The Bolivar bulletin. [volume] (Bolivar, Hardeman County, Tenn.) 1865-1888, 1880-06-10

tionaI debt. As it is now it neither
pays the public debt nor * circulated
in the ordinary avenues of trade foI
the benefit Of the people. Now hold
that the law authorizing the National
Banks should be either abolished or So
amended that the National Bank notes
may be taken up and replaced by
greenbacks or Treasury notes, and
these be made full legal tender for
all debts, public and private, as well
as duties on imported goods. This
would not lessen the volume of money
in circulation but would increase it,qnd
thus secure prosperous times. This
policy would not only cancel the three
hundred millions Of bonds deposited,
but would also put INTO circulation two
hundred and sixty millions of specie
now lying in the United States Treas
ury vaults and kept there for the pur-
pose redeeming the National Bank
notes. / maintain that it is sound f.
nancial policy to have National pa
per currency in volume sufficient for
all the demands Of prosperous trade /;
and it is necessary to the prosperity of
the pea pie and to the credit of the
nation in time Of peace, as experience
has demonstrated it to be in time of
war. Our banks should not have been
allowed to use any other kind of paper
money. y eurrencyOf this kind per-
frctly recognized by the general Gov
eminent rs real money land exchange
able for specie, at the pleasure of the
Government, is required for the per-
petual use Of the people in ali their
domestic transactions, and such cur
rency would always he convertible into
gold or silver, provided the volume OF
meney issued should only be equal to
the demands of trade.
1t has been said by the best authori-
ty that "ncver has bank currency,
basing its credit purely on redemp-
tion in coin, been found reliable for
the wants of great nation in modern
times"
When, therefore, any persons or
class strive to overthrow true Nation
al currency and substitute a bank cur
rency for it, based on coin, they under
take Il most hurtful measure to the in
terest of the people; they substitute
fluctuating for sound and permanent
basis of credit and can only hope to
prosper by the ruin Cf the country.
And thus you see it is demonstrated
that the National Bank act should be
repealed and that there should be sub
stitutcd in its place Il sound financial
currency. If the National Banks are
allowed to issue all the money the
bank association can make money as
scarce they please by calling in for a
few months and refusing to lend, thus
producing Il money panic at any time !;
and while money is scarce, by their
agents they can buy up all the pro
duce in the country at correspondingly
low prices and then when il suits they
can lend money freely; run up the
prices, take advantage of this and
double their money. SO YOU see YOU
place the prosperity, happiness and
peace of the nation in the hands of
the bankers. The States cannot con-
troll them, for they have their charter
from the general government; but
such a dangerous corporation should
not be tolerated in free country
Still another reason why this law
should be abolished, is that it is estab-
fishing Il menied aristOcracy, privil-
eyed class with vast amount of
wealth, who will always be thunder
ing ut the doors of Congress for more
legislation in their favor. They will
thereby engender a feeling Of hostility
between the rich and the poor and no
one can tell what the final result will
be. TO establish this | will call your
attention to the following facts: They
have organized what is known az the
Bank Association and by their COM
bincd action have secured the election
of about seventy-five members of Con
grcss, who are regular bankers. And
now remember that the bankers and
bond-hOlders are members of the same
firm, and their first important act
shows clearly that they have no regard
for right nor contract when their own
interest are at stake. This is proved
by their demanding of Congress an
act rcpudiating the original contract
in regard to the $50 bonds, which
amounts to fifteen hundred and fifty
millions of dollars. These bonds
were originally to be paid off in law
full money, or greenbacks, but by this
combination of bankers and bond
holders Congress has been influenced
to change the contract and make them
payable, principal and interest in gold,
and more than this they secured the
passage of the iniquitiousFundi Act
in which the original 500 bonds were
destroyed and new ones issued, with a
less rate of interest and longer time