The advocate., 1890-10-15

|
why may not he deposit them no Washing
ton and have the privilege Of taking home
with him 80 per cent. Of the amount IN notes
! guaranteed by the government TO loan 10
his neigh DOR no the rate of interest allowed
| by the laws OF the state in which he resi1es2
! Simply because under the law such a priyi-
| ege Is restricted solely TO national banks.
The currency OF this country isita life blood
and Congress has put 10 In tho keeping Of
sOulesa corporations, who may increase or
lessen its flow as their interest dictates or
their caprice suggests. They can make
money cheap to-day and dear tomorrow.
The property OF the country and los entire
business are NJ the mercy Of the system.
affirm that from the very day OF the or
ganizatiOn Of the national banking system
TO tho present time il has warred inCessantly
upon the rights OF the people; that ID has
been ungrateful and selfish, and has used
It's power and exclusive privileges TO increase
the burden Of taxation and embarrass tho
government IN every audabe effort II has
made TO Tighten the weight OF tho public
debt.
When the act of Congress OF March l6,
1869, 'An act 10 strengthen the public cred
it," was before Congress, the corridors
around this hall, the committee rooms above
and below us, and the city itself swarmed
with the agents and attorneys OF the banks,
who were here 30 influence the Judgment OF
Congress and aid In the passage Of that in-
famous act.
UTTERANOEs FROM NORTH CAROLINA AND
LOUISIANA.
Hon. Clement Dowd, of North Carolina,
remarked
The national banks can live upon the
public debt There ought TO be wisdom
and patriotism enough in the halls OF our
national legislature 20 devise some plan
that would afford the people their needed
relief and enable them In every locality TO
borrow what money they need mt reasonable
rates Of interest, II is subject worthy OF
the most earnest consideration Of our wisest
and best men; subject of infinitely more
Importance TO the masses Of the people than
the tariff and internal revenue laws.
Representative Il. John Ellis, Of Loulsi-
ana, enqulred:
What Is money but lubrcator Of bust
ness, the universal oil that facilitates the
progress of -busness2 The poorer the bor-
rover, the more dependent his condition,
the more absolutely Is he bound 10 accept
such terms as the lender, the banker may
see ilt 90 impose. "Interest doth eat as Il
moth" and those who borrow are kept poor,
and their progPss toward wealth and ease
is retarded by dear money high rates OF in
terest.
Hon. Jesse j. Finley, of Florida, re-
marked in the House:
II we continue the present banking sys-
tenn, we will necessarily be compelled TO
perpetuate the public debt. In my judg-
ment the government should issue all the
paper money needed TO effect healthful
exchange OF commodities in our domestic
trade.
Representative Nicholas Ford, Of ~.
Joseph, Mo-, said:
The power TO charter bank was four
times exercised by Congress previous TO the
creation of the present national banking
system; in 1891, 1916, 1892, 1871; but not one
of these institutions was permitted 10 con-
tinue it's corporate existence after the term
OF the charter expired. President Jackson
strangled the monster Of monopoly in 1882,
and President Tyler as eifectually thwarted
the plans of the aristOcracy in 1871.
FITTING WORDS FROM MISSISSIPPI AND
MISSOURI
United States Senator james \. George,
OF Mississippi, said:
The American people mean that the bless
ings Of government, its fostering care and
protection, shall come 10 all equally; that
the rich shall have their wealth az the result
of legitimate enterprise and labor-nOt by
governmental donations and favors, and
that the poor shall be poor from their own
faults or misfortunes, and not from govern
mental exactions. Whoever shall seek for
more than this will be resisted and destroyed;
whoever is content TO receive less has sold
his birthright and already forfeited his title
TO American citizenship.
Representative Ira s. Haseltiue, Of Mis-