The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1881-07-28
THE "BEST BANKING SYSTEM, +,

TINS NO power WHICH Is essen
tial to the happiness and welfare OF the
whole people in the Republic should ever
be allowed 10 pass out Of the hands Of the
people into the hands Of men not chosen by
the people, and who are not responsible to
them for the manner in which they exercise
that power. Let me repeat that now, be-
cause want to get it down in your hearts;
for II You do you will never leave this house
without being in sympathy with the Ma
tional party. Now j say there is not gen.
tleman or lady who does not give assent to
that doctrine. The difficulty is in the appli
cation Of il. You must agree with me that
you must adhere to that doctrine and not
depart from il. Now your minds and my
mind meet here on this proposition. We
ought never TO part again.
Let Inc illustrate that principle still fur
ther. The Constitution says that Congress
shall have power to declare war; Now
the power to declare war Is the power over
the life and property OF the subjects, and
this generation shudders when the word
war Is mentioned, for we have paid the
blood and treasure incident to great war.
Would you be willing to have a law passed
to delegate to the gunsmiths and powder
makers the power to declare war? The
Constitution In the same section also says
that Congress shall have power to regulate
commerce with foreign Nations, between
the States and with the Indian tribes"
Now what are the agents of commerce
which must be regulated! These are the
three agents OF commerce: money, trans
portation and transmission Of intelligence.
merce, and are necessary to the happiness
and welfare OF the whole people in
the Republic. Now, you agree with me
that no power necessary to the happiness Of
the people ought to pass from the control of
the people into the hands of men not chosen
by the people, and who are not responsible
for the exercise Of that power. Money is
necessary to the happines, and welfare Of
the people. Ask the preacher, and he will
tell you that 1t is impossible to carry on the
church without it. Ask the Governor Of the
State, and he will tell you that 1t is impossi-
Bile TO carry on the State without it. Ask
the President OF the United States, and he
will say the Nation cannot be carried on
without 1t. Ask the housewife, and she will
tell you that the family cannot te maintain
ed without it. Now, my friends, let us
apply these principles. Would you be will
ing to have law passed that would give
into the hands Of bankers the exclusive
power to issue money when they please, and
to take it away from the people when they
pleasef And yet you are living under that
kind OF law. We are told by the Republic
ans and Hard-money Democrats that it is
the best banking system the world ever saw.
Now / would like TO illustrate how you start
National Bank. Five Of us conclude that
we would rather not be bothered by the pay
ment Of taxes, that we do not like the annual
our property into money-$20, 600 each. 1t
Is all we have, and we put our money into q
100000 bond. We get the bond, and we
feel proud Of it; the best investment we ever
had; and we look ut it and say to ourselves /:
short crops, good crops, hail, flood, fire,
affect that bond (vo:ce ''nor grasshOp-
pers,"O no, nor grasshoppers; they might
eat 1t up, but 1t is registered, and il would
not hurt our investment. We feel proud
Of our bond, so we conclude that we
will take railroad pass and go and
at Washington. We walk up to the
Comptroller and say: "Please examine our
bond.o THAT is a capital bond; regis
tered, 500, 900, drawing six per cent. inter-
est. What will you have me do with it:
Keep it in the vault with men to watch it,
safe from burglars and fire? 1t will not
! cost q cent?" 1--WE thought we would go
into the National Banking business, and
we thought we would talk over matters at
headquarters and understand it for our
| selves ~
"Capital idea. Best banking system the
world ever saw. 1t will put more money in
circulation, help the manufacturers pay
taxes, and settle the bonded debt.' ''How
much money will you give us on our bond?''
will have $4,000 in the bond drawing six
per cent!' why, don't you understand
the National Banking system any better
the whole bonds" "What! and let us have
guess Sso'v we will go in. What else will you @ dc
Tor u.s." "Well, we will let your whole
bond draw interest, then it shall be exemp,
from taxes, and the interest will also be ex-
empt from taxes" "Why, we did moi
know that Read the law; the bono
all taxes, National, State and municipal. D
''Well, we didn't know that. We will g
in. When We had our money in the farm
we would have been satisfied if the farm
had been exempt; we would have been will
ing to pay taxes on the product of the farm
world ever saw. What else will you do TO
| usp' 81 have not near told you all you
privileges. i have told you we will keep tn
bond here free of cost, pay interest on tn
whole; it will be exempt from taxation, prin
cipal and interest. The Government pays yol
interest at this end Of the line, and you tax
$4,000 to your town and loan it out a
interest, SO you draw interest at bot
ends of the line.' ''Well, it is a prett
good system. Any other prfvilegesr "Oh
tary OF the Treasury the right to pay you
interest one year In advance, without charg
ing you anything for it!' 'Well, we wi
go in. Best banking system the world eve
saw. Are there any other privileges?'
"Oh, yes, other privileges, also. The la,
/
!. you go into the banking system, to retir
your money from circulation whenever yo
please, in whole or In part; private affai
Of your own. That will enable you to brin
prices down, then you can buy in this prop
erty." "What would we do with iti" eth
law passed June IA, 1876, gives you the rigt
to issue the money again whenever yo
please; that will bring prices up; then yo
can sell IL back and put money in your pock
et.' swell, we never saw such q bonanz
/ aL-A al H.
The Treasurer of the United States, Jane
Gilfillan, In his public report in Congress
page 20, says that, In the face of an active dt
{ mand for more money, the banks have in tt
last twelve months retired fully So, ,000, ,Ot
7 Of their circulation; giving you that niue
less money" ''Is that the way it works |?
"He gives you an illustration Of q bank {
, show you what the rule is among them. Or
bank had thre. times, within as many year
/ decreased their money from $3.50, 900 to $45
900, and had as often increased it again
7 $4j0,0O0, so that at one time said bank hs
in circulation Ss52, 100 of their notes, whe
2 the law only authorized 1t to have $4,000
81 That was double, you see; and this, gentl,
= men from Elizabeth" says the Comptrol
! er. ais the official showing Of the Treasur
of the United States. IL the banks can ha'
r twice the amount of circulation, and loan
out to the people, and draw interest Their
on, don't you see that they are drawing II
terest upon three times their capital, al
that Is the greatest privilege that i ha'
o shown you yet. 1t is the best banking sy
TEN the world ever saw.''
D Now, ladies and gentlemen, have Civ,
!, you exactly the law concerning the Nation
u banking business, and / caution you again
disbelieving what l have said by quotil
from Robert Ingersoll. That gentleman
good Republican authority, II he has made
, | great many mistakes concerning Moses. NJ
l. Ingersoll says II q man goes before the pc
l. pie and tells the truth concerning the N
tional Banks, he will have to keep his ia
e as solemn a. q deacon, or the people W
swear that he is lying about it. Ihave Civ
e you the Banking law. Now, presume
+, an audience OF this size there are many W
"a are In the habit Of saying their prayers.
Il home tonight, draw the drapery of yo
couch about you, think Of the families OF t
2, poor laboring men, whose children are
dear to them as yours are to you, but w
> are half fed. half clad and less than half e
~ ucated. Look your God in the face and s
"a this Is right, IL you dare! put it to 20
lr consciences. You know 1t is not right.
say put 1t to your consciences, for 1t is {
is Office Of the National party to appeal to I
conscience of the American voters.
DO you believe, fellow citizens, that I
people are capable Of self-government in q