Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1878-11-19
slLvER AND THE BANKS.

ing Houses OF New York and Boston
and the National Banks Of those two
cities from carrying out their threat. and
practically dsmonsiizing the silver dollar
80 far as their special customers are
concerned. The effect OF their doing
this will be foreseep by all. II the silver
dollar. which the Government OF these
United States has made a legal tender
for all debts. is treated simply as a Ger.
tain amour Of bullion by the National
Banks Of the metropolis; II they refuse
to receive IL except as a special deposit.
as they would a valuable set Of diamonds
or any other commodity; then silver
will DO driven out Of circulation in the
great commercial center Of the country.
The banks have the power to do this,
not as q legal right. but as q result OF
the vast influence which they WELD over
the business men Of the East. They
hold our commercial interests to Q great
extent in their own hands. BY refusing
to accommodate their customers they
can ut any moment create trouble IN
business circles. II Is. therefore. for
the interest OF the mercantile community
to conciliate the banks. because the
banks have it in their power at almost
any moment to practically ruin any
mercantile man who has m account
with them.
This is one view Of the question. and
1t Is tho visw upon which the banks are
acting. 1t is simply q declaration OF
their power. and an impudent assertion
that they intend to use 1t.
There is another side to this
question, however. which does not
seem to have been considered by the
banks. They hold this mighty power
which enables them thus to set at def.
ance q law OF the United States. in trust
for this whole people. The same agency
which invested them with extraordinary
privileges and immunities. Is able at any
moment to take from them the power
which 1t has given. A prejudice against
our National banking system has been
long growing in the public mind. and the
action Of the New York bankers in at
tempting insolsntly to annul an act OF
Congress will serve to intensity this pre-
JUDGE. Many who have hitherto been
numbered among the frisrds Of the
banks will be converted by this move
ment into enemies. and the probability
will increase Of tho total abolition Of
a banking system which deems itself
strong enough to usurp the functions OF
the National Congress.
New York and Boston are great and
enterprising cities, but the time has long
since passed when they could, by their
mere dietsuH. controlth public sentiment
Of this land. There is . great West to be
considered as well as 4 great East, in the
solution Of this silver question. The
people have decrsed that silver, as well
as gold. shall DO legal tender In this
land. II is the same people that created
the National Banks. and the creature
cannot with impuni,y repudiais its ersa'
tor or its creators acts. The present
Congress was strong enough to pass the
the Silver bill over tho Presidents veto.
That vote. which made silver money. is
large enough to sweep away the last YES
tigs OF the National Banks. And jus,
40 sure as the Banks fulhl their threats
on the first OF January. and prevent our
silver from circulating freely. just so
sur the revolution agains, the entire
National Banking system will gain head
way. and the i~nsolsnt syndicate which
now assumes to dictate to the nation
what 1t shall use as money. will be shorn
OF the power which 1t has proven itself
unworthy to hold.