The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-01-16

issuing
This plan removes that objection
8. That the bonds themselves must
in few years, mature and be retired.
This plan removes that objection.
4. Thai the government S engage
ment to pay the notes is All illcgltl-
mate exercise of Federal power.
This plan removes that objection.
5. That owing to obstructive
restraints the volume of notes Cas-, not
be readily augmented to meet public
emergencies.
This plan removes that objection.
6. That the arrangements for insur-
ing current redemptions of the notes
fail of their purpose, thereby keep
ing the volume rigidly infexible at
the seasons when it should automa-
tically contract or expand.
This plan removes that objection
Z. That, for these reasons, the
national bank circulation has shrunk
to one-half it's former volume, while
the public requirements for money
. have been increasing.
THIS plan removes that objection.
challenge any gentleman on this
aoor, n9t~%kssss-eis intelli-
geace, or wha: his familiarity wiSL
this subject, or what the depth of his
study il, regard to til challenge
any gentleman to state more clearly,
more forcibly, or more in accordance
with the feelings and views and de-
mands of the great mass of our peo
pie the objections to the present
national banking system; aud |
further challenge any gentleman to
say that the pending measure does
not remove every one Of those objec-
tions.
Now. in the fourth place, the pro-
posed plan loosens the fetters that
have been placed upon the States
and the people of the States-fetters
forged in the hot furnace of war and
put there by the exercise of uncon-
stitutional authority, and | will not
say the use, but misuse aud abuse
of the most dangerous of all powers,
the power of taxation refer to
that part of the plan which offers
some relief to the States in exercls
ing their constitutional right to
charter banks of issue. grant that
the measure is in some degree OBJ
iectional because it does not go far
enough. 1t ought to go further 1t
ought to strike off these fetters
They were put there by the exigen-
cies of war. They cannot be justi.
fed by the decision of any court or
the teaching of any expounder of con-
stitutiona. law before the war
Major Black declared that he could
not see wherein the present system
would give the relief to the treasury
that the secretary Of the treasury
predicted from it. but as it was
favored by him and the President,
and as i, was clear improvement
over the present system he favored
enacting it. He thought it an i'm
provement on the presen. system for
the following reasons:
l. 1t liberalizes and enlarges our
system of banking and furnishes
opportunity for certain sections of
the country that are now denied it to
obtain larger supply of currency.
can not doubt that, in face OF the
testimony of the intelligent and ex-
perienced gentlemen who appeared
before the committee, in face of the
experience which the country has
had under the national banking sys-
tenn, and the experience Of other
countries, the overwhelming pre-,
ponderence of the testimony (if in
\ deed there is any dissent) is that the
currency authorized by this plan will
be safe
Ehis plan furnishes another cure
for existing evils in this. The cur
rencylssued under it will be more
elastic xhan our present currency.
The peesent system stands con
demoed bN it's own friends; condemn
ed by the present Secretary OF the
Treasury, CONDEMNED by Mr.. Win
dom, e former Secretary Of the Treas
ury; condemned by the present
Comptroller of the Currency con-
demned by Dir. Hepburn. former
Comptroller of the Currency con.
demned by the Baltimore convention
of bankers condemned Aby everybody