Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-10-09

And If It Is money TO your soldier, money
| to your sailor, money to your pensioner
money to your laborer and employe, money
| between citizens, why shall It not be, when
The law Is so declared, but for your action
money to the bondbolder? Why should be
be favored? What should the x-payeI
toll and swsst, and deny his wife and
children comforts, for bis benefit? Why
should millions be levied and collected from
the lsboring classes Of the people to supply
gold for the bondholder and paper for the
taxpayer, and large part Of that paper
the mere promise TO pay of the bondholdef!
MIR. Speaker, it seems TO me that since
the recent decision of the Supreme Court
OF the United States 1t is the imperative
duty Of the Government to retrace Its
fnsnciaI policy and at once to set about the
payment OF its large debt intbe legal mode
pointed out by the decision referred to. A
failure to do SO makes you pGrticeps crinai.
ms in great fraud upon the taxpayers Of
the country.
before applying these general remarks to
the fifth proposition, let me invoke your ct
tention to this idea, that in our larger CEN
tiers of trade where banks are located a
part Of the currency made use of and enter
ing into trade are checks of individuals
made upon their deposits in said banks, 90
much so that shall not te far wrong when
l say that the deposits in bank are, If not
actual currency, so intimately connected
with 1t as to be considered as one would
the Siamese twins; at least unhealthiness
In the one produces unhealthiness in the
other. Without argument now to prove
this, shall take It for granted, aud ask you,
before going further, to inquire into the
amount of the individual deposit account of
the people of the United States with the
banking institutions, and then to ask you
what security they have, and solicit you to
contempt The seltOlesaie ruin sclsich to0ltLd
.follop the future Of the banks TO meet these
deposits, etc.
ssThe total amount of individual deposits
in the banks on the 10Th of December, 1871,
was one billion, too hundred and serenity
SeUen million, nine hundred and fifty too
thousand. The insecurity of this vast sum
of money, If so felt, or ichen so felt,
is certain in that event to inhiet
our country with incalculable in
jury. 1t is the accumulated labor of the
country; it is part of your life blood; 1t is
in the hands Of the few without adequate
security or protection. 1t Is hell and used
In part, as evidence In the recent expose of
some Of the savings banks In New
York, fer the widest, the mos speculative
purposes. Il would appear, sir, from this
expose, to which refer as recently made in
New York, at least so argue, that these
savings' institutions ara the hot-beds in
which stock gambling Is nursed. And thus,
instead of contributing to the growth Of the
country, or to the security Of public and
private credit, they are aiders and abettors
in the corrupting schemes that are fast lead
ing the country to ruin.
Again, these institutions, frequently with
no security to the depositor other than that
its managers may be superior to temptation
chow frail bondl) advertised by legal
charter, are the safes in which poor men
and poor women, ignorant of financial mat
ters, taken in by :qegal charters" deposit
their little earnings. lfthese institutions of
banking are to continue under your laws,
is II not your duty TO provide for the pro-
lection of the poor, ignorant, aud defense
less; and not only your duty to them, but
to all classes who will be affected by your
failure TO do SO? l should deny myself
your authority to interfere with State iDsti-
tuticns, but when you exact security an
insure protection to the deposi5or in such
banks as you do authorize, the depositor
will seek that place, and if your banking
system Is free one to all, there will be
quick conformity to its provisions by such
as are worthy of confidence"
From these brief extracts il will be seen
how clearly our worthy representative de-
pic ed the insufficieDcY and danger of our
present banking system, and the conse-
quences that were to follow. II was I'M
needed then, but viii it be urheeded in
the future? predict not. The crying
necessities of the country will force public
attention to the subject, and awaken an ex-
element beyond the control of parties or
ofleaders, that cannot be quieted short of
an acquieecence In its sternidemands. x.