The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-05-18
The Corrupt Banking System, and How
It Robs the People.

To the Editors of The Argus
Many individuals who, in our early his
tory, opposed the United States Bank, and
the grant of monopolies in general, have
gone over to the "hereSieS" mentioned by
Mr.. Jefferson in his letter to Mr.. Mazze
Mr., Madison, before any one thought him
IN favor of the United States Bank, was re-
elected president, In 1871 he made his
unanswerable speech against the power OF
congress to charter a bank and he was
never able to retute to it, though he after
wards signed the charter on the shallow
plea that a precedent was established by
the charter of the first bank in Washing
tons administration. 1t is a sage maxim
that money is power" and if so, who can
doubt the dangerous influence of a thou
sand individuals Incorporated into a bank
and authorized to loan its debts as money.
This was the bank system that Gen.
Jackson vetoed.
Mr. Clay, in 1911, opposed the charter
of the United States Bank in an eloquent
speech in which he said that it: would buy
up politicians like cattle in the market, and
yet, he was won over to its support by ID
fee Of $4,000. Like Madison he wa,
made to refute his speech OF 1911. Web
ster too, who previously asserted; That
the most etfectual OF all cuutrivances !Ur
cheating the labolious class of mankind,
and for fertlizing the rich man s field with
the sweat OF the poor mans brow is the
banking and funding system" received # 7
his services in loans and fees $5S, 900 from
this corrupt corporation. Mr. Sergeant ;
fees were $4,000; Mr.. Johuson's fee S
were $4,000; and Mr.. Poindexter's $lO,-
900. Another astounding item Of loans t.
politicians, not less convincing of the power
Of associated wealth to buy up politicians
like cattle in the market" is the following
list of loans to members of congress by the
United States Bank In 1880 this bank
loaned to fifty members S342, 1876; in 1881,
to fifty-nine members $l96, l6l. in 1882,
TO filty-four members $47S, 766 in 1888 to
fifty three members $374,76 in 1884, to
fifty-two members $23S,5S6. Total loans
in five years $l,GO6,475 Here is over one
and one-half millions of dollars loaned to
members of congress in the five years
pending it's application for tae renewal OF
its charter. The bible informs US: That
the borrower is the SLdUe Of the lender. -
The bank then was the master of one
sixth Of the members during its applica-
ton for the renewal of its charter. How
cheering to-day is the fact that, nOtwlth-
standiug the resOlute opposition of 81
many and able members Of congress, Gen,
jackson had the firmness to veto the bill,
and thus crush this hydra of iniquityl
The manifold evils, which were the
result of the old United States Bank,
dwindle into utter insignifcauce when
compared with the present establishment of
over Two Thousand National Banks, draw
ing annually from the tax payers Twenty
five Millions of Dollars. How the Repub-
hcaD party can hope to to retain this sys-
TEN OF spoliation is u mystery to me, uu
less the corrupt party leaders have discov,
cred the lamentable fact that the produ-
cling classes are either too ignorant to see
that they are plundered by these bank
robbers, or that they are so devoted to
party that they will not defend their
rights at the ballot box. The difficulty
that needs remedy ls not the Ignorance
of the producing classes, but their blind
craftsmanship. In the last political can
vass if you asked Republican how he
liked the greenback currency, he would
reply: "Firstra,e; the lecturer is all right
on the money question, / admit, though
ne is Democrat; the lecturer was
right about the large sum of interest we
have to pay TO the national bankers.
Then as you are convinced by his argu-
ments you will vote for Mr.. Cooper? IF
we were sure Of his election certainly
would vote for honest Peter Cooper; but
as he has no chance to be elected | can
not afford to throw away my vote, land thus
aid Iilden, and desert my party. Some
of my Republican friends tell me that
these Democratic greenbackers are TildeI
men in disguise, but they cau't fool me
Hurrah for Hayes and Wheelerl" Or
the other hand, if you Intercepted 6
Democrat. on the greenback question, he
would have given you about the same
answer but would have concluded with
''Hurrah Cor Tilden and Hendricks'
Now is the time for the producing classes
to examine and discuss the currency ques
ton. The question, what party shall
enjoy the 'loaves and fishes, is settled fcl
the next four years, and this leaves ample