The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-02
ERRORS OF POPULISM.
The National Bank Act scoundreis
Pass It.-Thad stevens, Chase,
sumner. Lincoln.

Copyright. 1896. by III. W. Craven
Il is the proud boast of Republicans
party did tbs grandest work that any po-
litical party ever performed. and that Its
leaders were among the most wise. hon
est and patriotic that ever conducted the
affairs OF a nation. The Democrats admit
the claim: but they say that since that
time the party and It's leaders have de-
Perforated and become greatly inferior to
the capable Democratic party. largely
made Up of broad-mlnded statesmen who
have under the leadership of President
Cleveland so successfully managed the af-
fairs OF the country. But Popllists deny
this claim, 50 Justly made by Republicans
and 50 freely admitted by Democrats. and
assert that the Republican party IS total
ly unworthy OF support because its leaders
have always been completely under the
control of the money power. and especially
during the war period enacted laws for the
purpose Of robbing the people. One Popu-
LIST writer says: ''TShe record of the Amer
lean congress from February .. 1852. to
the present time IS a record OF the black
est and most heartless crimes" %.
Among these crimes is the establishments
OF the national banking system. Emery.
the most noted OF all Populist writers.
says of this law: "Of all the vfilainous
schemes OF robbery ever practiced upon
any people our national banking system
stands pre-eminent," and maintains that
II was deliberately planned for the pur-
pose OF nobbing the people" Contrasting
tho brave soldier. dying on the battlefield.
and the grief-stricken homes all over the
land with the Republican congress passing
the national bank act. Emery says: In
our nations capital are assembled the law
makers OF the land. among them are
those who encouraged and urged on the
war. These are they who sat in
MIR hnffs M sna~4fla-ad mn
on the most effectual means OF robbing the
widows and orphans OF these dead and dy-
ing soldiers. who instituted laws by which
the children and chndren's children OF
these helpless soldiers should henceforth
become their wage slaves, and the bond
men Of their children Though all genera
lions. (9.
The writer of this article does not cor
TEND that the present banking system is the
best that could re devised, or that Il
should be continued irdehnstely. But he
does most strongly maintain that II IS
vastly superior TO the old system OF wild
cat state banks, and that II was eStab-
llslsed through the efforts OF as honest
able and patriotic men as ever iived-not
by scoun9rels for the purpose OF extosuon
am robbery.
In 1871 there were Ieol state banks, TO-
coo different kinds OF notes. In tfHrty-four
states under forty different statutes CD.
II IL n0t necessary 70 QNtH upon the &C.
fects OF the state bank system. or the
character OF a considerable part OF ths
notes which the people were compelled 10
receive and treat as money. There were
scarcely two states n the Union whose
systems were alike. In some states banks
were chartered with proper restrictions
spon their discounts snd their circulation.
"A others without any such restrictions
IL some there was individual liability: IN
Others no liability az all. not even tn cases
q gross misnan cement In some states
the circulation OF The banks was secured
partially. az least. by mort cages and bonds:
IN others there was no security except IN.
capital. which was frequently a myth
IN some states banking was a monopoly;
n others 4 enjoyed the largest liberty
The consequence wassfhat we had q bank
note circulation frequently worthless ana
when solvent. lacking that uniform value
which was needed in business transactions
bstwesa the citizens OF the different states
r IS enough 70 say that TIRE circulation OF
The state banks was entirely unas1cd for a
cotEItry IKE ours: that by II The people
were subjected - enormous losses not
only 81 The way % exchanges. but n rha
inability Of a great many OF tbs banks
70 redeem their notes
Mr.. Thompson. EDITOR % the BARK Nota
Deteseor'' estimated that the fos. OF state
hank hfI holders during TIRE period isENso
vss s75 go 90 And thu depoSftors lost
much rnore heavily than tilsL During the
las; thi~fy-th-ee years BOW much have
rational bank hlu holders tost7 Not n dol
lar. How much on The dollar have depos-
ttHrs losss About 8 cents Through all
<aese years thu hills CT one hank have been
a. TIRE bills - any other hank: art since
1S7s al % them have heea as eood az rolA
Al the hsUetlts 20 the country honesi for
~ thcsa who worked 80 establish So
rational banking system have been fully
REALIZED.
Wat was - character % th~ n1e- who
secured ;he enactment % TIRE material
banking law w-hat ere re sctsrai nfs-
toTIcai facts WITH reference % tnis rr1s--e--
FROM the very 1rst salmon P. CHASE
who became se--e<sry % the trs.s,srv "a
Ma~cs. ISL. favored tSe establishment r>s
IRA syzteFu t0. ard 60 him belongs -
creftt o. dsScresit O. bringing a bs-<~r-A -.
pesple ard uTxicg IS adoption In his As.
a1-ssal repo-t Dsc~rnhe- = rsS h. -
sssete3 two plans sor ~sS'asuinx th> --Ss-.s.
g tsse government ard securing near. =,
T0os>>-sss - war Fi-~s. ~ <-.ex-~,Ns
rat ths government issue It's own 49,.
e.recs - the people. payable IN rsosn "a,
6euasaa Ga aEncssats sufsses~ut f,- shA -
I'll srsss ~ 4 representative cst-y~-~v. So
second. sh@ adoption % the rational nark-
knE systezz1- TIE h-Sf Plan had beer, rsz-,gv
a&Srts IT t2e last .ssShla - cseus--~~s -,
tSe 1SssaS-ses - 81 1fs.e-l o. demand -~,.aS
Chase opposed Eee 6TSt plar- saving s~T-ha
tfr7Eta-sc-,, especially rreSt IN times %
pressure &a4 3@Egsr, % issue 1sosss wsthsc,st