The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1873-10-04
THE BUBBLE BURST.

dictIons verified, and the calamities are
upon uS which we foresaw must result from
tbs National Banking swindle, which was
forced upon the nation during the progress
Of the civil war, we take no pleasure in
saying I'VE told you So. For years we
have shown that the practical monopoly of
the circulating medium Of the country,
which the National Banks possess, their ex-
horbitant exactions upon the real indus
trial interests could have no other ending
than that which we see in all the cities Of
the Union. People now begin to ask the
question they should have asked years ago
of what use are the National Banks. I"
They have stolen the field Of circulation
away from the greenbacks, at frightful
cost to the people. And now their issue
are current only because the greenback is
behind them. 1t is only few days since the
Tribune Of this city asserted that the issues
of the National Banks were ;ounded upon
the property Of the bank, and derived
their value from il. Ii these banks have
any property other than the national bonds
given in exchange for their currency. the
/ thousands Of their unpaid Aopositors would
| like to know it, 1t is the eminent in
dorsement alone the qualify that gave the
greenback all its value, and which was dis
placed only in order that the bank circula-
ton might be profitable to the bankers
which to-day gives value to the issues of
banks, whose doors are closed and whose
| depositors Ego mourning about the streets.
| The National banks then are no earthly
use to give value to their notes. Does the
/ periodical Government inspection secure
the depositors Let the PROSTATE business
of the country answer. This inspection
not only does not give depositors security,
| but it is a cheat, indie, and cause Of
/ loss This Government inspection declared
| the banks Of Chicago sound, and without
any run upon them, many Of them have
/ closed their doors No sound bank in
| Chicago has had run which ought to
/ startle the officers from their sleek SCREEN
| ity. The Union National closed its doors
"a surprise We should say to every one
who had not insight il to its condition, and
which doubtless induced its President 10
urge the partial suspension measure upon
| the banks a week ago last Wednesday eve
/ ming.
The National Banks since the Inaugural
ton Of the system have cost the nation not
/ less than five hundred millions Of dollars
one-fourth of the National Debt as We
have repeatedly demonstrated-a sum
il the Wall Street am other harpies had
not Influenced Congress 10 enact the law
preventing the issue Of greenbacks IN
quantities adequate to the business Of the
country, and the establishment Of none
tary system which would be adequate
thereto, and contract and expand in ac-
cordance with business exigencies.
But these five hundred millions, and the
losses incident to a system which enables
bankers to realize % to 80 per cent. annu-
ally out Of the people, are not the measure
Of the calamity which has fallen upon US.
Ii seems fit retribution upon the peo-
pie for having tolerated the National Banks
that they should be the cause of the pres
ent crisis. 1t was Jay Cooke & Co.-the
Clews-the Coolbaughs and others Of like
ilk-their speculations management
which have plunged the country into the
present distress The merchants have not
overtraded or given too great credit-farm-
ers have raised ample crops-laboring men
have not been idle but the bankers not
content with their legalized gains of 70 to
30 per cent annually, have gambled in
railway stocks-in gold-have used the
money Of their deposltors to bolster up
swindling schemes in Wall Street, and have
plunged the country into distress. They
have closed their doors, and depositors go
empty handed merchants to meet
their bills working men to do without
coal others to lose their property. They
have closed their doors upon depositors
who never made a run upon the banks, and
the deposits not already invested are ready
to be invested by bank officers in the prop
erty they have deprecated Verify the
glamour has departed from our eyes. The
| people have come to see what our banks
are, and the Congress that fails TO abolish
it, and substitute greenbacks in lieu of bank
notes, will never assemble but once