The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-02-09

QlNluenuS, luty nave ltocl NOu PA-''OO',
600 of surplus. | think | state in round
numbers the correct figures. Have any
other corporations, have any industries
of the country, have any combinations
OF capital done AS well:
NV honorable colleague says that
these banks are not a monopoly and
that they can only enjoy those prlyil-
eyes which anybody who has money in
sufficient quantities may enjoy Why,
Mr.. President, | do not understand it So.
No individual, no State bank, no pri-
vate corporation with wealth CrUesuS-
like in its hands has the power to issue
this circulating medium. The issue of
the currency of the country is a mOnOp-
oily i'm the hands of the banks, and no
amount Of character Of capital, of pc
cuuiary responsibility, of wealth, of
honesty, of fair dealing, will enable
any individual, any State bank, any
private partnership, any other corpora
tiOn other than o national bank, to en-
JOY the power of issuing the circulating
medium. Is not that monopoly:
My colleague says that banking is
free. everybody who chooses to enter
into this banking system may go into
it. So | might say To my colleague, that
everybody who chooses to build rail
roads under the laws at least of most of
the States l believe of all the Western
States-can get charter and do so; but
does that prevent the great roads which
run from the east to the west across the
prairie plains in the central part of our
country from being mOnOpOlieS? Does
it prevent a monopoly that people can
collect together hundreds and hundreds
of millions of dollars. and may be able
to build competing line? Clrcum-
stances will make mOnOpOlieS. The
condition of adventures will make mo-
nOpOlieS. We have in our own State
one of the strongest mOnOpOlies in the
country, and yet if men could gather
money enough to buy the owners out
and deprive them Of their privileges by
giving them more than they can make
otherwise, il would not be, in the sense
of my colleague, monopoly at all.
My colleague said-and | was sur
priSed to hear him, with his knowledge
of the powers Of these corporations, say
that n bank is the weakest factor in
our politics. We're these banks weak in
1870, when they went to the House of
Representatives, according to the state
mpnt of my colleague, and no, only de-
feated a section which he was able to
get the committee of conference Of the
House of Representatives, To report? 1t
was true. as he told us the other day.
that the power of the combined corpora
tiDus acting upon the House of Repre-
-eutatfyes compelled the Senate, aud
hiwaa.. among the dbia-t members ui It,
To- take chat bin pure auI simple, with
out any Of the guards and provisions
for ra. floating of the loan which ne
himself thought necessary
Were these banks weak i'm 1881 when,
after % bill had been passed 10y the SEN
ate and House OF representatives dis
tasteful To them. they commanded the
veto of the President? They threat
eued-I use the word advisedly-th
newspapers, in their interest, threat
euel; q number of banks combined and
did actually withdraw or took steps to
withdraw their c'rcuatiOn; the other
banks stood 1ahiui, ready Co back them
up; and this combined influence was so
strong that the then President of the
United States and the then honorable
Secretary of the Treasury succumbed to
that influence.
My honorable colleague said that the
banks were So weak that at the first
blast of the bugle they ran. Ay, sir,
they did run; but they ran at the PTesi-
dent and at the honorable Secretary Of
the Treasury, and am sorry to say they
captured both. / have read within the
last few hours thar veto message of the
President. and | have read it with the
care which my relations to the then
President and to the then Secretary re-
qUirei me to read, a paper with which
/
CeptiOn of one single, feeble suggestion
that the possible effect Of that bill might
be injurious to the people, the whole
argument for the veto was based upon
the idea that iJs provisions would be
either injurious or diStaSteful to the
national banks. The President did say
that to compel these banks to issue
their circulation upon an inferior class
of bonds would be to deprive the people
g.ff ff. = hi irr1,a rpif Inc
for their circulation. That was but the
pebble to the mountain in the whole
statement and argument of that veto
message.
These banks which my colleague
think so weak have twice attacked
funding bills passed by Congress. Once
in 1870, according to the testimony of
my colleague, they captured the House
of Representatives and again, in 1881,
they attacked bill, passed by the delib-
crate judgment of both Houses of Con-
gress, and according to the eye-witnCsj
of every one of us who are now here
they captured the President and secured
his veto.
Mr.. President, these banks are strong,
and think tney are dangerous in their
strength. | have no disposition, as l
said, to make a raid upon them, but /
would subject them, and | believe it is
necessary LnaJ we snail DO so, TO Gne
strong arm of the law. We should
make them feel that as they are the
creatures so are they the servants of the
Government; that as they are organized
for the benefit of the people, OF not con-
tinued at all. Gentlemen say that we
may drive these banks out of existence;
that they will go out of business. Very
we'll, let them go; we shall find means
to supply their places. If the complete
control of the volume of the currency is
to be put into their hands; if the pub
lie debt is to be perpetuated at any rate
of interest in order to secure their con-
tinued existence; if the people of the
country are to pay large interest in
order to induce these banks to loan
their own notes to the people, at large
interest also, then / say we are paying
too much for the benefits, whatever they
may be, which they confer upon the
Government and the people. If they
choose to go out of existence and to
withdraw their circulating currency,
let them do so, we will supply that cur
rency, as the Senator from Missouri has
we'll said we will supply it by the silver
which bOunteOus nature has implant-
oI IN 20 rnnnnfa of nr1r oonDtrv.