The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-03-08

issued large amount of paper, which was
made receivable in dues to her; IL was also
made a legal tender, but which, of course, was
not obligatory after the adoption OF the federal
four and ave hundred thousand dollars, re-
manned In circulation after that period, and
continued TO circulate for more than twenty
| years at par with gold and silver during the
| whole time, with no other advantage than
being received in the revenue OF the state,
| No one can doubt but that the government
| credit is better than that of any bank
more reliable, more safe. Why, then, should
of those Institutions? Why not use its own
credit to the amount of its own transactions?
| Why should IL not be safe in its own hands,
| while 1t should be considered safe In the
hands OF eight hundred private institutions
scattered AL over the country, and which
/ have no other object but their own private
/ profit; to increase which they extend their
business to the most dangerous extremes.
And why should the community be compelled
| to give per cent discount for the government
credit blended with that of the bank, when
the superior credit Of the government could
the mutual advantage OF the government and
| the community. Believing there
| founded on the credit Of the government ex-
/ clusively, L was DESTROYS that those who are
responsible and have the power should have
| av1l ed themselves of the opportunity" :.
| On October3 Mr.. Calhoun said: We are told
| the form suggested is but a repetition of the
even conjured up by all Who wish to give the
banks an exclusive monopoly OF government
| credit. The assertion is not true; there is not
| the least analogy between them. The one was
| q promise to pay, when there was no revenue;
| and the other promise to receive in the dues
| OF the government when there is abundant
revenue. We are told that there is no instance
OF government paper that did not depre-
ciate. In reply affirm that there is none,
| assuming the form L propose, that ever did
| depreciate. Whenever q paper, receivable in
| dues of government, had anything like fair
| tlisl, it has succeeded. Instance the case OF
/
opening remarks. The drafts OF the treasury
| at this moment, with all their incumbrance,
ARE NEARLY AT PAR WITH GOLD AND
SILVER.
| The case of Russia might also be
mention ed. In 1927 she had fixed paper cir
culaticn In the form OF bank notes, but which
were inconvertible, of upward of $4,000, 600
estimated in the metallic rouble, and which
had for years remained without nuctuation,
having nothing to sustain 1t. but that it was
received In the dues of the government, and
that, too, with revenue of only alb out S90, 900,
QUO annually. Ispeak on the authority of re-
spectacle traveller. Other instances no DOUBT,
might be added, but 1t needs no such support.
1t has another ana striking advantage over
bank circulation, in its superior cheapness,
Safety. wen Bank paper Ai is cheap TO those those
who make it; but dear, very dear, to those
who use IL, fully as much as gold and silver.
1t is the little cost OF its manufacture and the
dear rates at which 1t is furnished to the COM
munity, which gives the great profit to those
| idea may be formed of the extent OF the profit
by the spendid palaces which we see under
w 81 haRe been
this branch OF business, all of which must Ill
timately be derived from the productive
l so much to the cost of production. On the
other hand, the credit of government, while
tions would cost nothing, or next to nothing
r both to IL and to the people, and of course
would add nothing to the cost Of production
would to
might t. extend sDS great sdysn,agss
l his speech on the independent treas
t ury bill, March Y, 1888, said: now under
r least fear that 1 can be answered-what here.
tofore have but suggested that a paper is
sued by government, with the simple promise
, take it, or gold and silver, at their option
would, to the extent to which 1t would circu
{ could not be abused by the government: thai
would be as steady and uniform In value as
3 the metals themselves. L shall not go into
shall be able TO make good every word have
: uttered. will De able TO do more-to prove
that 1t is within the constitutional power Of
2 congress to use such a paper, in the manage
4 ment of its finances, according to the mos
j rigid rule OF constituting the constitution
!, and that those at least who think that con
!. gress can authorize the notes of private cor
I porations to be received in the public dues
. are estopped from denying its right to receiye
D emit treasury act was signed by the president
, and became a law, establi shing such system
! as General jackson recommended to congress
: in 1873. The crash and panic of 1887 were Of
: long continuance, the business of the country
4 was stagnated, and so continued until 1910
i by bank currency expansion and contraction
9 held the democratic administration response
: bic for the PROSTATE condition Of the ind q
4 Van Buren,, and brought into power the very
party of men who had produced the distress o
: the people. Among the fist acts Of those mer
:. was to repeal the Independent treasury sys
! tenn, with the view of again Incorporating 9
national bank, which purpose they failed e
e the democratic party was restored to power
y and in 1916 congress re-enacted the independ
! emit treasury system, OF which the legal tender
ls4s, lS47, 1857 and 1880 congress authorized the
issues OF treasury notes, legal tenders and con
e cratic party on this important sub
Q 1ect closes, December, 1850. We hnc
? that the democratic party has uniformly
s 1872 TO 1890 il issued United States treasury
: notes; that 1t never issued redeemable treas
Q ury note, but uniformly made them converti
s BILE into the stocks or bonds of the federal gov
e eminent; that In 1892 Gen. Jackson deniet
:. that any man was or could be ademocrat wht
9 was in favor OF the national bank, and drov'
: the advocates Of bank currency into the rank
of the national bank party. Banks of issu
being created by special law, granting
/ special privileges to special class, are there
y fore, based on aristocratic or anti-democrati
q and anti-republican principles, and as no NAL
/ can be both democrat and republican ant
q an aristocrat at one and the same time, an
as men are known by their practices rathe
z than by their professions, no genuine demo
Graf or republican can desire to avoid meet
ing an issue on this momentous question.
, FACTS In RELATION TO THE CREATION o
9 "GREENBACKs" AND THE NATIONAL BAN
ACT.
g Secretary Chase, IN December, 1851, advise
u congress to pass national bank act. Nj
= Spaulding, in his "history" Of the "greer
+ back, |" informs us that bankers were the ad
= vfsers OF Mr.. Chase. Mr.. Spaulding was o
l. the SUBJ committee OF ways and means, an
d knowing that national banks could not be Of
Ir gained until a bonded Indebtedness could
y created, and that the speediest means of Gre
e ating such debt and of obtaining the mean
ixfa hit a