Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-03-31
THE LAST DEBATE.
The Refunding Bill and the National
Banks.


the other members belonging to the M
tional party, vote against the passag
of this funding bill at the time it pass
, ed the house. We then entertained til
, opinion, to which they all adhere, tina
it was the simple and economical
duty Of congress to provide for tn
payment of these maturing bonds b.
substituting greenbacks for the full
amount Of national bank currency, an,
then canceling the bonds held b,
the treasury to secure circulation
This would have paid at once one-hal
of the maturing bonds, and the re
mainder could have been readily pro
yided for out Of the rapidly accumulat
ing surplus revenues of the govern
ment. The simple common
sense of this plan can neve
be obscured by either sophistry or rid
icule. My colleague Mr.. Gillette of
fered Il substitute for the bill continu
ing these very provisions, but it wa
rejected; and so the bill provides for
new and short 3 per cent. 1t is impoS
sible to provide for the payment OF
these securities or to legislate concern
ing them without in some manner af
fecting the banks, inasmuch as they
are owned by the banks and deposited
to secure their circulation.
The bill, however is very far from
relating exclusively to the interests OF
the banks, but in the broadest and
most comprehensive manner relates
to the welfare of the whole people
Contrary to the expectations of every
body, the bill passed the senate sub.
stantiably us it left the house, where.
upon we are informed by the national
bankers that the bill was obnoxious to
them and that if congress presists in
the measure they will retire their
notes and bring business and financial
run upon the country. This threat is
already in progress of execution, and
over sixteen millions Of dollars of our
currency has been retired since the
18th of February last. 1t is the high
wayman's threat: Your money or
your life. These banks say, "legis-
late as we require, or we will slip the
dogs let of war upon the'business of the
people" The treasury of the United
States Mr.. Gillillinl in his annual re-
port called attention to grave abuses
arising under the national bank law,
and it is proposed in the fifth section of
the bill to provide a remedy. But
the banks say to congress do it if you
dare, and we will punish, we will chas-
tie the people with Il financial panic,
My colleague Mr. Price says this is
an attack upon the banks. Are these
bankers so distinct and SO independent
in their rights and interests that a
proposed lawful enactment for the
benefit of the whole people can be call
ed an attack upon the banks?
He says he sees the Handwriting
upon the wall" The figure is Il good one,
and awakens in every mind Il classic
remembrance-thc feast of Belshaz2ar.
The National Bankers association is
here in force, are literrlly Over-running
the lobby. and have eaten up every
thing in the house restaurant. Mr..
Speaker, the banks have fired upon the
government, and defy the people and
the law-making power. Let us ac-
cept the challenge. Let us see who
legislates for this nation of 100000
of people, congress or the banks. Sir,
we will not do Justice to ourselves or
the people if we adjourn without pro-
viding for the substitution of green
backs for national bank circulation and
the speedy winding up of these institu-
tiOns. Sir, the war has begun, and it
will never stop until these undemocrat-
ic, dangerous and hostile institutions
are swept from existence, and the peo-
pie shall have forever reclaimed their
sovereign right to issue the money of
the country. This is the old Jacksoni-
IN battle over again, of the people
against the banks.
We have paid the bondhOlder in in
terest alone over nineteen hundred mil
lion dollars, and they have grown AFRO
CANT and dictatOrial. 1t is time such
impudence received q backset. But
my colleague Mr.. Price imagines that
if we get rid of national bank currency
we will necessarily return to "wild.cat
and red-dOg." There is no danger, Mr..
Speaker; the National party stands in
the way, to guard the people from pos
sible danger in this direction also. 1t
is the sovereign duty and power of the
national government to issue all our
currency, and no other power shall
issue it if it is in our powerto prevent it.
The apprehension from this direction
is as stale as it is untrue. Talk about
stability in finance" and cry peace!
peace! when there is no peace. Why,
sir, this question will not down, 1t is
impossible to settle this great contro-
versy, until the false systematic ref
uge of lies-is swept away forever.
The very bill now under controversy,
the 5-20-bond clause, preserves the
question of the final payment of the
debt for controversy in the next presi-
Dental struggle. These bonds will
become payable one year after the next
presidential election, and that feature
alone will precipitate the whole ques-
tion into the next struggle for power.
Gentlemen, you had as well conclude
now to meet this question, and begin
to whet your swords and scrape your
lint for the battle.
Oh, yes, resumption is an accom-
plished fact, and the financial question
is settled" was the cry of the two old
parties in the late campaign. 1t is
"settled" just as the slavery question
was settled by the old parties in 1850
and 1852. And the banks are as die
tatorial to-day as slavery ever was in
its palmiest days. Thank God, their
recent action verified all that we have
ever said of them. and the people are
aroused to the danger.
GILLETTE's SPEECH.
Mr.. Speaker: The National Green
back party is opposed to the refunding
of the bonds about to mature. because
there is no necessity for it. They can
be paid, as we have repeatedly shown,
more easily and almost as speedily as
they can be refunded. We voted
against this bill when it passed, and
can never upon any pretext vote for the
issue of a non-taxable interest-bearing
bond. But the question now is upon
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