The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-09-26
Thurman on National Banks.

speech at Athens, in this State, Q
Saturday, August 30th, in which L
elaborated the arguments he presente
i'll his Hamilton speech, on the impor
ant question OF substituting grcenback
/ for National Bank notes. There is
charm abOut Senator Thurman's plai,
and trenchant way OF putting his al
guments. that makes him one OF tn
most effective public speakers in tn
unicn. lie does not bother himscl
much about fine phrases and elOquen
pcroratiOn, and his speeches are all th
better for it; but he is man of tre
facts with telling force.
AT Athens Senator Thurman tool
up some of the criticisms made on hi
Hamilton speech by Secretary Sher
man at Toledo. The latter scouic,
Thurman idea that there was DANCE
to the country from IA concentrate,
money capital; claimcd that it was tht
weakest influence in The world, an,
said he never knew ten National BanI
officers to agree on any subject. IL
reply to this line OF argument Senator
Thurman said:
Without going any further bacl
than 1865, at the close of the war, ant
coming from that day down to this,
demand of him and OF everybody else
who is cogniZant of the facts, TO say
in whose interest has the legislation OF
Congress been? Has il not been no.
toriously in the interest of none, ed
capital, aud added hundreds Of millions
to the value of the bonds and sccuri-
ties held by money capital, and added
that much to your indebtedness What
interest, pray, was it that made the
bonds, which by the law
were payable in grcenbacks, by an al
payable in coin? That was
the very first act of General Grants
Was not that brought
about by the influence of the money
power? What influence was it that
ieMonctized silycr? Was il not the
influence of the money power? What
influence is it that has steadily con-
racted the currency for so many years,
thereby approaching the value OF
money and making its purchasing
power far greater than it used to be.
while the purchasing power of every
hing else remains the same as before
,r has diminished Was it not the
money power? Did the farmers go to
Congress and ask it to pass these meas
Tres? Not one of them. Did any
ever petition Congress for any
such purpose, or any mechanic? Not
'ne of them. Who was it put this
neasnre through but this combined
money power, which Mr.. Sherman
links is the weakest power in the
whole country? Oh, my friends. that
won't do. Why, there are old men
lcrc before me-for see gray hairs in
plenty here-there are old men here
Who remember when the people of this
ountry stood alarmed at the existence
If little National Bank that had only
80, 900. 900 capital, with a few branches
lere and there, and when they sup.
'orted Old Hickory Jackson in dec,ar-
ng, Z" By the Eternal that bank shall
ease TO exist. And now, when we
ave two thousand National Banks,
Iith, not a capital of So, 100000 but a
apital ofnesrly 100000, 900, and with
capacity to multiply and increase
lcir power over the country indcfi-
itely if the system be continued, we
re asked to believe that this money
over is the most infantjIc. helpless,
'eak thing to be found on the face of |
nc earth. Laughter. IL won't do,
entlcmen.
Another point objected to in Shcr-
Ian's Toledo speech was his argument
iat the National Banks enjoy spec
i privilege that puts annually into
leir pockets millions Of dollars and
kes millions OF dollars out Of the
Dckets of the people. lie reiterated
lis point ut Athens, rs follows:
"These banks have an advantage
at no other bondhoider has. If Won
I'VE II bond of the United States Won
N draw your interest upon il. and
at is all right, bn. these banks DO
ore than that they deposit The bonds
ith the Treasurer Of the United States
al then they get ninety per ccnt. Of
Q amount in bank notes and loan
EN-, and so they get nearly double
cir intcresL-pcrhaps more than
'ublc, because they loan their money
II higher rate OF interest; so they
ny make their bonds realize them
orc than twice the interest which the .
nd yon lave in your pocket realizes '
you. They have That advantage ,
Il what am saying about their
awning millions ont of the pock cts of {
G people would be true if they had (
It single bond on deposit. IL re- s
lis from the fact that the banks are |
owed to lend their Indebtedness and
interest upon it-gct interest upon {
lat they owe, instead of paying in '
est on what they owe, as everybody J
&c has to do. Now, my friends {
IN this S2l 100000 which they thus
aw from you every year, let us de. S
ct the taxes they pay on their circu. t
ion. They pay one per cent. on t
,ir outstanding circulation as taxes (
the Government OF the United t
ltes, and if the circulation exceeds c
tain proportion of the capital, there 9
o be heavier rate OF taxation, but l
AN not aware of banl; in The i
lited States whose circulation does a
;eed that proportion; therefore q
lat / have stated is practically true
It the tax they pay is one per cent. C