The midland journal. (Rising Sun, Md.) 1885-1947, 1893-09-29
The National Banks.

Had the national banks acted in good
law under which they exist, they would now
haye in circulation 5000, 600 of cur
rency-they have about $4,000, 000-and
the low prices which have crushed business
as under an iron roller, and the panic, could
not have occurred. But those greedy insti-
tutions could make more by banking on the
deposits of their customers and they, in
place of extending their circulation as grow
ing business demanded. Withdrew it, and
from October 1888 to the same date in
1890 they had decreased their circulation in
the aggregate to upwards Of S19l 100000.
Ii will be seen by this heartless greed,
which has so distressed and impoverished
the people that it will not do to trust the
money, which is the life blood of business,
and the hope Of prosperity among the peo-
pie, to the control of private corporations.
The temptation is too great for the greed Of
man 10 resist. These banks were created
for the alleged purpose of expanding the
currency to meet the demands of the busl-
ness of the country; they have deliberately
contracted the currency in order to cater to
the innate greed of the banking class. The
currency of these banks is secured by U. S.
bonds deposited with the Comptroller of the
Treasury and is safe money, the public
running no risk of loss from the notes
though the banks fail and the depostors
lose all.
The history Of the present national banks
too plainly shows that the peoples money
cannot be safely trusted to the custody OF
any private concern, no matter how strin-
gent the law, or how liberal its provisions
allow for legitimate profit to the corpora
ton and stockholders. They have not only
contracted when the interest of the public
and the spirit of the law under which they
exist, demanded expansion by them, but
they have openly violated the law, and these
defiances Of law have been wnked at by
the Comptroller and Treasurer ofthe United
States, who, in place of being the people s
guardians have apparently been sharers in
the spoil and in the crimes Of the banks.
This sham of national banks has been effec-
tually tested by two United States Banks for
forty years and our present national banks
for thirty years, and they have proved in
every instance public plunderers. The only
banks that can be relied upon are the banks
which shall be in the hands of the people,
just as the post offices are. Banks establish
ed by the government, managed by gov
ernmeut officers whose emoluments will be
liked salaries commensurate TO the work
performed. Then panics will cease, then
plumber Of the public will stop and the PEG.
pie enjoy the use of their own deposits with
the profits all accruing TO themselves. The
bulldozing of soulless money power, with
head in Wall street and London, will be
felt no more and Congress will no longer be
subjected to intimidation and brides by an
arrogant money power, which threatens to
trample everything beneath its feet which
dares raise warning voice against the giant
monster.
Had the national banks acted in the spirit
which the law creating them implies in
place of split of Unsuitable avarice, the
awful distress under which the people,
thr ugh the entire length and breadth of the
land now groan. never could have occurred.
They have been weighed in the balance and
| found wanting and Ichabod is written upon
their doors. Let the people free themselves
from the grip of this monster money octopus
oy united movement for government
banks, free from all corporation influence as
our post offices are.