Santa Fe daily New Mexican. [volume] (Santa Fe, N.M.) 1885-1897, 1896-07-27
THE NATIONAL BANKS MUST co.

OF the government regardless of the dis
astrous effect upon the industries of tn
people and that their greed had brough
on the panic of 1898 to force the repea
OF the Sherman law. The paper publish
Ing that article apologized for doing so,
few days after, and defended the banks
NO other paper in the territory attempte
to defend my position and stood prac
tlcally alone-at least, so far as publ
utterance was concerned-upon this sub
lect. There is, therefore, nothing in tn
national Democratic platform whicl
gives me greater pleasure than the fol
lowing:
NATIONAL BANKS.
Congress alone has power to coli
money, and President jackson declared
that this power could not be delegated t.
corporations or individuals. We, there
tore, demand that the power to issu,
notes to circulate as money be taken from
the national banks, and that all pape,
money shall be issued directly by tn,
treasury departments, be redeemabe il
coin and receivable for all debts, public
and private.
10 sustain my position know of moth
Ing more available than quotations from
the speech of Senator Teller, of Colorado
delivered in the United States senate, on
the 30th day of August, 1898, in which he
said: 81 am opposed to the extension or
continuance of the national banking sys-
tenn rs banks Of Issue. The control of
the paper money of the country should
not be lodged with any corporation. l
am opposed to giving to individuals or
corporations the right to contract the
currency at one time and expand it at
another, just as the speculative spirit of
Wall street may demand. l believe it to
be the prerogative of the government of
the United States, as it is of every other
government, to issue it's own currency"
That in taking the power to issue notes
from the banks, Senator Teller was not
in favor of "tiat" money, he said, II hold
that no paper money ought ever to be is
sued without some provisions for its re-
demption in the money metals of the
world"
Another statement of Senator Teller
In that speech is worthy of consideration
at this time, when, if the gold standard
forces shall maintain control of the
country, the means of continuing that
standard will have to be provided, either
by retiring the greenbacks or issuing
more bonds. "The suggestion has been
made to me, as friend of silver and rep-
resenting a section of the country that 10
particularly interested in providing way
that silver might be used, that we might
make great use of silver by retiring the
greenbacks. l have always replied that
the people of the United States would
never submit to the takiag up Of the
greenbacks and their cancellation or de-
struction. They are to be money of the
country as long as the flag floats, and
might rs we'll make up his
mind to that fact"
Senator Teller, after calling attention
10 the fact that the increase of popula-
ion and business needs of the country
equired an expansion in the currency of
It least $60,0o0,000 per annum, declared
hat the national banks lessened their
circulation during the eight years, from
october 81, 1884, to the same date in
500, by the amount of $2l3,s43,917. He
aid, "They sold their bonds at high
premium, took dollar for dollar in green
acks Of their circulation, and deposited
n the treasury and gave up their bonds
egardless of what effect it would have
pom the business of the country"
Regarding the national banks and leg
Station, Senator Teller said; 81 am not
'oved against the national banks by
rejudice or by passion. l hold that
anks properly conducted are helpful
gencies of commerce and business.
'henever banks confine themselves
xclusively and wholly to a legitimate
anking business they are valuable
gents to commerce and trade; but when
ley attempt, as they have done on more
ian one occasion, to dictate the policy
} be pursued in public affairs, they have
zen absolute failures every time"
Senator Teller showed from official
TIA that the bankers of New York OPP
,sed the resumption of specie payments,
I'd, in the spring of 1873, with one voice
sured the agents of the government I
at it was absolutely impossible to re-
me Oh the LIST of January, 1879" He
rther said: "When we, as before stated,
tempted to fund the bonds of the Unit
States at lower rate of interest the
inks were opposed to it. l have not
" question that the furore that has
zen created, by which the public has
zen disturbed, millions of money de-
royed, and men sent to untimely graves
the improper interference of the
INKS with legislative matters, in an at
mpt to pinch the people of the west :
d coerce and force them to accept =
cir views upon monetary affairs, was
ought about by the bankers to forward
BIZ own ends. set of men more in
pable OF giving instruction as to ma
NAL finance than the bankers of this
untry have never lived. They under
md the rate of exchange and discount;
y know how to collect interest; but as
monetary science, there is not one in
of them who has ever given it thought