The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-04-17

money needed. The people wotlld then furnish
their own circulating medium III such quantities
as the business OF the country required, and
/ they would not be subject any legislation by
Congress nor have their Interests menaced and
| 5eopardized, as as present, By a deposit or
Sol, DOC, 600 in the national banks subject the
/ cali of the Secrstarv of the Treasury. The gov
eminent should get out Of business of all kinds,
and especially oct or the money business liz
might well 90 into othnr business
to continue in the currency business Il
should not be possible for Congress to pass any
law destroying tina business of the country, nor
should II be possible for any officer Of the gov
eminent to create panic. the Secretary OF
the Treasury could do tomorrow If he SO wiiled
Inc people should be provided with adequate
| laws to manage their own monetary and other
| affairs In their own way Banks We're one
of the evidences of advanced civilization. By
! them and through them the business of the
/ country was done. only cent Of it being
| done with money. He did not regard banks a.
monopolies. nor did he characterize them as the
money power OF the country. He thought them
/ the reverse of all that. Women and children.
trustees and guardians were large owners OF
oaD king capital There was Concert of action
/ among the banks in city country TO put up
the price of money, or to lessen initiate circu-
iation; nor were the PROFITS Of national banks
i derived from the government franchise. The
profits upon national bank circulation were so
/ small that many banks had given up and retired
their notes The bulK of profits was derived
| from deposits. He quoted from Mr.. McCulloeh
| in commend ltion of the national banking eys-
| tenn as admirably adapted to republican institu-
tiOne, and not having q single monopolistlc
| feature about il, and in condemnation OF the
| government attempting to supply, by its own
| notes, the demand for paper currency, and ne
! added that the price of money was governed.
| ike everything else. by the law of supply and
| demand. Where there bank It was diff
cult 10 obtain money, and only At unequal and
| always high rates. Hs did not believe in
| umptnary laws, Iegal-tendar laws nor usury
laws, but he did believe in that kind of govern
ment which had the fswest laws, giving the peo-
| pie the largest n artIes and guaranteeing good
| order. good mo lis and adequate protection.
| In pursuance of that position ae would not re-
| quire anyone BY law to take silver. green
backs national bank notes in paw ment of
| debts. He would leave that matter entirely to
agreement and contract. He would permit any
citizen of the United States TO to the minis
and have his gold bullion coined
into money. He would also permits
him to have his silver bullion coined
standard, but he deemed il impossible
to have two standards. There could be
bat standard Instead of silver
dollar being worth ST. in gold, as il was in
1857. the same was now worth but seventy cents.
The reasons were the increased production of
silver, the demonstration OF silver by Germany.
and the restriction of the coinage of silver oy
the Latin Union. In his judgment, the thing
to do. which would make difference to any
able and make the readjustment at once. If It
were desired to make the silver dollar equal TO
the gold, the requisite quantity of silver should
be put into it. Then nobody would be cheated.
The stamp OF the government was simply q GER
tifcate that it contained given quantity of
gold. AS TO the silver dollar, the reason that it
to receive it for its cues. and because it be-
lieEed that if the government did not receive it
in that manner il would eventually take IL up at
100 cents IN gold
Why did confederate bonds have any value
now--smAll it was true-hfty cents a dollar
per thousandf The reason giver TO him in Lon
don by a very large holder Of these bonds was
that as the United States prevented tho ex-con-
federate States from paying Che honest debt
which they were anxious to pay. demand would
eventually be made on the United States TO pay
those bonds The holders of the confederate
bonds had very slim belief that some DAY the
United States would pay them. and hence their
value in the London market. The days of
miracles were passed Laws could not create
value. IF values could be created by law, why
was it not the duty of Congress so print once,
upon paper, money enough for all the citizens
of the Republic, SO that they would no longer be
compelled to work and SO that every man would
be made millionaire &C once. IL just as
easy to pass a law to create the amount re-
Qured for the purpose It to create @
smaller amount The mere statements of the
case showed its absurdty. In conclusion, he
said: "Jnder these amendments. or by
other similar legislation would refund the pres
ent public debt at Fl per cent Atty years, and
authorize national banks receive circulation
st par for such amounts as they might use for
that purpose l would require the Secretary of
the Treasury to invest his surplus ia the pur-
chase Of any indebtedness of the government in
the open market from time to time. l would
suspend the requirement. of the sinking fund,
because. il the Secretary 10 authorized TO buy
the public debt with the surplus from time to
time the requirements of the law creating that
fund would be no longer necessary. For the
purpose of enabling the people to manage their
affairs, without inference the part of the
government, would allow them TO maintain
the volume OF the national bank circulation up
to the limit of the present amount of the ma
tional debt by substitution of State. county
and municipal bonds. as provided for in the last
amendment which / have proposed. If such
legislation can be passed, we will hear no more
of money s.ringency or pancs. The people will
have the power to manage their own effairs
and the government can go and retire. and
naP-
NIT
Mr.. Reagan said he was unwilling 70 allow
the proposition and remarks Of tbs Senator from
Illinois to pass without protest. HIS Mr.
Reagan 81 wish WAS to see the country relieved
of its bonded debt as early possible. He did
not believe that public debr could be in any
sense public blessing, or that the public debt
should be employed agency for promoting
any other interest in this country. He did NOT
deny that the national banks had subserved a
very valuable purpose, both during and since
the war, but he had no regret that the time was
approaching when they should bffoms extinct
They had shown themselves to be guided by
policy peculiarly their own and at with the
best interests of the country. They had shown
purpose TO oppose such Legislation as Congress
thought necessary for the welfare of the coun-
try They had entered into combination with
the bondholders in 1878 against the law TO re-
monatze silver 1t he had the power he would |
allow the charters of the national banks to ex-
pire, and he would refuse to recharter them as |
banks of Issue. For the national bank circula-
ton be would substitute the Issue of coin GER
tihcates, based on gold and silver in the Treas
ury. and if it were not enough, hs would autho- |
izs the Issue Of treasury bus as legal |
tender He protested against thu policy Of
tinuing bonded debt for fifty years and against /
the policy of perpetnating the national banks.
Mr.. Stewart protested against tie destruction.
of silver in the interest of that mushroom |
stuff" which had already brought distress upon /
the country. The naiional hank circulation |
ought not to be fostered any longer. The |
precious metals should be used fer circulation,
and when they were not sufficient paper money /
should be issued, not by private corporations, /
but by the governments of the United States I
The greatest enemies of the county were those
who managed ths circulation of the country so |
as TO make hard times good times, to suit
their spsculation-as was shown by Ae price OF
cotton, etc. Why be asked, '.paich I'D this
national bank failure which has done such /
harm7" The issue of money was n sovereign
right, which should not be bartered away.
AZ fha nlnna Of Mr. &tarnrrts ram ria 4ha