The advocate., 1891-11-25

and abnormal in the financial system OF
America. The constitution had clearly pro-
vided for gold and silver coins, and it had
not specifically provided, il at all, for any
other form of money. But in that great
emergency it became necessary as q war
measure TO provide the national bank circu-
lation. This note was not q legal tender,
but was TO be paid in greenbacks that were
legal tender and were ultimately 10 be
paid in gold and silver. For that reason
and because the new system was squarely
athwart the traditions and policy of the
American people and because it was
introducing an entirely new element
in our financial machinery every OonCeiva-
BILE guard that those statesmen could throw
about it and every Limitation they thought
necessary were placed around it. One Of
these restrictions was that at the end of
twenty years, if remember correctly, the
system should terminate; and well remem-
Der, either in the Forty-sixth or Forty
seventh Congress, earnestly opposing the
legislation which was then enacted, permit
ting the banks to renew their charters.
did it because of the fact that ! stood on
the platform held by tho Republican party
from the beginning, and beUanRs / was nOs
willing TO strike down safeguards which
Mr.. Chase and the eminent Republicans as
the other end of tho capitol and In this
House in those dayS wisely saw &c 10 egtAb-
lish. In that confess wO were oveEborne.
WhyG Because the power OF the national
banks had then become 20 great thsE there
was no controlling it, no resisting is In Con.
gress. They actually had tho impeEtinonOe
to come upon this fOOr at that time and
claim, as being q Republican measure, the
elimination OF the great safeguard which
the fathers of the RepubliCan party had
placed in the bank charters. .
By the charter act tho system was TO termi-
nate in twenty years. It was never intended
to continue IL; the original design was TO
stop il at the end Of twenty years; but the
power Of the banks had then become
greater than that Of Congress. The system
was not stopped at the end Of twenty years,
and may now 60 on forever so far as that
original and organic safeguard has any
thing to do with il. / am
not a banker and necessarily am not aware
of all the advantages they flnd in the meas
ure, but have horse sense enough TO op-
pose any legislation that the national banks
want, and will always be on the safe side
in doing it, very much
want to see the national banks 60 out Of
business as banks of issue. The effect Of
such measure would be to furnish the peo-
pie quickly large volume Of greenbaoks,
which could not be withdrawn from circula-
tion, and which are as much botter than q
bank note, as the government is greater
than bank corporation.-John A. Ander-
son, January, 1890.
Senator Sherman's defense OF the ma
tional banking system is extremely weak.
He merely compares 1t with other banks
of issue, and says: "It is now conceded
to have been the best form Of paper
money ever issued by banks that has
ever been devised"
Mr.. Anderson shows that there need
not be any Storm Of paper money issued
by banks" but that the true paper
money is the legal tender greenback, is
sued by the general government. Mr..
Anderson agrees with Thomas Jefferson
that "bank currency should be sup
pressed and the circulation restored to
the nation where It belongS."
Senator Sherman dares not controvert