The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-09-12

helo lecGlNuple AuI aCustuu uutleH uuu III
four per cent bonds. b..
Another proposition OF q similar char
acter was offered in the House, as 4 sui
stitute for the same bill, by Mr.. Hubbell
OF Michigan, as early as the 23d Of Novem
Der last. II was "that so much Of seCtiOi
8 OF an act TO provide for the resumption
OF specie payments, approved Januar,
l4th, 1875, as provides for the redemption
In coin by the United States OF all lega
tenders outstanding on the first day o
January, 1879, embraced in the claus
OF said section of said act in tn
language following, to.wit: "And on an,
after the first day Of January, 1879, III,
Secretary OF the Treasury shall redeem II
coin the United States legal tender note
then outstanding on their presentation TO
redemption at the Office Of tho Assistan
Treasurer OF the United States in the CITY
OF New York, in sums not less than fifty
dollars, ".shall be so construed us not t
authorize or require the Secretary OF thu
Treasury to retire and cancel said note
redeemed us aforesaid, but TO authorize
and require said Secretary to deposit salt
notes in the Treasury ofthe United States
whercupon said notes shall be paid out a
their par value in discharge OF all claim
and demands against the> United States, Of
in exchange for coin. And said notes shall
as heretofore, continue to be legal ten
der. and on and after January LIST, 1879
shall be receivable ut their face value IL
payment OF all dues to the government
and OF all debts, except where coin pay
mcnt is stipulated by contract or by statute
and all provisions Of law in conflict with
this act are hereby repealed"
Now sir, what fair and honest objection
any man desiring TO strengthen the money
OF the people, to make the greenback dol
lar good dollar. could have against Mr.
HubDell'S proposition am unable TO see
Nevertheless there were but five Demo.
Gratis in the House OF Representatives who
had the courage to vote for the amendment,
and they, all of them, except Mr. Williams,
OF Michigan, were Eastern men. OF the
Ohio Democrats the entire delegation voted
against the amendment. While the Dem.
ocratic party protested to be the friend OF
the greenback, and claimed to be its cspe-
cial champion, believe that the true pur.
pose md design Of those who are the real
leaders in Ohio and elsewhere in this
movement, is to finally destroy the green
back. / believe that their true purpose is
to have cheap money.
TIE WAR on TnE BANKS.
The war made by the party upon the
National Banks in this State is supported
by many specious arguments. ] desire to
refer to one recently urged by Judge
Thurman in his first speech, opening the
campaign for the Democratic party in But
Ter county q few weeks ago, In which he
charged that the National Bank currency
was a tax upon the people. The Republi-
can speakers, Gen. Garfield, Secretary
Sherman and others replied to his argu-
ments, and last week when Senator Thur
man came again upon thestumpat Athens
he replies In this languagc:" A third
objection to the National Bank system is
that it is special privilege which the
banks enjoy, and that puts annually mill
ions OF dollars into the pockets OF their
shareholders, and takes millions OF dollars
out OF the pockets OF the people," "Now
in answer to this point OF my Hamilton
speech" says the Judge, "for | made the
point in that speech, several gentlemen
ofthe Republican party who spoke this
day week ago, either blindly or wilfully
misunderstood the point. They treated 1t
as II l was speaking Of the interest on the
bonds which these bankers deposit for
their circulation, when was not speaking
about that at all, and made no allusion to
these bonds. They think they have tri-
umphantly answered by saying thatif the
banks did not own these bonds some one
else would, and the Government would
have to pay the interest. Why gentlemen
| was not speaking OF that at all. lfthere
was not bond of the government in ex-
stence, II these banks had to deposit no
bonds whatsoever, yet what | have just
told you would DO true, that upon that
three hundred millions OF their own in
debtcdness which they loan, they draw not
less than twenty-one millions annually by
way OF interest, and that is taken out OF the
pockets Of the people,"
Now gentlemen lot lis examine the objcc-
tion,to the National Banks so seriously
urged by the Ohio Senator. He objects to
the National Banks for the reason that
they loan to the people three hundred
millions OF money which they are bound
to redeem, and for the redemption OF
which they have on deposit in the United
States Treasury, bonds Of the United States
to secure every dollar OF their circulation.
He complains because they loan this cir
culation and receive interest upon the loan.
Suppose every dollar OF National Bank pa-
per was taken up and every National Bank
in existence had wound up its business,
and that instead OF the 324 millions OF
National Bank paper now In circulation
we had 1874 million greenbacks. shall
not discuss the proposition here as to how
these greenbacks are to be put into circula-
ton. l am satisfied however that the
Democratic party would soon find q means
OF getting them into circulation some way.
But suppose they wercin circulation in the
hands OF money changers, instead OF being
in the National Banks. They would be in
the hands Of private banking institutions
OF private individuals, OF men who stand
around on the curbstones and do the bust
ness OF money changing. And suppose
sir, that you desired q loan OF some portion
OF this three hundred and twenty.four
millions OF money; because II happens to
be greenback currency, because ithappens
to be in the shape OF greenbacks, does any
one suppose that you would get it without
interest? Does any one suppose that the
government would make him q present OF
this money for term OF months or OF
years without interest? The government
OF the United States, in the first place
never loans its money, and though you
were to wipe out every National Bank in
the land and substitute for their circula-
ton grccnbacks to tho extent Of three
hundred and twenty-iour millions, yet II
you borrowed this money! il you used 1t
in your business, you would have to pay
the interest upon It Just as you would pay
It on differentiation OF the National Banks.
And so far us can see the only difference
to the tax payers, to the people, would
be in the fact that II this circulation was
in the shape Of grcenbacks 1t would pay
no taxes whatever, either to the general
government, or to tho states, while the
National Banks OF this county, four in
number, pay an annual tax upon 500, 600
OF stock that is upon the duplicate OF your
county, and assessed for taxation Just rs
other property, and in addition to this
they pay to the general government tax
NJ nnn nor cant unon their circulation and