The midland journal. (Rising Sun, Md.) 1885-1947, 1893-10-13
QUESTIONS OF THE DAY.
For the Scr an Book.

"The system of banking we have
both equally and ever reprobated. l
plate it as a blot left 10 all our
constitutions, which if not covered,
will end in their destruction, which is
already hit by the gamblers in corrup-
ton, and is sweeping away in its prog
ress the fortunes and morals of our
citizens. Funding, consider, as lin
tied rightfully to redemption of the
debt within the lives of a majority of
the generation contracting it; every
generation coming equally by the laws
of the Creator of the world to the free
possession of the earth he made for
their subsistence, unincumbered by
their predecessors. And I sincerely
believe, with you, that banking insti-
tutions are more dangerous than stand
ing armies, and that the principle of
spending money to be paid by posterity
under the name of funding is but swim
ding futurity on large scale"
Mr.. Jefferson further said:
Let us found government where
there shall be no extremely rich men
and no abjectly poor ones. Let us
make laws where there shall be no gov
ernmental partnership with favored
classes. Let US protect all, in life, lib
erty and property and then say to
every American citizen; for the gifts
that God has given you, your brain and
Drawn and energy, work out your own
fortunes under just government and
an equal jurisprudence.
AS far back as 1903 be wrote to
Albert Gallatin:
This institution (national bank) is one
of the most deadly hostility existing
against the principles and form of our
government. Ought we then
to give full growth to an institution so
powerful, SO hostile? x * Now
while we are strong, it is the greatest
duty we owe to the safety of our con-
stitution to bring this powerful enemy
to perfect subordination under its
authorities. The first measure would
be to reduce them to an equal footing
with other banks. as to the favors of the
government
Mr.. Jefferson wrote Mr.. Eppes as
follows, September II, 1878;
Bank paper must be suppressed, and
the circulating medium must be restor.
ed to the nation to whom it belongs 1t
is the only fund on which they can rely
for loans ; it is the only source which
can never fail them, and it is an abun-
dant one for every necessary purpose.
Treasury bills, bottomed on taxes, bear.
ing or not bearing interest, as may be
found necessary, thrown into circula-
ton, will take the place of SO much
gold or silver, which last, when crowd
ed, will find an afllux into other coun-
tries, and thus keep up the quantum Of
medium at its salutary level.
Two months later, namely, Nov. 9th,
1918, in another letter to the same
person-John W. Eppes-he opposed
the scheme then on foot to charter q
national bank. We will give few
extracts to show the line Of argument
pursued therein. In stating the points
in the proposition for establishing the
bank, he said:
The subscribers may be one, two, OF
three, or more individuals (many single
individuals being able to pay in five
millions) whereupon this bank oligar-
chy or monarchy enters the field with
ninety millions of dollars to direct and
control the politics of the nation and
of the influence of these institutions on
our politics, and into what scale it will
be thrown. we have had abundant ex-
perience. Indeed, England herself may
be the real, while her friend and trus-
tee here, shall be the nominal and sole
subscriber.
Further on he wrote:
At the time we were funding our
national debt we heard much about a
'spublic debt being a public blessing "
that the stock representing it was a
creation of active capital for the ailment
of commerce, manufactures and ag-
riculture.
But the art and mystery of banks is
a wonderful improvement on that. 1t
is established on the principle that
private debts are public blessing.
And to fill up the measure of bless
ing instead of paying, they receive
interest on what they owe from those to
whom they owe; for all the notes, or
evidence of what they owe, which we
see in circulation, have been lent tc
somebody on an interest which is
levied again on us through the medium
of commerce. And they are so ready
still to deal out their liabilities to US
that they are now wi ling to let them
selves run in our debt NINETY millions
more, on our paying them the same
premium of six OF eight per cent
interest, and on the same legal exemp
ton from the payment Of more than
thirty millions of the debt when it shall
be call for.
If the debt which the banking COM
panies owe be blessing to anybody il
is to themselves alone, who are realizing
a solid interest of eight or ten per cen,
on it. Az to the public, the companies
have banished all our gold and silver
medium. which before their institution