The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-09-26

-oSts.-iiI.A XIV S~ti> "a SCHGItSS HItCi
had passed, levying tax Of ten pc
cent. upon the State bank circulation
which did effectively wipe them Out
Have you any State bank notes? The
have all gone. What killed them
Who killed Cock Robin? Congress
The Supreme Court says the taxes lev
led for the purpose of their destruc
ton were constitutional that Con
grcss had a right TO Kill them all, be
cause Congress has the sole right Il
furnish the circulating medium in th,
United States. That being the case
my friends, il Congress had the right
solely, and, rs | said, it is The duty o
Congress to DO il, let me ask you ii th.
same principle which requires that tll'
mCialic money shall be coined by Com
grcss does not require that the pape'
money shall bc issued by Congress
! ihc right to coin metal 10 ali2 VIII,
not Sc! up torGcs and black ksrniti, shops
all around here through this country
and auth riZc you all to go 10 work &c
manufacture mciai money? Because
the Constitution contempiaics that 40
| body shall do !ha; bat Congress. ifo,
the same reason that Congress is &c
furnlsh the metal money, Congress
ought the furnish the paper; other
wise ii does not discharge that duty
which the Supreme Court imposes
upon it---!hat il should furnish stable
and uniform currency"
Then rs 10 the point which IS the
text OF recent pamphlet issued by the
national banks, that &" bank notes rep
resent rdlaes, n3'ecabachs do NOT
Judge Thurman says:
"The Government has the whole
wealth of the Nation to draw upon
for the redemption OF. the greenbacks,
and when the condition Of the coun-
try shall be such that the banks can
maintain specie payment, so can the
Government. | defy any man to show
me why it would be a particle more
difficult for the Government 10 retain
specie payment if the country is in The
condition TO allow it than FOR the banks
to do il. That is, supposing that the
currency-the paper money-was bank
notes, and that the banks could main-
tain specie payment, ana specie pay
ment shall be maintained, it will be
found in fact easier for it to maintain
a convcrtibiliiy Of its greenback cur
rency than banks if they had specie to
maintain it. That disposcs, 1 think.
OF that objection, or ought to-"
Passing from his line of argument,
Judge Thurman next considers whcth-
the substitution Of greenbacks would
be unjust to the National Banks. His
argument is entirely satisfactory:
The bank charter contains an express
that Congress may alter or
amend it. The banks accepted the
charter with this condition in il, and
have therefore no right to complain
il for the promotion Of the public in
tcrest Congress exercises the power
thus wisely reserved. The banks have
done the most prosperous business in
the country. They have paid the
shareholders dividend ranging from
ten to twenty per cent. per annum, land
i'll December last, as appears from the
annual report of the Comptroller OF
the Currency, there was 81 surplus of
Sl22,SO0,O0O and SltJ00O00 ef undi-
vided profits. making together $lG7,-
100000 Mark that. That is ali sur
plus. after having paid dividends of
from ten to twenty per cent. TO share
holders. Certainly no other business |
las averaged such profits.
I" While every industrial pursuit has
suffered in the las; i've years, while
iron works. &c. have
,cen compelled to ator, or ruu on less
inc at slight remuneration, and while
Torkingnen have been thrown eat OF
employment or compelled! to work on
lali time at diminished wages, the
'rGiiis of National Banks have been
ieaiiiv maintained. do not mean
q create prejudice against The banks,
'ecansc | make iio appeals to passion
II prcjnGice, but when il is said 10
'rcicr the public welfare io the profits
i The banks would t:.reatcn the banks
yith injustice, ii is right Ia lay these
ac::' before suu,'
Requiring the National Ranks to re-
ire their circulation, hc further argues
'onlt: not co;aVrl them To wint. up.
Is private bankers do, they could
ontinua II profitable business. Nor |
ocS jut!gc Thurman believe iiley ,
houii be compelled 10 retire their |
irculation inatauianCously. Nothing !
/ the kind is proposed in either the ,
'hio or Pennsylvania Democratic ,
lat!oims. Gradual, not instantaneous
Institution % grcenbacis is proposed. {
his point is suggested: !,
g In few years-iiYe CT siX-ti!c {
,ariers OF these banks will be.in 10 I
;pirc. They 10 aot expire st once, I
ark you, Each one has twenty years c
run from the time It begun, so that
icy run out, some one year, others i
e next, and so on, until :lli are re;;r- |
|, If none Of their charters are re- c
wed. Ana Il is a fortunate thing >
at such is thc case. III 4 few years. 7
OF siz ycars-the banl; c
'arters will expire. And they have
, right, legal or moral, TO renew 8 l.
larter. On the expiration of their N
.artcrs their notes mus: be retired. a
may be Congress viii see fit to t
yait that event, and rs each bank d
'ea out OF existence, and It's notes L
c consequently Withdrawn, supply v
cir places with greanbaoks."
We conclude our extracts with this \