The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-10-23
SENATOR BLAINE.
The National BANKS.

oe tac 1"S7-Sa " oVOiiohius tuo " u
tional Banks:-
The Republican party, itself respon-
slble for The financial legislation OF
the country for the last sixteen years,
has never, in any platform of princi-
pies ! have seen ennnciated, made il.
self responsible as party for the
national bank system But was in
Congress during the legislation on
the subject and nave never been
disposed to shirk or evade that issue;
and while | do not pretend to know
enough Of the science Of finance to
declare that the national bank
ystem
Is THE END OF ALL WISDOM
on that subject, | do make bold to
declare that there has never been ia
this or any other country q system Of
banking which gave so much absolute
security to the third party. which is
| the bill. holder, rs the national bank
system of the United Ttates { Ap-
plause When you talk tiippautly
in party conventions and elsew here
of abolshiag the national taak sys-
TEN. l beg you to refec a-moment
AID zee what will be the effect Of this
step. There are three bills pending
in Congress for restoring the old
State bauks Do you want them
back? A voice-"Non] They were
very good if the men behiad the
counters were honest. The Suif,lk
system in New England was consid-
cred the safest, hut yet, VITA all its
safe guards, il was simply good if the
men who run the banks were coed
If the men behind the counters were
dishonest, ID was a fraud upou the
public We bad enormous explosions
among the State banks. Twenty i've
years ago bank ia q small town 10
Maize failed Ii had taken out $500.
600 in bills from the engraver, and
S215 600 Of those bills were ou. when
the bank failed, and they are out yet
The losses of the American people
through the failures and defalc ti0ns
OF State banks annually was far lar
ger than you can ever make by the
system Of national banks, because
the people had no mode OF regainins
their losses II the Republican par
ty had no other claim for respec. up
on the intelligence of the American
people, they would have large one
in stepping forward and saying tina,
these thirty eight Uuited States are
not going to have thirty eight kinds
of money, but one kind. circulated
under the authority of the nation.
| Long applause And then the
Republican party said another thing
Senator Thurman describes the ma
tional bank system as
AN orIous MONOPOLY.
| don't know what dictionary be
studies. In The dictionary read,
monopoly is described as something
enjoyed by an individual to the ex-
clusion of his fellows. When the
Republican party came into power il
found that the various banks existed
largely by special charter. They
perfected the national Dank system
They said ttat so far as banking is
concerned in this country it should
not be peculiar privilege for A, B
or c, but any body who chooses to
eogage in banking shall have as per-
feet liberty to do as shy other indi-
vidual, aud this is the way to do it;
Any FIVE gentlemen in this crowd, or
any ether crowd, who choose to or
ganize a bank, are at perfect liberty
TO do il, with just one simple condi-
ton, and that is very important. TIE
United States steps forward and says
you may organize your bank, but be
fore you do it you must step up and
put 10 per cent more of United
States bonds into the Treasury than
the bills you propose to circulate;
and then, if you propose to misman-
age your bank. we will take your
bonds aud pay your bill-holders, for
YOU shan't cheat them.
\ voice-"Ain't the Government
good for the greenbaeks 7"
Mr.. Blaine-I will answer the gen
tleman. am willing to answer any
respectable gentleman The State
banks that were abolished had no
power to make note good scarcely
beyond its own borders You
couldn't pass a Boston bank bill 10
philadelphia-you never saw Phil
adelphia bank bill circulating 10 Bos-
,ton. You could not travel to Cbica-
go on Boston bank money You
changed it on every State line Vet
| want to say to my friend that,
whatever the currency OF this coun-
try is, you will never get rid OF
banks, and the question is only to de-
termine wba; kind OF banks you will
have.
Banks have existed ever since COM
merce was known among men,
and
YOU CANNOT DISPENSE WITH THEM,
for the simple reason that 1t Is the
place where the borrower Of money
meets the lender. You cannot carry
on business without having some
common point where the man who
borrows money shall meet those who
lend. If you break down the nation
al banks under the cry that they are
monopoly, you raise up the ghost
of the old State bank just as sure as
i fate.
remember Of hearing Of man
bargaining for stock Of timber.
Three prices were offered. One was
10 psy 10 "widcat,n that was Michi-
gan money. Another price was in
"red.tag,' which was Ohio money.
aud the best oiler made was to pay
in good counterfeits on solvent
bank in New Eogland. Laughter. !
That is the old State bank currency
OH s,y some gentlemen; the nation
a! banks have double chance. They
get interest on the bonds and on the
money they circulate That is an
exceedingly good story until the 9TH
er is told, and it wonld be very ef.
fective if the national banks did not
pay taxes. | should like any gentle.
man To tell me il be knows. in all his
experience. OF property in any form
that pays the taxes the national
banks do.