The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-04-27

on which the monetary interests of the
country rest, and there is no escape from
it by the extension of the charters"
eff the bill should come up for con-
sideratiOn, will you offer any substitute
or amendment to ward off the danger to
be apprehended from the redemption of
the three and half per centsW
81 have substitute for the whole
bill, which authorizes an issue of Treas
urY notes to take the place OF the bank
circulation; and discuss the right and
duty of the Government to omit the en-
tire circulation, both cash and credit. L
am firm believer in the doctrines held
on this subject by Mr.. Jefferson and MIR.
Calhoun, and l do not believe that there
is a more anti-Republican feature in the
practice of this Government than the
issue of credit money by banks, either
Stare or National, and that the elastic
feature of the present banking system
is full of danger to the business of the
country; that no other of the great COM
mercial nations of the world cOunten-
anceS it, and that it is condemned by
the opinions of the ablest financial
writers of England, and by the practice
of Germany as we'll as England. Let
me read to you an extract from the
speech which will appear in the Record
tomorrow on the anti-Republican char
acter of notes of banks of issue, as l am
desirOus that your readers should have
the benefit of it.:
eff Congress, instead of authorizing
the creation of two thousand banking
corporations, had invested single in
dividual and his assigns with the right
of issue of his prOmisSOry notes to the
extent of the $360,OOO,OO0 for twenty
years and had made them receivable for
public dues and payable on account of
debt by the Government, as provided by
the National Bank Act as to National
notes, and with like power to expand
and contract the paper circulation, as
these institutions now have, l am per-
fectly safe in the assertion that there is
not member in this House who could
be found willing to extend such powers
and privileges for a day. Such abuse of
our legislative authority would shock
the minds and cOnsciences of all men
not because a single individual might
not secure to the people as safe q cur
rency and one as uniform in value in all
parts of the country as that furnished
by two thousand corporations, but be-
cause of the special and peculiar privi-
leges bestowed upon this fortunate in
diVidual, and of the Inconsistency of
such legislation with that equality of
right which is the cornerstone of Re-
publican Government. There is moth
ing in the Constitution which makes
any distinction in favor of one thousand
corporations over one, or of any number
of individuals over a single individual.
If Congress has constitutional power
and jurisdiction over any subject or
matter, there is no restriction upon the
means it may adopt to carry into effect
the grant of power. 1t has the same
power to incorporate Jay Gould or W. H.
Vanderbilt as it has to incorporate 10000
bank shareholders or 1000 banks. We
should be giving to the favored individ-
ual the right to exchange prOmisSOry
notes without interest to the extent of
S360,OO0,000 for the prOmiSSOry notes of
others bearing interest, with the pledge
of the Government that it would receive
them for hundreds of millions of annual
taxatiOns, and pay them out to all en-
plOyes, officers and creditors of the
Government, except where it had stipu-
lated for some other mode of payment,
and at the same time forbid by stringent
legislation any interference by any
other individuals or State corporations
with the valuable privilege thus con-
ferred. Such is the extent of the extra
ordinary franchise which would inure to
the exclusive benefit of the beneficiaTies
of our legislation. Need say that such
a franchise conferred upon a street
D6gQar WOulu Ill lew years JTduSIOIu
him into milliOnaire?"
Judge, do you discuss the elastic
principle of the National Bank systemP"
81 think l show, both by reasoning
from admitted monetary principle, as
we'll as from authority, that it is ruin
GUS to give individuals the rights to
enter into competition with each other
in the business of issuing the evidences
of their Indebtedness as mOney-that the
Government should issue all the circula-
tiOn, and that the credit circulation
should be fixed in amount, and that
whatever elasticity is needed should be
given to the circulation, not by the in
struments of credit, but by cash or its
actual representation, But have said
enough on what will appear in the Re-
certainly as much as tie Enquirer
will be willing to publish"
"Well, tell me what will be done with
the silver dollar at this session."
"NOthing to disturb it; but we shall
have lusty fight over it before long.
Senator Sherman and his allies have
never forgotten the victory we gained
over his veto, and shall look for Wig
OrOus onslaught on the silver dollar
after the fall elections. But the West
will win in this tight, even if all the
gold takes wings and flies where it will
do the most good. We can easily enough
avoid this dire calamity, as our Eastern
friends would designate it, if they will
remember what false prophets they have
proved to be as to the silver dollar, and
give us of the West credit for a small
bit of common sense and knowledge of
the silver question" Gin. Enquirer.
WASHINGTON, April 25.-There is con-
aiderabIe talk outside about the report