The farmers' union. (Memphis, Mo.) 1891-1895, 1891-12-10

utStTHcti'I. DNt NS usual, WHen uau.
ger had been averted and the victory
secured, gold swaggers to the front
and asserts the supremacy Ingalls,
Speech in the United States Senate,
Feb. Il, 1878.
Mr.. John A. Anderson. an orthodox
Republican member of Congress for
twelve wears, and now Consul General
to Cairo under the present Republican
administ ration. discusses the national
banks ant. bankers as follows
At that time the Republican party
framed the national banking law. 1t
was passed as IL Republican measure.
1t was sateguararl to the best of the
foresight and ability of the gentlemen
then in Congress, and of the then Sec
retary of the Treasury. Every limita-
ton was put upon it that wise sagacitv
could suggest. Why? Because it was
something entirely strange and abnor-
nal in the financial system of Amer
lea. The constitution had clearly pro-
vidcd for gold and silver coins, and it
had not specifically provided, if at oil,
for any other form of money. But in
that great emergency it became neces-
/
IA ional bank circulation. This note
was not Il legal tender, but was to be
paid in gr,cnbacks that were legal
! tender. and were ultimately to he paid
+ in gold and silver. For that reason.
| and because tie new system was
! sluarelv athwart the traditions and
policy of the American people, and be-
cause it was introducing An entirely
/ new element i'll our financial machin-
cry, every conceivable guard that those
! statesmen could throw about it and
! every limitation they thought neces-
sary were placed around it. One of
| these res; ric ions was that at the end
! of twenty wears, If l remember cor
rec.lv, the system should terminate
. and | well remember, either in the
| Fortv-sixth or Forty seventh Congress,
earnestly opposing the Legislation
which was then enacted, permitting
the banks 10 renew their charters. 1
did it because of the fact that stood
on the platform held by the Republi-
can party from the beginning, and be-
cause | was not willing to strike down
safeguards which Mr. Chase and the
eminent Republicans at the other end
Of the capitol and in this House in
those days wisely saw fit to establish.
In that contest we We're overborne.
| Why? Because the power OF the ma
tional banks had then become SO great
that there was no controlling it, no re-
sisting it in Congress. They actually
had the impertinence to come upon
this floor at that time and claim. as be-
ing Republican measure, the elimina-
ton Of the great safeguard which the
ia hers of the Republican party had
placed i'll the bank charters.
BY the charter act the system was to
terminate in twenty wears. It was
never intended to continue it; the
original desi gn was to stop it at the
end of twenty years; but the power OF
the banks had then become create,
than that of Congress. The system
was not stopped at the end Of twenty
years, and may now so on forever, SC
far as that original and organic safe
guard has anything to do with it.
! am not a banker and necessar
ily am not aware Of all the advantages
they find in the measure, but l have
horse sense enough 20 oppose any leg.
islation that the national banks want
and / will always be on the safe side IL
doing it. | very mucl
want to see the national banks go out
OF business as banks of issue. The eff
feet of such measure would be to fur
nish the people quickly large volume
OF greenbacks which could not be with
drawn from circulation, and which ar.
as much better than bank note O.
the government is greater than ban!
corr ora ion.-I John \. Anderson, Jan
uary. 1890.
Mr. Anderson shows that there neet
, not be any form of paper money ISSUED
by banks" hut that the true pape
money is the legal tender greenback
issued by the general government
Mr.. Anderson agrees with Thomas Jef
: ferson that bank currency should b
suppressed and the circulation restore.
to the nation, where it belongs"
: JOHN DAVIS, NJ. G.