Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1882-01-28

No. AZ.
the banks. Gu these the United
States pays to these banks an iuter-
est annusiiy of Sis, ,728, ,483. A tax is
paid 10 the United States by the
Oapks upon capital, upon circulation,
aud upon deposits amounting TO 49,.
493 .552. Subtract that, aud the au-
mual cost to the people Of the United
States for keeping these institutions In
existenceeis $5. .2S4 936. aud we are to
pay that for all tIine to come. That
is the amount it costs the people OF
the United States for this blessing of
q national banking system.
But. Mr.. President, 1 have already
shown 10 the senate what we saved
by the fundimR bill Of lhe last session
As SAID few moments ago, when
that bill Was offered 10 congress il
was assailed in the first place because
we had no power to pass it; second,
because it robbed the banks; third.
because 1t was without precedent in
the annals of American legislation.
The senator from Oaio stated the
other day that he had offered u simi-
lar bill to my amendment at q time
| when the finances of the country were
| much derauged. and that there was
no necessity for adopting any such
legislation at the present hour. The
senator from OHIO is the author Of y
bill which bexgared in its coercion
the amendment which offer to-day,
and which he now opposes. He Of
fered In 1870 bill to compel the
national bauks to take the 4 per cent.
bouds. not only for subsequent ,im-
crease, or for the establishment of
new natioual banks in the future,
but ha told them. I'll you do not
take these bonds in twelve months
We will take away every cent of your
circulation" That was the bill OF.
fered Dy the senator from Ohio in
1870. refer to II not TO convict that
honorable senator Of Inconsistency.
That fs not w0rthv OF tho senator or
of this occasion. refer to IL 10 an.
swer the republican party in lts argu.
ment that the amendment offered by
Mr. Carlisle In the house aud by inc
here 10 an outrage on. the national
banking system OF the country. say
We learued the lesson from the great
premier OF the last administrstion.
the distinguished minister of financo
now on this floor, the senator from
Ohio. We not only learned, but
profited by II. Here wac the section
the senator then offered:
"Sec. 8. Aud be it further enacted. /.
That on aud after the 1,t day OF Oc.
tober, 1870, registered bonds OF any
denomination not less than 81 1000,
issued uuder the provisions. Of this
act, and ne other. shall be deposited
with the treasurer Of the United
States as security for the notes issued
to national banking associations for
circulation under, ali act entitled "An
act TO provide a national currency
secured by pledge Of Uuited Sta, 90
bonds, aud to provide for the circula.
ton and redemption thereof" sp-
proved June 5, 1864; aud all national
banking associations organized uuder
SAID act, or any amendment thereof,
are hereby required to deposit bonds
Issued by this act. as security for
their circulating notes, within one
year from the passage of this act, in
default of which their right 10 Issue
notes for circulation shall be for.
feited-
There the senator from Ohio abso.
iutely took away their circulation II
they did not take his own terms
"and the treasurer and the com ptrol-
Ter OF the currency shall be author.
lzed aud required to take such ineas.
ures as may be necessary to call In and
destroy their outstanding circulation,
and to return the bonds held a. se-
curly therefor to the association bv
which they were deposited in sum,
Of not less than 81, 900: Provided.
mat any such association now iu
existence may, upon giving thirty
days notice To the comptroller OF the
currency, by resolution of its board
OF directors, deposit legal.tender
notes with tie treasurer Of the United
States to the amount of its oufstand.
ing circulation an take up the bouds
pleItged for its redemption"
Upon the question Of retaining that
feature OF the bill, the vote in the
senate wac yeas So TO nave 10 ther. by
ehactiiiS far more coercive measure
man the amendment which gen,le-
men regard with holy horror to-day,
anu which excited their righteous IN.
dlnaiion last spring. II passed. the
senate by vote Of SS to 10; aud now
propose to give the rsaspus OF the
senator from OHIO. for that propsi-
"Mr. President, the three remain.
ing sections of this bill spply to the
national banks. That Is much too
great theme for me to enter upon
At this stage OF the debate; but L will
explain in few words the theory
nf those sections. Tue national
oanks are mere creatures of law.
they hold their exis,euce ut the
pleasure Of co .gress. We NAV to.
morrow, II it promotes the public In.
tereste, Withdraw their authority.
'ihe franchise has been vsluable to
them."
should think so.
I'VE think it right they should aid
Us in funding the public debt. They
hold OF our securities $346, 600, 600.
Nearly all of these bear 6 per cent.
interest in coin. We will not de.
prive them of any of them; we will
not take from them the property
they enjoy; We will not deny them
even the payment of 6 per cent. gold
interest as long as they are the
Wnere OF these bonds. But they
hold the franchise of issuing paper
money guaranteed by the United
States, aud which constitutes the cir.
caiation of our country; aud we say
that. enjoying this franchise, we now
st1pulate with them for the reduction
Of interest on the bonds they hold. |
The provisions of this bill are not
That is different from what We
heard here last spring.
"They are not harsh they do not
lake from the national banks any
night which they enjoy except one
sonfessedly at our pleasure. If they
IRE not content TO enjoy their fran
;nise on the terms proposed, they can |
retire."
The democratic party only propos.
I'd milder enactment last spring.
sud Immediately the shout went np
rom every one OF the New York pa
'srs and from the entire country "the
'ebel democracy have proclaimed war
III the moneyed institutions of the
They simply propose that
he national banks should obey til.
avs OF congress or retire their circu.
alton. The senator said further:
"AO to new hanka xr hich mar no