The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-04-13
The Bank Charters,

Think of Secretary insisting that the
bondholder snail be paid in gold alone,
and has a right to it, when the law re-
quires the coin, both gold and silver, re-
ceived at the custom-houses to be ap-
piled first to the payment of the interest
on the National debt, which law he de-
fies and refuses to obey. and of his de-
sire to curtail our silver circulation,
though every certificate issued is backed
by a dollar in the Treasury, at a time
when we are sending Commissioners to
National Conferences charged with the
duty of securing the extension of bi-me-
tallic currency by other Nations; at a
time, too, when, by railroad extensions
unparalleled in the worlds history, by
immense immigration and home indus
try. aided by the best and most extern
sive laborsaving agricultural machinery
in the world, our products, and of course
our wants, have increased to such enor-
nous proportions. 1t is as absurd to
seek to force US to rely. after the devel-
opments of the last ten years, on the
circulation which might have been suffi-
cient even in 1870. as it would be to
force a youth of twenty-one into the
clothes he had worn ten years before,
and what is the excuse?
There need be no apprehension of q
limited paper circulation" says the Sec
retary. 1.-The National Banks are ready
to issue their notes in such quantity as
the laws of trade demand
Think of that in view of the conduct
of the banks last spring when they die
tated the veto of the Three-per-cent.
Funding bill. When hawks protect
sparrows and wolves lambs the people
of this country may be safe in the hands
of a combination of men not responsible
for their welfare, whose only interest.
indeed, whose duty to their stockhold-
ers, requires them by every means
known to sharp dealing to make all the
money they can out of their business, no
matter who else is made poor by their
operations.
Perhaps the desire to invest the banks
with such vast power at this time grows
out of the fact, as the Secretary shows,
that "the corporate existence of 329
banks will expire previously to Febru-
airy 25, 1885," With absolute power
over the currency, such as the Secretary
demands for them. they and their asso-
ciates can force a renewal of their
charters upon such terms as they may
demand without being required to set
tie with the people for all the currency
issued TO them under their existing char
. ters. Their friend, the Comptroller,
has already commenced his arrange
ments looking to that end. The people
need sufficient currency, Independent
of the banks, to be able to require them
to settle, or close doors till they do.
We, the people, by our contract have a
right to demand payment, when the
charters expire of every dollar of circu-
lation issued to them during the twenty
years of their corporate existence. All
destruction of currency by fire, flood or
other cause is our profit, our share of
the assets. We want it to reduce our
National debt; they, of course, don't
want to pay it, and if the Secretary and
the Comptroller can have their way the
banks will force renewal of their char
tiers without settlement. / do not know
what we will get out of them. Out OF
, the fractional currency, which never ex-
ceeded S45, ,000,000 we have made
$4,000, 000--three per cent. that theSec-
retarv admits. If the destruction of Ma
tional Bank notes from all causes during
the twenty years amounted annually to
one-half of one per cent. on an average
issue of about $3.50, 900, that would
: be $35, 900. 900, and with like loss on
! Greenbacks, say $35, 100000 more, we
can, without cost, reduce the debt some
S85, 100000. If l am approximately
correct our outstanding paper circula-
ton is by $40, 900, 000-naore than all the
! sitver certificates mos1 in eristence-less
than it is reported to be, with greatly
increased necessity for more than we
ever before needed. from a
Recent Speech in the Dreited States Sem
ate, by Mr.. Beck. of Kentucky. ..