The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-06-01
NATIONAL-BANk CHARTERS.
Speech OF Hon. Nicholas Ford,
or Missouri.

Speech Of Hon. Nicholas Ford,
OF Missouri.
Delivered IN the National House or
Representatives. saturday.
May IL, 1852.
The House having under considera-
ton the bill to enable national banking
associations to extend their corporate
existence, Mr.. Ford said:
Mn. SrEAKER: In any thoughts may
submit upon tile subject of national
banking I wish to be understood M re-
ferring to a system, and not the men
who may be identified with it.
The system am opposed to am con.
vinced It's success must prove detri-
mental to the general prosperity, is dan
gerous, and threatens every industry by
its pretensions yet concede that SO
far as safety to the note-holder and
the uniform value of national-b -bank
money are concerned the national
banks afford IT'S protection never
youchsafed by State banks; therefore
is much more desirable, inasmuch as
the money of this country must be ns.
tional rather than State or provincial.
The old regime must not be revived.
We do not want State banks. The
money of the fnt ire will DO national
money, and the people desire that this
money emanate directly from the Gov
ernment. might offer many reasons
in support Of this theory, why this Con-
gross should not pcrpetrate anew the
folly Of the past and again invest mon
eyed corporations with special privi-
leges. Experience is sensitive touch.
stone; its admonitions should not be
trified with or disregarded.
/ The constitution Of the United States
confers upon Congress the power tocoin,
| to make money, and to regulate its
( value but do not believe the consti-
/ tuition oonfers upon Congress the power
10 vest or delegate this right in or to in
dividnals or corporations, bank or
banks.
II Congress transfer this prerogative
for twenty or any number Of years and
abdicate its constitutional powers, the
! people are subiugated, and, in the terse
4
constitution is for the time being dead
letter, and the act Of Congress cstab-
fishes dangerous money monopoly
above the peopA.. above the law and
above Congress" Congress, sir, then
proves unfaithful to the people; its
weakness, if not treason, is violation Of
the constitution and dangerous to re-
publican government. 1t cannot defend
m iSnominious surrender Of power con-
fided by the charter Of the National
/! Government TO either an individual or
corporation.
! / submit this is the issue presented.
and the at itude Of the national banks,
at no time uncertain when the people
attempt to assert their rights when their
prosperity and happiness are involved,
stamps with the highest degree OF Ger
| talnty a purpose to subordinate all other
interests To that of sor,lid, selfish gain,
do not hesitate to say we have reason
to distrust the misunderstanding system.
1t may be the medium through which the
few are enabled to monopolize not only
the luxuries, but even the mere vulgar
bread and butter, the absolute means of
support for which the thousands toll un-
ending. Luxury for tho few is piivation
for the many. | may be permitted to
quote the language Of great man Of
national reputation, whose uttcrances
the proudest and mos. intelligent con-
cede worthy Of serious consideration.
Missouri. Missourians admire his iuteg-
rity, and from his teachings extract
truths that trust may he accepted by
a majority Of the House in determining
the vital question to he disposed of by v
this Congress. Thomas III. Benton ut
tered the following words in the Senate
Of the United States in 1888:
"The Government ought not to dele
gate this power ii it could. It was too
great a power to be trusted to any bank
ing company whatever, or to any author
ity but the highest and most responsible
which was known to our form Of govern.
ment.
"The Government itself ceases to lie
independent; it ceases to I've safe when
the national currency is at the will Of q
company. The Government can under
take no great enterprise, neither Of war
nor peace, without the consent and CO.
operation Of that company; it cannot
count its revenues for six Aonths ahead
without referring to the action of that
company-its friendship or its enmity,
its concurrence or opposition-to see
how FAR that company will permit money
10 be scarce or to be plentiful; how far
it will let the money system 90 Oh reg
ularly or throw it into disorder; how
far it will suit the interests or policy oi
that company to create a tempest OF
suffer calm in the moneyed ocean.
The people are not safe when sucl
company has such q power. The
temptation is too great, the opportunity
too easy, to put mp and put down prices
to make and break fortunes; to bring
the whole community upon its knees t.
the Neptuues who preside over the flu,
and refiux Of paper. All property is q
their mercy. The price Of real estate, o
every growing crop, of every staple ar
ticle in the market. is at their command
Stocks are their playthings-their gam
bling tleater, on which they gambl,
daily with as little secrecy, aud as littl.
morality, and far more mischief to 10 1T
!. unes, than common gamblers carry q,
their operations"
Every sentiment uttered by the great
statesman applies with undiminished
force and power, intensified in cOnse
quence Of the vast patronage extended
to our present national banking sy stem
l might collate the opinions Of Jeffer
son, Jackson and many other profount
thinkers in support Of the views Of Mr.
Benton and in opposition to the moderl
theory that the Government must rcsor
to methods wholly inexpedient and dan
gerons in furnishing to the people ,
money medium for the transaction o
the business Of the country. These meI
proclaimed themselves, without reserva
tion, in favor Of the people as agains
monopolies. and they well knew that th'
snrerstrncture upon which all the othe
evils rested was monopoly IN money
Can We afford Ia trifa with their opin
ions? Had they not convictions unfal
tering, answering, commanding. de
manding our most sincere admiration
and shall we not hear these reveres
voices OF the past now and endeavor I,
r.