The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-10-18

oreenbacks. Furthermore, the very large
her centage Of currency which IS lost or |
DESTROYED and never returned for redemp- |
tion would enure to the benefit OF the !
banks instead Of to the government.
But perhaps the greatest objection to
the national bank system is the power 1t
would give the banks over the politics,
and the business affairs OF the
country. Power over the currency OF the
country is power over the country and
over everything in the country. The Cir
culating medium Of the country should be
as sound and pure, and allowed to flow as
in its natural channels, as
the blood in the human system. And
such would be its condition, as far as pos
sible. if issued directly by the government;
But if the banks issue the currency it Will
he subject to their control and will
assuredlv be controlled in their own inter
est. They can contract and expand the
currency. AMI initiate and depress value, at
their pleasure. Their grip upon the ma
tional thu oat would be like the grip OF
oiant upon the throat of a child. Upon
the banks having their own way would de-
nend the tightening Or loosening OF their
grip. In order to influence the elections
against the administration of Gen. jackson
the old United States bank and it's branches
not only lavishlv accommodated its friends
and refused accommodations to the sup
norters of THE administration, but con-
tracted the currency and produced the
greatest financial distress and bankruptcy
ever experienced in this country.
Experience is the best light by which
we can be guided, and the former
experience we have had with national
banks as agencies to supply the country
with currency, should warn us against
the adoption of that plan
Let those who are old enough recall to
mind the herculean efforts or the Ola
United States bank and its branches 10
subordinate the government to It's Will,
and the terrible, and for long Tune
doubtful, struggle that ensued between
the banks and the government tor the
mastery. Nothing but the iron nerve OF
Jackson and Benton and their determined
supporters then gave victory to the gov
eminent.
Members of Congress, editors and intiu-
entail men throughout the country VINO
sided with the bank were accommodated
with all the money they wanted, and the
whole resources of the bank brought TO
bear to control Congress and the cleo
tons.
II was shown that during the four years
183l-ls34) hs btnt granted accommoda
tons to 223 members Of Congress, amounting
10 oyer one million four hundled Thousand
dollars. The bank sunk more than Its cap
ital of forty millions Of dollars in the ef-
fort to subdue and bring the government
under its subjection-
Butthere were then State banks also
not in sympathy with the United States
banks; and the power OF the United States
bank was not 1.-THE then OF what sucf
institutions would now be, clothed witt
the control over the seven hundred mil
lion dollars of the currency of the coun
try, and if the bank was then almost ar
even match for the government. will
jackson and Benton at its head, 1t is no
difficult to conjecture how IL would nov
be. with the power of the banks SO vastl,
AUGMENTED. and with no Jackson
or Bentons to withstand them
Clothed with the control and power owe
the currency of the country which tn
banks would thus possess, it is easy to SCI
that they could control the election of pres
idents. senators and congressman, by ally
ing their power and influence with tn
party that would be subservient to thei
demands. They would practically rule til
government, instead Of being subject to II
and would mould and shape it's policy ant
acts IN the interests of capital against la
Dor, as is always the case with the none
power. If, at any time, they should tin
it desirable to suspend specie payments
they would have no difficulty in gettin
the required authority from Congress.
They would be able to dictate as to thei
own taxation or exemption from taxation
and. in short, the entire policy OF the gov
eminent.
Surely then the disciples OF Jefferson
Jackson and Benton cannot favor the ma
tional bank plan of the republican party
for supplying the country with circula
TING medium. And if not we are lei
with the treasury note plan as the only a
Tentative. The many advantages OF thl
plan are most manifest-in the nrst piac
it would annually SAGE to the goUernnae'
some forty millions ofdollarsof interest on tn
national debt, and also save to the gov
} eminent the benefit of all destroyed an
: lost currency. The money power woul
, not be able to affect values, or disturb tn
r business of the country by contracting
expanding the volume OF the clrcuiatin
medium. 1t would exempt the countr
!, from the corrupting influence OF nations
: banks in our politics and legislation.
e would place the circulating medium bt
vond the reach of any class or interest
0 control or WELD Its power
n influence elections on an
: action of Congress. 1t would in shor
# give to the people, through Congress. IL
Y mastery over the currency, instead Of
S surrender of that mastery to banking A.
6 situations, or to any class of individual
d And what are the disadvantages or oil
l. jections TO the treasury note plan
5, An irredeemable currency, some 50,
$ But l assumed that Congress in issuing ii
'e treasury notes, will do SO under provision
h which will give to them as a circulatir
% medium, avalue and utility with the PEI
er pie, equal and equivalent to gold and 81
If yer, and make them interchangeable wi
g coin at par. If this is done. what more
lie wanted What better currency or circ
,e lating medium can be had or desired
" But can this be done, | see not VIII
g The very name of the government and
s. promise to pay, will 60
% long way to give credit to its pap
r with the people; much more so than L
1T name and promise of any bank The pc