Arizona silver belt., 1886-12-25
sAnoSan aASas avn EkeAI masnn

bsrs Of the House Committee on Bank-
ling and Currency, have determined to
secure a remedial measure protecting
silver and touching the relations be-
tween the national banks and the gov
\ ernment.
The same state of affairs exists now,
in regard to fiscal affairs, as when An
drew jackson, as President, iuterpoSsd
and caused the withdrawal of the pub
lie funds from the Bank Of the United
States because 1t, as the national banks
are now.doing, interfered in political
affairs of the government. President
Tyler Gn 1S41) for the same reason,
twice vetoed bills for ohartering a
United States bank, which rendered
him unpopular with members Of his
own party (WhiGs) aud the few Of
them who supported him were stig-
matized as the "Corporals Guard"
I There is no denying that the ma
tioual banks are power in the land,
but not more so than the United States
Bank was at the time spoken Of, when
it was struggling for an existence, and
as it was forced to walk the plank for
the public good, we see no reason why
national banks, Of the present day,
should not be forced to pursue their
legitimate calling or so under, as did
their progenitor. They were created
for special purpose, not 50 much a
commercial help as a measure Of re-
| lief 10 the pressing necessities Of the
government, which had incurred CO.
lossal debt for the maintenance of the
integrity Of the Union.
The national bank bill, as il became
law, was dictated BY capitalists not
in sympathy with the people and, con-
sequently, long since became distaste.
ful to the commercial, agricultural and
labor interests Of the country, because
Of thsir discrimination against silver
and IN favor of gold, and for the fur
ther reason that depositors have no
protection against the errors Or ras-
cality Of directors and officers Of those
banks.
National hanks exercise a pTesup-
posed authority TO issue paper as
currency, BY authority Of Congress
consequently, the question arises,
whore is the authority Of Congress to
confer such right2 While the con.
stitution OF the United States, among
the powers delegated to Congress, con-
fers the right "to coin money, regulate
the value thereof, and Of foreign coin.
and fix the standard of weights and
measures" it no where eonfers upon
Congress the right 10 authorize to
print upon paper and call it money.
And because it has and is being done,
it will not do TO contend that the fire.
quent repetition of a wrong viii create
a right.
The trainers Of the constitution, in
their deliberations as to what should
constitute money, were particularly
guarded in their preference for coin
and especially interdicted anything as
legal tender in payment Of debts, but
gold and silver; and 50 jealous were
they Of maintaining coin standard,
that they reserved 10 the Federal
government the right to coin money,
and prohibited the States from making
anything but gold and silver a legal
tender, thus preserving a uniform
standard throughout the Union Of
States.
The chief reason which actuated the
trainers Of Che constitution ia their
preference for gold and SILVER, was
their knowledge Of the fact that paper
money had proved signal failure in
the issue Of "UontinsEtal money"
which was hcated BY the colonies Be-
fore the revolution, and afterwards by
the States, and though on their face
they were often declared payable in
gold and silver they were, in fact, if
ever paid at all, never SO redeemed
Ten years before the adoption of the
constitution, thirty dollars Of Federal
currency was required To proeurs one
Of gold OF silver, and il was with this
state Of facts before the constitutional
conyention, that weighed against pa
per money and IN favor Of silver and
gold as a money standard; and al
though continental paper money bore
upon its face ITO counterfeit Is death,
it was not initiated for the reason that
It was not worth eountergeiting. In.
view Of these facts, IL 1t any wonder
that the constitution does not recog.
nize the emiticn Of "bills Of credit a
paper currency.
The issue of greenbacks was an in
cident Of the war, and Mr. Lincoln
knew that the act was uueonstitution-
al and said 50 when he ordered Mr.,
Chase, the Secretary Of the Treasury, TO
give them currency, and he ala ID, re-
luctantly, upon the expressed order Of
Mr.. Lincoln, who justified his COM
mand by the relation Of an anecdote
in reference 70 sinking ship.