Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-19

legal tender, and on and after January
lst, 1879, shall be receivable at their
face value in payment of all dues to the
and of all debts, except
where coin payment is stipulated by
contract or by statute, and all prOviS-
ions of law in conflict with this act are
hereby repealed"
Now, sir, what fair. and honest OBJ
lection any man desiring to strengthen
the money Of the people, to make the
greenback dollar a good dollar, could
have against Mr.. Hubbell's PROPOSE
ton am unable to see. Nevertheless,
there were but five Democrats in the
House of representatives who had the
courage to vote for the amendment,
and they, all of them, except Mr.. Will
liams, of Michigan, were Eastern men.
OF the Ohio Democrats, the entire del
egation voted against the amendment.
While the Democratic party processes
to be the friend of the greenback, and
claimed to be its especial champion, l
believe that the true purpose and de-
sign of those who are the real leaders
in Ohio and elsewhere in this move
ment, is to finally destroy the green
L
is to have cheap money.
THE WAR ON THE BANKS.
The war made by the party upon the
National Banks in this State is support
ed by many specious arguments. L de-
sire to refer to one recently urged by MI
Thurman in his first speech, opening
the campaign for the Democratic party
in Butler county few weeks ago, in
which he charged that the National
Bank currency was q tax upon the peo-
pie. The Republican speakers, Gen.
Garfield, Secretary Sherman and Others
replied to his arguments, and last week
when Senator Thurman came again
upon the STUMP at Athens, he replies
in this language: "a third objection to
the National Bank system is that it is
a special privilege which the banks
enjoy, and that puts annually millions
of dollars into the pockets of their
shareholders, and takes millions OF
dollars out of the pockets oil the peo-
ple." "Now, in answer to this point OF
my Hamilton speech" says the Judge,
"for made the point in that speech,
several gentlemen of the Republican
party.who spoke this day a week ago,
either blindly or Wilfully misunder-
stood the point. They treated it as if ]
was speaking of the interest on the
bonds which these bankers deposit for
their circulation, when l was not speak
ing about that at all, and made no al
lusien to these bonds. They think they
have triumphantly answered by say
ing that if 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. II there was not
pond of the government in existence,
if these banks had to deposit no bonds
whatsoever, yet what have just told
you would be true, that upon that three
hundred millions OF their own indebt-
edness which they loan, they draw not
less than twenty-one millions annually y
by way of interest, and that is taken
out of the pockets of the people"
Now gentlemen let us examine the OBJ
lection to the National Banks SO serios-
ly 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 re-
demption of which they have on de-
posit 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 Nation
al Bank paper was taken up and every
National Bank in existence had would
up its business, and that instead Uf the
324 millions of National Bank paper
now in circulation we had 324 millions
greenbacks. / shall not discuss the
proposition here as to how these green
backs are to be put into circulation. l
am satisfied however that the Demo-
cratic party would soon find means
of getting them into circulation some
way. But suppose they were in circu-
lation 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 indiyid-
uals, of men who stand around on the
curbstones and do thebusiness of money
changing. And suppose sir, that you
desired q loan of some portion of this
three hundred and twenty-fOur mil
lions of money; because it happens to
be in the shape of greenbacks, does any
one suppose that you would get it with
out interest? Does any one suppose
that the government would make him
a present of this money Ior 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 sub5ti-
tute for Gheir circulation greenback5 70
the extent of three hundred and twenty.
four millions, yet if you borrowed this
money, if you used it in your business,
you would have to pay the interest
upon it just as you would pay 1t on the
circulation of the National Banks.
And so far asI can see the only difference
to the tax payers, to the people, would
be in the fact that if this circulation
was in the shape of greenbacks it
would pay no taxes whatever, either
to the general government, or to the
stutes, while the National Banks ol
this county, four in number, pay an
annual tax upon $500,000 of stock that
is upon the duplicate. of your county,
and assessed for taxation Just As other
property, and in addition TO this they
pay to the government tax of one
per cent upon their circulation and
one half OF one per cent on their de-
p0Sits, tax ttion amounting i'll this
county of Belmont to thousands of dol
lars, that you would utterly lose by the
policy proposed by Judge Thurman i'll
this campaign. H
Ishall not stop here to notice the
many objections urged against the Ma
tional Banks, but ask you as Consider
ate men to stop moment and see il
YOU can realize what effect the wind
ing up of the business OF this bank here
in Bri dgeport, with its capital of two
hundred thousand dollars, would have
upon the business of this community,
upon the labor employed in your
mills, as well as upon every branch OF
trade and business in the town and
surrounding country. Yet this is what
we are urged to do by the Democratic
platform, and the Democratic speakers,