Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-10-02

surplus luna, amounting 10 more thal
one-third of all their paid in capital
Thus their stock becomes enormously
enhanced in value, as IS seen by recen,
quotation of the stock OF the Chemica
National Bank of New York, whose pal
value, 1 believe, is 500 per share
while its par value In the market !,
s1,7OO per share. A Asystem of finance
that permits such profits when labor
is idle and industry paralyzed is OPP
prcssive to the people and dangerous
TO free Institutions. II tends to cen
tralization 1t builds up ia vast money
power born Of the same parent, suck
ing the same breaet, and devoted TO o
common purpose. If General Jackson
had cause to fear one bank controlling
$4,000, 600 or'40 100000 VISIT would
he have thought OF 1000 banks, organ
lied under one law, with the same inter.
ests and aims, and having $500, 0OO,-
600 capital2
A circular from tho Secretary of the
American Bankers Association, dated
August 81, 1878, shows the concentra-
ted action and tho evil disposition OF
these banks. The purpose evidently
is to levy large corruption fund to
debauch the voters in doubtful Con.
gressional districts and to elect the
friends of tho banks TO Congress. DO
not our duty and our safety alike loud.
ly invoke instant and crushing condem-
nation Of the system and the means by
which it is sought to perpetuate it 2
The circular says:
"To meet the expenses of our asso-
citation for the current year, as direct
ed by the convention and by the exc
cutive council, our treasurer has pre-
pared his drafts, which will reach you
about the same time as this is deliver
cd. A prompt response will, we hope,
be given by all banks and bankers,
whether previously mombers of this
association or not. There are indica-
tions that a renewed aud violent war
is to be made upon the banks, aud it is
not the part OF wisdom or prudence for
us to sit supinely idle and allow our
selves to be misrepresentod and ma.
ligned before the public"
"Thero are indications that a renew
ed and violent war is to be made upon
tho banks' that is, the people are try.
ing to repeal the law, and therefore we
need money to control elections, employ
lobbyists and corrupt Congressman
How shameful is this revelation.
A continuation OF national banks
means the perpetuily of the national
debt It is never to be paid Is that
the doctrine Of the Republican party in
Pennsylvania 2 The farmer or me-
chanic'never feels that his home is Sc
cure while the mortgage remains un.
paid. We have u mortgage upon the
nation of over s2,OO0,OOO,000 and we
now and then hear it whispered that
it is u national blessing. To the hold
ers Of our bonds, exempt from all tax
alton, it may be so but to the millions
Of taxpayers, il blessing, il comes in
Il sad disguise Syndicates and rings
may sing its praise, but the people,
bending beneath the weight Of its con.
suming burdens, speak a truel voice.
1t is the right of the nation to change
the system, and no one can be nisled,
for tho law authorizing these banks ex-
pressly reserve to Congress the right
TO alter, amend or repeal il at any time
In making the change invested capital
should be protected and no shock
should be given to the business of the
country.
The Treasury note, issued by the
Government and based upon the entire
wealth of the nation, should take the
place of the national bank note, under
safe and proper regulations of law (;
and thus there would be annually saw
ed to the people from sl5, 100000 TO
S20,000,0O0. This note should not be
dishonorcd by the Government by its
refusal to accept it for any debt where
the contract creating the debt does
not provide for payment in coin. II a
Republican Congress and Republican
President could make the greenback a
legal tonder to the soldier and the sail.
or the widow and the orphan; if it
was money to pay for the blood of 800.
900 Of our bravest and best, who died
that the nation might live why should
not the Government accept it in pay
ment of its own custom dues2 Are
life and limb less sacred than tariff
rates No human language can esll.
mate the wrong done by this degrada-
tion of the peoples currency. Year
after year the Democrats in Congress
have tried to redress this wrong, but
as votes are there counted, and not
weighed, they have thus far failed. But
the day Of the peoples delivorance
draweth nigh, and this shame of our
national legislation will soon be blot
ted out, and after il shall have been
buried with the political crimes Of the
past, the wonder will be that such IN
Justice could ever have had defender.
Such is clear declaration OF the
Pittsburg platform.
would not be unjust to the Ropub.
lican State managers. Tiiiiidly silent
in their platform, apparently bold in
their declaration in favor of national
banks as made by Mr., Grow in his
opening speech Of the campaign, they
vet present evidences Of very accom-
modatng spirit. The Republican con-
vcntion ofLyooming county few days
ago indorsed Tor Assembly two Of the
nominees of the Greenback party and
"no questions asked" The nuptials
were happily celebrated, Mr.. Grow, as
the high priest, ministering at tho al.
tar. Now, shall the offspring be rag
baby p But the virtue of this exam
pie is found in the sense of comfort il
gives TO Republicans throughout the
State in not forcing them to lio in their
bed if they find IL too short. 1t recalls
the parsons announcement of funer-
al: at will take place tomorrow af
ternoon If il rains in the forenoon, but
if II rains in the afternoon II will take
place IN the forenoon.
RErRENcnMENT.
While the net ordinary receipts Of
tho Treasury since the Republicans
have been in power are over s5,OOO,-
100000, very small portion of that
sum has been applied to the payment
of the National debt. After paying
the interest and pensions, most of the
balance has been expended in dcfray.
ing the current expenses of the Govern.
ment With $4,000 Federal office hold.
crs and vast appropriations for the
army and navy, the burdens of the
people remain but little less than at the
close of the war
Afier 100000, 900 expended Tor the
navy, il Is not now fit for active SER