The advocate and Topeka tribune., 1892-07-27
FINANCE-THE SUPREME ISSUE.
Speech Of Hon. ], B. Weaver in the House Of
Representatives, May 8, 1879.

opposing national banks. Inc &cG Oh
June 90, 1874, now on our statute book,
and the law Of the land, provides that
any national bank may at pleasure re-
duce les circulation In whole or In part.
Thus these institutions are clothed with
the right to contract the currency St their
will. The act Of January IA, 1875, known
as the resumption act, provides that they
may increase the currency without re-
gard to limit. Thus there iS one act
which allows them TO shear" the market
whenever they please and another which
enables them to "bull" the market when
they please. They can contract the cur
rency when they see fit; and in this way
they can control the value Of every days
labor and Of every product In this coun-
try. [Applause. say 1t Is the climax
Of inlqulty in leglslatlon that great gov
eminent like ours, Of forty seven million
people-soon to have hundred million
should say that for all time we will
never issue another dollar OF legal-tender
paper nor remonetlze silver; that the ma
tionsl banks for all time to come shall
have the absolute control Of the volume
Of the currency Of this country, and
hence over the destiny Of our people. |
call on the people everywhere to arise
and In their might and strength shake
off this incubus. [Applause.l
[The law has been slightly modified since
this speech was delivered. They can now
retire only $3,OOO,OOO of their circulation
per month, Of $36, 100000 per year. But the
right 10 go into liquidation and thus retire
their whole circulation'i. O., the whole cir
oulation of any bank, or all the banks, still
exists.-Ed.]
Suppose that this were national con-
Ventlon assembled to frame a constitu-
ton; that all the articles had been
framed, and 1t only remained TO provide
who should issue the currency Of the
country and control its volume. And
suppose my friend from Michigan should
rise In his place and say: ave have
now our constitution all framed except
that which shall determine who is to Issue
the money. Now there are few hum
dred men who let us have money when
we were In trouble;we love them; / move
that we give 1t into the hands OF our
creditors and their successors, world
without end, amen, to say how much
money there shall be in this country and
when it shall be issued to the people"
Now would move an amendment that
the power to say what shall be the price
Of all property in this country shall NOT
be conferred upon corporations, the cred
itors Of the country, but that 1t shall be
left to the whole people, represented In
congress, to say through their represent
stlves how much money we shall have
and what shall be the money ofthe coun-
try. Applause.
venture to say that even In this house
with so many friends of the syndicate al
we have here to vote, there would not be
one man who would dare to vote mo" or
my amendment, the proposition ls &C
plain.
But, sir, It Is contended that the ma
tlonal bank system furnishes an elastic
currency. My friend Thomas NJ. Mich
oils, the secretary Of the "Honest Money
League" that represents to-day the hard
money element Of both the old parties
and whose circulars are sent all over the
country by members Of congress, says