The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-04-17


bonds, however, are not to be received by
the Treasurer of the United States for
more than 20 per cent. OF their par
value, noruntil the Treasurer OF the United
States and comptroller Of the currency
shall have Endorsed them.
Congress ought to pay Off the national
debt, both bonds and notes, and authorize
the people under the national bank act,
with suitable amendments, to fun.
ish themselves with all the money
needed. The people would then furnish
their own circulating medium in such
quantities rs the business OF the country
required, and they would not he subject to
| any legislation by Congress nor have their
interests menaced and jeopardized as at
| present, by deposit OF SCI ,000, 600 in the
national banks, subject TO the call of the
Secretary OF the Treasury. The govern.
mcnt should get out OF business OF all
kinds, and especially out OF the money
business. 1t might Us well go into the
other business as TO continue in the cur
rency business. Ii should not be possible
Tor Congress TO pass any law destroying
lhe business OF the country, nor should IL
| be possible for any officer OF the govern
ment to create panic, as the Secretary OF
the Treasury could do tomorrow ii he so
willcd. The people should be provided
with adequate laws 10 manage their
own monetary and other affairs in
their own way. Banks were one
OF the evidences OF advanced civ
| ilizaiion. BY them and through them
the business OF the country was done, only
. per cent. OF IL being done with money.
lie did not regard banks as monopolics,
nor did he characterize them rs the money
power OF the country. He thought them
the reverse of all that. Women and chill
| drcn, trustees and guardians, were large
owners OF banking capital. There was no
concert OF action among the banks in city
and country TO put up the pricc OF money
or 10 lessen or initiate circulation. Nor
were the profits OF national banks derived
from the government franchise. The
! profits upon national bank circulation were
so small that many banks had given up
aud retired their notes The bulk Of
| the profits was derived from de-
posts The days Of miracles were
| passed. Laws could not create value.
| II values could DO created by law
! why was IL not the duty OF Congress 10
| print at 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 at once. II was Just as
easy TO pass n law TO create the amount re-
| quired Tor the purpose as II was TO create q
smaller amount. The mere statement OF
the case showed its absurdity. In conclu-
sion he said: Under these amendments,
or by some other similar legislation, |
would refund the present public debt at
.! per cent ut fifty years, and authorize
national banks 10 receive circulation at par
TOT such amounts rs they might Use for
that purpose. would require the Sccre-
tary Of the Treasury to invest his surplus
in the purchase OF any Indebtedness OF the
government in open market from time to
time. would suspend the requirement
Of the sinking fund, because II the sccre-
tary Is authorized 10 buy the public debt
with the surplus from time 10 time the
requirements OF the law creating that
fund would no longer be necessary. For
the purpose Of enabling the people TO
manage their Affairs, without Interference
on the part OF the government, ! would
allow them 90 maintain the volume Of the
national bank circulation up 10 the limit
OF The present amount OF the national
debt, by substitution OF State, county
and municipal bonds ~ provided for
]
posed. ii such legislation can be passed
We will hear no more Of money siringency
or panics. The people will have the
power 10 manage their own affairs aud the
government eau 90 ON and retire and pay
It's debt as rapidly rs its revenue will per-
init
Mr. Reagan said that he was unwilling
10 allow the proposition and remarks Ol
a.
protest. Ills lkcaansl wish was 10 see
thc country relieved OF its bonded debt rs
early ns possible. lie did not believe that
public debt could be in any sense pub
liz blessing, OF that the public debt should
be- employed NJ an agency for promoting
any other interest in this country. Heidi
moi deny that the national banks had sub
served a very valuable purpose both dur
ing and since the war, but lac had no ~.
grcl that the time was approaching when
they should become extinct They had
shown themselves TO be guided by pol
Icy peculiarly their own and at war with
the beet interests Of the country. They
had shown q purpose 10 Oppose such lcgis-
laiiJn NJ Congress thought necessary for
the welfare OF the county. They had Gu
tered into q combination with the bond
holders in 1873 against the law 10 romonc.
the silver. II he had the power he would
allow the charters OF the national banks 10
expire, and lac would refuse 10 rcchaiter
them ~ banks Oi issue. For the national
banks circulation he would substitute the
issue IT coin certificates based ON gold and
silver in the treasury, and II II were not
enough he would authorize the Issue oil
the treasury notes lbut not as legal tender.
lie protested against the policy OF conlinu.
ING bonded debt Tor iiily Year,, and
against the policy OF pcpcluaiing the ma
tional banks.
Mr.. Stewart protested against the de.
sirnciion OF silver In the interest 81 that
mushroom" stuff which had already
brought distress upon the country. The
national bank circulation ought not 10 be
iosiercd any longer. Tho precious metals
should be used Tor circulation, and when
they were not sufficient paper money
should be issued, not by private corpora.
. iions, hut 10y the governmental the United
States The greatest enemies OF the coun
try were those WHO managed the circula
ton OF the country No a. no make hard
times on good times TO suit their specua
ton, Ne was shown by the price OF cotton
= etc, why" he asked, patch up ihi'
national bank failure which has done sucl
harmg" The issue Of money was a toy
J crcign right which should not be barlerct
away.
, AT the close 81 Mr.. Stewards remark
the senate resumed consideration Of The
bin for the admission OF the state Of souil
} Dakota and ior the organization OF thI
, Territory Of North Dakota.