San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1888-05-03
MONSTER MONEY TRUST.
How Public Funds Are Used for
Private Profit and Speculation.
SPEECH OF HON. J. b. WEAVER, OF
IOWA.
Delivered IN the House OF Representa-.
tves, February 20, 1888.

Delivered IN the House Of Representa-
tves, February 90, 1883.
Mr.. CHAIRMAN: In the commence
ment of my remarks I wish now t.
disclaim any intention OF making On.
attack upon any executive officer wh'
may now be or may have heretofor,
been in power. But I intend to tel
what I believe to be true, let it hur
whom it may. The truth ought t.
be told, and told without apology.
Sir, this country is now within thu
grasp of gigantic, cold bloodet
money trust, which limits the money
output, prescribes tho conditions
upon which it deigns to accept the
currency at the hands Of the govern
ment, determines the channel through
which it shall reach the people, ano
the terms upon which it shall be dolce
out.
This trust usnrps the sovereignty
of the nation. mocks at the suffering
of victims, and relies upon the pain
full necessities of the situation to
keep them in subjection. For quar-
ter of a century this trust has over,
awed Congress, and at this time is
setting at defiance laws which it does
not approve. 1t is national organ,
ization with ramifcations everywhere.
1t holds annual sessions, has an ex-
ecutive 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. It is the architect OF
our present financial structure. They
have built it to suit tho cupidity OF
the usurer, and 80 ns to minister to
the devouring appetite of money
ghuuls, rather than to serve the le-
gitimate wants of business and trade.
They have made it snare and de,
lusion, 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 the situation to-day us not
presenting a contest between the peo-
pie and any executive department Of
the government, but contest be-
tween the people and a non-politica'
moneyed oligarchy that controls all
departments. and seeks to control all
political parties. Where is the money
which this resolution seeks to have
paid out in the purchase of bonds =?
1t is not in the treasury. Fifty-nine
millions OF it are in the national banks
and they are using it without inter
est. The Secretary of the Treasury
has serious doubts about his author
ity under the law of March 3, 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 it? You
will find the law on page 365 OF loans
and the currency:
"All national banking associations des-
ignated for that purpose by the Secretary of
the Treasury shall be repositories of public
except receipts from customs, un-
der such regulations as may be prescribed
by the Secretary, and they may also be en-
ployed as financial agents of the govern
ment."
Now. Mr.. Chairman, when was that
law passed? 1t was passed in June,
1884, during the struggle for the
of the Union, when the
had to disburse large
sums of money in various parts OF
the country in payment of the army
and in payment of supplies, That
was the necessity, under which the
law was passed and the necessity hav
ing ceased, the rule ought to have
ceased also.
There was no design in the pas
sage of that law TO make national
banks repositories Of government
'unds for their convenience and ben
Eft. It was the convenience of the
government that was uppermost in
he minds of Congress, and when the
necessity ceased the deposit of money
n the national banks should have
,eased also. But, sir, it is true that
here are fifty or more national banks
n this country that have been liter
lily stuffed with government money
Tor the past quarter of century I;
money wrung from the people by un-
ust and oppressive taxation has been
stuffed into the banks, and by them
oaned back TO the poor wretches from
whom it was extorted. Who on this
loor will deny thisi Fifty-nine mil
ionsl Where is iti Scattered pro-
over the country, without
-egard to the convenience of the gov
.rnment, utterly in defiance of sound
policy, and solely with reference to
be convenience and at the behests Of
he banks
Let me give yon a specimen or two.
6nd in the list / bold in my hand
he Hamilton National bank, Of Fort /
Wayne. Ind, which has nearly Sl00,
700 Of the pablo money Whose
,ank j. tbatf That is ole in which
n e1 Secretary Of the Treasury (
Mr. McCulloclJ j. largely interested. (
HIS salary as Secretary Of the Treas
sry ceased long ago. bot his profits
rom the use Of this SlO0,OOO OF gOF-
lnment money confines, and