left by Congress to his discretion to coin much or little or none at all, as he may think best. His language is as follows: 'It is therefore recommended, that the provision for the coinage of a fixed amount each month be repealed, and the Secretary be authorized to coin only so much, as will be necessary to supply the demand.' It is very obvious, that the object of this recommendation, on the part of the Secretary of the Treasury, is to drive silver entirely out of circulation. This will be seen from the fact, that he attempts in his report to show, that there is no demand for silver, and aims to make a false impression, that it has been difficult to put silver money in circulation. I quote as follows from his report: 'As required by the act of February 28, 1878, the Department has caused to be coined into standard silver dollars each month at least $2,000,000 in value of bullion of that metal. Constant efforts have been made to give circulation to this coin, the expense of transferring it to all points, where it was called for, having been paid by the Government. Only about thirty-four millions are now in circulation, leaving more than sixty-six millions in the vaults, and there is no apparent reason why its circulation should rapidly increase.' Sir, what must be thought of the candor or the intelligence of this public officer in speaking of sixty-six millions of silver in the vaults with no apparent reason for an increase of its circulation, when in point of fact every dollar of it is now in circulation in the form of a paper currency resting upon a specie basis? etc. The profits of national banking, under our present system have been, and continue to be, something almost fabulous, and it is natural, that those engaged in it, should desire to expand their operations over the entire currency of the country. This is the solution of their ceaseless agitation of more power over the finances. But a short time ago they were demanding, through the Executive and the then Secretary of the Treasury, now the Senator from Ohio (Mr. Sherman), that the legal tender debt paying quality of over three hundred and forty-six millions of greenbacks, then at par with gold, should be withdrawn, and that this money, costing the people nothing for its circulation, should be left to perish by the wayside. This was to be done in order, that the banks might issue their notes in its place in such quantity as the laws of trade demand,' according to the broad discretion, now conceded by the Secretary. Let us look, however, for a moment in this connection at the cost to the people of bank note currency, and see whether a circulating medium so expensive should supplant all others. The bank note circulation has averaged in round numbers about $280,000,000 during the last eighteen years. Government bonds, owned by the bankers and drawing interest from the labor of the people, were pledged to the amount of over $320,000,000 for the security of this circulation. The interest, paid by the people and received by the banks on these bonds, may be stated at an average of not less than $17,000,000 a year; this, for eighteen years, amounting to over $300,000,000 for the blessings of bank found money. By adding to this interest account the profits of the banks on their circulation and their deposits, it will be that they have received enough gains from the pockets of the people, since their creation, to pay off two-thirds at least of the national debt. And these vast sums have been paid to the banks simply for the privilege of receiving through their hands a little more than one-third of our currency, of no better quality than the other currencies, for whose circulation there was no tax on anybody. Is this such a showing as to entice Congress to abandon the whole financial question to the banks? etc. Against the present paroxysm of greed on the part of corporate and consolidated banking capital, demanding through one of the departments of the Government the disgrace and the overthrow of silver money, I invoke the judg ment and co-operation of all the busy multitudes of indus trious men and women throughout all this broad, progressive land," etc. A NEW BUSINESS FOR NATIONAL BANKS. (New York Herald, January 28, 1882.) "Whenever a financial measure is proposed in Congress, ostensibly, perhaps really, for the public good, but by which the national banks may possibly benefit, a very howl is raised over the country, crying out that nothing should be done, which will add to their already great strength and vast influence. The various bills before Congress on matters, connected with the public funds, are closely watched for hidden evidences of national bank jobbery, and the passing of necessary measures is often delayed by the close inspection of these financial detectives. Congressman Tillman, it would seem, has, however, quite evaded the close scrutiny of a little bill, now before the House, to authorize national banks to make loans upon mortgage of real estate. On its face it is a harmless affair; but it is really a most dangerous bill, which should be carefully inquired into and combated by believers in a safe and conservative system of banking. It relieves the banks of the restriction, now imposed on the investment of their funds, enables them to enter the real estate market as speculators, allows them to invest in mortgages of any and all kinds, does not bar directors from loaning the funds of the bank to a member of the direction, and, in fact, permits them to do what they will without let or hindrance in negotiating loans on good, bad or indifferent real estate security. It opens the door to worthless investments and to financial knavery of various kinds, and threatens to inaugurate a new business for national banks, for which they were not organized, which is beyond the limits of their legitimate functions, and which can only breed distrust in their ultimate soundness, and will eventually create serious trouble in the business community." "Dr. Newman preached to a large congregation, in his church on Madison Avenue, on abuses of partisan rule in New York, and the moral responsibility of our citizens. His text was Exodus, xviii., 21-"Thou shalt provide out of all the people able men, such as fear God, men of truth, hating covetousness, and place over them to be rulers.' The great need of the hour, he said, is a political conscience, which will respond to every voice of duty and of justice. Each man should have a conception of his clear political duties, a realization of his individual responsibility in the issues of an election, a manifest interest in the moral character of officials, not unlike that, which he feels in the character of the minister of his church, the teacher of his children and the agent of his business. Two objections are offered in apology for the non-performance of our sacred politico-religious duty-the uncongeniality of politics and the lack of time to attend thereto. A man might as well plead the unpleasantness to pay his debts, to keep his bridal vows, to obey his God. A man, who boasts I never vote might better boast I never pray, for prayers and votes are always the same before the bar of God. Do you plead, that the professed politician is so degraded, the caucus so low and the Convention so corrupt? Plead the same objections against business associations. A politician is a saint to some business men. Clean out the politician and improve the Convention. If Christ came into this world of sin to save it, the saint should go to the caucus to redeem it. Not a few plead business cares, but intense selfishness is the root of evil. Such men forget, that were it not for organized society they would neither have wealth nor pleasure. SPEECH OF HON. IRA S. HASELTINE, OF MISSOURI, IN THE HOUSE OF REPRESENTATIVES, MAY 13, 1882, ON THE MR. HASELTINE said: MR. SPEAKER: I propose the following amendment: "That all the interest-bearing indebtedness of the United States now due or optional with the Government, and all other interest-bearing indebtedness as it shall hereafter become due, shall be paid in lawful money of the United States. "SEC. 2. That all money now in the Treasury, and all revenues of the United States Government not otherwise appropriated, shall be applied in payment of the interestbearing debt. "SEC. 3. That the Secretary of the Treasury be, and he is hereby authorized and required to issue non-interest-bearing Treasury notes of the United States of the denominations of one, two, five, ten, twenty, fifty, and one hundred dollars, which shall be made lawful money and a legal tender at its face value for all taxes, revenues, and debts, public and private, within the United States, which may be necessary in • addition to the aforesaid money and revenues to pay the said interest-bearing debt now due, and also the interest-bearing debt now optional with the Government, and all other interest-bearing debts as they shall respectively become due. "That the Secretary of the Treasury is hereby authorized and required to issue Treasury notes made a full legal tender and lawful money in denominations convenient for currency, and in quantity equal to any contraction which may be caused by the withdrawal of national-bank notes. "SEC. 4. That all acts and parts of acts in conflict herewith be, and the same are hereby, repealed." Mr. Speaker, this amendment provides for paying into the circulation all money and revenues not otherwise appropri |
