The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1886-08-19

IA Ccl yOu, u INV 10 CuaEbeE u NdIAOudi |
Bank. And why are they as a party in favor
Of a National Bank? It is because asNational
Bank is in favor of them. Why are the local
banks in favor of this party? It is because
this party are also in favor of local banks.
How Is it that these banks are in favor of q
National Bankf It Is because they are all
parts of the same system, and because such
an addition would strengthen and perpetuate
that system. How does 1t happen that the
Federal party and the banking system har-
monte in every particular? 1t is because one
could not subslst without the othe other; be-
cause one nature is common to both; because
one are aristocrats, the other aristocratic.
charters are privileges conferred upon
money. and which give it, as stock. q produc-
tive quality over and above that of all other
property. These privileges result from the
Legislative exercise of political power, and
the banks, therefore. become. by the necessi-
ties of their nature. partisans in the struggle
to acquire that power. in order to guard them
selves against the loss q favors. daily for
feited by abuse. Banks are politicians, be-
cause they live upon political gratuities. and
it has not been among the smallest OF these
gratuities that they have hitherto enjoyed
the temporary use of all the evenu of
Union.
4Aub 4dKs l0itOWsCitiZeuS, L uANo 6Ouvnb ~
illustrate the natural afinities by which the
Federal party and the banking system tend
to unite against the democracy of numbers.
And now I shall point your attention to the
last instance. and peculiar manner. in which
this union was openly formed aud proclaimed
to the world. You can not have forgotten
that. about the time when the recharter of,
the Bank of the United States began first TO
be aqitated. the most distinguished leader of
the opposition expressed and published q
think it was in the city of C%incinnati) a very
ambiguous opinion upon TINT question, Soon
after this President Jackson suggested his
opinion unfayorable TO the bank; and now
mark what followed. In an instant the same
leader, he who had, in 1911, -onounce a like
bank uneonstitutional ana dangerous to
nublic liberty not onlv upfnrled his flag in
its cause. but drew after MIN the whole body
of his party and the entire rabble of the local
banks. Thus was the whole banking system
embodied in the hands OF q political party, of
which it has been the firm and steady sup-
port from that day to this. Good faith has
been mutually observed. The system has
been liberal and true to the politicians, and
the politicians grateful to the system and
courageous in the conflict for its life.
Jackson said No, and in q moment the
whole aristocracy of the county. in all the
Il eCSt8Sy OI u new ulbcONtIysc IltQ OUT JeSs LQe
Bank of the United States is necessary to reg
| ulate the currency. by checking the increase
| of local banks and the excuses Of those that
already exist. The local banks themselves
chimed in the cry and petitioned in favor Of
that regulator, whose President had declared
he could crush them at will. But why demand
a regulator? Why such q regulator as this?
By SO doing the local banks said TO the peo-
pie Of the States: We have been chartered by
your people-our privileges are great: it is in
our nature to abuse them: to defraud you,
| who have not the power to check our rapac-
ltty and protect yourselves; and, therefore,
the Federal Government must place . master
over us. Most honest confession! Most PEN
~itential delinQuents! They wanted a master;
yes, but what a masterl A master in every
respect of the same nature with them
selves-one whose like tendency TO excess.
to rapine and plumber; one whose con-
genial spirit was less calculated to lead
a OF the currency, than to head
that servile instruction OF banks, that we
now witness. against the public law.
But, fellow-citizens. let us see the sincerity
OF the Federal leaders in protesting the want
OF q regulator to check the increase and re-
strain the excuses of local banks. At the
very time whent they were making this pro.
fession and proclaiming, both in and out OF
Congress, the inevitable ruin that must be.
fall the country from an increase of those
banks, they were then, at that very time
voting as q party, almost to q man, in most
LEGISLATURES OF the Union for any and every
bank for which q charter was demanded
These very men, VINO, as members of the
| State Legislatures, would spend the day II
discussion to prove the necessity of a Ma
tionaI Rank. as a bar to the increase O.
State Banks. would spend the night con
~sultiue by what means they could most easil,
obtain charters for additional banks on tn,
succeeding day against the opposition of tn,
| Democratic party.
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