Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-02-13
NEW SERIES--y0L. 10, NO. s

I The bondholder has been made th
s banker Of the country, and he is banl
= ing on the interest BEARING debt of th
s people. For every 800 of currenc
= they pay him nearly SO interest O
: the bonds which secure that hundred
: His advantages, however only bcgl
' with this bonus Of sixteen millions.
' The report Of the Comptroller show
. that, October !, 1877. the nationa
) banks had loans outstanding TO tn
J amount of eight hundred and ninety
} one millions. No one will pretent
that these loans are made on anaver
age interest Of less than 10 per cent
, This makes an interest account O
; eighty-nibe millions per annum, anC
, this IS an under rather than an ovel
estimate. OF other bonds, stocks
debts, real estate, specie, currency
clearing house exchanges, United States
certificates of deposit, and all other re
49, ,,s.~-' ~: r-.r~-'ss - ~" ...;oyal
banks, at the above date, amounting
TO something over five hundred and
fourteen millions, which, at the low
rate of per cent, makes an additional
interest income of twenty-five millions
Tho following statement will there.
fore correctly represen. the facts;
0e,oberI, 1871;
National bauss...............~.... 2,osO
In,s,.,, ~ ~ 49,, ''''VVV'OV'
people per annum .................. 100000 0
In return for the establishment of
this stupendous money mower il simnly.
acts as an ayent in ,ransmittiuo III.
currency of the United States from
the Treasury 10 the people. Willanv
one pretend that a cheaper and more
equitable mode of supplying the conn.
try with a circulating medium cannot
be framed by our legislative wisdom ?
In fact can anv ole for a moment d.
fend sucb n system of mononolv and
oppression? He who desires its ner
manence desires also the nerma.
nence of the National bonded debt
The two are inseparable. One rests
upon the other. ifthe national banks
are blessing then our public dabt il
blessing, for the debt supports the
banks. This idea is embraced in the
act of January. 1875. Provision is
made in the third section of thai act
tor an increased number of "bankrnp
associations 10 be based on an in'
creased number of interest. bearing
bonds sold for that pnrpose. They
are armed too by this section with
hostile mowers AGAINST the leyal.tender
greenback. With the mid ol the Sec.
retary of the Treasury thew are an.
thorized 10 exterminate this tavorit,
money of the people. For every sl00
issued after the date of the act Of Jan.
uary, 1875, by the national banks then
IN existence or Organized afterward
$50 in legal.tender notes are TO be
withdrawn from circulation and dc.
stroyed until that currency il contract
ed 10 the limit of 5000 600 600 The
purpose of this Legislation ia TO make
the banks completely master of the
financial situation and TO subordinate
all the wants and intere.ts of the
American neonle 10 their will and
Measure. And in order N G,c;li,ato
this purpose the greenback dollar has
been denounced With every epithet of
contempt and derision known TO the
English language. will not pause
now to defend this great money in its
contest with those who arc bent nm its
destruction. It's reputation in peace
and in war is known 10 ALI The sol.
diers and the sailors knew II In the
great hour of penl: their widows
their orpbans. and their manned and
crippled comrades have known il ever
since. The peonle of every class and
of every party engaged in business
and labor know that IN spite of all as.
saults. in spite of the fact that the poy.
ernment disbonors il by refusing TO
take 1t for government dues and in
spite of the fact that there il not gold
enough in the Treasury TO redeem il
at ten crn,s ON tb. dollar vet to.d dav
II ranks but three per cent. below gold
in the money markets that are most
hostile to its existence. All these
things are known and treasured up,
and do not dwell upon them now.
Sir, thus far have spoken in point
ing out what conceive TO be the vi.
cious legislation of this country on the
great and paramount question of its
finances. There are two opposing
ideas on this subject now thoroughly
aroused into vigilance and activity.
On the one hand is the vast money.
power in all its various developments
Of bonds, banks, and loaning associa-
tions, and on the other are the great
industries, the active business, and the
laboriug people. The issue has been
years in making up. but il is now
joined. Nobody need be deceived. All
the widespread influences of capital
are organized and combined. The
holders of public securities in America
and in Europe work together They |
think and act in concert
The national banks of the United
States have a solid organization to /
protect what they have and TO get as
much more AS possible. They are ask.
ing now to be relieved from paving
taxes on their circulation and deposits
in order that they may enjoy their
enormous profits free from ali burdens
for the support of the government.
Associations of capitalists, engaged in
obtaining mortgages at l2 per cent
interest on western farms, on account
of the scarcity of money in that sec.
lion, are not only striving to make all
such mortgages payable in gold a year
hence, but they are threatening those
in pecuniary distress that they shall
have no further favors at tho same