Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1881-08-30
.SQUELCH THE BANKS.
hath Times

In the midst OF business proSperit.- =, such
A. the country never before knew, the
greenback harpieS are going about the
country telling the labOring classes how
they are q. crushed 70 the earth, robbed
and oppressed, and that the government
has set up great monopoly 10 fatten upon
them and eat out their substance.
All this they are told in the most elo-
Cuent periods, and with al the arts OF
rhetoric and word painting, until, but Tor
their general iutell!g ence and sound COM
mon sense. the people OF the second district
must perforce believe that only the cleo
ton OF Judge Gilbert % Congress would
prevent the direSt predictions OF Mother
Shipton from suddenly becoming fearful
realities
Monopoly, they cry; monopoly, and what
i il! What DO they mean: q, It's the
bank. the terrible banks; e" Down with the
banks" they CRY; SqUelch the banks,
saws Judge Gilbert. And why: q, It's a
monopoly, we are told. l. that 50: And
IL so. i il necessarily wrong and detri-
mental 20 the interests OF the people:
Whist Is monopoly: Simply an exclusive
right or privilege, one in which none but
the particular person or persons named
can participate. For instance, the ferry
between Bath and WOolwich Is mOnOpo-
ly. No other ferry can be established with
in 3 specified number of miles. Then why
does not the Judge say squelch the ferry
Because be Is well aware that ali who are
interested in the ferry know all about II,
and he knows that votes cannot De made
by assailing that monopoly He Is
aware, TOO, that thousands OF people do
not understand the banking system; he l.
aware further, that the party he now Tor
the time happens 10 be associated with, has
created in many minds prejudice against
the banks, and so, in the slang parlance OF
the day, he "wades in" IN crusade TO
.ssquelch" the banks. He would squelch
them, not for any evil they have done, Tor
he can allege none, but because they are \
monopoly. That OF itself, might or might
not be bad, IL the charge were true, but
there Is not 3 shadow OF truth IN IT,
Banking is free 10 anybody and everybody
who are disposed 70 90 into 1t and have
the means. and nobody can go into any
business without means. But, We are
told. they are making enormous profits,
getting double and treble interest, and the
ike. Then why do not all the moneyed
greenbaekers rush into the business: just
think of il; If they believed word Of their
allegations, would not they make haste 70
be in the business Banking Is free, re-
member.
But more than all this; more than treble
interest, and more than extortionate prof
its, greenback orators are continually tell
ing people that the government makes q
present of the money 10 the banks which
constitutes their capital; and no doubt they
lind here and there person who does not
know they are consciously telling that
which is untrue.
There were banks in Bath before the ma
tional bank system was devised. Their
notes were printed in New York; but did
anybody suppose-did anybody ever 90
about the country reporting that the Amer
lean Bank Note Co. made presents 70 Bath
banks, TO one fifty thousand, TO another 8
hundred thousand dollars: But, such q
report would have been exactly OF the same
character as is the assertion that govern
ment gives the banks the currency. The
government prints the paper, instead OF
permitting the AmericOn Bank Note TO. To
DO il. IL does not, as a favor TO the banks,
but as protection 20 the people ;-protec-
ton against counterfeitS, and security be-
yond all persdventure against an over-issue
by the banks. Formerly, as is well re-
membered, State banks not only often failed
70 have the coin, representing the capital,
in their vaults, IS required by law, but not
infrequently they made large over-issues,
jailed, and left their worthless notes IN "a