The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-08-25

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The law that spoke the national banks into
existence was of no advantage to the peo-
| pie. II the government could furnish the
bank circulation to the banks il could sure
ly furnish the same amount Of circulation
direct to the people. 1t was Of advantage
to the capitalist, whose bonds were lying
quietly in his vault, to say to him bring your
100000 worth of bonds to Washington
and deposit them, and the United States
treasury will pay you your o per cent. in
gold, and give you banking powers and
furnish you with 100000 of circulation up.
on which to do business 1t is not the bus.
mess OF the government to furnishany man
with the means to make money, but simply
to protect the honest means of every man,
Yet the government does furnish those who
have plenty Of money with the means of
making more money. To those who have,
they give, but to those who have not, they
take away that which they seem 10 have.
The strongest argument ever made against
the old United States bank, was the politi-
cal power of the banks. 1t was regarded
as dangerous TO the rights of the people,
II the political influence of Nick Biddlc
and his associates were dangerous TO the
people, how much more dangerous to the
rights of the people must be the political
power of the present national bank, They
are much greater in numbers and much
stronger in wealth.
The Cuited States supreme conrt decided
the old United States bank act constitutions
al 1,,tt D,ne,lo,t Tnol.s,,, hnll - tl,n rt,la
laid down by President Jefferson that the
supreme court could not bind the executive
by its decision, and Jackson held the back
act dangerous TO the people, and unconsti-
tutional, and vetoed IT, The friends of the
bank appealed to the people, but the people
sustained the president and affirmed the
veto.
The lessons that have been taught the
people by the creation of corporations by
the congress of the United States are being
severely felt by the people, and will be long
remembered,
The failure of the Northern Pacific rail
road, with its train of disasters; the nation.
al banks, with their political and monicd
powers; the Union Pacific, with its credit
mobilier chartered and paid for 10y the
government, but ownod and controlled 10y
the captalist-poitician, Jay Gould, who
pockets the earnings. and graciously allows
the people to pay the interst upon the bond
ed debt of the road, and the debt Of the
Union and Central Pacific roads and
branches, which amounts 10 S64.623,5l2,
upon which the government has paid an
annual interest of $685., 1920. amounting
in the aggregate to the sum of $50, S3j 039,-
SO, making a total outlay by the govern
mcnt in bonds and interest of the sum OF
$l04 AS, 5ji,s6, furnish warnings 10 people,
and expose 10 view the danger in this elias,
of legislation.
Why should tins government have built
these roads and gwen them to the CORPORA.
lions. If the building of a railroad to the
Pacific ocean was demanded 10y national
interests, the nation should own and control
it, especially wien the people pay for it.
But it is said the government is protected,
but il is not pr tectcd The government
has performed its undertaking to the letter
and spirit of the law, and these corporations
are not performing theirs.
These vast corporations that have brought
wrong and ruin 10 the people are all the
work of Republican congresses, and if the
Democratic party was once the suppllcnt
tool of the slave power, is not the R,publl
can party 10 day the willing tool of corpor.
alton, capital AMI power!
The granting OF corporate powers by the
congress OF the United States is without
constitutional grant, usurpa,ion Of power,
and full of danger to the people.
The Republican and Democratic parties
seem 10 have continued the fight referred
TO by Mr.. Lincoln in his Boston letter. until
the Democrats have gotten back into the
Jcifcrsonian coat, and the Republicans don
ned the Adams coat, and the Democrats
may now say lit is now no child's play 10
save the principles Of Jefferson from total
overthrow in this nation"
There is yet another caus' of distress
and oppression to the industries Of this
country, and not by any means the least.
1t is the bonded debt If the nation 1t is
an admitted principle in political economy
that capital should be dependent upon the
industries Of the country for lis earning
power.
Then any act or law that releases capital
from It's dependence upon the industries OF
the country must Of necessity be oppressive
to those industries.
Our bonded debt amounts TO Sl,19j,G1I-
900. The capital invested in these bonds
are not dependant upon the industries Of
the country, except that the industries Of
the country must pay the interest, and
therefore Cypress the industries, Capital
will not be idle. 1t is industrious, and wi
find employment, 1t seeks safety and
profit.
The bonds of the United States have been
paying per cent in gold, and exempt from
taxation. The capital sought this invest
mcnt as the best and just in proportion, as
the investments were made just in that pro-
portion was the capital of the country
withdrawn from its industries, and Just 50
long as the government sells bonds, lust so
long will our industries langush
The retunding Of the $50 bonds into
four per cents. has opened new field for
investment, independent Of the indus
tries, and millions are daily pour
ing into the treasury that should
be retained for the industries and
all these millions do not furnish employ.
ment for single laborcr in this land
Suppose the government stops the sale of
bonds and ceases to be competitor Of the
industries for the surplus money of the
country what will be the result The cap
,al will not he idle. 1t will explore fields
a ii 4 4.