The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1880-06-10
Synopsis Of n Speech Delivered Be-
fore Grand Junction Literary So
ciety, by DIR. Henry Biggs.
OF ESTIOE.


RESOLVED, That our National
Banks are Il monopoly that is dangerous
to the welfare of the country, and tC
sustain them is to perpetuate the in.
tercsts of the few against the many
the rich against the poor; and ut the
expense of the tax payer.
1t is taxing the laborer and con
sumner, for the purpose of securing
capital for the monOplies to bank on.
1t destroys the middle-class men, who
are the bone, sinew and patriots OF
the country, and widcns the distance
between gilded opulence and bringing
poverty. To sustain them is to JUST.
fy the Government in making dona
tions to the capitalists at the expense
of those who labor and toll. Can
this be right? No. Would you be
licve that the Government has actually
given to these bankers more than three
hundred millions of dollars, for which
it has never got, and never expects tc
get, one cent. And after it has given
these men money to bank on, it pre-
vents all other banks from issuing
money i'll the United States, by levy
ing prohibitory tax on all other
banking associations, so as to effectual
ly give the issuance Of money TO the
National Bank corporations.
Now allow me to explain to you
how these National Banks had their
origin and on what they. are based
under the pretence of securing the
Government credit: The non-inter
est-bearing greenbacks were taken VI
and converted into United States
Bonds, bearing six pen cent. interest,
at time and under circumstances
when the welfare of the country did
not demand it, and the same green
backs,were ordered to be, and were,
burned. Now when one of the favor
ties of the Government desired char.
ter for bank he was allowed to dc,
post, with the Secretary of the Treas
ury one hundred thousand dollars OF
these six per cent. bonds to his own
credit, and was also permitted to draw
interest on the same, scmi-annually, in
gold. And then the Treasurer was
authorized to give him ninety thousand
dollars i'll National Bank notes, with
which to carry on the business of bank
ing, at the same time eNcmpting these
notes from taxation, as also the bonds
deposited.
Now the villiany and wrong is seen
in this that the people arc to be taxed
to pay the interest on the bonds which
secure the capital to the banker, and
the banker who gets the money given
to him pays neither principal nor i'll
tcrcst. This increases the burdens OF
the people and lessons their ability to
psy, because the greenbacks which
were destroyed and replaced by inter
est-bearing bonds, was the money
wherewith they might pay their taxes
and meet the other obligations which
might be resting upon them. All this
has been done for the benefit of the
bankers and the burden has been sad
died upon the people. Therefore /
hold the National Bank Act should
be ether repealed or so amended that
justice may be done TO all classes.
Another reason why the National
Banks should be abolished is that the
Treasurer of the United States is 1e-
quired to hold, in the vaults, eighty
per cent. in specie of all the National
Bank notes issued for banking pur-
poses with which to redeem the same
when presented. This money which is
thus retained in the vaults of the
United states Should lie taken out,