The advocate and Topeka tribune., 1892-12-28
THAT BTEL--(H. r. 9754).

peka Capital. 1t surely has some force
veritable "thorn in the flesh to plu.
tocratic leaders-to call down such visls
OF wrath, ridicule, and bitter sarcasm
from the vicious partisan press. Listen
to the Topeka Capital Of the 18th inst,
in IT'S long leader. 1t says: "This (bilD
abolishes the credit system, and does
away entirely with all banks, bankers
and loan companies, and with all uses OF
money by the owners Of money, except in
the purchase of things and its employ
ment in productive industry. When any
amount may be borrowed from the gov
ernment ut per cent. no one can be a
loaner of money while the statutes pro-
hibit interest higher than 2 per cent.
r 4 4 Altogether, the bill, on cursory
examination, is seen to be revolutionary
not only of the established definitions of
money, but as to methods of business.
Brother OTIS would turn the country
upside down; and in the process it is not
unlikely that he would let it's insldes fall
out, and cause the entire establishment
to collapse"
Alas alas it must be very dangerous
measure! And that man 0 is must be q
veri'able devil lncarnate! A regular
French Jacobin! But what surprises
most is that Hudson should turn politi-
cal mission ry, and advise Otis to read
the able speech of Daniel Webster in the
United States senate, March II, 1888, in
opposition to the sub treasury then be-
ing advocated by Calhoun. II Hudson
would have read carefully those debates
between Webster and Calhoun, he would
have known that they sustained Otis
position upon the currency in SO far as
giving congress exclusive control of
money. In the very same speech referred
to by the Capital {" Webster's Works."
page 426) can be found these words!
"A system OF mixed circulation, there
fore, was exactly that system which this
constitution found in existence at its
adoption. There is not the slightest evi-
dence OF any intention, in establishing
the constitution, to overthrow or abolish
this system, although it certainly was
the object of the constitution to abolish
bills of credit, and all paper intended for
circulation, issued upon the faith Of the
states alone.
"Inasmuch as whatever there existed of
the nature of money or currency rested
on state legislation, and as it was not
possible that uniformity, general credit
and general confidence could result from
local and separate acts Of the state, there
is evidence, l think abundance Of evi.
dence, that it was the intention Of the
trainers of the constitution to give to
congress a controlling power over the
whole subject, to the end that there
shou d be, for the whole country, a cur
rency of uniform value"
Again, on the 3lst day Of January, 1888,
Mr.. Webster said:
"The constitutional power vested in
congress over the legal currency Of the
country is one Of the very highest powers,
and the exercise Of this high power is
one Of the strongest bonds of union of the
states.
at is not to be doubted that the con-
stitution intended that congress should
exercise regulating power, power both
necessary and salutary, over that which
should constitute the actual money of
the country, whether that money were
noin or the representative of coin"