The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1882-06-01

Congress the gratifying tact that nun.
drcis Of banks have been rechartercd,
and that we have happily passed
through the ordeal, escaping financial
crisis by extraordinary philanthropy
on the part OF the banks.
such statement, freighted with
consolation. must produce the most
magical effect upon Congress, and
doubtless we snail all assume we have
saved the country.
What Of the mon at home, Mr.. Speak
err Think you they will be satisfied
with dress parade when they commits
stoned this House to do some earnest
fighting? They will not. The power
Of perpctuation should be taken from
the banks. The National Banking law
should bc SO amended that the banks In
the future should apply directly to Con-
grcss for charter, thus holding the
peoples representatives to strict re-
sponsibiiity. This is the peoples af-
fair: they will not be satisfied with any
species Of Legislative jugglery that places
monopoly beyond the reach Of their as
sault; they will have, must have, voice
in the matter, and determine whether
they do or do not want such institutions.
The authors Of the Banking law must
have anticipated that the time would
come when q cry would go up against
the national banking system hence the
legal protection afforded it. Unassaila-
BILE by the people: its representative
men indulge in dire threats should Con-
gress recklessly undertake to limit its
ut will and guard general interests by
rendering the purposes Of financial
wreckers impossible.
Perpetnities are dangerous to liberty.
and must. If tolerated, menace individual
effort and prosperity, American tradi-
tlons and love Of equality. American Law
is inimical to them, and Legislators
must know the sentiment Of the nation
cannot be safely trifed with. Define
this issue IN the next Congressional
campaign, separate it from all entang-
ling alliances in party platforms, avow
yourselves rs the champions Of this sys-
tenn, state boldly YOU favor monopoly,
and hazard little IL saying you will he
repudiated by the vast majority Of in
telligent voters throughout the country.
This experiment would be fair test,
and if he correct in my assumption /
ask If it be not the province Of wise
craftsmanship to recognize the unmis.
taxable opposition to this dangerous
system, and provide Legislation leading
to the retirement Of banking currency
and the substitution therefor Of Govern
ment paper money based upon the au-
thority and wealth Of the nation, and
not upon it's outstanding bonds, an evil
dence of our weakness, because they
proclaim our Indebtedness. Mr.. Speak.
er, say the law, its genius and spirit,
are arrayed III opposition to this
doctrine Of perpetuity. l think ]
am justified in this assertion, and
merely refer gentlemen to the ccle.
brated case Of John McDonough. Mr..
McDonongh had bequeathed his vast
estate to the cities Of Baltimore and New
Orleans for charitable purposes. and
provided in his will that none of the
property should ever be sold. but that
the income, after paying certain legacies,
should be invested in other real estate,
all Of which should be improved and
rented, and the rents in excess Of the
| charities reinveSted in real estate, and sc
on perpetnally.
Had the provisions Of the will been
carried out in this one particular, the
property of the State of Louisiana might
all have been absorbed in the process d
time and, while beneticent in its pur.
poses, its ranlifcations and vast proper,
tions alarmed the people. The Supreme
Court decided against the perpetuity
clause, confirming the general provisions
of the will. This estate, am informed
was valued at about $1,000, 900. II I
perpetuity involving this amount o.
money was considered dangerous to tht
| rights and liberties of citizens, how
much more grave and threatening is the
national bank perpetuity, which, if the
grccnbacks be removed, and the purpose
to wage continued war upon them is
apparent, will place within the contro
| Of these ever-existing corporations, Mt :
very moderate estimate, 81 ,OOO, ,0OO, COZ
in word, all Of the circulation, most ol
the capital, and deposits Of the whole
United States?
| Through these institutions established
| in the States and Territories will be con
centrated such power and influence Il.
no dictator ever welded before and
judging the future by the past, there il
not much rashness in the assumption
that they will band together and encom
pass the defeat Of those whom the,
would have reason to fear in the natiOna
legislature. But short time since We
saw an exhibition of their power ant
heard their threats. They hold panic,
and financial disaster in the hollow o
their hands; and the moment we attemp
to restrain their pretensions, regulat'
their powers, SO that the people ma,
have assurance Of some measure OF pro
lection, again We are gravely assured
our safety must be purchased by ex
tending to these anew the very conces
sions through which they have become
masters OF the situation. This uncertaint,
is harassing. Unlimited power must b.
taken from the banks. Congress shOul,
not delegate to the Comptroller Of til
Currency nor to any other official Of th
Government prerogative Of such vas
Importance.
The banks and the Comptroller can b
brought to Il halt in this work Of ver
doubtful propricty by m act Of Con
grcss, and think the sooner we adop
such legislation the better. object +
this banking system based upon our ma
tional indebtedness and committed to it
perpetuation, which fayors large sur
plus in the treasury that should be ar
piled to the extlnguishment Of the deb
in accordance with the provisions of tn
Sinking Fund net. never expect to b
able to appreciate the wisdom Of = polic
that locks up two or three hundred mill
ions in the treasury vaults instead I
applying it as il should be applied
the redemption of interest-bearin
bonds. There is Il school Of politics
thinkers in this country who are rathe
favofably impressed with the stabilit
inseparable, il is argued. from nations
debt, and therefore they favor its contlr
uanee.
II will be found very difficult to cd,
cate the American people to accel
this modern philosophy. The
cannot believe it. As ind
viduaIs they want to pay Ms they e
and their logic is rs applicable to Il,