The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-07-13
NATIONAL BANKS.
A Graphic Indictment Of the
Most Dangerous MOnOpO-
lies In the Nation.
The Abolition of Banks of Issue
Inevitable.

AuU aUVlltlVu VI OduA0 VI ACouc
Inevitable.
Speech Of Hon. D. W. Voorhees,, Of Indi.
ana. in the United States
Senate. June 20.
Mn. PRESIDENT: Tho bill under considers
ton is one to enable the national banks Of tho
United States to extend their corporate exist
ence. more important measure was never
discussed III Congress in time OF peace. It
takes hold upon the very foundation Of free.
popular government. do not care to enter
into the details of the bill before the Senate
IL could not be DO framed % to make me will
such a financial system. A better system can
be easily substituted, and . worse one 10 hardly
possible A brief glance at the conduct Of the
banks during the last year and half Is al that
can indulge in at this time, but it il sufficient
to prove th. truth Of what / say.
In the closing days Of the last Congress and
Of the last administration the banks precipi-
tated IN Issue upon the people which ought not
to be forgotten on an occasion like this IN il
sue 30 full OF danger 70 constitutional liberty
that It ought to be faithfully remembered, now
that they are aAking new and indefinite lease
Of power.
Il il now moro than twenty years since this
Government first engaged III building up, fos-
tering and encouraging the present vast aud
shadowing system Of national banking
No favor ever demanded by tho banks has
been withheld, no privilege denied, until now
they constitute the most powerful moneycd COR
poration on the face Of the globe. Congress
has heretofore on nearly all occasions abdi.
al ifa tha t,rtiS,
the finances Of the banks, except when called
upon to legislate in their favor. They have
demanded the violation Of Legislative contracts
with the people, and the demand has been
granted whereby their own gains and the peo-
pies burdens have been increased . thousand
fold beyond right and Justice. They have de-
manded the remission OF ali taxation on their
bonds, and it has been conceded, thus leaving
the poor to pay the taxes OF the rich. They
have been fortified in Their strongholds Of
moneyed caste and privilege by double lines
OF unjust laws, supplemented with here re-
doubt aud there 4 ditch, TO guard them from
the correcting hand Of popular Indignation,
until new, deeming themselves mpregnabe,
they bully and defy the Government.
Sir, tho Forty-six;h Congress- expired and
passed into history on the 4th day Of March,
1881 and II will stand to its credit for all time
TO come that it departed from the general GUS
ton OF former Congresses and enacted q law
on the subject Of the finances in the interest OF
the people. Lot it be engrayen upon the minds
OF the taxpayers OF this country that Con-
gress Democratic in both branches, enacted .
bill for the refunding Of large portion Of the
national debt by virtue Of which more than
<l2.OO0. 900 year would have been saved to
the people in the reduction Of interest. Under
the violent, arrogant, insolent dctation OF the
national banks = Republican President vetoed
this wholesome measure Of economy and 70
lief
The resistance Of the banks to the Funding
hill originated III no concern for the public in-
terest. Their hostility did not arise from fear
of it's failure, or that bonds could not be sold
bearing per cent. interest On the contrary
the certainty OF success In refunding at that
rate aroused their opposition. The fifth Sec
ton Of the bill startled all the mean and rordii
eeinshnees OF avarice and inspired that lnhu-
man and unpatriotic movement Of the banks
which oyerawed the Executive and nullified the
will OF Congress. That section simply provided
that for the purposes OF banking the banks
should own and deposit the bonds authorized
~ the ac', and draw 3 per cent. interest on
them, the same exactly as others who might
invest III bonds. Against this requirement, the
banks and the organs Of the banks broke forth
in widespread, thoroughly concerted and de-
fiant rebellion. They speedily demonstrated
that tue means to coerce this Government we're
IN their hands.
The banks, the creatures OF the Government,
sion Of the Government itself. The method
resorted to in order to accomplish this result
should fill every mind with alarm He who ID
willing to infiict misery and destruction on the
innocent in the accomplishment Of his revenge
or his avarice il \ wretch held in universal
loathing. A midnight robber, tearing up .
railroad and Nrseking a train freighted with
eleeping and helpless travellers. il treated with
sufficient mercy when hung to the nearest tree
What shall be said Of men who, for the sake Of
Obstrucsing the passage OF q law TO which their
avarlce WAS opposed, conspired together. with
cool delibefation, 10 throw the business Of the
country into confusion and panic, break down
and paralyze trade bring tho industries OF the
country 70 . standpoint, stagnate commerce,
deprive laborers Of employment. create bank.
ruptcy and fisl the home OF millions with deso-
laiion aud sorrow?
The story of Alexander the Great and the
robber brought before him is familiar to oil.
One was condemned to death because he was
an ordinary hlshwayman and proved in small
sums on q few victims, while the other wore in,-
perAl purple with the pillage and spoils OF
whole races and countries in his hands. Tho
banks Of the United States, gorged with legis-
latfye hvors and swollen with l-gotten gains,
determined to deprive the country Of its cur
Tency aud thus rob labor and property OF their
just values means by which to compel sub
mission to their wishes. They inaugurated the
influence Of distress. They applied the thumb
screws OF financial contraction to the business
men OF the country in order that their cries Of
pain and apprehension might reach Congress
ana tue Executive. They relied on the appli-
Ances OF torture to innocent victims in.Order
that their snfFerings might terrify and intimi-
date the Government. They boldly assailed
the prevailing prosperity OF the country and
proceeded to Its overthrow. Within space Of
less than three weeks the banks withdrew from
circulation and retired over $40 100000 as .
revolt against the passage OF the Funding bill.
They openly threatened to continue this rapid
AMI wholesale contraction Of the currency unit;
cal ruin darkened the whole land unless the
Government receded from its purposes and
surrendered to their greed.
Already prices were falling already the
crash OF failures and bankruptcies was heard ;
already the business Of the country was seized
with terror, and the first stages Of financial
panic, when the veto Of the Executive appeared
. the white flag OF surrender to the banks on
their own terms. Everybody can now realize
the danger Of having clothed vast, selfish and
souliess corporation with control over the vol
nme OF our currency. We have constantly
heard for some years past that the whole 6nan-
cial system ought to be driven ont Of Congress.
that such question was too profound and
complicated for the comprehension of the Rep
resentatlves OF the States and Of the people.
Il IS true that the constitution expressly con-
fdes that question to Congress, bat the banks
and their friends vehemently insist that the
trainers OF the constitution were mistaken in
placing it there They declare that the reeula-
ton Of the circulating medium, the quantity
and the quality OF money in use in the hands
Of the people-that allpervadinQ, vital ques-
tion which determines from day 10 day the
wages OF the laborer. and the current prices or
wheat. corn, cattle, pork and cotton, should b
withdrawn from popular influence and locked
up 10 iron vaults beyond the reach OF public
opinion.
Sir, the people created this Government,
and in theory ct least they still own all III
powers. Senators and members OF the House
are responsible to those who send them here,
and they can be reached bv betrayed const,t.
uency. At short intervals they can be super
seeded because Of their attitude on any public
question, and it Is this responsibility on the
part OF Congress, this sublime principle oil
free government, constitutional dependence
On the power and majesty OF public opinion,
from which the whole National Bank Asso.
Cation shrnks in terror.
To escape from its effects has bean thu tasl