Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-07-11
Miserll
The National Banks.

Ad,a.s.g~. Of the pr-.-.s s,.s-.. over
NOs~s.
Speech OF Hon. Morton c. Hunter, OF In
diana. Ia the House Of Representatives
Monday. May Goth. ISIS la opposition 10
the bill (H. X. No. 42I7) reported By the
Committee on Banking and Currency. 10
retire the circulating notes OF national
banks. and replace them with Treasury
notes.
Mr. Hunter said:
Mr.. speaker: When we passed the sl.-
yer bill and restored the Old silver dollar to
lis former condition A. motley. and made Il
a full legal-iender for ali debts both public
and private. hopeI that We would ihsn
agree and pass a law 10 prevent the retire
ment OF our greenbacAs below their pres
eut volume; and when that Was done, by
common consent. allow the financial ques-
tlon. SO far a. quantity sud quality OF our
money were concerned, to 20 out OF poll
ties and be regarded a. settled, and permit
the laws Of trade. under our system Of free
banking. TO regulate the amount OF curreu-
oy required 20 transact the business of the
country. instead Of having Il controlled. a.
II has been for some years past. by the
mere wbims Of politicians.
Congress can provide the means by
which the people can have good and cheap
money. bat the amount actually required
to transact the business OF the couptry can
only be determined By the laws oftrade {;
and those laws. II the system OF finance j.
properly adjusted, will increase aud dlmIn-
i-h the volume according 10 the real and
legitimate wants Of the people. without in
iury to them; aud for that reason the cues
tion of the amount OF currently that sr
should have In circulation should be rcgu-
lated hy ihoSe laws. and no, by Congress
Business can never be made prosperous
again In this country uniil We restore con-
iidence smong our people. And that can
not be done so long az we keep the finan-
cial question agiiated In Congress. Under
the laws a. they now exist. the legal mon.
ey OF the country consists of gold, silver.
erecnbacks, and national-bInk notes.
What the people want and need Is enough
Of this money to transact their legitimate
business, and to have il all ofthe same
value, SO that paper dollar in the hands
Of laborlng men will be equal to gold
dollar In the hands OF the capitalist. Un-
der the laws now on our statae-books, with
the addition of the one have suggested.
all these wants OF the people can and will
be fully gratified, II we will only settle
down and stop tinkering with the curren-
"
and adjust these questions, and let the peo-
pie grow prosperous. by a revival OF legit-
innate business. instead OF trying to make
them so by acts OF Congress. All this agi
iation OF the financial question throughout
the country. which is intended for good
no doubt. only makes times worse instead
oil better. Men who have money, and who
know how TO use II, will never put j: In
business 80 as 10 give employment and
prosperity to the people uDtil the financial
question is settled and out OF politics. and
they are satisfied that il is safe to invest
their money in business. II is idle for any
one to talk about the people getting money
with which TO do business except as they
| get 1t through the regular channels OF
trade. The Government has no power 10
| Issue money and give 1t or loan 1t directly
to the people the same as q bank; IL can
| only issue its notes and put them 10 eircu-
| lation by exchanging them for money with
which 10 pay its debts. or by paying them
, out upon its debts, If the parties TO whom
J the debts are due will accept them In ex-
| change therefor, as the Government has no
| power 10 make its notes a legal tender In
| time Of peace.
These notes then issued by the Govern
ment do not pass directly from the Govern
meut into the hands OF the laboring men oi
the country. but they first go from the Gov
ernment into the hands OF men of wealth.
| What then do they do with them? They
do precisely as the laboring-man does with
his labor. Ii they can make profit out OF
them they will put them In circulation,
either by loaning them or engaging in some
| kind of business, II not, they will keep
them. There is no law in a republican form
| OF government to compel them To put them
l.tt hs.Sh shat- atff IN mot
So with the laboring-msn. He will work
| II he can get pay for his labor but there Is
no law that can compel him to work fol
another without pay. Hence We see that
| there is no way to put money ia circulation
| and set the laboriDg-men at work SO as 10
make the country prosperous. unless the
| men who furnish the money and the labor
ers who do the work feel that they are safe
the capitalists in getting q fair profit or
their money. and the laborers in being paid
fair wages for their labor. 10 bring about
this state OF things the moneyed men and
| iaboring-men must have confidence 10 each
other. To make this confidence, busines;
must be placed upon q solid and substan
tial basis. and not subject to change every
time Congress meets. Money Is as sensi
tive to every change in our laws affecting
its value, as mercury in the thermometer il
sensitive to the changes OF heat aud colo
in the atmosphere. As long, then. as ",
tinker with the finances in Congress vi
will keep business unsettled and time,
hard.
Our present troubles commenced witt
the panic OF 1873. which was brought OF
the country by the overtrsdnx extrava
gance, and disastrous speculative enter
prises engaged in by the people, in whicl
hundreds OF millions were lost, togcthe