The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1873-11-01
Democratic Jubilee.

tal savings banks and postal telegraphy.
The idea of importing to this country these
English systems, suited though they are
to consolidated monarchy, would have
entered no brain capable of approaching
the free institutions of America. IL was
the effort Of our fathers to protect the peo-
pie in the free enjoyment of every trade
and calling which was not pernicious to
the public interest, and confine the gov
eminent to such affairs as were conducive
to peace and good order among the people.
But the men in power at Washington to.
day, having violated almost every consti-
tutional guarantee of political character,
are now seeking to enslave the people by
absorbing the business of the country, and
"gobbling up even the small savings of
the hard-fisted working men Of the land
All these things are tending to that radical
idea of blotting out Estate lines" and put
ting the whole country under the benign
influence Of paternal government.
The national banking system has taxed
out of existence nearly every State bank,
and has monopolized the currency of the
country to loan it to spectators and stock
gamblers in Wall street, from whom enor-
nous rates Of interest are obtained for the
payment of large dividends to their stock
holders. Can system be just which allows
capitalists to buy up the bonds of the Uni
ted States, and on depositing them in the
Treasury, obtain 80 per cent. of circulat-
ing currency to be used in discounting at
enormous rates of interest, while the peo-
pie are to pay the interest in gold on their
very bonds? And what rotten system
that must be when you make deposits day
after day, and sudden panic occurs, as it
did in Wall street, and you demand your
money from the bank only to be told,
Your check will be marked good . or
what seems more extraordinary, you may
get clearing house" certificate per.
chance. And such has been the example
set in high places of contempt of the plain
est provisions of the law that the officers
Of these banking institutions rarely if ever
keep on hand the 20 per cent, reserve of
the aggregate amount Of their notes in
circulation and of their deposits as requir-
ed by the statute. Applause Besides
the stock gamblers of Wall street have
such fascinating influence over cashiers
and presidents nowadays (''the reason why
cannot tell that it has been the con
slant habit to certify their checks for enor-
nous sums early in the morning, to be
made good during the day; without a dol
lar Of security to protect the bank for the
performance of the promise, although this
mode of business is in direct violation of
the act of 1869. But why should the of.
tieers in banking institutions be held to
strict accountability to the law when the
President of the United States and the
Secretary of the Treasury deal with the
law as with flannel shirt when it is un.
comfortably warm-they take it of. But
when they violate the law they have some
ready newspaper or pictorial sheet to "cov-
or up their tracks" so that the dear people
may be gulled into the belief that our rulers
at Washington are claw abiding admin
istration." [Applause.
The whole financial system of this adj
ministration is bungling and unhealthy.
There eau be no safety for our fiscal affairs
until we retraco our steps and return to
the currency required by the constitution
OF the United States. There is nothing
comparable to "Benton's Mint Drops
and had not the Supreme Court been
packed in the interests of capitalists we
should to-day have had a resumption of
specie payments. The whole banking
system should be again RENTED to the
States, the practical working of the sub
treasury revived, and an entire divorce Of
the government from the banks. Until
this is done all the expedients to restore
confidence and resume business on sub
stantial basis are but quack nostrums and
temporary palliatives for disease which
needs the surgeons knife. There are GER
toin excrescnces to be cut off before we
shall have financial health, and the sooner
the better.
Now, not satisfied with the beauties of
this national banking system, Mr. Creswell
proposes postal savings banks at the post
offices all over the country, with "head
center at Washington, so as to draw into
the meshes of the government every man,
woman, and child who has dollar to put
away for rainy day. am opposed on
general principles to the destruction of our
own admirable system of savings banks.
They are efficient and controlled by men
of the highest character in our midst; they
have been managed with great skill and
prospered wonderfully; they have been
truly ''Godsend" to the laboring classes
of our people, and | for one shall raise a
voice against the attempt to destroy them
and build up system just as dangerous
as the national bank system now is.
What is to be the effect of such an es-
Enlistment? 10 create u horde of new
officials. Is not the army of sixty thou
sand ofhceholders enough now to perpetuate
this administration in its power? Are
postmasters TO be bank presidents and
cashiers ? Are letter carriers to be bank
runners and clerks to be tellers? Already
bonds of the government are scattered all
over the land, and every man who had
thousand dollars over his expenses was
"Jay Cooked into buying United States
securities, and at the last presidential
election every bonholder was frightened
by the warning cry that a change in the
administration was reputation of the pub
lie debt. And now we are 10 have all the
loosc change of the people drawn into the
postal savings banks, so that instead of
national bank suspensions hereafter we
may also have postal bank suspensions be-
fore presidential election, whereby third
and fourth term may be secured, and
C@sarism march triumphant over a pros
trate and bankrupt people. The postal
telegraph is to be another gigantic manu-
factory of Office holders, until at last it
will take all the radical party to fill the
places. Your messages to be scrutinized
by government official Your very in
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