The home journal. (Winchester, Tenn.) 1858-188?, 1876-07-13

old principle,
CHOW. It is inst as well established
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"
III response to the question, who
was the author OF the Treasury note
systemY the Hon. gentleman quoted
from Mr.. Jefferson, showing that he
was the consistent advocate Of it, and
that it was recommended by Van Blu
rem, advocated 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 Re
publican administrations have con.
~stantly adhered TO the policy Of Treas
ury notes.
The act Of August 9th, 1916 pro-
vides, THAT on the lst day OF Janna'
ry, 1917, and thereafter, all duties,
taxes, sales Of public lands, debts, and
sums Of money accruing or becoming
due to the United States, and also all
sums due for hostages, or Otherwise TO
TIE General P~osLohlce Departments
shall he pad in gold and silver coin
only, or in Treasury notes, issued uu-
der the authority OF the United States ~
10 United States Statutes at Large,
page Gl,) and this is the great land
mark Of the Democratic party, and so
stands to-day, rs all their votes VIII
show.
In looking TO the future we have
:hree systems from which to choose,
the State Bank system, the Natlona
Bank system, or the system OF Treasn
~ notes. The system OF State Banks
with an issue Of promises four or iv'
times greater than the thing promised
is not likely to meet with favor.
The National Banks are now draw
ing interest upon $l,4l6,605,33O, whtl'
they have invested u capital Of bu
$50i, 500, 769, and adding both surplus
and profits, which have been earned il
addition to large dividends distributed
makes only 1902, $50, 100, leaving th'
banks earning upon $724,4j4,j 3l o
pure credit for which they are indebted
to law, and to law only, for ability tt
reap this harvest Of about $72, 900 ,00(
a year from the earnings Of the people
In addition to this they are capable
Of conspiring to increase or diminish
the currency; they car also embark III
political conspiracies, and thus become
dangerous to our liberties,
"Spcaking Of the political influence
of banks, Mr.. Madison, in u letter tt
Thomas Jefferson, April %, 1896
wrotes as follows, in relation to thu
ratification Of . treaty:
sThG banks have been powerfully felt II
the rOgrCSS of the petitions in the cities
for The treaty. Scarce u merchant or
trader but what depends on discounts, ant
at this moment there is general pinch iOl
money. Under such circumstances bahl
| director soliciting subscriptions \, IKE {
highwaymm with Il pistol demanding tht
purse
Not only so. but l might refer &c
the action rs charged upon the bank
power by General Jackson, Mr.. Ben
ton, and others, what it did in Older
time; bow il was charged that it sub
sidizcd the press, corrupted the ballot
box, throtllcd the State banks, Tough
its way through both Houses Of Con
gress, and Numbered at the doors o
the Capitol; when the old hero, An
drew Jackson, stood up in his might
seized the veto power and welded i
as the warrior wiclds his battle axe
and 1t descended crushing through
bone and brain, and the Antagonists
sunk PROSTATE at his feet.
Such were the allegations that were
made against it then. But | do not
intend to let it rest ever at that. An
drew Jackson demonstrated a power
and n determination in relation to one
United States bank. What do you
suppose the old hero would do now if
turned loose among twenty'tbrec hun
dred of those that have sprung up like
dragons teeth apparently from the old
root2 Would he not 60 out to battle
like Samson with the jawbone Of an
ass among the philistines ?"
There is also included in the speech
evidence Of the National Banks con.
tributing to a fund to influence legrsla.
ton; and the honorable gentleman
urged that a penal act should be passed
imposing a penalty upon bank officers
implicated in such charges.
He did not feel unfriendly toward
the people engaged in these banks, but
they should be wound up gradually,
The people are owing the banks a
thousand millions, and if forced to II
settlement, the whole country would
be bankrupt; but they are q part Of a
which should net be tolerated.
The cheapest, safest and most Demo
cratic money is the Treasury note. 1T
has always worked well, and was al
ways on u par with gold and silver I'M
til the Government itself deprecated
hem. Treasury notes were at a pre-
MUM of six per cent. in Mexico while
our armies held that country.
Mr.. Stevens, at the time the great
was perpetrated by the Senate,
condemned it, and Gen. Grant said the
.greenback was the best money ever de.
vised. Make the Treasury note full
legal tender and Wall street will cease
to control the currency.
Make the Treasury note equal to
void and Silvcr anl uour boplo non