members"
There is no doubt but that this
national bank interest, already so
strong, will continue to grow stronger.
It is already strong enough to inter
dict any measure that threatens to i'm
pair the least of is vast privileges. =
If in its infancy, it Is so powerful,
what may we not reasonbly fear from
it when it shall have reached q more
mature age?
The bank circulation should be ex-
changed for government paper
There is no good reason for giving in
to private hands the benefit of cir
culation that rightfully belongs to the
government. The system is gratui-
ty to private spectators of twenty
millions q year--an amount that can
be made to cancel the entire public
debt-according to Secretary Bout
wells estimate, in less than ihirty-four
years.
Ii Congress would only care less for
monopolies than for the interest oi
the whole people, it would wipe out ma
tional banks; it wo Id at least main
tain the present volume of the curren-
cy by an issue of its own paper; il
would redeem $500, 900 900 of semi
annual gold interest bonds, and thus
save nearly $50, 1000, 900 per annum in
gold. But Congress will never ex-
hibit this virtue while the Republican
party adheres to It's present policy and
retains power. That arty has made
an alliance with ca ital. Il is pledged
to subordinate to it every interest oi
the people of this country. It in
stituted this vast MONOPOLY, and il
will foster it, even though every sub
stantial industry should thereby bC
withered and blasted To-day i
robs the people of 500. 600, ,00C
every year for its benefit. 4 few
years hence the dispoiler will ex
act twice twenty millions each year fol
the banks alone, and it will be claim
ed by virtue of The spirit Of some con
tract (See Oregon Republican Plat
for1n).
| The semi-annual gold interest ex
acted by the bonded system. of whicl
the banks arc part, sis burden to'
intolerable longer to be borne" W,
must have speedy relief. The bond
should be redeemed punctually a ma
turity. If the inclination to do thi
was ever so strong, still, there Is no
! the god with which to do it; there
fore let them be paid in 'Iawful mon
ey." The absence of gold should no
J impose upon the people any such dir
necessity as the repeated payment G
the rrincil al by the continued tay
ment Of the interest.
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