The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1897-07-20

On Monday we alluded to the desire Of
certain class of politicians to Issue bonds
to cancel the $3.50. OO0, 900 worth OF green.
backs ths. enter 50 largely into the bust.
ness operations Of our country and place
the control Of the currency In the hands Of
bankers and brokers. We call upon tho
people Of our country to pause before they
consent to such scheme.
Once before, In the monetary history Of
this country, an experiment similar to this
was tried, that Of placing the financial
we'll being Of the nation in the hands Of
an organization known as the United
States Bank; those who are familiar with
that calamitous experiment can hardly
wish it repeated In this generation. We
will here quote from speech of Senator
Benton, showing the evils Of system that
placed enormous power In the hands of a
corporation,:as follows:
"The government itself ceases to be in
dependent-it ceases to DO safe-when tho
national currency is at the will of q COM
pahy. The government can undertake no
great enterprise, neither Of peace nor war,
without the consent and cooperation of
that company; II cannot count its revenues
for six months ahead without referring to
the action Of that company-its friendship
or its enmity-its concurrence or opposi.
tion--to SEQ how far that company will
permit money to be plenty, or make it
scarce; how far 1t will let the moneyed
system go on regularly or throw 1t into
disorder, how far 1t will suit the interests,
or policy, of that company to create tenn
pest. or to suffer calm, in the moneyod
ocean. The people are not safe when
company has such power. The tempta-
ton Is too great-the opportunity too easy
to put up and put down prices; to make
and break fortunes; to bring the whole
community upon its knees to the Neptunes
who preside over the flux and reflux Of
paper. All property Is at their mercy.
The price Of real estate, of every growing
crop, Of every staple article In the market,
Is at their command Stocks arc their
playthings, their gambling theatre, on
which they gamble daily, with as little SO.
crecy, and as little morality, and far more
mischief to fortunes. than common gam
blers carry on their operations.
The philosophlc Voltalre, a century ago,
from his retreat in Ferney, gave lively
description of this operation, by which he
was made n winner, without the trouble
Of playing i have friend, said he who
is director in the Bank Of France, who
writes to me when they are going to make
money plenty, and make stocks rise, and
then l give orders to my broker to sell;
and he writes to INC when they are going
to make money scarce, and make stocks
fall and then / write to my broker to buy;
and thus at a hundred leagues from Paris
and without moving from my chair,
Iuakc money
This said Mr.. b.. Is tho operation on
stocks at the present day, and it cannot be
sato to the holders of stock that there
should bc moneyed power great enough
IN this country, 90 raise and depress the
| prices Of their property at pleasure. The
| great cities OF the Union are not safe while
company, in any other city, has power
over their moneyel system, and are able by
| making money scarce or plenty-by excit-
| Ing panics or alarms-to put up, or put
down, tho price Of tho staple articles in
| which they deal.
Thus the safety of tho government, the
safety of the people, tho interest Of all
| owners Of property, OF all growing crops.
| the holders Of all stocks, tho exporters If
| all staple Articles, require that the reguIa-
| ton Of the currency should be kept out of
the hands OF II great banking company;
| that 1t should remain whcIo the Constitu-
ton placed Tin the hands OF the Federal
| g0verumont-in the hands of their repr,.
scntativcs, who are elected by them, re-
| spohsblo to them may DO exchanged by
,thom who can pass no law for regulating
currency which will not bear upon them
as well as upou their constituents This
I is what thu safety Of the community 70.
| qulres; and for one, wouldnot, If could,
delegate the power OF regulating the cur
| rcncy OF this great country To any banking
| company whatsoever. 1t is II power to
| tremendous to Lc trusted to company
| The states thought it too great power to
| be trusted to the state governments; l
| think SO 800, The States cuntilod it to
| tho Federal government; l, fol oun, would
cOniiRe it TO the Fcde.al government and
| would make that government exercise it.