The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-26

any State bank notes? They have all
gone. What killed them? Who killed
Cock Robin2 Cong. ess. The Supreme
Court says the taxes levied for the pur'
pose of their destruction were constitu.
iional that Congress had right to kill
them all, because Congress has the sole
right to furnish the circulating medium
in these United States That being the
case, my friends, Congress having exclu-
sive right, and, it being the duty of Con-
gress to do it, let me ask you if the same
principle, which requires that the metal
lie money shall be coined by Congress,
does not require that the paper money
shall be issued by Congress2 Can any
man tell me2 Why not give the right to
coin metal to all2 Why notset up forges
and blacksmith shops all around here
throughout the country, and authorize
you all to 60 to work to manufacture
metal money? Because the Constitution
contemplates that nobody shall do that
but Congress, For the same reason that
Congress is to furnish the metal money,
Congress ought to furnish the paper
money; otherwise it does not discharge
that duty, which the Supreme Court i'm
poses upon it-that it should furnish
staple and uniform currency.
But here want, upon this legal tender
question, to put one idea in your heads
to think Of 1t is very important idea,
and want you to think about it, Is it
not right that any currency, whatever it
is, with which people do their business
which they borrow, and in which they
make their contracts, should be good
enough money to pay off contracts with
when they become due? Is it not right
that, money with which the people are
compelled from necessity to do their
business, which they receive for their
produce, which they receive when they
make a loan, when they sell property of
any kinds not that money sufficiently
COED also to pay their debts with2 Is it
right, if | should loan you a thousand
dollars in paper money, and then when
the time comes around when it is to be
paid, and the paper money was just as
good then as when you had made the
loan-maybe better-for me to say, mo,
sir; will not take that at allP" Mind
you, l am not speaking against hard mo-
ney at all. But l say that kind of mon
ey, whatever it is, which under the law
CirCulates as money, which the people
use in all their transactions, which man
receives when he lborrows money, when
he sells home, produce or merchandise,
that money which he is thus compelled
to receive from necessity for whathe sells
or ifit is for labor, it ought to be as good
when he comes to pay debts.
Ia the next place it is said as an objec-
ton to this substitution to greenbaCk for
National bank notes, that to substitute
greenbacks for National bank notes wo'd
be unjust to the banks. Now, my friends
l want you to listen to the answer to that
The bank charter contains an express
condition that Congress may alter or
amend it. The banks accepted the char
ter with this condition in it, and there
fore have no right to complain, if, for the
promotion of the public interest, Con-
gress exercise the power thus wisely re-
served. The banks have done the most
profitable business in the country. They
have paid to shareholders a dividend
ranging from 10 to 20 per cent per an
mum, and in December last, as appears
from the annual report Of the Comptrol-
Ter of the Currency, there was a surplus
of 1922. 100000 and $44, 100000 of undivi-
ded profits, making together $l67, 300, 900
Mark that. That is all surplus. Ger.
tainly no other business has averaged
such profits.
While every industrial pursuit and
manufacturing interest have suffered, and
workingmen have been thrown out of
employment or compelled to work on
half time at low wages, the profits of Ma
tional banks have been steadily main
tanned. l do not mean to create preju.
dice against the banks, because I make
no appeals to passion or prejudice, but
when it is said to prefer the public wei.
fare to the profits of the banks would
threaten the banks with injustice, it is
right to give you these facts.
1 now proceed to the next objection:
to substitute greenbacks for National
bank notes would compel the banks to
call in their loans and wind up, and en-.
tail immense injury upon the business
of the country. To this reply: that to
retire these notes from circulation would
not compel the banks to wind up. We
have thousands of private banks who is-
sue no circulation, and yet do profta-
BILE business, and 30 the National banks
could, were their circulation retired.
But admit that were Congress to re-
tire their circulation instantly, the re-
suit would be disastrous. But our plat
form Contemplates no such thing. 1t
proposes no hardship and no harsh
measures, either to the bankers or their
customers. 1t proposes gradual, not in
stant substitution of greenbaCks for Ma
tional bank notes. How this shall be
done, in looking to the detail, must be
left to the wisdom of Congress. That
Congress would pursue prudent and
subseryient course in 'efeCting the sub
stitution, there is no doubt.
In a few years, five or six, the chart
ers of these banks will begin to expire.
They do not expire all at once, mark
you. Each one has twenty years to run
from the time it began, so they run out,
some one year, others the next, and 30 on,
until all are retired. And it is fortunate
such is the case. In few years, then,
their charters will expire, and they have
no right. moral or legal, to renew them.
On expiration of their charters their
notes must be retired. 1t may be, Con-
gress will see fit to await that event, and
as each bank goes out of existence, and
its notes are consequently withdrawn,
supply their places with greenbacks
How this shall be done, would be sub
stantially to curtail their circulation, and
l merely suggest this mode as possible
one. 1t may be Congress will devise a
better way, but no doubt the substitution
will be made 80 as to work no injustice,
But this is a matter to be determined
when it Is decided that the substitution
shall be made.
The next objection to the substitution
is this: II greenbacks be substituted for
the $322000,000 of National bank notes
taxes on that same amount will be lost.
1t is known that greenbaCks are not tax
ed. But believe, il greenbacks be used