The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-06-01

people representatives! Lie NaIlOnal
party objects to national hanks because
IN the laws creating them We see tile
first effort ever made by Congress under
the constitution to create perpetuity
in banking monopoly, contrary to its
letter and spirit, and at variance with
past Legislation aud the decisions of our
courts. Nor are these the only obiec-
tions. Congress, apparently oblivions to
the evil results that may be accomplished
through a united concerted action
of the banks, heroicalIy shifts the
by investing the
Comptroller Of the Currency with
plenary power to create banking corpo-
rations al infinitum, to "go on and on
forever wholly beyond the reach and
control Of the people, who are supposed
to be the source Of all power III this re-
public.
The act Of Juno 3, 1854 (l3 Statutes
nt-Large, 09), under which these banks
exist, provides that all banking aasocia-
tions formed under it shall enjoy corpo-
rate powers and banking privileges for
twenty years, not from June 3, 1864, the
date Of the passage Of the act, but from
the time the banks receive the charters
from the Comptroller. Here we have
general banking act, q departure from
the traditions Of the past. 1t does
not create any banks ~ did the laws
of 1871 and 1916 which created the
banks Of the United States it makes
the way easy, removes every obstacle,
and proclaims that any five men and the
Comptroller Of the Currency may organ
ize one of these beneficent institutions
and put it into operation Immediately.
This is simply the.initinl step in the in
auguration Of questionable system,
and is not the only bad feature that
alarms the man who will investigate !;
for at the expiration Of the twenty years
Of their corporate existence they are not
compelled to apply to Congress for re-
newal Of their charters. The whole sub
iect rests with the stockholders til, ir
option is the highest law. The people
may feel intensely upon tho subject,
Congress even may think We have too
many banks, but the people and the
Congress Of the United States are pow
erless under the law where the articles
Of association are properly prepared and
the Comptroller sees proper to authorize
another syndicate to deposit non-taxable
bonds for safe-kceping in the treas
nry vaults. Thus we have in
prospective permanent system Of
banking, for il is well known that many
Of our distinguished thinkers are op-
posed TO the liquidation Of our national
Indebtedness; thnsperpetuating interest
bearing bonds to serve ns basis upon
which shall rest for all time the unjust,
oppressive misunderstanding system. 10
my mind this is remarkable concession.
The banks are above the law, above
Congress, superior to the people, and
really responsible only to the Comp
troller, who l suppose has the power to
recharter old banks as effectively as to
charter new ones. Such power invested
in the stockholders Of bank and any one
officer OF the Government was unknown
to our fathers. 1t was not dreamed of
by the States when they surrendered
their right Il, coin money and emit bills
Of credit and to make them legal tender
to the General Government. Had they
ever imagined that Congress would yield
up to corporations virtually all they sur
rendered to Congress, the constitution
would never have been adopted.
The power TO charter bank was
four times exercised by Congress
previous to the creation of the pres
ent national banking system in 1891,
1916, 1882. l841 but not one Of these
institutions was permitted to continue
its corporate existence after the term OF
the charter expired. Those banks were
the creatures Of Congress, and wanting
the enacting clause there was no power
that could be exercised by this Govern
ment by which the monopoly could be
perpetuated. Gentlemen will recollect
the history Of two of these attempts to
foist upon the people by act Of Congress
this incubus. President Jackson stran-
gled the monster Of monopoly in 1892,
and President Tyler as effcctnally
thwarted the plans Of the aristocracy in
184I. No advocate Of PIPER money then
dared commit his party to the theory Of
special privileges in perpetuity for the
banks. No party, no statesman or poll
tician, could have safely enunciated
such doctrine
1t is popular now, and at the money
centers Republican and Democrat are
heard shouting for honest money and q
misunderstanding currency. Circum-
stances control the action ii not the mo-
tives Of men. To-day we tolerate this
unjust anti-republican system because
during the lark aud disconsolate DAYS OF
war every consideration save the life Of
the nation was ignored by the million
tolers who carried the flag to victory.
rv1nnAsnrv laGn,k
suffering, speculated in the blood and
credit Of the republic, and the measure
Of their patriotism is indelibly written
in Wall street gold quotations, in those
perilous moments when doubt and un-
certainty reigned supreme. Then this
iniquity was conceived and tolerated,
and under different conditions / think
am justified in asserting the perniciols
system would have been spurned by
nine-tenths of the people. Yes. sir, in
that's upreme moment finance and all kin.
dred matters were left to Congress, and
the people have been bound hand and
foot by bankers and hondocrats wlt
have been aud are now crushing them te
the earth.
The developments in Congress since
the commencement of this session in
which the national banking system
seems to be fortified behind the fear.
that another panic, financial stringency
is imminent, arc interesting and furnish
food for thought serious, earnest
thought. It is no doubt true large
majority Of the people Of the Unitet
States are opposed to national banks
but they are powerless just now, an,
shall SO remain until they exhibit cour
age to proclaim their convictions Mt til,
ballot-box. find no fault with the nc
tion II the committee in reporting thi
bill. Impressed with the great necessi
ty OF taking care Of "these little ones,
whose mere caprice is more potentia
than any political party, whose domina
ton it is difficult to resist, the commit
| tee feels that the monster must be pla
| Gated. Hence this bill and report, il
! which We find all that the banks special
| " care about the Endorsement Of tn,
Committee on Banking and Currency.
| say, sir. this Endorsement Of th'
committee is all the banks need and fo
| this reason ! understand the Attorne,