The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1893-04-18
The MILK in the Financial coooanut-yo,

IN Calhoun's time no one dared oueuIy ID
avOW It purpose to dispense with silver as oud
o. me bases OF currency and banking But
WIN "ouurIAQI prtsGeuce, he TOrtsaW that.
iii The evolution Of the credit system that
purpose would be developed aud in his speech
On ms amendment 10 separate the govern
ment from the banks, October j. ISL he
clearly pointed out The motive for il is fol
lows:
Without SOME great and radical changes
the banking system. now constituted. must
fan, unless, indeed, IL can form ar alliance
with the government and through it, establish
its authority By law and make its credit IN
connected Will gold and silver, the medium
of circulation. II the alliance should take
place one Of the first movements would be the
establishment Of great central institution.
or, if that should prove inpracticable a COM
Dndtion or few selected and powerful state
banks, which, sustained by the government,
would crush subject the weaker, to be fol-
lowed by an amendment of the constitution
some other device, 10 limit their number
and the amount of their capital hereafter.
This d6pe the next step would he TO coutina
and consolidate the supremacy Of the system
over the currency Of the country. which would
be III its hands exclusively, and through it
over tue Industry. business and politics Of the
country, all Of which would be welded 10 ad-
vance its profits ana power.
place the money power in the hands of
single individual. or Il combination of indiyid-
uals. and they, by expanding and contracting
the currency may raise or sink prices at
pleasure AMI by purchasing when at the great
est depression ana selling al the greatest ele-
walton, may command the whole property and
Industry Of the community aud control it's
TisrgI OPERATIONS The banking system c0ncen-
trates and places this power il The hands Of
those who control il, and its force increases
lust in proportion as 1t dlspenseS with me-
talIic basis
Never was an engine invented better cal.
culnled to place the destiny of the many in
INC hands of the few, or less favorable to thar
rnuHlity and independence which lie at the
hnttom of our free Institutions.
DISPENSING with silver is hut one step to-
wards quadrupling the power of 4 few indi-
vidnals to make money scarce, whenever they
want to buy and abundant whenever they
want 10 sen Silver has been dispensed with
Inv law [ will hereafter show that in prac-
lice the supremacy Of u few individuals over
tbe CURRENCY Is now such that they eau. and
do also dispense with gold, and at their pleas
ma issue Daper substitutes" for gold coin
Hamiit0n called attention to the fact that
q national bank would be "a political machine
of the greatest Importance" and seems to
have considered that Il recommendation, pro-
idol foreigners should he excluded from the
dircctory and one-f0urth of the directors in
Office exclusive Of the president, be made in
elirihle for the ensuing year.
Calhoun held control over the politics Of
Tho country to he objectionable con
trnI over its Industry and business
How far the supremacy of the few iDdividu-
ais who control the banking system now
constituted over the politics of the country
has operated to keep the republican party 40
long in power Is worthy Of ssrioQs cone.dera.
ton A O1SOAFLI or OAA1oOo%'