Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-11
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The resolution offered in the House on
Monday by MIR. Fort Of Illinois, declaring
the legal tender quality Of silver dollars
1925 grains, shall be maintained and en-
forced, and that any discrimination against
them by any national bank in refusing to
receive them and treat them as legal dol
lars, shall be deemed defiance Of the laws,
and instructed the banking committee to
report bill for the withdrawal of the circu-
lating notes Of banks SO offending, fully rep
resents the temper Of the people at large.
The action Of the New York Clearing House
association in entering into conspiracy to
degrade the silver dollar is nothing more nor
less than an act Of open rebellion that should
be promptly met and punished. It is very
evident that large majority of the mem.
bers Of the House are of the opinion that
some such action as that contemplated by
Mr.. Forts resolution is necessary in the
emergency, for the vote on suspending the
rules for it's passage lacked but few of the
necessary two-thirds.
There is considerable feeling of uneasi-
ness among the people at the menacing atti-
tude of the banks, which is not at all les
sened by the indications that the secretary
of the treasury is in sympathy with them.
The people realize the immense power that
can be welded by an association of corpora
tions controlling vast sums Of money-what
serious disturbance to our business interests
they may cause. If they succeed in nullify-
ing the law of Congress in regard to the
standard dollar, they may be encouraged to
make an assault upon other laws upon our
statute books, and to overturn whatever en-
actments may be obnoxious to them. The
possibility Of such a thing is of itself alarm
ing, and calls for decisive action on the part
Of Congress. 1t must be distinctly under
stood that a law passed by Congress must be
enforced until it is repealed, and that those
who transgress it or seek to interfere with it's
intended purpose are to be held accountable,
whether they be rich or poor, millionaires or
paupers.
The damage to our institutions from
strong and united money power, SO frequent
ly adverted to by the GLOBE, is we'll illustrat-
ed by the action of these banks. They have
been fed upon government favors until they
have grown SO rich and great that they fancy
themselves powerful enough to defy the
government under which they exist They
may, indeed, succeed in defeating the pur-
pose of the reconciliation act to certain
extent-in depreciating the value of the sill
yer dollar-and unless Congress calls halt
and adopts rigorous measures to punish
their contumacy, may cause much temporary
Inconvenience if not permanent injury to
trade and commerce. Their success will
embolden them to attempting other acts of
an overt nature, and Congress will become
instead of the servants of the people,
the obedient slaves of the impe-
rious money kings of Wall
street. Their present rebellion ought to be
their last. 1t ought to cause an awakening
to the enormity of the danger that threatens
and array Congress and the people against
the bank monopolies. The power exists to
bring them to terms. 1t ought to be exer-
cised with the utmost rigor. Treason in
whatever form must be made odious once
and for all, and the opportunity is now pre-
sented Of dealing blow at the rebels against
the financial policy of the government that
will never hereafter be forgotten. The cre.-
lures of Congress must not set themselves
up as dictators, and obey the law only when
it suits their convenience OF interest. This
must bs understood, and the sooner the
banks learn it the better it will be for their
own welfare,