Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-05-01

The House havin met for debate as in Com
mittee OF the Whole on the state Of the Union
Mr.. WmrTmoRNE said:
Mr.. Speaker: Upon the 10Th day Of Janu-
AIRY last had the honor to introduce for the
consideration Of this House the following
resolu, ion:
Resolved. That the Committee on Banking
and Currency be instructed TO inquire into the
exPediency OF providing by law for retiring the
present issue OF national bank notes and substi-
tuting therefor uni.ed State Treasury notes Of
the size, denomination, and character now IN use,
and knoEn as "legsl-tender notes" and also pro-
vidlng that after the - day OF -, ~, no
fractional currency shall be issued or circulated,
of q less denomination than ten dollars shall be
issued, but the same, under proper regulations,
shall be retired Is currency. 7--- II
Q That said committee shah further Inquire
whether in the work of retiring the national bank
notes and substituting therefor amount Of
legsl-tender notes, the issue Of such Treasury
note 50 required may not lawfully be used in the
redemption of the bonds OF the United States
known as the five-twenty bonds
g. That the said committee further inquire in
20 the expediency, In connection herewith, OF
providing that = per cent, Of the United States
customs dues now payable In co n shall be pay
able in legal-tender DStes.
L. That said committee be instructed 70 report
= general banking law, under which the right 20
conduct banking business may be made free to
all persons who shall or may deposit q number
OF the bond of the United States (not less than
y
cent. OF the average deposits from individuals,
and which bonds shall be held as security for such
depositors as may have no other security, and to
provide by law against ssuIious and excessive
rates OF interest which may be exscted by such
institutions.
This resolution is. BY the action Of the
Honse, before the Committee on Banking
and Currency, and take advantage Of the
present occasion 70 submit some remarks
thereon that trust viii secure the attention
of the members Of that committee as wei.
as that of the House.
The subjects Of inquiry that propose
are
First, a substitution Of legal-tender notes,
or greenbacks, as generally termed, for ma
Honsl Osnk notes;
Second, that in securing the amount of
greenbacks required for this purpose wheth-
er al amount Of the 'oonds Of the United
States, known as hIe-twenties, may not be
called in and paid
Third, that IN order to preserve a specie
basis for our Credit money, and at the same
time provide currency solid and safe Tor
the people of the country, fractional curren-
cv and small notes should be gradually re-
tired;
J. oilrth, that banking should be free to all
<ersous, but that these who bank upon the
at least partial security fo- its return, and
some protection had against usurious and
extortionate charges; and
Fifth, that the custom dues should in
part, at least, by payable In legaltender
notes.
am aware that these propositions sug
gest grave questions upon which the abless
minds of the past and present differ; and
that when one pretends to solve the mys-
teries of credit money, be affects q wisdom
that Is conceded to no man by even q re-
spectacle minority of his fellows. For one
do not believe, however, that this should
deter us from their consideration. The
fact is that credit money is now our national
life, and the duty to preserve that national
life demands that We should endeavOr 70
solve the mysteries connected with II
During the present session we have had
evidence that the lsboring men of the coun-
try are requiring at our hands such legisla-
ton as will relieve them from the olerOus
burdens of mismRnaged government and
the heavy exactions of favored capital. In
nv judgment, sir, the complaints Of the la
boring AID producing classes are just, and
their protest against partial and exclusive
legislation, all Of which is ia the interest Of
capital aud at their expense, is founded upon
truth, and deserves TO be met, not with
commissions of inquiry and the procastina-
ton of red tape, buE wish direct responsive
action upon our part.
Early in life accepted the political doc
trines Of Thomas Jefferson as my political
faith and creed, and so accepting them, l
have uniformly opposed the grant of sex
elusive privileges" 10 any. have opposed
partial legislation, and have opposed mon
=
that character of legislation that,
consistent with the rights Of others, gave the
freest and largest liberty of action and
thought, believing this secured the indepen-
dence and elevation of every citizen, and
bis equal chance in the race Of life, and
which of right he ought 20 have, and which
no Government should infringe upon. Nat
urally holding these opinions, il would seem
that / would opposed TO the present bank
ing system Of the United States, indeed 70
any system whose privileges were not to be
or could not be enjoyed by every citizen OF
the State, and so l am.
1t is my reading ofthe history of parties
in the United States that AT one period In
this history one of the parties then existing
denied any authority in the Government Of
the United States to grant charters even for
oge national bank, while the party in op.
Dosition to this denial Of authority claimed
alone that great fiscal agent might for 'the
general wei aren be incorporated; that q
national bank was required by the needs
and wants Of the Government. That idea
is exploded, but in lieu thereof We have
created by the authority Of the Government
eighteen hundred and eighty-six corpora
lions known as national banks, located il
ths States, without their consent and By g
mere agent of the national Government
EFese corporations are to be found every
where In our limits, and are vested with
rights snd erjoy privileges not held by every
citizen. Favored by tha national Govern
neut. they furnish part of the currency
which controls instead Of representing the
labor of the country.
II occurs TO me, Mr. Speaker, that to NEE
the demands of the lsboring and producing
classes OF our fellow citizens, the tirst step tC
be taken must be In the regulation of Oul
currency. Under existing laws and the
condition Of the oountry-snd your legisla'
1. ton has produced the condition ofthings Il
3 which will refer-Jhe labOiing classes, In
\ the high prices required TO be paid by them
FLOR every thing they need; in the heavy
usury they are compelled TO pay for credit
money; in the increased taxes resulting
from partial legislation, alike in your eur
rancy aud tariff laws, can do no more
than sIIbsist, and that, in too frequent in
stances, at the expense Of the education o.
their children. And if sickness or misfor
time come, crime for which you have nc
sympathy is their refuge.
With these PREDATORY remarks come
now to the consideration Of the proposition!
involved in the resolution, and in Ordel
properly to consider them, it is necessary
in NV opinion that we should first answer
the question whose duty it is TO supply Of
furnish the circulating medium or currency
for the exchange of the products OF labol
and the trade of any given State or country
Unquesiionably it is the supreme power o.
authority. It is further duty of that pow
er or authority TO furnish currency or
uniform aud stable value, and maintain
that II is also the duty Of that authority Il
fix the value or rate Of the use Of thSt cur
rency whenever established or furnished.
am aware that 1t is a received opiniot
among those learned In trade and in fiuanct
that money is a commodity, and as suci
should be held and regarded as any othe
commodity or article IF merchandise; but
however hazardous it may be, take issu,