Year: 1878

try.


Now is the National Bank system
2 Ding to be perpetuity, permanent
system? If 80, then your bonded ln-
is going to be a perpetulty.
A permanent national debit!


You have under the resumption act
free banking, FREQ national banking
and the ability to initiate
the national bank currency is only
limited by their capacity to deposit
bonds, and there are about eighteen
hundred millions of bonds, and you
can have that much money, provided
they are all placed to banking; ana II
the national bank institution is to be
permanent, the bonded debt of the
country Is to be a permanent insitu.
ton: because the banks are based on
the bonds.


We have q great national debt, the
principle Of which none Of them ever
pretended that tho nation intends TO
pay. 1t has over three millions OF
interest. 1t is perpetual debt. They
call it national blessing, but it is q
great burden, and we are trying to make
our national debt system perpetual
by trying to make the national bank
system perpetual. Are you ready for
that? Is it your opinion that the ma
tional debt ought never to be paid
Ought 1t to be sunk in bonds and those
bonds made the basis of our national
currency, and q permanent banking
system together with the bonds to DO
perpetuslly fastened on this country
Do you see you can't get around that!
1t is free banking. The law authori-
zes FREQ banking, that is the law OF
this country. l say this system must
20 down; it must 60 down. This
system, if 1 understand the principle
of the American people, they are not
willing to engraft on the nation q sys-
tenn Of national banks which depends
for it's perpetuity and existence on
the national debt, and which are
exempt from taxation in this country.
This permanent institution builds up
a monied aristocracy, and 1t has at
tached to it the royal prerogative Of
issuing and making the peoples
money.


tits the system of every aristocracy
on the globe. You republicans are
not in favor of that. But how are you
going to get around it? Yet you say
in your platform, "The wisdom Of the
Republican finance is made manifest
in its merits" in that broad and sweep
ing plank, the eighth article.


Now, gentlemen, "Choose ye this
day whom ye will serve," ii you are
in favor of making the national debt
permanent, permanent institution in
this country, and if you are in favor
of the men holding those bonds to


have tho prerogative of making the


peoples money, then you will vote in


favor of it; but if you are opposed to


that you will take sides against it.


Vote as you believe, whether in OPP


position or in favor. But some OF


you will! have some difficulty in be.


lieving that. How are you to get rid


of your national bank money? The


law authorizes the unlimited issue OF


it. If it is to be only temporary there


must be some time fixed to get rid OF


it. II it ia to be permanent there must


be q permanent national debt. Now


we will introduce authority to show


this.


We found on page fourteen of the


report of Lott M. Morrell, Secretary


of the Treasury, 1875, that the nationa


bank notes were to be substituted fo'


the treasury notea, as Q circulating


medium, as the business demands o


the country may require. That this il


contemplated by the resumption


act of 1875, that the lega


tender notes were to be entirel.


redeemed, and tho national bank note


substituted therefor, as the bnsines


demsnds of the country may require


Thus it will be seen that we arc t


have permanent system OF paper mo


ney in thisconntry, and that it is to b


national bank money. undertake t


say that is the law, and any gentlema


who is interested in the welfare of 80


ciety, and his own financial welfare


will eco that is to be the system to b


foisted upon tho country, and yo


will at once Indignantly frown upo


it, and put your foot down upon j


aud 20 the ballot box and vote it dowr
How will you escape that conclusion


How can you, when there is the la,


establishing the banks, and there
the system indicated by tho treasurer
You had better do it now when the
circulation ia only three hundred mi
lions than when it is eighteen hui
dred millions which may be the vo
ume of the currency under the frt
banking law. Now | will refer yo
, to the resumption act itsolf in III
, therance Of this idea: BY it Sectin
, SOFT of the revised statutes WAS r
pealed, and now there is no limit
+ the organization OF national bank
: That act repealed all provisions =
(. law limiting the aggregate amount
Z national bank circulation. You 81
: there ia to be no limit. You charl
z US green hackers with being in fav'
| of an unlimited amount of irredeel
{ able paper. There Is the law pass.
l by the republican party, and attacht
Q 10 the end of that law is the provisi,
b. that all limit to national bank mon
o IL hereby repealed; and they may
t creaseit without regard to such lin
: That is the resumption law on Z
0 statute books to-day. Don't YOU 9
It that Secretary Morrell is correct VII
It he says in his report that by the act
!, January, 1875, provision was ma
!, for the redemption of the Unit
9 States notes and for the issue OF Z
z tional bank notes in lieu thereof, a
: declared in effect that moneta
J. system combined of coin and nation
Y bank notes was in harmony with I
a constitution and the traditional poll
10 of the American people. Now y
b see If you are in favor of natior
q bAnks-of the national bank syste
y you are in favor of q perpetuation
y the national debt, fastening it up
t, you and your posterity forever. The
n is nothing to prevent such result
(. that. The party that wants it mi
10 60 under, unless you arc willing
At surrender your liberties. You are n


willing to bend your backs and recei
le the English syatem which builds
N nabob oppression and penury a
at want. 1t you want the English g.
b. tenn, . permanent national debt, a
Q. an untaxed ar;stocracy, you will v
in the republican ticket; otherwise y
g. will vote against it. and this is w
IN is now before the people-that is
e. is before the people-whether the
A ton wishes legal tender money,