Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1886-02-18

november 1. 1885, for reasons other
than the call of bonds by which Il was
secured, was greater than anticipated.
The causes which have ted to this re-
suit are small profit remaining to ma
tional banks on circulation after pay
ing the tax Of one per cent. per annum
/ imposed by the government; reduction
in the rates OF interest throughout the
country, occasioned by the abundance
of money In the financial centers; and,
doubtless. uneasiness among certain OF
the bankers of the country as to the
outcome of the increase of silver in the
Treasury, such increase indicating that
possibly the interest on the public debt,
and even some portion of the principal,
might be paid In standard silver dollars,
and that Government bonds might
thereby become deprecated In foreign
markets, which would undoubtedly af-
feet their price In this country. The
credit and standing of this country is
deserved high, and it is not believed
that the people desire either the princi-
pal or interest on the bonded debt OF
this country to be paid in anything but
gold coin or its equivalent.
I think the Comptroller makes 1t clear
that the country can not afford to rely
for its circulation on national notes.
He asserts that the bankers will surren-
der their circulation and sell the bonds
upon which II is based, regardless alto
gether of the public needs, whenever
they can make more money by selling
the bonds than they by loaniDg the cir
culatiOn. We all know that to be true.
Can Congress afford to vest absolute
power over the contraction and expan-
sion of the circulating medium which
regulates all our transactions exclusive
ly In the hands of men who gamble
with for 1t private gain without any sort
of public responsibility.
I think not; yet, If we retire the
greenbacks and the silver certificates,
as our officials advise us to, we will
have no currency but national bank
notes left, which they can expand or
contract at pleasure. Nobody pretends
that in the reduction of these notes
from $24, ,000, 900 in November, 1885, the
public interests or needs were for a mo-
ment considered.
I desire to state with great distinct
ness that lam not making war on bond
holders or national banks or bankers. /
voted to renew their charters, to repeal
all taxes on their capital and deposits,
and will cheerfully vote for any and all
measures necessary to add to their USE
fulness, either bv increasing their cir
culation to par with the bonds deposit
ted, or, if it can be done with justice to
their competitors In business. reduce or
repeal the tax on their circulation. But
I would require them to take the same
coins, both gold and silver, that all 9TH
er creditors Of the Government receive.
I shall always oppose the grant or recog-
milton ofany superior rights or privili-
ges in them or in the obligations they
hold over those of other citizens. /
would divorce them from politics, and
deprive them of power to control or in
f1uence legislation by contracting or
expanding or threatening to interfere
with our currency, as was done when
they obtained President Hayes veto on
a memorable occasion. would require
them to obey the law and receive the
coin which we take at the custom
house and set apart as special
fund for their security and payment.
When we say by law, as we have done,
that "no NATIONAL baking association
shall be member of any clearing
house in which such silver certificates
shall not be receivable in the set
Element of clearing house balances"
I would forfeit the charter of any bank
that dared to disObey the law, as I
would fine and imprison any officer of
any of them who would certify checks
when the funds were not actually in
the bank at the time.
In short, no set of men should be al
lowed to exercise privileges prohibited
by law, nor have rights given to them
in regard to the character and quality
of the coin in which their debts shall be
paid which are denied to all other
equally meritorious creditors; and no
set of men should ever have power to
regulate or control as their private in
terests may be affected, the currency or
the business of the people. If that pow
er is yielded or conceded to them, with
notes and silver certificates
withdrawn and gold paid to them, and
to them alone, for their interest and
bonds, Congress would be powerless to
resist and demands our bondholders
and bankers might make. know their
power and appreciate the adroitness
with which they can have their claims
Even the President in his
has been induced to say that
up to the present time only about
81, 100000 of the silver dollars we have
coined have found their way into circu-
latiOn. He modified that statement by
Showing that large amount of silver
certificates were outstanding.
But the press of the country has ia
ken up the first statement, leaving out
all the qualifications, and parade it be-
fore the country as conclusive evidence
that too much silver has already been
coined, and that all of it Is an incum-
brance except about $50,000,000. They
utterly ignore the fact which the official
reports shows that at the close of the fis-
cal year, ,Jnue 80, 1885, out of a total coin
age of $2O3, ,0O0, 900, $l4O, 900 900 in round
numbers was in active circulation in
the form of silver certificates, in addi-
tiOn to the coin in the hands of the peO-
pie, ofwhich certificates $44 $3.50, 900 was
paid to the Government for customs
dues during the last fiscal year at the
port of New York alone-more than
was paid in gold and gold certificates
Why is not the coin repre-
sented by these certificates as much in
active circulation as if it was passed
from hand to hand as often as the certi-
Gates are? Task 1t fair to complain of
the silver held in the Treasury as being
and useless, under such cir
and yet not utter one word |
Df complaint in regard to over $37 .00O,-
BOO of gold coin lock lat the same time
and in the same way, represented by |