The advocate and Topeka tribune., 1893-09-27


The people have right to know what is go
ing on here. They have q right to know how
far members Of congress and senators are
complicated with corporate influences and
corporations, and how far they may be con-
sciously or unconsciously Influenced in their
public action.
Now, let me call attention to a few matters
briefly. and do not propose to consume much
time. The first bill that was brought into the
senate from the finance committee after our
meeting was measure which ought to have
been entitled "a bill for the benefit Of the ma
tional banks" Notwithstanding under the stat
utes Of the United States the secretary Of the
treasury had ample and unquestioned power to
issue greenbacks or treasury notes from the
present volume Of $946OO0OOO to $4O0,OOOOOO, not
withstanding the law is so plain that she who
runs may read, yet that power is not exercised
by the secretary Of the treasury. There has
been no attempt to exercise 1t in the interest
OF the people of this country. But the very
first measure that emanates from the commit
tee on finance is ameasure for the benefit Of
the national banks in this country under the
guise Of an attempt to relieve the stress upon
the people.
Now, let me ask you, Mr.. President, what ex-
cuse has been offered 80 far for the failure to
exercise the power Of issuing treasury notes?
None whatever, When the question is men
toned, senators are dumb. There Is no excuse
for not exercising the power; and yet when
the power resides in the secretary Of the treas
ury to issue treasury notes to that amount this
measure emanating from the finance commit
tee Is entirely useless. There is no excuse for
not exercising that power.
1t is claimed here that the purpose Of this
measure is to relieve the present financial
condition Of the people. OF course the people
are to be looked at, but they are to be looked
at through the instrumentality and agency OF
the national banks want 1t distinctly un-
derstood, so far as l am concerned, that am
not hostile to any bank or banking institution.
| recognize O bank as essential In our COM
merce l am perfectly willing that banks
should exist and be protected by law, but am
unalterably opposed to farming out the SOW
ereign power Of this nation to any corporation
to be administered in their own interest," and
that Is what has been done here in this coun-
try for thirty years.
We were told when the national banking
system came into existence that it was mere
temporary war measure, and that with the
close OF the war 1t would gradually retire from
existence; and yet every act of congress that
has been passed upon financial subjects from
that moment to this has been simply to
strengthen the national banks and to perpetu-
ate their existence.
A few days ago, in this chamber, had the
privilege Of rising and making some objec-
tions to the national banking system. In
query to my colleague Mr.. Mandersonl l
asked him II this measure passed and became
q law, whether. when our bonds matured and
we desired to pay them of tnd retire them, we
would not be met with the objection that the
national currency had become so embedded In
the circulating medium of this country that
we could not retire 1t, and therefore we would
have to continue our bonds.
/ have not with me, unfortunately having
laid 1t aside, q paper l picked up from New
York but day or two ago, in which the doc
trine is advocated that the national bank cur
rency has become 80 completely embedded In
the currency of this nation that we can not
and must not retire it. The national banking
system has grown up and is to be constant
menace to the peace and prosperity and well
fare Of our people.
We hear great deal Of higgling and talking
about the difference between treasury notes
and national bank notes, but there Is no diff
ference so far as the liability Of the govern
ment Is concerned. 1t is the sovereign power
of this nation that Is behind both OF them
that gives them currency. The great taxing
power Of this nation is behind the treasury
notes The same taxing power is behind the
national banking currency in the event OF the
failure Of national bank, and there are many
of them falling. SO the mere security OF the