The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1888-04-26

eiples have long since succumDed 10
the inevitable. The financial heresies
Of Mr.. Weaver have had little influence
IN checking the marvelously successful
financial policy Of the Republican
party.
Speech of J. B. Weaver in the House
Of Representatives. Feb. %, 1888.
Mr.. MiIls-I yield thirty minutes to
the gentleman from Iowa Mr.. WeaverI.
Mt. Weaver-Mr. Chairman: In the
commencement of my remarks WISH
BOW to disclaim any intention OF MAX
ing an attack upon any executive Of
acer who may now be or who may have
been heretofore in power. But / in
tend to tell what l believe to be true,
let 1t hurt whom it may. The truth
ought to be told, and told without
apology.
Sir, this country is now within the
srasp of gigantic, cold-blOoded money
trust, which limits the money output,
prescribes the conditions on which 1t
aeigns 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 subsection. IApplause.l
For quarter Of century this trust
has overawed Congress, and at this
time is Sc ting at defiance
laws which it does not approve. 1t is
. national organization, with ramlt1ca-
tions everywhere. 1t holds annual
sessions, has an executive council.
which meets in secret, and is clothed
with power to collect large sums OF
money and to disburSe the same for
purposes which are not made public.
II is the architect vf our present imam
cial structure. They have built 1t to
suit the cupidity of the Insurer and so
administer to the devOuring appetite
Of money ghouls, rather than to serve
the legitimate wants of business and
trade. They have made it a snare aud
delusion. and a rack of torture to
those who are content TO accumulate
wealth by production, aud it has proved
bed of quicksand to business energy
and honest thrift.
l regard the situation today as not
presenting contest between the peo-
pie and any executive department OF
this government, but contest between
the people and nOn-pOlitical monled
oligarchy that controls all departments
and seeks to control all pc itical 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. FifIy-nine mil
lions of it are in national banks, and
they are using it without interest. The
Secretary of the Treasury has serious
doubt about his authority under the
law of March 8, 1881, to purchase bonds
with the money. 1t is 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 it?
You will find the law on page $50 of
Loans and The Currency:
All udllOudl
designated for that purpose by The Sec
retary of the Treasury shall be- depoSi-
tories Of public money, except receipts
from customs, under such regulations
~ may be prescribed by the Secretary
and they may also be employed as
financial agents of the government"
Now, MIR. Chairman, when was that
law passed? 1t was passed in June,
1884, during the struggle for the pres
ervatiOn of the Union, when the gov
eminent had 10 disburSe large sums OF
money in various parts of the country
in payment of the army and liz pay
ment for supplies. That was the neces-
sity under which that law was passed,
and, the necessity having ceased, the
rule ought to have ceased also.
There was no design.iR 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
Congress, and when the necessity
ceased the deposit of money in the ma
tional 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 quar-
ter of q century; money wrung from
the people by unjust and oppressive
taxation has been stuffed Into the
banks, and by them loaned back to the
Door wretcbes from whom it was ex-
torted. Who on this floor will deny
that? Fifty-nine millions. Where is
it9 Scattered promiscuouSly over the
country, without regard to the conve-
nience Of the government, utterly in
defiance Of sound policy, and solely
with reference TO the convenience and
ut the behest of the banks.
Let me give you specimen or two
I find in the list hold in my hand the
Hamilton National Bank, of Fort
Wayne, Ind. which has nearly $780,
900 Of the public money. Whose ank
il that? That is the bank in which an
s1-Sscretary of the Treasury Mr.. Nc
Cullochl is largely interested. His
salary rs Secretary of the Treasury
ceased long ago, but his profits from
th- use of this $1,000 of government
money continues and amounts to nearly
or quite as much per lnnum as his SAL
sry used to be. He is using the peo-
PIES money that has been wrung from
them at the expense Of their homes, at
the expense Of thousands of hungry
Gil, .dr~n all over tuis country Who are
half clad, halffed, and less than half ed
nc ed [Auplanse.l Who else have their
nls,frhae an thiQ p0yernmaDf unopav9