The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-08-24

r
in Biddeiord, Me-, Monday night, deyoting
his remarks principally to the financial
question. A few Of his points were as
follows: ,..... ,.,-..rL ~
Greenback people say that We should
not have any banks. For seven hundred
years We have had banks, and we could not
conduct the business Of the country a
minute without banks. Why are banks u
necessity? A bank is place where the
borrower OF money meets the lender,
where surplus money is deposited. Sup
pose man wants to borrow $4,000 to go
into business with. Greenbacks would
send him all over the country borrowing
$50 here and $50 there. There are at the
present time three bills in Chicago for res
urrecting the State banks. New England
enjoyed, under the old system, the best
banks in the country, but they owed their
reputation to the personal integrity OF the
men who stood behind the counter.
The speaker aptly illustrated the weak
ness OF the system by referring to the
Lumbermans Bank, which might basaid
to have been owned by the present Green
back candidate for Governor. The bank
had a capital of SO, 900, but at one time had
on hand unsigned bills to the. amount Oi
Sl65, 600, which would be signed as fast as
anybody wanted them. In fact, the old
system OF banking was based upon the
personal notes OF the Stockholders. II
YOU will have banks, then what kind will
YOU have? Responsible or irresponsible?
National banks are perfectly free for every
man to engage in with just one little con-
ditiOn that the government insists upon
that you shall not issue any bills until yon
have put into the United States Treasury
an amount equal to ten per ccntum addi,
tional to protect the bill:holders. II you
hold national bank bill yon don't care
whether the bank is burst or not.
In regard to taxing bonds Greenbackers
say: "Herc is an exempted class" The
only man in the United States who pays
absolutely full tax on his property is the
holder OF government bonds. For in,
stance: A invests $4,000 in government
four per centums; B invests an equal
amount in Maine state skies, and G in.
vests like amount in Maine Central seven
per centums. In the first case the inves.
tor in government bonds pays his taxes in
advance, but in the case OF the other bonds,
il il within your experience that holders
thereof flock to the Assessors office asking
to be taxcd2 Facts show that but very
small portion OF such bonds are taxed. II
il the easiest thing in the world for your
brother who Is in California to own them,
yOur uncle in some other part OF the coun'
trv. Then why dclude yourselves with
the idea that Il you taxed governplent
bonds they would be any more likely to
turn up for taxation than these state or
railroad bonds? II you succeed In taxing
bonds you merely place upon your shoul'
ders m additional burden OF S40OOO, 900
Government bonds never could nor never
should be taxed.
II We desire more money than We have,
let us initiate on gold and silver We fan
cied during the grccnback craze that We
were all getting rich. In 1873 We found
out that We had been buying $500, ,0O0, ,00C
more than We were selling. There Is moth.
ing 10 mysterious about national finances
The same principles are involved in pri-
vate finances. II u farmer is buying more
than he is selling from his barn, he is
growing poorer, but il he is selling more
than he IL buying he is. getting richer
This idea holds good with the trade OF the
country. Now things are changed. We
are buying less abroad, and have balance
in our favor OF $630,OO0,0OO. No people in
the world are 30 well able TO maintain q
specie basis as the United States, II they
say they will. We are just in sight OF the
day Of redemption. We can look right into
the promised land, but Greonbackers' say
"DOn't go in. Come, now, and wander
with us four years more" You depreciatt
your currency, and you might as well by
one shock OF mighty power paralyze capl
tai from one end Of the country to the
other. E...