The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-03-30

Il seems pi obable that death blow
win be given to the United States Ma
tional Banking system at this session oi
Congress. Mr.. Buckner. who is a mem
Der Of the Banking and Commerce Com.
mittee and who has been Chairman Of
that committee, announces that he viii
oppose the rechartering Of the 400 banks
whose charters expire during the pres
ent Congress. This would take out OF
circulation &SO, ,0OO, 600 Of National Bank
notes, and Mr.. Buckner proposes to
issue Greenbacks in their stead This
would be equivalent to wiping out $780,
000, 900 of the National debt, and re-
ducing the annual interest burden over
two millions.
1t has for some time been evident that
the National Banking system was
doomed. for, based as Il Is, upon the
bonded debt, the moment the bonds are
paid the system must collapse. What
the hard-money press calls the debt
paying mania has taken such hold OF
the masses Of the people that IL is plain
that no refunding scheme--whieh is
merely trcacherous way Of perpetuat-
ing the debt to furnish . permanent ba-
sis for National Bank circulation-oould
ing Of representative bankers held at
Niagara Falls last summer this matter
was discussed, and the substitution Of
commercial assets for bonds as a basis
Of circulation was suggested-in other
words the adoption Of q system some
thing Ike our Canadian system lrI q
1t 10 difficult to conceive anything
more In the nature OF q gigantic legal
izedswindle than the National Banking
system- It enables moneyed men to
invest their money at interest and be-
youd the reach Of taxation. and still
have the use of ninety per cent. of IL to
loan 70 the public. Besides this, il prac-
eicealy gives to . compactly organized
bedy almost complete control over the
volume Of the circulation, thus enabling
them to dictate prices OF produce, prop
erty snd labor. II has been said, and
truly. that whoever controls the circu-
lating medium Of country governs the
country, and the National Banking sys-
tenn enthrones An oligarchy of bankers
responsible to none but themselves, re.
quired to consult no interest save thei,
own. ss absolute dictators Of the com.
mercial Affairs Of the United States
The wonder is not that the system seems
likely to be abolished, but that an intel
ligsnt and hberty-loving people have
submitted to the imposition so long.
What Is to be substituted? is tn,
question which will press for solution
II the Canadian system of bank cur
rency based upon commercial assets Il
20 take the place Of the present one
our neighbors will find that the changs
10 not much better. For under thil
system our bankers arc just as abso
futely dictators Of what shall be th.
volume Of currency ~ arc the Nationa
bankers, and while tho National bank
or gets two interests on his investment
the Canadian one gets three legally
and-as at present-five rates Illegally
In the interest of the banks aud o
the stock gamblers the proposal to sub
stitute Government currency for banl
currency will be bitterly opposed. bu
Y n dinlcult to think Of any argumen
sesinst it which could satisfy any on
With brains and without bank stock
What II needed In paper money /
absolute security to the note holders
and this the Government can certainl,
give much better than can any privat
Individuals. Indeed, It has been foun,
necessary In Canada for the Govern
ment TO guarantee the bank notes. Nov
why the enormous profit of issuing tn
paper money Of the country should no
Be enjoyed by the Government is
question which has never yet been sal
isfsctorily answered. Toronto (Can.
Dolly World.