The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-02-14

the organization Of which he took 80 deep
~ interest AZ the interested financiers
~, are nov administering this important
branch IL the public service, and that, too,
wholly in the interest of bankers ana
usurers to the detriment Of the entire IN
dustrial and commercial interests Oh INV
nation. L.low of a
There i. NOT room for the SHADOW
doubt that If he WAS ia our n"'' 80. e
IL ~. dav he would be for the system oi
.,.,.r'.,,,v interconvertible with government
t,',,,d. As against a metallic or "Modoc"
currency pure and simple, - well as against
the specie basis fallacy in whatever form
or guise 1t might assume. Yet there are
men, and among the number those claim
ing 10 be Jeffersonian democrats, who
have the audaclous impudence to denounce
as visionary schemers, wild theorists, re-
pudiators, etc, those who advocate sys-
tenn identical with that advanced by this
eminent and patriotic statesman. II
would seem that proper regard for
decency and truth should deter these par
ties from slandering the patriotic dead and
deceivlng and betraying their constituents.
the NATIONAL BANKS.
As will be seen, the bill provides not for
free banking or other alteration or amend
mcnt of the banking law, but for the
abrogatIon of the system. This will no
doubt bc considered extremely radical,
even by many who favor the withdrawal
Of the circulation of the banks and the Is
SUNG of the currency by the government
directly 10 the people, but are not opposed
a the continuance of banks as offices Of
deposit, loan and discount. But | do not
see the Necessity Of chartering any purely
muneyed institutions. On the contrary,
| am clearly of the opinion that the evils
resulting from the practice have greatly
| uNerbalanced the good. All banks are
organized and managed for private benefit,
and not for the public interest, and their
charters are a sort Of endorsement that in
tluences many persons to entrust their
means Ia parties who unworthy of conf
| dence. Thousands Of innocent persons are
IA this way financially ruined, while the
stockholders who may have drawn divi-
dends to twice or thrice the amount of theiI
original capital, are permitted to retain
their wealth
But it is argued that the banks afford
the business community safe place fol-
| deposltIng their funds, and a convenient
mode of transacting their business This
could however be done quite as safely and
well by private bankers or associations as
individual capitalists, where their proper
| ty would be bound for all their debts. as
10y chartered Institutions. Where all the
| property of the parties Is holden for the
debts of the company, they would be more
careful t. look after the business of the as
ISOLATION than when they were only liable
for the amount OF stock, and we would
have fewer defalcations any failures. Be
sides, 1t is no part of the functions of the
| government to provide for the safe-keeping
Of the peoples money, and more than il
Is to protect them agrinst loss by thieves
and robbers. 1t Is the business Of each
person to take care Of his own means OF
property in whatever shape he may choose
to keep or employ them.
But there are special objections besides
those already mentioned to tie national
banking system First, it is the most ex-
pensive one We have ever had. 1t has
been in operation about nine years, and
every dollar of the currency issued under
1t did in the first instance create a necessity
for the issue Of like amount Of q per cent
coin-Interest bonds, and gold has averaged
during all TINS time as much as 81 30 1-3
making the interest equal to eight per cent
in currency, which, after deducting the
one per cent tax on the currency of the
banks, would leave seven per cent as the
cost t. the people of the bank currency over
| that Of the legal tenders This rate on the
$500, 900, 0O0of bank currency, compounded
annually for npe years, would amount tC
sol ,622, 900, every dollar Of which would
have been saved to the taxpayers by the
issue Of legal tenders In lieu of the bank
currency.
Second. If, as now proposed, the policy
Of free banking be adopted, the lega
tenders withdrawn from circulation, and
the whole field Of circulating medium sur
rendered 10 the banks, we shall have a prac.
teal and powerful money olgarchy as il
| IS possible to create by law
| | fail to see the consistency or justice OF
attacking the minor wrongs and leaving
the greater evils unmolested; Of condemn
! ing members of Congress for participating
| in the profits Of the Credit Mobilier affair
or for voting to increase their salaries,
while permitting members interested IN
national banks to vote themselves ten time:
as much of the public treasure as all these
other irregularities combined As | view
it, it is only by attacking monopoly in al
its forms and guises, that the present re
tormatory movement so auspiciously begun
can be made complete success. If VT
would rout the Philistines, We must, lik,
David, attack the Goliah, and not only
sunte him in the forehead, but take off hi
haa1