Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1876-07-20

ANS3 NNOtCs ohu cOL1C oA hIOLiC
accruing or becoming due to th,
United States, and also all suni
due for postage, or otherwise, tc
the General Post Office Depart.
ment, shall be paid in gold anc
silver coin only, or i'll Treasury
notes, issued under the authority
of the United States" GO United
States Statutes at Large, page g.
and this is the great landmark of
the Democratic party, and sc
stands to day ds all their votes
will show.
In looking to the foture we have
three systems from which tc
choose, the State Bank system,
:he National Bank system, or the
system of treasury notes. The
system of State Banks, with an is.
sue of promises four or FIVE times
greater than the thing promised,
| is not likely to meet with favor.
The National Banks are now
drawing interest upon $1,416,.
COS, $50, while they haveinvested
q capital of but 1904, ,829, ,769,
and adding both surplus and
profits, which have been earned
in addition to large dividends dis
tributed, makes only $692, 150,-
800, leaving the banks earning
upon $724.554,5 ,531 of pure credit
for which they are indebted to
law, and 20 law only, for ability
to reap this harvest of about $72,-
900, 900 a year from the earnings
of the people.
In addition to this they are ca
pable of conspiripg to lacrosse or
diminish the curreRcy; they can
also embark il politisal eonspira-
Gies, and taus become dangerous
| to our liberties.
"SpsSking of the political in.
Auence of banks. Mr.. Madison, in
a letter to Thomas Jefferson,
April %, 1877, wrote as follows,
in relation to the ratification of a
treaty: THE banks have been
powerfully felt in the progress of
the petitions in the cities for the
treaty. Scarce q merchant or
trader but what depends on dis.
counts and at this moment there
is general pinch for money. Un'
der suoh circumstances q bank d.
rector soliciting subscriptions is
like q highwayman with a pistol
demanding the purse"
"Not only SO, but | might refer
to the action as charged upon the
bank Iower by General jackson,
Mr.. Benton and others; what it
did in olden time; how it was
charged that it subsidized the
press, corrupted the ballot-box,
throttled the State banks, fought
its way through both houses of
Congress, and thundered at the
doors of the Capitol; when the
old hero Andrew Jackson stood
up in his might, seized the veto
power and welded it as the war.
rior wields his battle.ax; and it
descended crushing through bone
and brain, and the antagonist
sunk PROSTATE at his feet.
Such were the allegations that
were made against it then. But
| do not intend to let it rest even
at that. Andrew Jackson demon
strated a power and determine
ton in relation to one United
States bank. What do you sup
pose the old hero would do now
if turned loose among twenty
three hundred of those that have
sprung up like dragons teeth ap-
parently from the old root?
Would he not go out to battle
like Samson with the jawbone of
an ass among the PbilistinsB?''
There is also included in the
speech evidence of the National
Bank contributing to fund to
influence legislation; and the hon.
oFable gentleman urged that a pc.
nal act should be passed imposing
a penalty up bank officers impli-
Gated in such charges.
He did not feel unfrisndly
toward the people engaged in
these banks, but they should be
wound up gradually. The peo-
pie are owing the banks thou
sand millions, and if forced to
a settlement the whole country
would be bankrupt, but they
are a part of a system which
should not be tolerated.
The cheapest, safest and most
Democratic money is the treas
ury note. 1t has always worked
well, and was always on par
with gold and silver until the
government itself deprecated
them. Treasury notes were at
a premium of six per cent. in
Mexico while our armies held
III oo,,n(ru