The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-07-13

in any emergency tho financial corporations Oh
the East can act together al a single DAYS no
tice with such power that no act Of Congress
can overcome their decisions"
Yea, the banks ''can act together NJ a single
days notice with such power that no act OF
Congress can overcome their decisions Sir.
has this declaration wholesome sound, tone
friendly to free institutions? A threat more
deadly to the rights OF the people OF this Gov
eminent WAS never uttered, either in'poace or
IN war, during the whole course OF American
history; and vet the events OF the last eighteen
months anpl, prove that this threat can be
executed at any moment. II was fully shown
that the machinery did indeed exist for instant
concert OF action among the banks to enforce
their decision against the viii OF Congress-.
They moved together. Abaiik in New England
and bank OH the Wabash were found con-
tracing tho currency by retiring their circula-
ton for the same purpose and on the same dav.
Cooperation existed from one ocean to the
other ON the part Of the money power against
the beneficial legislation Of Congress-. 10 such
al amazing extent vac the power Of the banks
displayed in their recent hostile movement
against the Funding bill that even the New York
Herald was forced TO utter the following note
OF alarm
In tho late Wall street furry it was demon
etraied that tho national banks mo matter
whether with or without concet) can suddenly
ing the rates OF interest up TO 800 and 400 per
cent. wear. and that the only remedy for such
= calamity is the bad remedy for manipulating
the currency by the Secretary Of the Treasury.
Such possibilities should not exist. II we con-
cedc that the banks acted in self-defense With
out combination, that would not disprove the
power OF the banks to produce similar and
greater disasters by combination. When they
have teen proved to possess so much dangerous
power the business OF the country cannot safely
be left to their forbcarance. They must be rc-
strained by the strong hand Of the law. While
they should have every reasonable facility for
Withdrawing their circulation, 1Aey must not be
allowed to do 1t without proper notice nor with
ont precautions against Distress AMI panic.
Their present stnpendons power 10 put on the
screws ID intolerahle III a free country, and
must be put nnder wholesome restrictions,
which equally guard tho convenience Of the
banks and the right OF the people. We will not
undertake to "a. where the line should be
drawn-that ID y question for Congress but
clamor il the next Congress fails to apply ,
remedy"
Sir. with full and unrestricted power over the
volume OF currency, and cons, quently over all
values, conceded to the banks, together with
ample machinery iy which in any emergency
they can defy tie passage OF any act Of Con-
gress. what il left to The Government except nh
not tomorrow 20 to war in defense Of its flag,
its honor, or it, existence. without first asking
permission to do 40 OF the great financial cor
porat,ons OF the country Ii there was All in
vadng force on our soil this hour. Congress
could not with safety or q SHOW OF success de-
clare war to repel il without first duplicating
eowardly and nnpatriotic capital, engaged in
banking, not to contract tue currency, with
hold financial aid. and leave the army TO starve.
In fact there is no measure OF this Govern
ment, either in peace or in war. which il moi
wholly dependent on the pleasure of the banks.
This Government is at the mercy of its own
creatures. Il has begotten and pampered a
system which lis now its master. The people
have been betrayed into the clutches OF iinan.
cal despotlsn which scorns responsibility and
dedes lawful restraint. II 1t is claimed as some
paliiation for the banking system that out Of
the 1000 banks. and more, only .01 or SOC
openly and actively joined IN the attempt Il
rum the business OF the country in order to do
feat the Funding bill it il only necessary L
observe that enough was done to accomplish
the result, and not bank was heard to protcs,
against the conduct Of its associates. The
movement Was understood i'll banking circle,
throughout the United States, and reinforce
ments stood ready to support the attack and
compel the surrender OF the Executive.
0Sir, am glad the mask is on am glad ths
banks have displayed their dangerous powerl
L
uncovered their batteries aud given notice thai
they intend 10 rule or ruin, to rule the Govern
ment or ruin the people, TO control Legislation
or to put business to the rack. | have fsith il
the intelligence and courage 81 the people. and
/ rejoice that they now behold the mons,rou
pretensions OF the money power without lis
guise. This revelation Of conspiracy agains
the principles OF popular government will NOR
than compensate the American people for til
defeat Of tho Fun'ing bl and the consennen
oss OF many millions year.
Liberty is worth more than gold llbert
Of the people to make laws for their own gov
erfment without let or hindrance from corpo
ration monopolies or from any other sosrc
whatever. believe the insulting. threa..nin,
and tyrannical issue made b. the banks will b
sternly met BY the people. 1 appeal to the toll
ing, tAx-paying mil!ions TO zee to il that tL.i
representatives In Congress resume and retal
hereafter their constitutional powers over tn
money OF the country. ] appeal to them t
compel the restoration to Congress Of all thos
great and vital powers over tho finances whlcl
have heretofore been abandoned to the banks
The American people are not without expert
encc on such an issue.
There is ! notable precedent for the prcscn
attitude OF the banks. Fifty years ago grea
financial 1rporation attempted 70 dictate thu
policy Of this Government and to browbcat ane
coerce the administration u its affairs. Ths
u
sumed the same defiant attitude toward th.
legislative and executive departments OF tn.
Government now maintained by the nationa
banks Of the present day. The United State.
Bank Of the past was invested with the sam.
dangerous powers over the currency now pos
sessed and exercised by an association OF more
than 1900 banks. Benton believed this power
belonged to Congress and ought to remain
there. Speaking on this point in the Senate, il
1884, he said
1T was too great power to be trusted L
any banking company whatever, or to AM
authority but the hi chest and most responsible
which was known to our form OF government
The Government itself ceases to be independ
ent, it ceases to be safe. when the nationa
currency il Il the will or company The Gov
eminent can undertake no great enterprise
neither OF war nor peace, without the consen
and cooperation OF that COMPANY ii canuo
count its revenues for six months ahead withou
referring to the action Of that company. il
friendship or its enmity, its concurrence o
opposition, to see how far that compan, vii
permit money to be plenty, or make il sca-ce
how far It will let the money system go OF
regularly, or throw it into disorder; how ia. il
viii suit the interests or policy OF that compan,
to create tempest or TO scffer q calm in thu
noneyed ocean. The people are not safe wher
Q company has such power. AL
property 10 at their mercy. The price OF 4ea
estate, OF every growing crop, OF every staple
article in market is at their mercy"
Such, sir, Is the picture drawn by Thomas H
Benton Of the helpless dependence or the Gov
eminent and the people on the old Unitec
States Bank, when it was fighting with Ligl
hand, - the banks are now. to perpetnate II.
mastery. How clearly and trutsfully taes,
sentences Of the great Missonrian depict tn
present position Of the country! The onl,
change he wonld make, could be speak now
would be to declare . greater danger 70 I'll,
liberties Of the people from the power II in
corporated money than ever confronted him Il
bis lifetime. One bank, then located at Phila.
delphiA, with but few branches, assumed 50.
preme control over the currency Of the people
now there are more than q 600 located ia nea rly
AL the counties in the United States, reaching
every neighborho0d, stretching their influences
into every household, and stimulating or de-
pressing for their own interests the fiuctuatinp
pulse OF every public or private business enter
PRISE. What was then a comparatively circum.
scribed and limited influence in the affairs oi
the people u now ~ general and a. penetrat.
ing IN every American home q the light Of the
sun.
Benton, in his Thirty Years View, arraignine
| tho national banks Of his day, says that ...xpe-
| nence has shown such IN institution to be /
political machine, adverse TO free govern.
ment, mingllng in the elections and epislation