The advocate., 1890-10-15
MR. INGALLS, RECORD UPON THE Ma
TIONAL BANK QUESTION.

10 Ia fundamental principle Of the
farmers alliance and Of the peoples par
" that national banks should be abol-
lshed and that legal tender treasury notes
shall be substituted for national bank
notes as the currency Of the country.
The history Of the national bank legiala-
tiOn will be somewhat instructive at this
time and is here appended.
In February, 1863, Senator John sher-
man, OF Ohio, introduced into the Senate,
bill No. 4s6, "To Provide a National Cur
rency Secured by a Pledge Of United
States Stocks, and 10 Provide for the Re-
demption Thereof" In explaining the
importance OF this proposed legislation,
Mr.. Sherman said:
We are now 10 act upon measure that
will effect the property OF every citizen of
the United States, and yet our action for
good or evil must bo concluded within tho
f8W days or weeks Of this session, We are
about 90 choose between n permanent syB-
tenn, designed tO establish n uniform nation
al currency, based upon the public credit,
limited In amount, and guarded by all the
restraints which the experience of men has
proved necessary; and n system Of paper
currency, without limit NJ TO amount, ex-
c0pt for the growing necessities OF war. A
practical objection 10 the United Stntes
nOt0s, is that there is no mode OF redemp-
tlon. They are receivable, but not cOnyer6-
BILE. They are debts Of tho United States,
ErHf "a ln knI uN for
redemption. They can only be used during
the war. The very moment that pence
comes all this circulation that now iills the
channels OF commercial operations will be
at once banished. They will be converted
into bonds; and then the contraction Of
prices will be as rapid as the imitation has
been.
Twenty-seven years have passed, and
who may say that the foregoing utter
ances Of John Sherman are words Of wis
dom?
REMARKS or SENATOR COLLAMER AND or
BEpREsENTATGvE BAKER.
On February H., 1868, in the United
States Senate, on the verge Of the passage
Of the original national bank act Of Feb
ruary 25, 1868, Senator Jacob Collamer,
Of Vermont, one OF It's greatest states
men, said In earnest opposition to the
pending bill;
This measure looks TO me, and am sus-
piGiOus IL will look TO the moneyCd world,
like an acknowledgment of terrible des-
peration in the financial affairs Of this cOun-
try. IL is conceding 10 the world that we
have become perfectly desperate, when we
hire these proposed national banks TO circu-
late $500, 100000 of notes and guarantee the
payment OF them, which are in fact no more
nor less than our bills, and pay them Sl2,-
100000 year for doing it whereas, VI we
were 10 circulate our own bills, II would cost
us nothing. / am unwilling TO make such
an acknowledgment OF desperation TO the
world.
Representative Stephen Baker, OF New
York, on February 20, 1868, in opposing
this bill at length, declared;
This bill proposes 20 confer on each sec-
retary Of the treasury, now and hereafter,
by the manner and extent of its patronage,
most extraordinary political power, power
great and widespread. 10 proposes also TO
confer ON him vast discretionary powers az
OF trade and commerce, / believe this
measure il wholly unnecessary 90 carry ON
the government and aid in the prosecution
OF the war. II can give no immediate rohef
10 our finances, and IL is very imperfect as n
measure TO accomplish tho objects OF its
advocates.
THE FREBLENEss OF THIS SCHEME AT ITS
INCEPTION.
When this bill was put upon its pas
cage in the Senate, it carried by vote of
yeas %, nays 81. OF the present mem
bara OF the Senate only John Sherman re-