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i
TO obviate this difficulty, it has been pro-
posed to add, limitation Upon the amount
of their business; the effects of which would
be the accommodation of favorites, to the
exclusion of the rest of the community,
which would be no less fatal to the system.
There can be in fact but one safe and con-
sistent remedy 1.-The rendering banking as a
business, less profitable and influential; and
the first and decisive step toward this is a
disseverance between the banks and the Co
vernment. To this may be added, some
efectual limitation on the denomination OF
the notes to be issued, which would operate
in a similar manner.


pass over other important objections to
the connection; the corrupting influence and
the spirit of speculation which it spreads lar
and wide over the land Who has not seen
and deplored the vast and corruptlng lnfu-
ence brought to bear upon the legislatures
to obtain charters, and the means necessary
to participate in the profits OF the lnstltu-
tions. This gives control to the Govern
ment which grants such favOrs, OF most
extensive and pernicious character, all OF
which must continue to spread and increase,
if the connection should continue, until the
whole community must become one contain
mated and corrupted mass.


There is another and final reason, which
/ shall assign against the reunion with the
banks. We have reached a new era with
regard to these institutions. He who would
Judge of the future by the past in reference
to them, will be wholly mistaken. The year
1888 marks the commencement OF this era.
That extraordinary man who had the pow
er of imprinting his own feelings on the
community, then commenced his hostile at
tacks. which have left such effects behind,
that the war then commenced against the
banks, | clearly see, will not terminate, un-
less there be a separation between them and
the Government until one or the other tri-
umphs till the Government becomes the
bank, or the bank the Government. In re-
sisting their union, l act as the friend of
both. l have, as have said, no unkind feel
ing towards the banks. am neither bank
man, nor an anti-bank man. have but lit
tie connection with them. Many of my best
friends for whom | have the highest esteem,
have deep interest in their prosperity, and
as far as friendship or personal attachment
extends, my inclination would be strongly
in theirfavor. But stand up here as the
representative of no particular interest. l
look to the whole, and to the future, as well
as the present; and shall steadily pursue
that course, which, under the most enlarged
view believe to be my duty. In 1884,
l saw the present crisis. l. in vain, raj
sed warning voice, and endeavored to
avert 1t. l now see, with equal certainty,
one far more portentious. If this struggle
is to go on; if the banks will insist upon
reunion with the Government, against the
sense of large and influential portion of
the community; and above all if they should
succeed in effecting it, rehux flood will
inevitably sweep away the whole system
A deep popular excitement is never without
some reason, and ought ever to be treated
with respect; and it is the part of wisdom
to look timely into the cause, and cor
rect it before the excitement shall become
SO great, as to demolish the object, with all
its good and evil against which it is direct
cd.


The only safe course for both Govern
ment and banks, is to remain as they are Sc
parated; each in the use of their own credit,
and in the management of their own affairs.
The less the control and influence of the
one over the other, the better. Confined to
their legitimate sphere, that of affording
temporary credit to commercial and business
men, bank notes would furnish a safe and
convenient circulation in the range of COM
merce and business, within which the banks
may be respectively situated, exempt almost
entirely from those fluctuations and convul-
sions to which they are now so exposed or
if they should occasionally be subject to
them, the evil would be local and tempora-
ry, leaving undisturbed the action of the.
Government, and the general currency of
the country, ON the stability of which the
prosperity and safety of the community SO
much depend.


have now stated my objections to the
reunion OF the Government and the banks.
If they are we'll founded; if the State banks
are of themselves incompetent agents if a
bank of the United States be impracticable,
or if practicable, would, at this time, be the
destruction of large portion of the existing
banks, and of renewed and severe pecunia-
ry distress if it would be against the set
tied conviction of an old and powerful par
ty, whose opposition time cannot abate; if
the union Of. Government and banks adds to
the unftness of their notes for circulation,
and be unjust and unequal between citizen
and citizen, and one portion of the Union
and another; and, finally, if it would excite
an implacable and obstinate war which
could only terminate in the overthrow of
the banking system, or the institutions Of
the country, it then remains that the only
alternative would be permanently to sepa-
rate the two, and to reorganiZe the treasury
- so as to enable it to perform those duties
which have heretofore been performed by
the banks as its fiscal agents This propo-
sed reorganization has been called sub-trea-
sury an unfortunate word, calculated to
mislead and conjure up difficulties and dan
gers that do not in reality exist So far from
an experiment., or some new device, it is
only returning to the old mode of collecting
and disbursing public money, which, for
thousands of years, has been the practice
of all enlightened people till within the last
century. r..





In what manner it is intended to reorga-
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