Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1881-03-31
Rink Intimidation.


ward refunding the National debt at a
low rate OF interest and present sl,emps
to dictate tho legislation of Congress
on the subject are contrary to the best
interests OF the people. and well cacu-
lated ~ excite their alarm for the tG-
ture.
7 The Republican Senators Morrill,,
Ferry and Conkling contended that the
resolution was IN the nature of legisia-
tive business and not IN order in this
/ Executive session of the Senate. The
resolution was. therefore, withheld for
day, till the precedents could be eX-
amined and decision reached upon
this point. The resolution is not at
! this moment before the Senate, but Is
before the country nevertheless
The resolution. as offered 10y Mr.
Voorhees,. while it describes a condi-
ton Of things that may well kindle the
attention and !Ore6odings OF the coun-
try, falls short Of the complete descrip.
ZION of the alarming fact. The resolu-
ton expresses an attempt on the part
Of the National Banks to dictate the
legislation Of Congress. Congress Is
one of the three great departments of
the Federal Government, which is
made up of the Legislative, Judiciary
and Executive departments. The reso-
luton might well have declared that
The National Banks had not only at
tempted to dictate the legislation Of
Congress, the action of one of the three
great departments of the Government,
but had succeeded in debating the ac-
ton Of the Executive Department Of
the Government. Is it fact that two
of the great departments of our FEEDER
al system are already within the con-
troll Of the National Banks?
The Democratic party in the last
Congress was not animated by any
spirit of malicious hostility to the Ma
tional Banks. 1t made no attack upon
them. 1t robbed them of no rights,
and sought to rob them Of none. The
Democrats of the Forty sixth Congress
passed Funding Bill, which would
have saved the tax payers OF the Unit.
ed States more than Sl5,00O,000 i'll
annual interest; and the principal upon
which this is interest is Il large sum OF
money. The National Banking Act
provides that the National Banks shall
deposit in the Treasury Of the Govern
ment, bonds of some kind as security
for their circulation. The Democratic
Congress proposed, in order to place
the new issue of bonds, that those
bonds Of new issue should be deposit
ed by the banks as such security. The
National Banks at best, at the worst,
received the interest on the bonds they
deposited in some sense as premium
for accepting the privilege of loaning
their circulating notes. National Bank
stock in this city is selling at two hun
dred. 1t is plain that no enormous in
jury could have been inflicted upon
National Banks by directing that they
should receive , per cent. instead Of )
per cent. for accepting the privilege Of
loaning their debts. The National
Bank interest is not languishlng. The
Funding Bill was in the interest Of
economy--in the interest of the people.
1t was framed to save to the taX-pay-
ers of the country the interest on five
hundred millions of dollars. This was
a great measure of economy. 1t was q
measure in the interest of the tax pay
ers in Republic Of fifty millions Of
people A few National Banks threat
ened financial disturbance by sur
rendering their circulation. 1t was
not the Congress, bat the banks that
made a financial disturbance, but, as
the resolution of Mr. V oorhees declares,
there was an attempt on the part of the
banks to dictate the legislation Of Con
gress upon this subject concerning
which the fifty millions of people in the
country presumably have some inter
est, AMI in the Republic the taxpayers
are as numerous as bankers. This at
tempt, unsuccessful in q Democratic
Congress, was successful at the other
end Of the avenue. The Republican
Executive surrendered to the dictation
Of a very few Of the two-thousand Ma
tional Banks, which are the recipients
of dividends derived from Government
privilege. The 5ondholders, the Ma
tional bankers, are few; the tax payers
and the people are many, The resolu
ton of Senator Voorhees, mildly en-
presses the indignation of a people
numbering fifty millions at the at
tempted dictation Of system OF har
monious corporations whose stockhoiG
ers are few. Half a dozen National
Banks rule the country az the close Of
the Forty sixth Congress; and there
are two thousand National Banks IN
the United States The Republic doc
not intend to alarm the National
Banks; but the National Banks SHOULD
not alarm the l&epublic,-Laq"lrrr