Ottumwa weekly courier., 1878-07-17
SPEECH
Of General j. b. Weaver, Green
back Candidate for Congress,
9Th Dist.

9Th Dist.
Delivered Mt Newton, Iowa, on the
Evening Of Saturday, June
20, 1878.
REPORTED ny w. 8 BRIGGS ESQ.
Mr.. PRESIDENT, AND FELLOW CITI.
zESs: 1t Is very remarkable that this
question has not suggested itself to
young men long ago. Did you ever
think that you have to make come
particular calling in life speciality in
order to make success ofit2 A man
can't be good lawyer, blacksmith,
farmer, and physician all at the same
time. He must make somo one OF
these his calling if he ever expects to
y arrive at success; it is SO with the
bile and the people at large.
IKE the legal profession, and we
various specialties in that. And
u so with the medical profession.
q law. one man takes equity, another
common law, or commercial law, or
constitutional law, and another takes
admiralty; it is 90 with tho medical
pr fession; we must take specialties
to arrive at true excellence.
The public mind began to crystalizs
about forty years ago, about the prin-
ciples of human liberty, as the popular
mind saw those principles in danger
from the peculiar institution thea ex.
listing in our country. And having
become, as we are charged with being,
one idead on the slavery question, in
orr devotion to the principles of hu.
man liberty, and having taken such q
grip of that question, the popular
mind never lie: loose until it was set in
harmony with the genius ofliberty Of
this country.
Now when read the financial his
tory through which this country has
passed-that time of human suffer
ings, and thu bankruptcies, and the
financial ruin which has followed in
the wake of these bankruptcies, it is a
wonder the popular mind didn't be-
come aroused, and the source of those
troubles sought out and remedied
and it is remarkable that the human
family do not see their religious and
civil liberties endangered and seek out
tho cause long before they do; but it
takes thought and time for study in the
average mind before they are ready
for such work as you are engaged in.
1t is apparent to the mind of any in
telligent gentleman who has thought
on the financial course of the country
that the monetary depressions oflS37
and 1857 were produced by false
system of finances, q worthless system
of money-promisingt to pay in specie.
1t had this peculiarity about il, that
when there was the most specie in the
country you had the most paper money.
Itshouid be just the reverse of that, for
ifyou have specie enough to pay of
all your promises you put the specie
in circulation, so it is an absurd and
unphilosophicsl system to start ont
with. When specie is scarcest, paper
money should be the most plentiful
that would be the natural system and
course to pursue.
The financial panic Of 81 aud Isl
were produced by bad money when
asked for specie we hadn't any. Now
will you tell me the difference be-
tween that kind Of system with
promises to pay, issued by state banks
and private banking associations, pro.
Tossing to be based on specie what il
the difference between that system
aud the same system transferred to ths
United States and the nation Issuing
that money? Suppose the govern
ment issued that same kind OF money
protesting to be based on specie, ths
the state bank issued, say six or seve,
hundred million, or a billion, profess
ing 10 be based on specie If the stat,
banks were unable tn su stain tha
system, because unable to pay it, how
much better can the government 0
the United States do that, who prom
ises to pay, and fails to have the spe
cie?
Now can the government have NOR
,ks of the old system?
low will discuss this system Z
ional Banks. In order that W
understand tho nature of thes
al mythical institutions, I wi
q how We organize National Bank
|, will try to discuss them faithful
ID candidly. We understand fiv
Ia men may start National Bank. The
may start one with fifty thousand do
lars capital. Say five men want
start bank with one hundred thou
and dollars. We invest in bonds.
say they are six per cent. bonds. W
draw this six per cent. on the bont
as soon as we invest our money. w
take these bonds to the comptroller
currency, and he gives us ninety p,
cent. of the face of the bonds in Gu
rency, called National Bank none
We take the ninety per cent, leavir
the bonds deposited with the Trea
urer as security, and bring the none
home and put it in circulation.
answers the same practically tn
greenbacks do, but it is not leg
tender for anything but debts due Il
government, it is legal-it il not r
ceivabls for anything else. We tai
that money and loan it out, loan it o
on ninety days, at the outside, dra,
ing :nrerest. The only objection
that is that the bonds draw intere
any way-they would draw intere
anyhow. 1t has this fsllscy in
thatis true, under the IL W as it stand
and we find fault with the law-t
law is wrong-the system of bankil
is wrong, and this IL one of the mo
strosities connected with that instit
tion. W. see the interest on nine
thousand dollars given to them
call. 1t answers the same purpo
that greenbacks answered, viii
drew no interest, and that makes 1t
very expensive kind of money. Th
pay nothing for the use of the nine
thousand dollars to tho governme
except one per cent. tax. They 10
the government money at six per ce
aud the government loans it back
us at one per cent. We cay this oul
to cease.
No gentleman can 60 before
people with the amount ofinformati
they have on the subject and cay Il
kind of money ought to be the est
lished standard OF American finan
This is the English system which is
operation, precisely the English 8
tenn that the people have in opersti
to-day. 1t IL the bulwsrk of the FL
lish monied aristocracv TODAY.