The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-02-02
SENATOR VEST on THE NATIONAL
BANKING SYSTEM.
"A MAN who EulOxizes tho National
Banks, lsMlOgixes the Perpctuity Of
the National Debit,

's A MAN who EulOxizes the National
Banks, EMlogixes slnc Perpctuity Of
tho National Debit"
During the consideration, in the Unit.
"a States Senate, Of the bill to provide
Tor the issue Of 3-pcr-cent. bonds, Mr..
Vest made speech, from which We
quote the following:
Mr.. President, the issue Is upon us
the question is presented to the Con-
gress Of the United States. Will you
pay this debt, or will you perpetuate the
debt and perpetuate the national.bank
system with itp Now, sir, what do these
banks cost the people Of the United
States? / beg the attention Of gentle
men, especially Of my friend from New
jersey, to what he proposes for the
people Of the United States in all the
future If his proposition is correct that
national banks are great national
blessing.
Mr.. Mcpherson Will it interrupt the
Senator II I should ask a question at
this timer
Mr.. vest-No, sir.
Mr.. McPherson-I will, in connection
with the question | ask, simply ask the
Senator to read from the context the
statement which l made, and perhaps
that will be ali the answer required.
Mr.. vest-I think stated the propo-
sition Of the Senator. will read his
exact words:
A national debt is a never-satisfied
sponge, forever absorbing and always
eating up the substance of the people !;
It is curse, the prolongation of which
beyond reasonable period Of payment
would be ~ utterly indefensible as any
effort to force its immediate liquidation
by onerous taxation would be unneccs.
sary and unjust. AS the ratio Of our
population increases the ratio of the
burden decreases. We have reduced the
debt to sum and to condition Of pub.
llc credit which relieves it from any ne-
cessity Of becoming oppressive or dura-
bleb"
| indo,se every word Of that; but l
ask the Senator, How does he reconcile
that with the former statement in his
speech? And now permit me to read
also from these same remarks
.'National banks are established insti.
tutions."
Yes, established on this country?
"The whole business Of this country
is identified with them. For seventeen
years they have conducted the finances
and the currency Of the whole country
with safety and success"
Il
sl27 Zoo, 900 surplus, with &54S, OOO, 600
Of dividends divided among thestockhold
ers. II that is not eminent success, /
should like some gentleman to make it
out. That is the way they have con-
lucted the business of the country with
eminent success.
"They have exercised a marked infiu.
ence on the wonderful progress and de-
velopment of our resources. There is
not 4 considerable town, village, city OF
county in the whole empire Of our in.
iustries that il not more or less depend
emit upon aud directly interested in their
stability and in their continued exist.
ence. Their officers. stockholders and
lepositors are among the most intelli-
gent, substantial and respected citizens
81 the United States. To impair their
strength, to throw doubt on their dnra :
tion, or to weaken public confidence in
their stability rs sources of business
support, is to strike directly and dan.
gerously ut the very source Of our inter
nal exchanges and business credits.
These banks have carried us through the
calamities Of war, through the prospcri
ties Of peace, through the gloom and dis
asters of the crisis Of 1879"
Yes. they did. They carried III
through
Mr.. McPherson-Go on.
Mr.. vest-I will read it all If you
wish:
"When bankruptcy and loss and
doubt stopped the tires in our furnaces
the spindles in our factories, the ham
mers in our forgcs when 5000, 900 0
our laborers were idle from necessity
hungry from want, and desperate from
despair and yet during all these muta
tions Of business, Of production and o
credit they stood firm, reliant and relia
BILE, the support and the aid Of ever,
legitimate enterprise.
1 Yes, sir: firm, reliant and reliable,
and distributed their dividends reliabl,
among their stockholders.
Mr.. McPherson-lt do not interrnp
the Senator wish to call his attention
to the fact that advanced manp prop
ositions in tho short speech made
occupying but very short time, a
reasons why l opposed the prolongatiol
Of the public debt; but 1 do not heliey
this to be the proper time to pay it.
simply think this in regard to th
national banks: that until some suitabl
substitute is provided for the nations
banks it is the duty Of Congress to d
everything in their power to sustain an
support the existing financial institu
tions OF the country. 1 am altogethe
too conservative man to believe in til
policy Of doing anything toward uI
setting or overturning the institution
ON which the business of the country
based, and especially undertaking to d
it in this way until some suitable sui
stitute is adopted. Had ! been in Cor
gress at the time Of the Inauguration (
these banks, / never would have vote
for that system but for one am yer
we'll satisfied that the system has bee
q success.
Mr.. Vest-The Senator from Ne
Jersey does not show how he can G,
. rid Of the national debt, the burde
that he speaks about. and at the san
time maintain the national banks.
you do away with the national deb
you destroy the national banks an
! what are you going 70 do with the bn
den? Are You going TO keep it Th'
is the question. Ii you keep it, y
keep the national banks Ii you tai
j oil this burden from the people, you q
!, rid pf the national banks. A man wi
i enogizes the national banks, enlogiz
|, the perpetuity Of the national debt.
/ is the logical sequence and yon Cam
escape from it.