The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-26


if they are to be continued-to peTpetu'
ate the National debt. 1t is made the
interest of more than two thousand Ma.
tional Banks now in existence ana OF
more than three times two thousand, II
the system is to be continued-to indeh'
nitely perpetuate the National debt
This ia my FIRST objection to the Nation
al bank system, for never have bellev'
ed that sophism, that the National DEBT
is National blessing, On the contrary,
I believe that a National debt is Ma
tional curse. think no people can De
perfectly free and independent II they are
loaded down with National debt.
Now. the Democratic platform propos.
es the gradual extinction, by payment OF
the National debt. That is wise pro.
vision. There is no Reputation in that
platform. 1t advocates an honest pay
ment of the public debt as fast as II can
be done, with due regard to the Interests
and welfare of the people
OBJECTION TO THE NATIONAL BANKING
SYSTEM.
But here stands this obstacle in the
way, that here are two thousand Nation
al banks--and may be, as | say, if they
are perpetuated, three times two thou.
sand before a great while-every one of
which is interested in perpetuating in
stead of paying off the National debt.
Now, my friends, when you come to con-
slider the influence of two thousand Ma
tional banks, now welding nearly $780,
100000 of capital and when you look
forward and see how, if this system be
perpetuated, there may soon be five or
six thousand such banks, welding a
thousand millions of capital, and able
through that immense concentration OF
wealth and power to influence legisla,
lures, and Congress, and Presidents, and
thousands of voters, you can very well
see that they form prodigous obstacle
to the discharge of the National debt and
your relief from the oppression and suf'
fering which it occasions, That is my
first objection, then, and the first reason
/ have for substituting greenbaCks in
place of National bank notes.
My second objection to the National
banking system is that it tends to con-
Centrate, combine and intensity, what IS
called
THE MONEY POWER.
That is the power of those who WELD
the money capital in the country Now,
don't misunderstood me. fl know my.
self am not, and never have been, and
never will be, demagogue. There is
something in my nature that revolts at
the idea. If am ever apparently dem
agogical, am a self.deCeived man, for /
never intend tobe | have, therefore, no
defamation to pour out before you
against money capital. I have no war to
make upon capital honestly made, none
whatever. No country can be rich and
prosperous without capital, and l am not
the man to make an assault upon capital
honestly acquired But | do say, my
friends, that of all the influence in this
or any other country, where free institu-
tions exist, that influence which is to be
most jealously watched and guarded
against is the influence Of this very mon
ey power.
Let us for moment compare the infu
ence it exerts with the influence eXerted
by the farming portion of the commnni
ty. Very much the largest proportion Of
the wealth in this country is in the land,
the f1cks and crops much the largest
proportion of our community are men
who are making their living by delving
into the soil-the farmers and agriCultu.
raj laborers of the country. And when
did any one of you ever see them lobby
ing about the halls Of Legislature or of
the Congress Of the United States to get
laws for their own special benefit, that
rI,1l ~ tbnvs, riTyila pfhnV n1a In
not possess? Are there any such men
here2 As one of your representatives
for nine years in the Senate of the Unit
ed States, have never seen there an ag-
ricultural lobbyist in all that time, while
/ have seen hundreds of men lobbying in
the interest of the money capital of the |
country; and yet, my friends, Mr.. SeCre-
tary Sherman, in his late speech at Tole |
do, says that am quite wrong in think
ing that there is any danger from ConCen-
trated money capital-that it is the weak
est influence in the world. really do |
think it is he and not l who is wrong. |
Without going any further back than |
1865 at the close of the war, and coming
from that day down TO this, I demand Of
him, and of every body else who is cog |
uILluL VI Iu6 ldClb, W say
IN WHOSE INTEREST HAS THE LEGISLATION
OF CONGRESS BEEN?
Has it not been notoriously in the inter
est of moneyed capital, and added hun.
dreds of millions to the value of the |
bonds and securities held by money cap.
ital and added that much to your indebt- |
edness? What interest, pray, was it that |
made the fve.twenty bonds, which by
the law were payable in greenbacks, by |
an alteration of the law payable in coin ? |
That was the very first act of General |
Grants administration. Was not that
brought about by the influence of the
money power? What influence was it
that demonetized silver2 Was it not the
influence of the money power? What
influence is it that has steadily contract.
ed the currency for 30 many years, there
by approaching the value of money and
making its purchasing power far greater
than it used to be, while the purchasing
power of everything else remains as be-
fore or has diminished Was it not the
money power Did the farmers of Athens
county go to Congress and ask it to pass
these measures? Not one of them. Did
any farmer ever petition Congress for
any such purpose, or any mechanic? Not
one Of them. Who was it put this mea-
sure through but this combined money
power, which Mr.. Sherman thinks is the
weakest power in the whole country.
Oh, my friends, that won't do. Why,
there are old men here before me-for /
see gray hairs in plenty here-there are
old men here who remember when the
people of this country stood alarmed at
the existence of little National bank
that had only S35 100000 capital, with
few branches here and there, and when
they supported Old Hickory Jackson in
declaring, "by the Eternal" that bank |
should cease to exist. And now when
we have two thousand National banks
with, not a capital of S35,OO0,OOO, but |