The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1882-02-14

them their death wound, and that iu-
stantly, | for one am prepared to take it
away
!. Now, Mr.. President, I propose to
make no indescriminate raid upon these
organizations. ! do not underrate the
value that they have been to the Gov
lernment in seine of its exigencies, and
Ito the people of the country; they fur
nished a market for the bonds at time
when the Government needed q market !:
but say that they have been enormously
paid for every bensft they have done
lsither to the Government or the people.
'ITaey bsve had monopoly of the issue
OF the currency OF the country. We have
lcrusbed out an. competition by 10 per
feent tax They have been the sole de-
lpositories OF the public funds. This
Has yielded profit Of millions of dollars !;
+ think ! might say safely hundreds. Of
EmilIions of dollars. The Senator from
Missouri told us, and l quote the figures
(which he has given US, that in twelve
years these national banks have realized
Is 4-l0 per cent ger annum upon their
capital Has any other business during
so long period done as wellp They have
$3.50 600, 900 OF capital they have di-
lvided 50,000,00o Of dividends; thev
Ehave reserved S12S 900, 900 of surplus.
Think state in round numbers the cor
rect figures. Have any Other corpora
ltions. have any industries of the coun-
TRY, have any combinations of capital
Edone as well?
i My honorable colleague says that
these banks are not monopoly and
E*hat they can only enjoy those privileges
which anybody who has money in sniff,
cient quantities may enjoy. Why, Mr..
President. | do not understand it so.
No individual, no State hank. noprivate
corporation with wealth Croesus- like in
its hands has the power to issue this
1 circulating medium The issue of the
currency OF the country is monopoly
in the hands OF the banks, and no amount
of character, Of capital, of pecuniary
resp visibility, of wealth, of honesty, of
fair dealing will enable any individual,
any State bank, any private partnership,
anv other corporation other than a
national bank, to enjoy the power of is
suing the circulating medium. Is not
that monopoly?
NY colleague says that banking is free
everybody who chooses to enter into
this banking system may 60 into if. SO
might say to my colleague, that every
body who chooses to build railroads un
der the laws at least of most of the
S'ates-I believe Of all the Western
States-can get charter and do so {;
but does that prevert the great roads
which run from the east to the west
across the prairie plains IN the central
part Of our country from being nonopo-
6esP Does it prevent monopoly that
people can collect together hundreds
and hundreds of millions of dollars, and
lmay be able to bulid competing line ?
Circumstances will make monopolies
The condition Of adventures will make
moropolies We have in cur own State
one of the strongest monopolies in the
country, and yet if men could gather
money enough to buy the owners ou,
and deprive them of their privileges by
giving them more than siey can make
otherwise, it would not be, in the sense
Of my colleague, monopoly at all.
My colleague said-and l was sur
prised to hear him, With his kno wledge
of the p,wers of these corporations,
say-that bank is the weakest factor
in our politics. Were these banks weak
in 1870. when they went to the House of
Representa- yes, according to the state
ment of my colleague. and not only de-
feated section which he had urged with
so much eloquence, and so much sim
cerity, and so much belief that it was
necessary to the true financial interest
of the country, but defeated a section
which he was able to get the committee
Of conference Of the House of Repre-
sentstives to report? 1t was true, as
he told US the other day, that the power
of the combined corporations acting
upon the House. OF Representatives COM
pelle he Senate. and himself among
the ahlest members Of it, to take that
bill pure and simple, without any OF the
guards and provisions for the floating
of the loan which he himself thought
necessary
Were these banks weak in 1881 when,
after bill had been passed nv the Sen
ate and House of Representatives dis
tasteful to them, they commanded the
velo of the President? They threatened
i use the word sdvisedly-the news.
pspers, in their interest, threatened; a
number os banks combined anG did ac-
tuslly withdraw or took steps to with
draw their circulation the other b'nks
stood behind. ready to back them up
and this combined influence was so strong
that the then President of the United
States and the then honorable Secretary
Of the Treasury succumbed to that in
fuence,
Ny honorable colleague said that the
banks were so weak that at the first blast
of the bugIe they ran. Ay, sir, they
did run; but they ran at The President
and at the honorable Secretary OF the
Treasury, and am sorry to say they
captured both. have read within he
last few hours that vetoed message OF
the President, and have read it with
the care which my relations OF the then
President and to the then Secretary re-
qured me to read, a paper with which
did cot agree ! say that With the ex-
C plion of one single, feeble suggestion
that the possible effect Of that bill might
be injurious to the people, the whole ar
gument for the veto was based upon the
idea that its provisions would be either
iniurous or distasteful to the national
banks. The President did say that to
compel these banks to issue their circu.
Ilation upon an inferior class of bonds
would be to deprive the people OF the
benefit of the highest securities for rtheil
circulation. That was but the pebble to
the mountain in the whole statement
and argument of that veto message
These banks which my colleague thinks
J so weak have twice attacked funding
, bills passed by Congress. Once in 1870
! according to the testimony of ny col
, league, they captured the House OF Rep
> resentatives, and again, in 1881, the,
, attacked bill passed by the deliberat
t judgement Of both Houses of Congress
& and according to the eyewitness o