Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1876-07-20
Finances.
Abstract of n Speech in the House
or Representatives June ID,
IS70, Delivered by Hon.
John NJ. Bright, of Ten

/ AA'S oPSeCH Vi TWO aAQ q
half hours, Mr.. Bright elaborated
In a very clear manner the fol
Loving points, and was listened t.
with great attention by both tht
House and the occupants of thI
galleries.
In 1879 our national debt wal
$50, 100000, we had but Sl9,.
100000 in circulation; so Mr.
Hamilton proposed the United
States bank to supply circulation
tor the growing commerce. Its
charter was renewed in 1916 fol
20 years, then our debt had been
increased by the war of 1912
$l26, 100000.
Our Presidents Monroe, Madi.
son, Adams and Gen. jackson be-
lleved that national debt was q
curse, SO by 1886 it was removed;
the specie circular was then is
sued, and upon this the Demo.
cratic party was badly beaten in
l84O. 1t (the circular) produced
ruin and bankruptcy from end to
end Of the country. But in 1914
upon platform of hostility to a
National bank and the admission
of Texas into the Union they re-
gained their supremacy.
Five consecutive national plat
forms from lS40 to 1856 inelu-
sive contained this autagouism to
a national bank and asserted
That the separation OF the mon.
eys Of the Government from bank.
ing institutions is indispensable for
the funds of the Sovernmen. and
TIE RIGHTS IF THE PEOPLE"
The speech thsu IecitQs the
votes upon this sabject 10 Congress,
from 1862 to the present time,
and says:
"The demonstration is complete
that opposition to national banks
for forty.four years has been Vi
tai and cardinal principle of the
Democratic party. 1t is provided
by the veto of the United States
Bank act by Jackson in 1882, by
the Endorsement of his veto on
his re election by the people, by
five Democratic national conven-
tions; by the Democratic vote a.
gainst the national bank bills in
1868 and 1864; by the Demo-
cratic vote TO authorize States to
tax Government securities and
obligations held by the national
banks; by the Democratic vote on
the McNeeley resolution of Janu-
ary II, 1870; to wind up the na.
tional banks; by the vote against
the Sherman bill of July 7, 1870,
to increase the national bank is.
sues; by their vote on :he Ran.
dali resolution proposing sub
stitute legal tender notes for the
national bank notes; by their vote
on the Morgan substitute on the
same day to wind up the national
banks aud to make legal tenders
receivable for taxes, customs, and
other debts due to the United
States, and by their unanimous
vote against the resumption aci
of January IA, 1875, which pro.
posed TO supersede the legaLten-
der notes of the United States.
"You find that there is not one
broken link in the Democratic
policy, and if we are asked where
we stand at the present time we
must place the Democratic party
on this old cardinal doctrine and
principle, or it must prepare for a
new departure, and into an un-
known sea. For my part, propos e
to adhere to the old principle, to
stand by the old policy, and to
demonstrate that tie Democratic
party has been consistent in It's
maintenance of this old principle.
"Now it is just as Wel estab-
lished that the Democratic party
as a party has been the advocate
of treasury notes as that they
have been opposed to the national
bank system.
In response to the question,
who was the author of the Treas.
ury no;e system, the Hon. gentle
man quoted from Mr.. Jefferson,
showing that he was the constant
advocate of it, and that it was
recommended b. Van Buren, ad-
vocated by Calhoun, and voted
for by Benton and Buchanan.
The legal status of the Treasury
note was fixed by the Supreme
Court OF the United States in
1919, and from that time to this,
both Democratic and Republican
administrations have constantly
adhered to the policy OF Treasury
notes.
The act Of August 9Th, 1916,