Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1886-02-12

lnls Dank Act WIS 10 De wholly Rntl-Amer
lean. II was to pattern after mother Eng
land. Indeed the fight over it raised the
issue Of a hundred years ago, that was car
ried on by Alexander Hamilton and
Thomas jefferson. All banks OF issue
were opposed by Jefferson. Hamilton on
the other hand advocated them and was for
a National bank of issue While this
eight was going on Lord Pit, distinguish
ell man, said in reference to il: "Let the
Americans adopt their funding system aud
go into banking institutions and their
boasted independence will prove a sham.
That was prophetic. Secretary Chase per
haps did more TO get the scheme enacted
into law than any other man. He gave
the whole weight Of his official authority
to it and recommended the very sys-
tenn now in use 1t was fearful mistake
in him and he repented il, and did all lie
could to undo the wrong. The wrong of
the following is beyond calculation
at should be regarded only as an cxpedicnt
for an emergency. No measure, in my judg-
| ment, will meet the necessities of the occasion
and prove adequate for the provisions OF the
great sums required for the suppression of the
rebellion, which does not include firm sup
port to the public credit through the establish
ment of n uniform national ciruation, secured
by tho bonds of the Unitod States"
ST, CHASE.
Here is the recognition by the great
Secretary, of the system of banking on
bonds. And If the system is to be perma.
nent, then the bonds must also be perma-
nent, and this is just what was intended
from the time the bankers first conceived
the idea, and they have always declared
that il was to be a permanent system OF
the country.
Z. G.. Spslding introduced the bill and
carried 1t through. When upon its final
passage, the concluding speech was made
by him. He SAID
"Ever since the adoption OF the constitution
there has been conflict Of opinion among the
ablest statesmen of the country upon the ques
tion of a National Currency. Jefferson opposed
the creation Of banks, both State and National.
Alexander Hamilton proposed a National bank.
During washngton's administration, in 1871,
the first bank of the United States was incor-
porated, mainly under the influence of Ham
| ilton, National currency adequate to the
operation OF the Government in peace and wal
is yet to be established. 1t seems that the resen,
is propitous time to enact this great measure
as a permanent system, and that the duty of the
government in providing National currency
| shall no longer be neglected"
Then as TO its strength, &c, he says
"A sound National bank upheld and sup
ported by the combined credit OF The gov
ernment and rich men residing in all the
States would be a strong bank" And
then thus: at is now most apparent that
the policy advocated by Alexander Ham
ilton of a strong central government was
the true policy"
Such banking system is urged because
il is The old Hamilton syslem and because
| II mpholds and supports "strong central
government" and if engrafted as the
money system of this country it will sub
vert the Republic.
| Hugh McCulloch nfiirms the same wlil.
Secretary Of the Treasury. lie said:
"The National banking system WIS in
tended, while not violating the rights OF
the States, nor damaging private interests
to furnish the people with II permaneni
paper circulation" S. r Dec H. 1868.
These conspiralors further said by TIM
same tool; "The United States note,
were intened to meet a temporary emerg
ency and to he retired when the emergency
had passed"
The niea who secured these acts and pm
tne two exceptions on the grernback, and
the one creating the National banks, knew
just what they were doing. The frst wa-
for the purpose of deprecia,ing the green
back so ns 10 bny bonds cheap. The othei
was to create II banking system resting Oh
cheap bonds.
The bankers by their trap bought S456,
0lS.2G3 Tor sl91 sos 230-less than fifty
cents ON the dullnr-yet ON the whole face
value they drew interest. Aud then with.
ont parting with any rights ot property il
these bUnds or losing any of their interest
on them they can deposit them with the
government and draw ninety per cent. ol
their face value in money to be loaned al
eight or ten per cent by them or used any
way they mny choose The NhlionaI
banks are nonSrous monopoly, aud Il
money power uneqnaled.
| Here we have vampire system where
| the men controlling II receive two inter-
| eH'"l VII ohc Pihe'phi. iHc NWlohhi
banks own and control the United States
The truth and the fact is the government
has been run tor decade or more of years
by the banking and money 0legarchy whu
are destroying IL by their robber system as
well M human rights and human liberty =
S. B. III. LOG.
| The greatest object since 1862 has been
| 10 keep the financial department of the
goernnlent in the hands Of the agents OF the
money power. So Hugh McCulloch was
placed there Judas among the twelve-H.
9S. e. p. NJ. II A.
The banking system can initiate or con-
tract, rob the debtors and enrich them
selves by the robbery. Nicholas Biddie,
the head Of The biggest and most foul
National banking system this country eyer
| knew, until this seven headed ten horned
monster came, SAID on this banking prin-
ciple of imitation and contraction In 1928 :
| 1T ia in this capacity OF diminishing the
| paper-the coin having left the country by
| expOrt-whieh protects mixed currency
by Issuing new notes but requiring some.
! thing from yonr debtors you oh ige them
10 retarn you the bank notes you lent them
or their equivalent. This makes bank
notes scarce; this makes them valuable;
tins makes the goods for which they are
exchanged more valuable. The debtor In
his anxiety for your notes, being willing to
sell his goods at q sscrfce, this brings
dawn the price OF goods and makes every
thing cheaper"
So spoke the president Of the National
| hank nf Qllan iimaa 20 a.NaaL. nwa.,