Year: 1878

he actual amount pending is $1,000, 10Y .O6.
In magnifying the number one bill for the
same purpose, but presented by different
members, has been counted fifty four times:
another, forty another, twenty-nine
another, twenty-four, and so on. BY such
means are the people to be misled and the
republican party kept in power.


THE CURRENCY.


1t is remarkable fact that the republican
state platform is silent on the question of the
currency. Why? Not because the people
feel no interest in this question, nor because
a political party asking a renewed lease of
power should not define its position upon
an issue so vital but because it was deemed
safest for success to leave the subject open |
that the managers of the campaign might |
take any position that party necessity should
require. The question, to some extent, is
supposed to be one of latitude and lougi-
tude, and hence it was thought cruel to
compel the same speaker to deliver the same
speech in Lancaster as in Allegheny. After
an unbroken silence of three months the re.
publican call is for hard money and nation
al banks The currency that sustained our
armies in the field-that carried our flag TO
victory-that preserved our goverment-that
paid for the torn limbs and mangled body of
the living soldier and for the precious life of
the dead, must be withdrawn as worthless
rags And in its place the people must
take currency founded upon the interest
bearing debt of the government, and whose
circulation has already cost the nation over
two hundred millions of dollars NV
friends when you endorse your neghbor's
note you think you do him favor but
would you not think that man insane who
would pay bonus to his neighbor to be al
lowed to indorse his paper And yet this is
the law under which the national banks
are organized. They do business upon the
credit of the government; they receive semi
annually their interest upon the bonds de-
posted, and in addition ninety per cent.
thereon in notes for circulation, which they
are allowed to loan at any rate of interest
authorized by the state where the bank is
located to be charged by any other banks of
issue. Thus it happens that local banks
may have special charters, allowing eight
and ten per cent interest to be charged If
so, national banks, after receiving six per
cent. on their bonds, can supplement 1t with
ten per cent on their notes, thus getting six
teen per cent. for what is practically the
same investment 1t is not against the
stockholders of national banks that the ar
gument is addressed, but against the law
which permits such a fragrant wrong upon
the rights of the people.


On the lst of November last there were in
existence 2,0S0 national banks, with a cap j..
tai stock paid in of Sl79, ,467 III, and with
a surplus fund and other undivided profits
of $lG6, 6,34S, 1896. These figures tell the
story. These banks have been organized for
| about twelve years, and have annually de-
clared dividends never less than four and of
ten twenty per cent; and yet in this brief
| period they have accumulated undivided
profits, held now by them as surplus fund
amounting to more than one.third all their
paid in capital Thus their stock becomes
enormously enhanced in value as is seen by
recent quotations of the stock of the Chemi-
cal national bank of New York, whose par
| value, believe, is 800 per share while its
par value in the market is LOO per share.
A system of finance that permits such pro-
fits when labor is idle and industry paraly-
zed Is oppressive to the people and danger
Gus to free institutions. 1t tends to centrali-
cation ; it builds up vast money power
born of the same parent, sucking the same
breast and devoted to a common purpose. If
| General Jackson had cause to fear one bank
controlling thirty or forty millions of dollar.
what would he have thought of 1000 banks
organized under one law, with the same in
Interests and aims, and having five hundred


million OF capital


| A circular from the secretary of the Anne.
1873, shows the concentrated action and the
evil disposition of these banks. The purpos,
evidently is to levy large corruption funC
to debauch the voters in doubtful congress
|
banks to congress. Do not our duty and
our safety alike loudly invoke instant and
crushing condemnation of the system ant
the means by which it is sought to perpetu
ate it? The circular says: "TO meet the
expenses of our association for the current
year, as directed by the convention and by
the executive council, our treasurer has pre-
pared his drafts, which will reach you abou
response will, We hope, be given by al
banks and bankers, whether previously
members OF this association or not. There
are indications that renewed and violen
war is to be made upon the BANKS, and it is
not the part of wisdom or prudence for us tC
sit supinely idle and allow ourselves to be
nisrepresented and maligned before the pub
lie" There are indications that a renewed
aud violent war is to be made upon th,
banks !" that is, the people are trying to re
peal the law, and therefore we need money
to contol elections, employ lobbyists anC
corrupt congressman How shameful th


revelation.


A continuation of national banks mean
the.perpetuity of the national debt. 1t i
never to be paid Is that the doctrine of tn,
republican party in Pennsylvania Tn,
hrm.r or the mechanic never f els that hi


home is secure while the mortgage remains
unpaid, We have a mortgage upon the ma
ton of over two billions and we now anC
then hear it whispered THAT it is a natona
blessing. To the holders of our bonds, ex
empt from all taxation, it may be so but t,
the millions of taxpayers, if blessing, i
comes in sad disguise, Syndicates anC
rings may sing its praise but the psQgle
bending beneath the weight of its con


ing burdens, speak truer voice. 1t b,
right of the nation to change the system, anc