The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1872-03-28
[From the Pittsburgh Post.l
Proposed Bank MonopoIy.

proposed Bank monopoly.
A press dispatch of yesterday NOR
ming gannounced that subscriptions to
the capital stock of the proposed
United States National Bank are being
raised i'll all Pthe principal cities of the
country. "A list of the corporators
was attached and among them was the
name of Thomas M. Howe, of Pitts
burgh, put in, perhaps, to add to the
resprctability of the scheme, for he is
. a gentleman of the most exalted rep
utation, and commands the highest
respect of all who know him.
4 But what is this proposed United
States National Bank" subscriptions
to W which are being SO rapidly taken
That seems TO be rather indefinite,
and we now propose to partially ven
tilate it, and call public attention to
the national evils it has in contempla-
ton.
It's simply gigantic monopoly, in
comparison with which the old United
States Bank was merely insignificant.
In the bill providing for its ineorpora-
tion,. the amount of capital stock is
fixed in the beginning at S20,000,O00.
but there is nothing 70 prevent it from
being Increased to 5000 100000 at the
option of the managers. Ifit is ever
organized under its proposed charter,
it will hold the entire nation in its
grasp, and control its destinies with an
absolute despotism.
1t will possess all the evils and
none of the good characteristics of the
Bank of England, after which it is
modelled. The poverty of the masses
of England is directly traceable to the
great bank monopoly of the nation,
which prevents all enterprise outside
the moneyed ring which controls the
national finances. This is precisely
what is sought to be done by this pro-
posed United States National Bank.
| All other financial institutions are to.
be swallowed up or placed under such
tribute as will compel them to retire
from the open field of free and un-s
trammelled enterprise. Every species
of development and enterprise will
be at the tender mercy of this grasp
ing giant, which will lay its mailed
hand upon every individual or asso-s
ciation of individuals who do not cast
tribute iuto lis Golfers.
Our present system of National
Banks, while possessing many objec-
tionable features, is an actual public
blessing as compared with this new
monopoly which is preparing to spring
upon the public liberty and throttle
it. Under our present banking sys-
tenn we not only have the advantage
of uniform. currency, immunity
from bobtailed and wildcat paper, but
the banking capital of the country is
distributed throughout the different
States, and is measurably under State
control.
But our present banking system in
stead of being made more liberal and
diffuse, is to be abolished at one fell
swoop by this great central giant.
which will have supreme control not
tniy of the circulating medium. of the /
country. but of the public debt, receiv-
ing all the pblic. revenues wrung from
the hard hands of toll into its capa-
cieus NAV. Once enthrone this giant |
monopoly, and arm it with the power
proposed, and it will stand in the same
relation to the trade and commerce
of the nation that the sun stands to |
the vegetation of the globe. If either I
withdraw its light, everything depend
ent thereon must wither and perish. |
Since every branch of trade and COM
merce, as well as all individual enter
prise will be wholly dependent upon
the proposed monopoly, one can read
lily form an idea of the tribute which |
will be demanded by this moneyed +
Cesar of each and every industry in
the land. 5a
The dispatch to which we have re-
ferred also states thai the Hon. Free
man Clarke, late Comptroller of Cur
rency, has consented to accept the
Presidency of the Bank. "Consented"
is an excellent word to use in this
connection. 1t was Mr.. Clarke him.
self who devised the scheme and laid
the ground work of the great monop-
oily. AS though the scheme of itself
was not bad enough, Mr.. Freeman
Clarke, an imperious pigmy, an insig-
nificant and contemplate bully, an
erewhile clustering tyrant in one of
the Currency Bureaus, is to put gag
in the mouth of the nations liberty, +
and ride the national finances and the
commerce to the devil. But
after all, perhaps, Freeman Clarke
would be the proper man to put at the
head of this monopoly. During his
official career in Washington he never
came in contact with gentlemen
whom he did not insult and he even
carried his pretensions SO far as to try
to rule Secretary Mccullough and run
the Treasury Department to suit him.
self. The figure that he cut in SUBJ
ordinate position prefgures what he ,
W Ould be at the head of a monopoly
which would hold the nation bound {
hand and foot politically and finan- I
Tally. For his supercilious clustering {
ne was kicked out of Washington, and
s at present, we believe, the President II
Of Bank in Rochester, N. Y. He
would no doubt, fit the placg exactly, I.
since his gracious " consent" to take i
charge of q shackled empire.
That this scheme will be pushed en- I
there can be no reasonable {
1oubt, That it must be defeated is an 9
imperative necessity, If we would not |
see our political institutions subyerted
md moneyed aristocracy grinding
he millions into the dust, while the
favored few revel in luxury and con- c
'ume the stolen earnings of honest i
oil. :
1t has always been the mission of 3
he Democratic party to crush these /
Let it rally again under !
he standard which has so ofteu saved {
he public liberty from oVerthrow.-.[y :
That party, the friends of free gov s
in all other parties, must rise !
md put an end to the monopolies tnat s
nave been so trightfully augmented in t
within the few past years. :
No surer blow could be struck against r
than to stamp out of exist i
,nce this scheme of Mr. Freeman Z
Clarke, i'll its inception. Will the !
Democratic party hesitate one moment 4
Is to its duties in the premises? We /
Will answer for it-It will not
The Washington correspondent OF >