The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1881-03-02
BONDS AND BANKERS.

The United States Congress has certain
great interests committed to its care, among
which few are of graver Importance than
those which relate to finance. Just now
money is a drug in all of the great centers OF
wealth. Profitable employment can not be
found for it. II is idle in bank vaults. Ii is
earning its owners no regular incomes. The
United States owes a large debt, upon
which it is paying higher
rate of interest than is necessary.
To refund this debt at a low rate OF interest
is demanded by every consideration of econ
omy and National prosperity. The subject
has been thoroughly discussed in Congress.
The refunding measure has not been hastily
rushed along Every interest has been
heard. And now what do we see? The
National Banks protesting More: We see
them threatening. We see them demanding
of the President veto. Why? Because they
contend that 10 refund the National debt at a
low rate of Interest," rate which will save
the country from $40 GOO, 900 to SIS, 900 900 a
year-will operate against the profits OF the
National Banks The action of some of the
banks is referred to by the Globe-Democrat
as follows
The country was shocked and alarmed yester-
day morning on learning that as many as three
National Bank Presidents in New York had got
mad over the passage of the per cent bill in the
Senate. and had decided to withdraw their circu-
lation and cease to run banks OF issue. The man
ner in which this astounding news was given to
the country was calculated TO shock and TO alarm
a peace-loving and timid Nation such as we are,
and one whose security and happiness depend so
largely on the good nature of National Bank
Presidents The patrons of the ticker were the
first TO hear the direful news. II was incorporated
into the afternoon message OF the Associated
Press, repeated in the Wall stree: afternoon re-
port, and full prominence was given to it in
the night message, and also in the financial re-
ports sent TO all the papers from New York.
While the refunding bill was pending be-
fore the Senate and before the House, these
irate BANKERS had ample opportunity TO be
heard; but their views are not regarded of
sufficient importance To change the course
OF legislation. Senator Hereford, in dis
eussing the refunding bill, aid; g.
What argument has been induced before this
DOuy SATISFY our thhl tue uoDt C7lil llOI
be refunded at 3 per cent? The Committee on
Finance tell us that certain bankers went before
that Committee and the Secretary of the Treas
ury went before that Committee, and we have
his examination before II here IN print, and ne
informed them that it could not be done But
what docs history teach usf A few years ago
this same Secretary went before that same Com
mittec. and these same bankers went before that
same Committee. and told them that II we passed
the silver bill resumption. a matter of impos
slbility; but we did not heed that Secretary OF
the Treasury nor those bankers and bankers
clerks who went before them. and we did pass the
silver bill. and the Secretary OF the Treasury him
self efterward admitted that he was wrong and
that Congress was right; that the passage OF the
silver bill, 70 far from impeding or iniuring the
resumption Of specie payments. aided and sbet!ed
It. az i, with other gentlemen, had the honor on
| this floor to state that II would do.
We saw what his opinion was worth then and
what the opinion Of these bankers and these bank