The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-03-09

II is very obvious that tie object of this
r cF.1nrleudatlon On the part Of the Secretary
CT tic Treasury IS 10 driya silver entirely cut
II circul ton Ih : " il be seen from the fact
that he attempts his report to show III It there
Is nsnd tCr sii1-er.a-id aims 20 make false
nf1- = that L has been dlificult to put sill
vor 's,~'. ~ IA circulation. L quote as follows
".Asr qui red by the act of February .. 1873.
tho Depart.nent has caused to be coined inso
stan eard silver dJllars each month at least
s2-Oo0,OJO in valIe of bullion of that metal
Instant eff 'rfs have been made to give circu-
laticn to this coin, the expense of transferring
II to al points where ii was called for having
been pad by the Government. Only about
O. rty-f ur millions are now in circulation.
ay fg m r. than s.xty-six millions in the
vauitS, ald there IS 10 apparent reason why is
crculHtion should rap.dIy increase"
s.r. what must be thought of the candor or
inc iliteH gailce oI thts pubIic Gilcer IN speak
ing OF s.Xty-slX niliiOns OF silver IN the vaults
with no apparent reason for an increase of its
circulation, when IN point of fact ev~~- dollar
OF IT Is now in circulation in the m pa
per currency resting upon speci. Las :! He
cJmpl4 rs tIar StXEy-S \ III. lliOns ol Az c9in
are ia the vaults of the Treasury. anu vii not
circulate, although great ef5rts have bsen
mad" 10 that effect. Will in tn same docu-
nent it appears that sixtg-s-X millions of par
paper Iapnry based on this very coin is in cir
culation in every state in the Union. A peru
sal Of the report OF the Secretary OF tie IFeis-
ury sh Jws a silver Circulation in round num-
ber5 Of = hundred millions. sixty-saX millions
in cartificates. and thir four millions in coin
passing from hand TO hand. All that has been
coined under the act Of February Is, 1875, is in
circulation, and a considerable amount in ad-
dluon wA'ch has reached us from other
sources. Does this state of facts warrant the
Secretary III trying to make the impression
that silver money is a drug and failure, and
th L the people do not want IL: Who car JUS
tIy this assault upon the existence of han
drcd millions of currency possessed of the
same purchasing power Gs gold! l denOunce
1t, and challenge The friends OF such pohcy.
if il has any here, to come to its rescue. Let
In nv ff.Irh 1E Q1
piOns. The issue. thus forced without reason
or justice upon the country. VIII be met by
the C1try, and its authors viii be sternly re-
GakcI
such a movement. however, against finan-
cial stability and security must necessarily
have powerful insp ration in some deeply
interested quarter. We are not left in doubt
at all as to the source of that inspiration. In
the Or posed retirement of silver and in order
| u qu.et the fear ia the public mind of de
| struct4ve financial c9ntract.9n- the Secretary,
| as the mopthpicce of the banks, is good enough
| t. say i'll b s report:
| limited paper circulation. The National Banks
are ready u issue their notes in such quantity
| as the laws of trade demand, and as security
| therefor the Government VIII hold equiv
/ al. in ts own bonds"
With what supreme and, 1 might say, inso-
| lent cOmplacency the entire welfare of the
| people is here handed over, in few words, to
| the care of moneyed corporations, whose ten
| dereSt mercIes are legalIZed cruelty and null
| IL cd usur.es. We are told that the National
| Banks are ready to issue their not tss in place
| Of the : lyer currency marked for destruction,
| and to do 50 in such quantity as the laws of
| trade demand, the banks themselves. Of
| course, being the judg' OF the laws Of trade
| and oI their demands. The Country is to de-
| pend, III other words, the interest or the
| generosity OF tue banks for its supply of
! money.
