The midland journal. (Rising Sun, Md.) 1885-1947, 1892-09-30
Cleveland and the Purchase
of Bonds.

SPEECH OF GENERAL WEAVER IN THE
HOUSE, FEB. IA, 1888.
Mr.. Weaver said: Mr.. Chairman. 10
the commencement Of my remarks l
wish now to disclaiu any intention of
max ng an attack upon any executive
officer who may now be or who may
have been heretofore in power. But
intend to tell what l believe to be true,
let it hut whom it may. The truth
ought to be told, and told without
apology.
Sir, this country is now within the
grasp of gigantic cold FLOODED money
trust, which limits the money output,
prescrbes the conditions on which it
deigns to accept the currency at the
hands of the Government, determines
the channels through which it shall be
doled out.
This trust usurps the sovereignty of
the nation, mocks at the suffering of
its victims, and relies upon the painful
necessities" of the situation to keep
in subsection. Applause.
For quarter of century this trust
has overawed Congress, and at this
time is setting at defiance laws which it
does not approve. 1t is a national or
ganization, with ramifeations every
where. 1t holds annual sessions, has
an executive council, which meets in
secret, and is clothed with power to
collect large sums of money and to dis
burse the same for purposes which are
not made public. 1t is the architect of
our present financial structure. Thew
have built it to suit the cupidity of the
usurer and so as to administer to the
devouring appetite of money ghous,
rather than to serve the legitimate
wants of business and trade. They
have made it snare, a delusion, and a
rack of torture to those who are content
to accumulate wealth by production,
and it has proved bed of quicksand
to business energy and honest thrift.
regard the situation to day as not
presenting contest between the peo-
pie and any Executive Department of
this Government. but contest between
the people and a non political moneyed
oligarchy that controls all departments
and seeks to control all political parties.
Where is the money which this res
olution seeks to have paid out in the
purchase of Government bonds? 1t is
not in the Treasury. Fifty. nine millions
of it are in national banks, and they
are using it without interest. The
Secretary of the Treasury has serious
doubt about his authority under the
law of March 8. 1881. to purchase
bonds with the money. 1t is little
singular that some doubt did not arise
in his mind as to his power to deposit
this amount of money in the national
banks.
Under what law did he deposit it
You will find the law on page 265 Of
Loans and the Currency:
"All national banking associations
designated for that purpose by the
Secretary of the Treasury shall be de-
positories of public money, except
receipts from customs, under such
regulations as may be prescribed by the
Secretary. and they may also be en-
ployed as financial agents of the Gov
eminent.
Now, Mr.. Chairman, when was that
law passed ? 1t was passed in June,
1864, Turing the struggle for the pres
ervation of the Union, when the Gov
eminent had to disburse large sums Of
money in various parts of the country
in payment of the army and in payment
for supplies. That was the necessity
under which that law was passed, and,
the necessity having ceased, the rule
ought to have ceased also.
There was no design in the passage
of that law to make the national banks
repositories of Government funds for
their convenience and benefit. 1t was
the convenience of the Government
that was uppermost in the minds OF
Congress, and when the necessity
ceased the deposit of money in the
national banks should have ceased also.
But, sir, it is true that there are fifty or
more national banks in this country
that have been literally stuffed with
Government money for the past quarter
OF century; money wruug from the
people by unjust and oppressive taxa
ton has been stuffed into the banks
and by them loaned back to the poor
wretohes from whom it was extorted