Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1878-09-04

tAese hanks, By The uncsstain value Of their
paper money,by IL limited local circulation
and BY s1ecessful counterfeiuug, was An.
nually greater than the interest Of the entire
national bank circulation Of the United
States.
BANKING CORPORATIONS.
Il u easy TO opposeb banking corporations.
Instead OF having political power they are
the Weakest mshbets OF . continuity, sAy
what yoH will Of them; their sAbstitution
for st1te banks Was one OF the Nisest and
most beneficial acts Of the general govern.
ment since the commencement Of the Wal.
Personally I have but little interest in or
feeling for national banks. But for the
benefits derived from them, / would not
care what became Of them. Their contiu.
ued existence ought to depend upon their
ability, without cost ot trouble 70 the Uni.
notes at par with United States notes or
coin. II they fail In this they ought to be
abolished. Hthey do it they ought 70 be con.
tinued. They are useful financial agents
scattered through the United States in ex-
changing the products Of industry and To-
calixing capital. They paid last year to the
government Of the United States 81, O78, OS7
In taxes, and for state and local taxes ~.
7Ol 1872, or . total Of $l6.777 ,Sl9, or nearly
four millions more than Judge Thurman es-
timates We will save 10 the people by issuing
These taxes would all be lost to the United
States and to the states if the national banks
were abolished. Their notes are secured
beyond peradventure, they are protected
from counterfeiting far more successfully
than any former system, and, IN their credit
be it said, not one dollar has been lost on
any national bank note ever issued. Where.
ever you go you may carry them with
safety, without examination ~ to where or
when they were issued. They are good
everywhere in the United States.
NATIONAL BANKS.
Senator Thurman has stated some Objec.
tons to the national banks; % which ! will
briefly reply. He says: "Inthe FIRST place,
mite p~erpetuation of the public debt" As
. national bank exists only for twenty years
from the date Of it, organization, and il
liable at any time by act Of congrts 80 to be
abolished. this does not seem . very potent
reason. / Am sorry to say that the prospect
Of paying our debt 20 soon as the life Of q
national bank 10 not very fattering, nor are
they likely TO deter its payment. As for the
influence Of these Institutions, 20 much
feared by Mr.. Thurman, it is not an object
Of alarm, for it cannot be combined, OF, il
BY . single wave of popular opinion.
His second objection to the national
banking system 10 "that it tends to COM
bine, concentrate and intensity the money
power" This again 10 An Elusive fear.
There 10 no power in this country that 10 %
weak in political management ~ what il
called the money power. 1t never has been
nor can it be concentrated SO - to affect po'
litical questions. The tendency of our in
situations makes it easy to combine at once
political opinion and political power
against il.
Party organization isinfinitely more power.
full for combination than the money power
Ny experience in Office enables me to Say
that IL you convene ten bank president,
you will have ten different opinions, while
party organizations brings even Judge Thur
man and General Ewing ON the sam plat
form.
Nor is it true, a. stated by Judge Thur
man, that the legislation Of congress favored
the money interest during the period of tbs
sway Of the Republican party. for THU
national unity and national honor, ant
national existence. II tended to make oul
nation sSrongat home and respected abroad
and in no single question has it fav0ret
what II called the money interest
THE VITAL ISSUE BETWEEN THE two
GREAT PARTIES.
The vital issue between the two great par
ties has been. OF the part of the Republicans
. desire to maintain the integrity Of thu
| Union and abolish slavery, to secure equa
political and civil rights 70 all men, to main
| tain the national honor, and to advance tn,
industrial interests of the country, Will,
the theory and policy Of the Democrat,
party has been to belittle the national gov
ernment, to subordinate it to the power o
the states, to preserve slavery, to leave in
dustry without protection and support, ant
To s~ectiOnalize into petty communities tn,
elements of . great and powerful nation
and these are now and will be in the futur,
the inevitable tendencies Of these two par
ties.
The third objection stated by him to the
national bank circulation 10 that it IT, spe,
cial privilege and takes many millions on
of the pockets Of the people.
This again is untrue in point of fact ant
illogical in argument The national banh
circulation il not q special privilege, but il
that may be organized in any part of tn,
United States. To call this . special priv
lcge 10 absurd. The same privilege nigh
be granted TO every individual citizen o
the United States, but experience show
that . corporation 10 more wisely admins
tered when it il composed of . number o
persons, not less than i've, than when it i
controlled by . single person, and corpo
rate authority 10 essential to preserve it
existence in case of the death OF . partner
But for this the special privilege might b
l ~~~~AAA - A~>~. msks~>n rwkn ~nnlA ~.~n Al.
requisite security for the redemption of tn,
notes issued by him.
Az 70 putting money into the pockets o.
the shareholders, this again il absurd. tn,
goveFnment pays nothing and contribute
nothing 10 . bank. The shareholders bu,
the bonds of the government and deposi
them with the government for the securit!
of the note-holders. II the bank r~etires, tn
bonds belong to the shareholder and not Il
the government. Nor can the government
pay these bonds in any other way than i
could pay the bonds in the hands OF ind
viduals. The government would pay tn
same interest on their bonds whether he'll
by the bank or BY any citizen, or in Europe
WHY BONDS ARE DEMANDED
a. security is because they are the best sc
curity. But for this . mortgage security o
q personal security might Be taken, but q
the government security il the best, thi
Is demanded, not for the henef. of the gov
eminent, but for the note-holders, for whom
the government 10 . mere trustee. WheI
the government pay TO the bank interes
on bonds held BY il ~ . security, it onl,
pays what il justly due and what il woul,
have 10 pay q all events 70 anybody hold
ing ths bonds until they ore redeemed.
How It takes many millions annually on
Of the pockets OF the people 10 hard to con
l QAi0A M NM hnppn~a thu mnkAn nj IN,
bank unless it II for his interest to do 20
The ability Of the bank n lend il . conve
nience TO the borrower - we'll - the lender
The government cannot engage in this bust
ness Of loaning money. It would be = serr,
time for the people other than poltics
stfikers, II the government loaned money
THIS is purely . private, personal employ