National Republican. (Washington City (D.C.)) 1872-1888, 1884-02-19

in which II was stated that by tho plan ne sug.
Bested permanent national deDt OF buiuOlch
amount to sustain the system would be Established
as bond OF union aud guarantee OF pea,,e. |
Inc only reason Mr. Vest continued why Tue
friends of the banks did now favor permanent
national debt was because the settled conVlCtlOns
of the American people had terrorized ihem out oil
the idea, ana the national banks, instead OF ask
ing LOT perpetual public DEBT wero Simply Hylng
TO tide over the distractions placed III lholr way
by the maturity of bonds, in the hone, aS expressed
by the senator from OHIO Mr.. Shermaill, that
twenty-three years hence our children may take
charge of them and see that they exist from that
time hencefOrth, forever. MI. Vest wnulu not
support the bill reported by the committed, nor
any measure giving TO any corporation control Oh
the currency OF the country. lie knew IL was
said that every man who opened MS mourn
against the banks was a communist That was
false, however He would follow In the fOut.
steps of Thomas Jefferson and Andrew JACKSON,
and was not afraid OF the dlClum OF inc
banks If the truth were plainly told, the
national banks wero greater than the Snyernme I.
They had increased TO the number oil 2,JE, III
1881 the senator from Ohio had told us that IVY
were on the verge of dissolution, AMI barely aP&
to exist, while the fact has been that they have
increased by 2jl during the past year-lhy largest
increise In lheir lumber since 1850; Ihey had
u 600 000Oo0, and could strike down the oueriie5
of this country ut their will. We had taken OH
So O0,00 of taxes, extended the time within which
to pay their notes from three months TO SIX years
and they now say that the tax OF s3OUO,UOO on
their circulation to be-fUr that was tue meaning
of the movement, and 1t was useless 10 attempt "
Mr.. Plumb inquired II the senator knew tho
politics of Mr. o. b. Potter.
Mr.. Vest said that so far as that was concerned
he had seen the senators from New, jersey lMr.
McPhersonl Delaware [Mr. Bayardl ana, worse
than all, his distinguished friend from Kentucky
tMr. Beckl rise In the senate, and had heard them
deliver speeches In favor of the bill reported. o
had heard in those speeches some unanswerablo
| arguments against the bill. The senator from
| Kentucky had said that theoretically the banks
were the agents of tho government, but that III
| truth they were the agents OF the stouknolues,
until-mUst lame and impotent oonclusiOn-he
had wound up his remarks 10y declaring ~ uulcet
tones that ho would support the bill. This was
| Mr.. Vest knew that the advocates OF the banks
would take the tax of the circulation and would
continue to burn incense before the altar OF their
| idol. They would do IL as servilely as ever
| slave obeyed the command OF master The ma
| tional banks had enough influence in congress 70
carry this bill, any other bill that they might
| choose TO offer. The only question among their
worsnipers seemed TO DO VINO should burn the
| most incense and who most loudly sing poems
in their praise. He was willing 70 be classed with
communists OF the character Of Thomas Jefferson.
| Mr.. Jones, OF Floridn, stated that he had not
made any preparation to speak on this subject but
| could not permit the statements of the senator
| from Missouri to pass without comment. When
| that gentleman said that the national banks were
| here swaying the cOunsels of the nation no was
| saying that which In his caner moments he
would readily retract. For himself, ut least, Mi
Jones would say that If there was any one Ill the
| senate who knew less than another aoDut the ma
| tioual banks, he was that one. He did not think
he had ever owned u dollar Of their stock in his
| life, and could take n calm view OF the subject
| under discussion. Who, he inquired, composed
| the national banksY They were the fellow clti'
| zens of evoty senator. They were not the con
| centrated monsters that Mr.. Jefferson alluded To-
| Every man knew that we must have some system
| of banking under the government, unless we were
willing to give the government powers when
its trainers had never intended. One OF the dill
cullies with our system was that 1t had Been toe
much concentrated, instead of diyersiiying itsel
as II ought To do; and everything that tue gentle
| centratou of power in this great government
that Is already overshadowing everything
throughout the land. There was no state no
community that had not Il national bank, com
posed of citizens of that community, who had pu
their individual capital Into 1t. Such banks dis
counted paper, afforded facilities for deposit. anC
gave conveniences to the public that our govern
ment could not give unless 1t went beyond thu
powers designed Tor 1t. The attribute OF circula
ton attaching to the banks although the princlpa
subject of this debate, was one which Mr.. Jone
supposed the banks could do without. He did not
know that he would vote for repeal OF the ta'
on circulation so us to make the privilege OF CIR
culating q note on credit a common one, which
had been the usage before these banks came int
existence. Would the senator from Missouri MI
Vestl be willing to take off tue tax on circulation
which gives the banks their monopoly and rele
gate TO the states the furnishing OF currency
Who ever heard anybody Gull the old state bank
monsters? But they had issued their notes, no
as legal tenders, but to furnish under state laws
currency to the people. There couln be no au
| thority found in tine fundamental law of tn
United States for the government 10 establish
great corporation for the issue OF paper money
Il was plainly aEainSt, me opinion 06 MI D SeIsI
government could create such corporation
He resisted IL, but IL came to be accepted by IN
country that congress had the power, aud the frs
bank of the United States was established an
issued notes. That created a diversity Of opinio
between parties, and the supreme court decide
that 1t was constitutional. When finally Tn
| question became q political one the democrati
party destroyed the institution ana the power |
issue paper money was RENTED 10 the states wa
| hos IN ntiU or
| over this snbJect than had existed AZ the time
the dissolution of the United States bank? I'll
general government had power to coin money an
regulate its value, but there was no authority d
the constitution for congress To issue paper none
as a medium of circulation But IT may be sal
| that IL had been done, and that that fact was
| suflcient reason. The supreme court however
had been obliged to fall back upon the war powg
of the government for authority TO ISSUE thol
| notes as a permanent system in time OF peace.
| u democrat, Mr.. Jones sud no proposed 10 sian
by the organic law, and If authority were wante
for the power To issue such notes why was not tn
question carried TO the people by proposition I
amend the constitution?
Mr. Vest remarked that If Mr.. Jones voted 70
the bill before the senate he would DC vJting
give the banks power which, according TO h
own notion, the government has no authority
give. ,
| In the category Of paper money as commonly III
derstood. II was not such money i'll the sense
the paper money of some European countrie
| and which had brought financial ruin on til
| countries issuing 1t. lie regarded our bank mote
in very much the same light rs the paper of pr
yate corporation. IL was sort of circnlatin
credit, and there was a great difference betwee
such paper money and the paper money Of gov
| eminent issued without regard to credit. 1t WI
like the promiss9ry note OF an inaividual PERM
ted, for commercial purposes, to pass from han
| TO hand. 80
Mr. Coke inquired whether tho senator did nj
know that Mr.. Calhoun had not Thought thl
| treasury notes might be issued?
| Aller some further remarks by Messrs Cal
Jones' Morrill, and Plumb the senate (at 4:lO) Wei
! t,,N.s 4 VA
journed. 80
|