The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1888-03-22
MONSTER MONEY TRUST.
Old Treasury Officials Reap Golden
Harvest Of Free Money From
the u. s. Treasury.
A Revelation Of Rascality-More Devil
ish Work.

A Revelation Of Rascality-More Devil
speech Of J. b. Weaver in the House Of
Representatives Feb. 80, 1888.
Mr.. Mills. yield thirty minutes
to the gentleman from Iowa Mr..
Weaver.1
Mr.. Weaver. Mr.. Chairman, In
the commencement of my remarks ]
wish now to disclaim any intention of
making au attack upon any executive
officer who may have been heretofore
in power. But intend to tell what !
believe to be true, let it hurt whom It
may. The truth ought to be told, and
told without apology.
Sir, this country is now within the
grasp of gigantic, cold-blooded mon
ey trust, which limits the money out
put. prescribes the conditions on which
1t deigns to accept the currency at the
hands of the government. determines
the channels through which it shall
reach the people. and the terms upon
which it shall be doled out.
This trust usurps the sovereignty of
the nation. mocks at the suffering of its
victims. and relies upon the painful
..necessities" of the situation to keep
them in subjection. [Applause.
For a quarter of century this trust
has oyerawed Congress, and at this
time is se tting at defiance laws which
it does not approve. 1t is q national
organization, with ramifications every
where. 1t holds annual sessions, has
IN executive council, which meets in
secret, and is clothed with power to
collect large sums of money anG to dis
burse the same for purposes which are
not made public. 1t is the architect of
our present financial structure. They
have built it to suit the cupidity of the
usurer and SO as to administer
to the devouring appetite Of
money ghouls. rather than to serve the
legitimate wants of business and trade.
They have made it snare and a delu-
sion. and rack of torture to those
who are content to accumulate wealth
by production, and it has proved a bed
of quicksand to business energy and
honest thrift.
regard Ac situation to-day as not
presenting "A contest between the peo-
pie and any Executive Department Of
this government, but a contest between
the people and q non-political monied
oligarchy that controls all departments
and seeks to control all political parties.
Where is the money which this reso-
luton seeks to have paid out in the
purchase Of government bonds? 1t is
not in the Treasury. Fifty-nine mil
lions of it are in national banks. and
they are using it without interest.
The Secretary Of the Treasury has So
rious doubt about his authority under
the law of March 8. 1881, to purchase
bonds with the money. 1t is a little
singular that some doubt did not arise
in his mind as to his power to deposit
this amount Of money in the national
banks.
Under what law did he deposit it9
You will find the law on page 365 Oi
Loans and Currency:
All national banking associations de ig.
mated tor that purpose ny Secretary Of
the Treasury shall lie repositories Of pu .
lie money, except receip from customs
under such regulation. as may be pre-
scrit ed by the Secretary, and they may
also be emp Dyed Is financial agents Of the
government.
Now. Mr.. Chairman, when was that
law passed? 1t was passed in June,
1864, during the struggle for the pres
eryation of the Union, when the gov
ernment had to disburse large sums oi
money in various parts Of the country
in payment Of the army and in pay
ment for supplies. This was the nec-
essity under which that law was passed
and. the necessity having ceased, the
rule ought to have ceased also.
There was no design in the passage
of that law to make the national banks
repositories of government funds for
their convenience and benefit. 1t was
the convenience of the government that
was uppermost in the minds of Con-
gress, and when the necessity ceased
the deposit of money in the national
banks should have ceased also. But,
sir, it is true that there are fifty or
more national banks in this country
that have been literally stuffed with
government money for the past quarter
of century; money wrung from the
people by unjust and oppressive taxa
ton has been stuffed into the banks,
and by them loaned back to the poor
wretches from whom it was eNtorted.
Who on this floor will deny that?
Fifty-nine millions! Where Is itp
Scattered promiscuously over the coun-
try, without regard to the convenience
of the government, utterly in defiance
of sound policy, and solely with refer
ence to the convenience and at the be-
hest of the banks.
Let me give you specimen or two.
find in the list l hold in my hand the
Hamilton National Bank, of For,
Wayne, Ind, which has nearly $780,
900 of the public money. Whose bank
is that? That is the bank in which an
ex-Secretary Of the Treasury (Mr.
McCulloch) is largely interested. His
salary rs secretary of the Treasury
ceased long ago. but his profits from
the use of this 100000 of government
money continues and amounts to near
ly or quite as much per annum rs his
salary used to be. He il using the
peoples money that has been wrung
from them ut the expense of their
homes, at the expense of thousands
of hungry children all over this country
who are half clad. half fed.
and less than half educated. Zap
plause.] Who else have their
clutches on this government money!
The Chase National Bank of New
York has 81, 100000 of it. Who pre-
sides over the Chase National Bank?
MIR. Cannon, late Comptroller of the
H., IL t. 4 L.