| Sir. il is not my desire to indulge in harsh
| criticism on any class, but in my opinion the
| III, Of all others least qualified by Knowledge,
| unselfishness. or breadth Of views to pass upon
| the wants of the laDorer and of active business
| are the average National bankers of the United
| States Mt this time. Absorbed in money-get-
! ting for themselves, their vision of duty
bounded by their own interests, and their de-
sircS cOncentrT I'd on large dividends and rich
profits, they know but little and care nothing
about the great puisating tide of human effort
world forward. The question here presented
by tiie Secretary of the Treasury is whether to
such minds shall be surrendered the entire
control Of supply and circulation of the cur
rency. Who is ready to support such pr0pO-
s.t.unY Has National Bank money been fur
nish5d at SO little expense TO the people that
| thcy want It To take the place OF all other
| kinds? 1 dc not wonder that the banks want a
total monopoly OF the currency, put It =, is
| win f them to have any control at all of
tn';t vital question. The dHsire OF the banks To
q strJy s.ITcr aud Greenbacks Is very easily
The profits Of National banking under our
pres ut SYSTEM have been, and continue TO be,
| something almost fabulous, and it is natural
| that those engHged in it should desire to ex-
pand their operations over the entire currency
of the country. This is the solution OF their
| craseless aglt1tiOn for more power Owe the
finances. But n short time ago they weJc de-
| manding, through the Executive ana the then
| Secretary of the Treasury, now the Senator
from Ohio (Mr. ShermGn), that the legal-tcnder,
debt-paying quality of over three hundred and
forty-sx m.llions of Greenbacks, then at par
| with gold, should be Withdrawn. and that this
| money, costing the people nothing for its Cir
cuatfon, should be left to perish by the way
side. This was to be done in order that the
banks might issue their notes in its place ''in
such quantity as the laws of trade demand,
according TO the broad discretion now con-
ceded by the Secretary. Let us look, howey-
| er, for moment in this come ction at the cost
to the people of bank note currency, and sec
whether circulating medium SO expensive
should suPplant all others. The bank note
circulation has averaged in round numbers
about $3.50 G00,000 during the last eighteen
years. Government bonds, owned by the bank
ers and drawing interest from the labor of the
people were pledged TO the amount OF over
900 for the security of this circulation
The interest paid by the people and received
by the banks on these bonds may be stated al
an average of not less than SIT ,000,0OJ a year
this, for eighteen years, amounting to over
$..00000,000 for the bless ngS of bank money
| BY Eddng to this interest account the profit.
| of the banks on their circulation and their de
enough gains from the pockets of the people
since their creation to pay off twO-thirds a
least of the National debt. And these vas
sums have been paid to the banks simply f0l
the privl ge of e. ivirg through h 'ir han J.
a l re mo- hal one-t ird of ourcu renry, Of
o b tie qua it t. n e III CT rren ies 10
wh cir ul ii there VS. n on ny
b d. rs sI sho" i-,g to entice n
gre7s to ondon tn VIII Ie financial .uestior
to c bgnks.
w v viii not tn Sc fl cill r, oration
/, lean isl N in tin'e. and earth i gr d!
repuls We emands We b vehea here
and els here, m nv st adm nition
ga n-t fnan ia itaton. Who have eel
!, the a: ators tnCse " no make new, arrog N
nj avarici us demands g.: eac ne session o
I on ress, or Sc who st nd h re to res st an
troac ment and o PIE son III on righ
an labor of the eop!e! Who are til agita or
: nowf am L o ps st4smatj ed IC h be aus
l o p Sc measure # financial agit ton, q
: business di tur g and lwides disas
ter Evey nancffl agitati n from tn o
: March lSt', b nsng tn contra unde
! VIII h he bond w - to be pHid the p e5en
: no ;, h been orc dupon c ngres and tn
, ., the an and the ownars for UNI S
and Il r. i btco spri iiag s. powers an profit
q l an sa ly app "a I hlsto y, an chtllenS
: it's rec RS ] g nth f is t tement.
, S.r, uni IS l am uiuch mistaken the SAT aty q
e g., the ban.ss depends largely upon Il d # re
ne of conduct or their part hereafter Tn
: ent agitation of tn business of the country i
: order to promote their own selfish ends.
+ they push iorwart in the course they have pal
e | sued heretofore, is only a question of tin
r when the people will turn on them and rend-
a them powerles5, They WILL of course, laug
i such prediction to scorn now. A half cen
/ ury ago there was a financial colossus in ehi
5 country that did the same when its arrOgsnc
g WIS rebuked and its doom foretold. The oil
+ United States Bank carried its head as hig
r and believed as much in the power of its MOI
: ey as the associated banks do now. 1t ha
: power enough in the Senate of the Unite
+ States t. insure Andrew jackson by form;
l. | resolution, and to defeat the confirmation of
+ Secretary of the Treasury and the Governmer
l. Directors Of the bank; it b ID power enough
l. prevent its own invest ltion by c 'mmItte
Il of the House of Representatives, and en- tt
other hand to obtain "a friendly committe
l. from the Senate to investigate its affairs fl
. The purpose of seeing and reporting thel
; favorably. 1t had the power to convulse til
country in all its borde rs and to command II
= devoted services of transcendent talents; y
n it had g me too far in its spirit of domination
a and have before me most significant al
Y instructive picture of its condition as it fe
:, from its h gh estate. In BentOn's Thirty Tear
n View Cf tn Senate w IL be found pied fro
= tine Philadelphia ers of that period the fc
"a lowing extracts p 'rtraying the dying throes
- "a once omn potent financial corporation.
81 ReSOiUet, tby the stockholders,l That
~ is expedient for the Bank of the United Stat
If to make a general assignment of the real AT
~ nstnt, nnnds md chnttnIs finhfa q