Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1882-01-28

currency IN New York; they produced
a panic IN the money market and then
we had the irighttul specter Of financial
ruin! The bondholders and the capital
lists OF the country surrounded the White
House, and the secretary oil the treasury
and the president OF the United States
said that the national banks must be pro.
iecled at all hazards and to the last OK.
tremity.
Mr.. President, I am not here to as
sail tue national banks because they are
monetary corporations. am not here
to attack the terrible power put in their
hands, 10y which they contract and ex
pand the currency Vi the country at their
own will.
would not give to any set OF men
whom God ever created upon this earth
he power to control absolutely the
volume OF currency in this country. l
would not tempt the purest MAI that has
ever lived, whose whole lite Was an ex-
ample si purity, honesty, and int gritty,
with power 50 monstrOus AID SO Vast
as that. Much les would | place that
power in the hands OF men whose appe-
tites arc sharpened by greed. men whom
the senator fro u Indiana Mr. Voorhee-1
eloquently SAID were given up ~
ayatics., the most debaslng passion in
the heavens above, the earth below, or
beneath the earth. Yet that power to.
day is vested IN the national banks oi
the United States.
/ know it has been said that the dem
ocratie party. to which bslong. am
proud to say. Is DEVOTED to tho national
hanE system in this country. In the
name OF the state which gave the larg-
est democratic electoral vote in this
union, l deny the truth OF that assertion.
Never were the democratic party pledg-
ed TO the national banking system as it
now exists; never was there day or an
hour in which the democracy of this
Union have not protested against the
puwer Of the national banks to control
oy their own will aud in their ow,, way
the vO.ume Of currency OF the United
States, n is provided in section Ut the
nct oi June 20, 1874, which my amenL-
ment repeals.
We have been told by the republicans,
in every political editorial Tor the last
fifteen years and in every Political
speech, that there should be stability OF
tcurrency and sta ility OF values III this
country; aud yet 40 find upon the
statule-O -OOOk eyer since 1874a law Civ
ing to the, national banks fne power to
Increase the currency at their own will
OF to destroy it.. they have had abso-
lutely within their hande the power to
control the whole financial wealth oi tho
country BY their ability to create p.nics
when they pleased. to furnish or not to
furnish money. to produce Initiation or
contraction nj their nleAsura
Nj. President, know that there are
prominent members of the democratic
party who do not ag:ee with me in re-
gard to this question. We heard yes
tsIday from the distinguished senator
from New Jersey Mr.. McPhersonl
startling propositions. Not the rain. not
the sunshine. not the dew, not the strong
arms and brave hearts OF y great people
NOT th.se, with the b'essing of God
upon their labors, have given prosperi-
ty TO this country. but according to the
senator from New Jersey. il has been
the nstional banks. They are the au-
thors OF all this prosperity, they have
brought about this golden era. Not tho
industry OF the people; not the resource,
OF u continent stretching from ocean to
ocean ard a population equal to all the
emergencies of liie-not to these. but to
twenty-one hundred corporations do the
government and people OF the United
States owe their eternal gratituds!
MIR. President, deny IT. deny that
the national banking 81 stem has given
prosperity to this country. They have fat |
tened on the increase OF the people.
defy contradiction here when / say their
dividends are larger than the div dends
ofaDy otner banks known in the civi lied
world. Tney made in ten Years. includ.
Ing all the years from 1870 to 1880. 4 |
per cent. upon their capital aud their
surplus funds-8.4 per cent. net profits.
will not indulge much in statistics,
10 let US see ~ hat the government oi
the Utited States has done tor the na-
tiunaI banks. l call the attentl IL .,f the
senator fom New Jersey to this. | /
want him to see " hat the people have
done for these Institutions that he Iauds
rs h;.ving carried tbs government
through its moments of peril ana .x-
,rcmity. take the tigur">I shall now
present from the c'mptrol.er's report.
IN 1881 there were 2. LOO national Banks
III the United States Their capital is
$45S, ,934. 4S5. just think ot .ark on
VAS AFRAID ut u bank with S35. .OUO. 900
capita and yet here ls a bank (tul it Is
really one ba ny with capital OF $45s.
934.4S5. Theu surpIus-pow think of
1t the money laid by tor the storkhold-
ers is $l27 .238 394, more lii All Que quar-
ter of the capital.
Trese are the gentlemen whom we
took by the th,o oat in our funding bill last
spring, AS s,e were told. whose interests |
we were appealed to BY gentlemen ON
the other side ot the chamber not to des.
troy. do no, cypress the natl nal
hank'." oh. no! -S127 23S.3s4 OF sur
sus. But that is no. all The divi-
d nds from September l. 1869. to Sep.
tember /, 1871. were S5l7 8.5,392 In
other words in twelve years they laid |
away the comfortable sum OF $l27.-
O0O.0 900 and some odd hundred thousands |
AS surplus. and they more than doubled |
he c,pital invested besides. Five hum !
d ed and odd millions OF dollars were
divided in dividends among their stock
holders.
MIR. President, put it to every man
within the sound of my voice who oe-
iieves in republican Institutions and in
the Will of Tho people governing the free.
unlrs:i:meled. and unbiased will of the
people represented through the congress
OF the United States, whether such re-
suits should not attract our attention.
But, sir. we were told when the fund
ing bill oflast spring Was prese nted 10
congress that il it was passed we should
not only rob these banks. but that they
were actually desirous of going out OF
existence because the rate OF intere st
was then too low. We were told that if
that bill passed it would PROSTATE the
energies and resources OF tho people of
the United states and produce general
pane. Now what show the figures in
contradiction of the assertion that these
banks We're not then making any money
because the rate OF interest was so low
that the proprietors were considering
tho prspriety OF withdrawing their capt.
tai and going into another form of cor
aorate business! Never in our history
cave the national banks Increased SO
rapid! as in the fiscal year just closed.
They have increased. according to the
report OF the comptroller of currency.
more than two hundred in number. Al.
though they were making no money,
although they We're thinking of surren-
dering their charters. they h ,ve increased
more i'll the last year than in any other
year since they weat into ex stence.
But were told that we wore rebbipo
these banks of theii property we were
toia that ii we passed Il bill funding the
debt at 3 per cent, as 5000 900 ,O5O Is
proposed now to he funded we vara