Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-12-03

tract between them and the Govern
! ,nent, and shamefully wronged the
people. Tie story is familiar TO many
who have watched the financial leg1sIa
ton of Congress, but the masses OF
people, particularly in the South, are
not informed on the subject, although
recently tried to enlighten my con
stitnents on the stump about it.
Suffice IL TO say now that those bonds
were issued during the war, ware
bought with Greenbacks when green
backs were worth about so cents on
the dollar. AID were payable in green
! backs That was the contract which
the oeopla mad with those who bot ght
th4m But in 1869. nearly seven years
.ftar they were issued and sold, the
holders of them got Congress to pass
law directing them 10 be- paid III gold.
dollar for dollar of their fsc9 value,
the interest being also payable m gold,
! all the Interest on the public debt u
-and tnu- she tax payers OF the couE-
try will have to pay mill 'ns Of money
- rhs bond holders which they never
sgraed to pay.
This is a prrt OF the legislation to
* hich I referred, "a making the rich
richer and the poor poorer all the M
~ fostering a moneyed monopoly at
e expense of tn iabOfIng classes.
These same bondho,ders were the
r4sn who got up the national bank
.vetem, which 1 regard as Mt only
yury unjust one, but a most danger
au9 one t. the interest OF the Amerl-
en- people Forty years ego the old
y. s Bank was suppressed by Jackson
AID his party as huge monopoly
which threataned the liberties of the
people. Now, do you recoilect what
ie peculiar features of that lnstltu-
! ton were, and how guarded 1t was be-
! .:eved 70 be In the first place, II
! 2pu d establish only one branch III each
/ ) ate; its whole capital was limited to
! SO, 900. coo, and the peopleowned only
/ 1a,s- Esftn of 1t; 20 fort gin stOck-holder
! .oii;d vote for director; 1t was Obliged
/ - AYE IN its vaults one gold dollar
! f;r every three paper dollars it.put into
/ "ircu anon and each branch of the
! bauk was obliged to redeem the notes
/ If t.verv other branch IN coin which
! made the notes good" every where
! thcoughout the country. This instltu
! :;On was DESTROYED, as [ have just said
! - "A terrible aod dangerous monopoly.
! Now, how Is II with the natIoual
| banks ? There are more than two
| = III S5Flt Oh fstPfn III lHF CCuubgr WIN
& capital IF So n. 900. 900, and not a
| I0.l3r of w*,11I - god or silv"r, hi;
! al q wuicl : government np1. il.
! thy itllt tee exclusive privilege Oh
o.cI:atjac bank rotes in tbe Unit,
states. d the-l " dies nj pr,.veut for
| =. <,ears living 10 oti,=r coratrlrs from
b6Ilfng stock. ana e!"rting their Own
! .ilrectors. The notes Of these banks
! nj MI n
callv they can charge Any rate of inter
.-t, regardie less of State u7ury laws, H."
h4 only penalty is a forfeiture of the
uterest under the rational bank ac'. rs
vas recently decided by the Supreme
! y .urt of the United States. 1hey
,iraw six per cent gold interest on the
bonds which constitute their capital,
and then loan out the notes which the
| government furnishes to them, at heavy
| interest, thus receiving interest not on
| ly on their credits but on their debts.
| IL IS not surprising therefore, that the
men who had bought 5 Dos with green
| backs at 80 cents On tn dollar, and
then established national banks with
! The bonds, should have realized such
enormous profits a. soma of them lid.
Daring one year in Philadelphia the
dividends actually paid by national
banks ranging from 50 to 2l3 per cent!
Not ony our domestic but our foreign
boul-h ,iders are interested IN the ma
emf them Il fa IaR5F Jbfgsr Is rG 81 s1
Uni cd States eighty stockholders and
directors Ii the Old Q. s. Bank with
AL its restrictions was an institution
dangerous to Anne lean liberty, wila:
shall i've say of this?
Nv, along With this payment of The
debt before Il was due, aud tins coz
traction If the circulating medium
and concentration OF power in the IA
rionai barhs G.: ud-lolders), a grAat
cry ia5 b az raised about the "preaer-
vatiol OF til" rational credit" aud the
''u.cionai homo" hot by the men who
fought to establish them, and WAC
g-"5t. paid for their services in what Is
I'll q "Ir~e.7ecmab,e rugs" but by the
.oi-d ho.d-rs wnc have profred by al
tho hnanc'a. legislation; and, in c m
,)l.1pc8 with the Gamer thu raised
the last Congress passed al act prUvld-
ing for tie resumption Of speci- pay
m"ut3 OF tn8 Isl OF Jni.nary, 1879,
whereby tn4 S"cr1t.ry Of the Irtasu '
* Z rected to Immediately redeem 3
0Uj. 800 Of the gr. lab elk currency, and
from and af er J;touafy 1st, 1879, 10
redeem tl= baance $3.50, 900. 900 of
that curreLcy.
That net cannot Dc euforc@d with
1I.t producing uuiversa. RUIN, Aud con-
- 4E-,:ty It's pas age Great Z, as might
have t@e0 expected, ST. indignant pro-
fe-- very where throughout the couu-
~, except III localities where capital
u colcontratcl. The result has been
the forcing ii an Issue wAlch the So
c.ic3 lizard money" have mi-repre-
scu.ed AID brciouied ia every con
caiTahie wey, Il 3 very unfortunate
hat it should have been made party
quas ion as it Was IN some parts OF the
country; II is pre-cminenriy political
question, and ultimately parties may
DC formed upon il, but ii was uuwise
1T this juDcture TO make It 4 test OF
party fealty. Those WHO oppose tie
kolcy Of contracting the currrccy are
denounced as lnhationlsts AID rIEudi-
ators of the pablo faith, w.4i,a ;h1ee
who favor 1t clam fUr theiAs1,yl3 ex-
C u ,iVely the title Of hard money tnn,i.
Ems IS neither right nor honest EY-
cry reasonable man desires 30 $50 Il
aoInd currency, based upon a certain
| a'ad permanent Policy, established il
the country. I'll ERE IRE 4bsoiuteiy no
! repndiatOrs, and nont :. 40 wish 10 = t
| the country flooded with i.rrdeen.a,Ie
/ paper currency.
Every sensible man admits that our
! paper money must be mads euuiv4.,;4t
! p sold, but no sensible man wiz d-uy
j SCAT p2per molly Il :, ne kind D1u-
constitute "a iar..f'@ct * on carr r.
| >'a.+t -s.s- aots. a.- i - -,n ... .-.
! 80 a-' ..-....... ..zs.s:
c g.. .- o. 80 Il -in5. -.l.:-