The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1881-02-24
i CURSE TO COMMERCE,

Tho Power % the National Damks -
Initiate and Contract tho Currency
A short speech ~ Gien. JaSmcs Ds
weaver In the laonse 0f Rcprcscmts
aeIvess
Tho following short speech by Gen.
Weaver upon the Refunding bill was de-
livered in the House Of Representatives
Mr.. Chairman, do not risc to reply to the
remarks Of the gentleman from Michigan MR.
Horr). They do not merit the sightest mo-
ticc. II ID tho most unsatisfactory thing In
the world to strike It nothing. wish, howey-
ment Of tho gentleman from Kentucky lMr.
Carlisle), and particularly on that feature of
his amendment which repeals the fourth Soc
tion Of the act of Juno 20, 1874. IN
my judgment II Ii both wise and just
TO repeal this section. Under the law
retire its circulation In whole or In part BY
dcpositing lawful money with tho Secretary o.
tho Tr. asury and withdnwing pr0porti0nats
amount Of bonds. N then becomes the duty Of
the Government 10 redeem the outstanding
circulation to the extent required BY the Dc.
po4it Of lawful money, and the expense o. said
nlent. II they are TO be allowed 70 retire their
circulation and take mp their bonds, let It be
done at their own expense. Do not compel
the pcoplc to psy tar for the privilege Of os-
ing robbed.
How has that Law opefated2 by reference
to page 10 Of the last animal report q
tho Treasurer Of the United states, II viii b
found that itr operation has been very dele
terions to tho business interest Of the country
TINT the banks, in tha language Of the Treds-
urcr Of the United states, have mot conducted
their business With view to the welf--e Of the
country. but solely with view 70 their own
"A. A. s1A sfoey
their circulation whenever they have seen pro.
,er, without regard TO the business interests -
the country, and that they arc controlled en-
tirely By the price Of Government bonds that
the most shameful practices have grown mp
under this extraordinary and iniqutous
section. =
whcrc bank having circulation Of 345O,OOJ,
within the brief period * three years, at three
separate times, reduced ite circulation TO
4l5, 900, and ~ often extended u 70 .ai5O, 600,
without any regsrd to tho business iiltsrs = o1
the country, but simply for the purpo q se-
curing the premium on its bonds dcnoslec =
Grafton Of that law, that bank at one tine had
in actual circulation eS52, $50, when It was a.l-
thorized under the law 10 have Int e45O,OOO,
and its books showed only el20,OOO. q.
Other banks have been repeatedly guilty Of
the Same thing. Thus tho currency u the
national banks, the mere instrument to servo
the purposes Of private speculation; to cc
retired or expanded whenever u suits their
purpose, without regard to the demands 81
commerce. Now, We demand that this dan
gerous sni constantly y-abnsed power shall be
taken away from the banks, and that tho
circulating medium shall not b. 10 easily
withdrawn, but shall be kept where it belongs,
afioat among the people. Sir, it is safe to
say that whenever ! dollar ID placed In cir
culation il should never again be p.rman.
emily withdrawn. This very prnc.;S OF
contracting aud canceling our circulating me
diuM has caused more bankruptcy, crime, mis-
cry and heartache than all other legislation
put together from the Foundation Of ths Gov
ernn,ent down to the present time. II II the
worst kind OF class legislation. 1t Is The power
conferred by law upon few capitalists TO rob
and plumber the balance Of mankind. Thank
God the discussion OF this bill has laid bare tho
fact that the misunderstanding system is bnt
temporary cxpedient. That its longest possible
| lease or life ii the life time Of our national
debt. The debt and tho banks will perish to-
gether, and perish quickly.
The people will not b long about settling
this question. This public debt, this cancer
upon tho body polite, must be torn out even to
| ito roots. Tho honorable Speaker Of this
House alluded to the financial condition of the
French people, and said that the .aebt OF
| that country was held BY tho great mass Of
| her people. So it ID, and % Will our laborcrs
| and mechanics b able to do the snmc thing
when We shall have adopted, like France, sensi-
BILE financial policy when We have $50 per capita
| in circulation, our laboring population will bc
/ tranquil and prosperous, and ell classes Of men
Who now shirk the just burden OF society will
/ forever disappear.