American citizen. [volume] (Canton, Miss.) 1864-1890, 1878-08-24
SENATOR THURMAN.
His Speech at Hamilton, o., on the Fiaan-
cial Question.


ctal Question.
MR. President AND FELLow-CITIZ 1
have seen several statements in the public
press to the effect that the object of my APP
pointment to address you to- day was that
should sound the keynote of the cam
paign." wish in the very outset of my re
marks, to disclaim any such pretension I'm
DER Tree institutions it is for the people to
give the keynote; and, SO far rs the Democ
racy OF ohio are concerned, they have dis
charged that duty in the platform adopted
by our late State Convention. stand square
principles heretofore, and shall continue to
advocate them.
APERsONAL EXPLANATION.
Perhaps this is all should say about my
self; but, inasmuch as, in certain quarters,
am denounced as a man who has surrendered
it may be pardonable in me to occupy a few
moments in repelling this charge.
The accusation has reference to my support
of the financial plank in the platform. Now,
what is this financial plank? 1t condemns
repeal of the Resumption act; advocates the
removal of all restrictions to the coinage of
money metal, the same gold-the same as
it was before its fraudulent decentralization;
the gradual substitution of United States ic.
gal tender paper for national bank notes,
and its permanent establishment as the sole
paper money of the country, made receiva.
Bile for all duties to the Government, and of
equal tender with coin-the amount of such
issues to be so regulated by legislation
ganic law as to give the people assurance of
stability in the volume of currency, and the
consequent stability of the value; no further
increase in the bonded debt, and no further
sale of lands for the purchase of coin for re-
sumption purposes, but the gradual eXtinc-
ton of the public debt; rigid economy. the
the public service, and a tariff for revenue
only" These are the financial doctrines of
the platform, and now, confidently defy my
critics, one and all, to name any vote that 1
have given. during the nine years that have
sat in the Senate, that was inconsistent with
these principles. 1 have steadily opposed
contraction ever since it was inaugurated. 1
spoke and voted against the Resumption act
n n
Congress voted for its repeal. worked hard
to restore silver to the place it held before its
resolution for our State Convention favoring
the gradual substitution of greenbacks for
injudiciously amended. believe every
one now admits, was passed by the Conven-
Senate that greenbacks should be receivable
for customs duties, and at the last session
BILE. / have been the advocate of a stable
currency, and your platform demands sta
bility. have contended that the precious
metals ought not to be demonetized, ana the
platform asserts the same doctrine. l have
spoken and voted against an increase of our
bonded debt. have advocated, to the best
of my ability, strict economy, reduction of
expenditures. and revenue tariff. My
sistent with the platform of our Convention,
as the journals and debates of the Senate
will show. AndI beg leave to add that have
never given a vote. in the nine years 1 have
sat in the Senate, to which exception was
know, or have ever heard.
Fellow-citizens, trust have not offended
propriety or good taste by making these few
my constituents, and have right to know
whether have represented you correctly
serving, it is for your interest well as mine
that it shall not be unjustly furnished. But
enough upon this theme.
SUBSTITUTION OF GREENBACKs FOR NATIONAL
BANK NOTES.
When the currency part of the platform is
carefully scrutiniZed, it will be found that its
principal feature is the proposed substitu-
1 think that do them no injustice when 1
say that the leaders of the Republican party
are in favor of directly the other courSe-that
is to say they would retire all the green
backs III order that their places might be
filled with national, bank notes. Let either
the country remains the same. Use either
kind of paper, and the amount of coin in ac-
tual circulation, apart from the small coins
used for change, will be comparatively small,
long as one, and two. and i've dollar notes
are freely issued, for such notes always drive
coin out of circulation. And, whenever con-
version into coin is practicable and desira-
backs as to convert bank notes. The ques
ton then is narrowed down to this, Shall our
ppr np For several reasons, That viii
briefly state, think that the latter are prefer
able.
In the first place, national bank currency
means the indefinite perpetuation OF the ma
tional debt. The national banks. SO far as
their circulation is concerned, are founded on
that debt. 1t is the security for their notes;
and. whenever the debt is paid, the banks
must retire their circulation and cease to is
sue notes. In order, therefore, to perpetuate
their privilege of issuing notes, they must
strive to perpetuate the national debt. And
you may rest assured that they will do so;
and the influence of more than 1000 such in
situations, spread all over the country, will be
very powerful indeed.
Now, / am not one of those who believe
that a national debt is national blessing. |
that such a debt is national curse To say
nothing of its corrupting influences, its drain
Sf eerfaV s Mhen
large portion of the debt is held abroad. In a
terest paid exceeds the principal of the debt,
while the drain continues with undiminiShed
force Heavy o Is ss studed te
ject knows that oppressive taxation is one OF
the worst foes to the INDUSTRY ana Prospearit ;,
can not be speedily paid. but we ought not to
put unnecessary obstacles in the way of its
payment. The national bank notes are such
an obstacle, and for that reason are objec-
tionable. Your platform wisely advocates
"the gradual extinction of the public debt"
1t thus favors its honest payment, and OPP
poses it's indefinite perpetuation And, IN
strict harmony with this principle, it con-
dennis bank-note system that tends to per-
A second objection to the national bank
system is, that it tends to combine, concen-
trate and intensity the money power. shall
indulge in no defamation against the money
dice 1 wish to reason fairly, and wish you
to Judge fairly. And do reason fairly when
L
during tile whole period of the unlimited
sway of the Republican party, the legislation
of Congress steadily favored the rnoneyed
interest, and thereby greatly added to the
burdens of the people; that the purchasing
power of money has immensely increased,
while the exchangeable or purchasing power
of every thing else has remained stationary
or has diminished; and in view of the further
fact that the national bank system confers
special privileges upon the banks that no
other Institutions and no individuals enjoy;
that it combines more than 1000 institutions
now, and, If perpetuated, may combine thou
sands more, in a common purpose, ana with
a common interest to maintain their power
and prolOng their privileges; that these inStl-
buttons are scattered all over the Republic,
and acting openly in secret, are able to
influence Legislatures, Congresses, and thou
sands of voters-it is not injustice, but, on
anxiety, to suggest that such system is
fraught with danger to the prosperity of the
people and to the purity OF their Govern
inent IT, in the time of Andrew Jackson. the
existence of a National Bank, with a capital
of only $35 900 600, and a few branches here
and there, was considered dangerous to the
welfare and the institutions of the country,
what shall we say of a wide spread comb1na-
ton of 1000 national banks, now welding
nearly $500 O00, 900 of capital, and destined If
perpetuated, to vastly multiply in number,
and to control thousands of millions?
A third objection to the national bank cir
culation is, that
is A SPECIAL PRIVILEGE
that puts many millions of dollars into the
pockets of shareholders, and takes many
millions annually out OF the pockets OF the
| people,
| terest upon what he owes; but in the case OF
| a bank note, this rule is reversed The note
| is a debt due by the bank; but, instead of
paying interest upon it, the bank is author
| lied to loan it as money, and take interest
| upon the loan. Itthus enjoys a privilege that
| no one else enjoys. 1t draws interest upon
| the National Banks brings them an annual
income of probably $50 900 900 The @ ,ado