Year: 1878

/ II Is IilC security 1OE iD6IT nOIes anu
whenever the debt be paid the banks
must retire their circulation and cease
to issue notes. In order, therefore, to
perpetuate their privilege of issuing
notes, they must strive to perpetuate
the national debt And you may rest
assured that they will do so; and the
influence Of more than two thousand
such institutions spread all over the
country will be very powerful indeed.
Now, l am not one of these who be-
lieve that a national debt Is a national
blessing | believe that the reverse
of this is true, and that such debt is
a national curse. To say nothing Of
its corruptng influences, Its drain of
the resources of the people to pay in
terest is fearfullv oppressive, especially
when a large portion Of the debt Is
held abroad. In comparatively
brief period the amount of interest
paid exceeds the principal of the debt,
while the drain continues in undimin-
ished force. Heavy taxation is the
necessary result, and every one who
has studied the subject knows that OPP
pressive taxation is one of the worst
foes to the industry and prosperity Of
the country. It is true that the ma
tional debt cannot be speedily paid,
but we ought not to put unnecessary
obstacles in the way Of its payment.
The national bank notes are such an
obstacle and for that reason are objec-
tiOnable. Your platform wisely advo-
Gates ''the gradual extinction of the
public debt" It thus favors its hon
est payment, and opposes its indefinite
perpetuation. And III strict harmony
with this principle, it condemns a
bank note system that tends to perpet=
uate it.


THE DANGEROUS MONEY POWER.


g. A second objection to the nation-
al bank system is, that il tends TO com
bine, concentrate and intensity the mon
ey power. ! shall indulge in no dec
lamation against the money power l
seek to excite no passion, no prejudice,
[ wish to reason fairly. and ! wish you
to Judge fairly. And ! do reason fair
Iy when [ say that, III view Of the IN
doubted fact that during the whole
period of the unlimited sway of the
Republican party, the legislation Of
Congress steadily favored the monied
interest and thereby greatly added to
the burthens Of the people; that the
purchasing power of money has im-
mensely increased while the exchang-
able CT purchasing power Of every
thing else has remained stationay or
/ has diminished and in view Of the
further fact that the national bank
system copfers special privileges upon
! the banks that no other institutions
and no individuals enjoy; that it COM
bines more than two thousand in5titu-
tions now, and, if perpetuated may
combine thousands more, IN a common
purpose and with common interest
TO maintain their power and prolong
their privileges that these institutions
are scattered all over the Republic and
acting openly or in secret, are able to
influence legislatures, Congress, and
thousands Of voters; it is no injustice,
bHt, on the contrary, 1t Is the cXpres-
sion Of wise anxiety to suggest that
such system is fraught with danger
to the prosperity Of the people and to
the purity Of their government. IF,
in the time Of Andrew jackson. the
existence Of s. national bank with a
capital OF only thirty-fvo millions of
dollars, and few branches here and
there, was considered dangerous to the
welfare and the institutions of the
country, what shall we say of a wide
spread combination Of two thousand
national banks, now welding nearly
five hundred millions Of capital and
destined, if perpetuatSd, to vastly
multiply in number, and TO control
thousands of millions?