The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-11-18
The Action of the National Banks

The Action of the National Banks
Are the banks greater power than the
government? The late action of the
banks at the commercial centers is virtual
ly a declaration that they will refuse to
take silver as money. The government
has declared it shall be money and restor
ed it to its former condition as a part of
the currency of the country. 1t authori-
yes its coinage in amount not less then two
nor more than four millions per month.
The people demanded the restoration OF
silver money, and congress obeyed the
will of the people. The banks propose to
divest the people of their right to say
what shall be money, aud by refusing to
recognize silver to compel the country to
deal only in gold and their own bank
notes. Ii is simply question whether the
government will be supreme or whether
the banks shall rule. The Secretary of
the Treasury has all along played into the
hands of the banks to the best of his
ability In every possible way he has
done what he could to pervert or negative
the effects of the law remonetizlng silver.
He has only permitted the coinage of the
least amount authorized by law, If he
has not actually proposed to the banks the
course they have adopted he has acted
in such manner as to leave no doubt of his
being on their side and in full sympathy
with their proposed scheme of ignoring
silver.
The people should look into this matter
closely and get to fully understand the
position aud its consequences, There are
in round numbers two thousand national
banks with an aggregate capital OF six
hundred million dollars. The policy they
propose to iuaugurate is simple coercion.
1t is a refusal to recognize the right of the
people to avail themselves Of a bi metallic
currency and force the country to gold
standard in fact, notwithstanding the
statutes upon the law books, or the posi-
tive legislation of congress. Will the peo-
pie submit to the dictation of the banks
In looking for the grounds which inspire
the banks to boldly defy the laws and
thwart tire will of the people-aside from
the action of the secretary-it seems most
probable they interpret the late elections
as indicating license to make the at
tempt to get rid of silver. They are IN
doubtedy mistaken if they sc
believe. The idea of initiation
aud of an unlimited issue Of
greenbacks, or of any sort of irredeem
able fat money has been Enthusiastically re
jected, and it is hoped effectually quoted
for all time to come, but, in all that, there
has been no authority given to make wal
upon silver, or any indications Of the peo
pie repudiating the action of congress in
restoring it to its rIghtful position as a part
of the money Of the land The repubi-
cans were largely in favor of the silver
measure when it was enacted, and nothing
developed during the canvass has led the
people to believe they were about to repu
date their former adherence to it, In al
their talk upon monetary affairs they made
no disclaimer that a silver dollar was no
an honest dollar, and the same thing may
be said of the democrats; in fact, if We
have rightly understood the doctrines o.
the nationals, they also made no objection
to the coinage and use of all the silver The
government could get into circulation. Il
is undoubtedly a safe estimate to suppose
that fully three-fourths of the voters Of
the whole nation accepted and recognized
not only the validity but the propriety Of
having silver as part oil
the standard money of the country,
and doubtless a largo majority of the
people favored its unlimited coinage.
The late elections have not demonstrated
any change 10 regard to these facts among
the body Of the people, and the action OF
the banks in attempting to contrayene the
will of the nation will inevitably result il
another, and possibly, still more violent
agitation OF the currency question. The
same congress which passed the silver bill
with intent to restore it to its old time
use will still be the congress which is I,
legislate upon the subject until the mex
fourth of March, and the complexion of thu
then incoming congress cannot be consid
cred 10 any light as more adverse to sivel
than the present congress. THERE'S reason
to suppose it will be still more opposed I,
the scheme of the banks than the presen
congress. There is no greenbacker, sucl
10 name IN the present congress but in tn,
next 'here;Wil be several, elected direCtl,