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continue in the coupon-clipping business. That ia the simple, naked truth. The interest was at flret payable in gold semi-annually, and now, under the funding scheme, payable quarterly which enables the gentlemen having tiied incomes derived from bonds to com pound their interest. Thus 4 per cent payable quarterly, is quit as good as per cent, paid as provided In the 6 per cent bond, and, la fact, greater when we compare the purchasing power of money now with its purchasing power say, ten years ago. It is true beyond dispute that he Is receiving a greater Interest to-day than when he purchased his 6 per cents from the government Mr. Claflln Will the gentleman allow me to ask him a question. Mr. Weaver I yield to the gentleman Mr. Claflin I would ask him if that change from semi-annual to quarterly payments was not in the Interest of the government? Mr. Weaver It was certainly in the interest of the bondholders. Mr. Claflln Was it not in the Interest of the government? Thegovernment re ceives its money from week to week and from week to week pays it out, and it would otherwise have to lie in the treas ury. Mr. Weaver It would not be a great detriment to the government to let little gold lie in the treasury. Does the gentleman undertake to'say before the house and the country that that was the design congress had in view when they made the interest payable quarterly? Not at all. It enabled the bondholders to re ceive that interest four times a year, and to compound it by loaning it to the peo ple. The effect on the government in point of convenience Is a mere bagatelle; it amounts to nothing. The same vouch ers have to be kept, the same vaults are there, and more clerks have to be em ployed. Mr. Pound It saves Interest to the government Mr. Weaver How does it save Inter est? I will yield to the gentleman to point out how it saves a single cent of in terest to the government. Explain now; I will give you all the time you want, Mr. Pound The gentleman is making his own speech, I will not Interrupt him. Mr. Claflln We know that we receive the income weekly and monthly, and when the government has received three months' money into the treasury, then it Is cheaper to pay It out than keep It for six months. Mr. Weaver Does that save any in terest? Mr. Haskell I will answer the ques tion. Mr. Weaver I will yield to the gentle man. Mr. Haskell The market quotations of all stocks and all bonds for one hun dred years will show that a bond with its Interest payable semi-annually is worth more In the market and can be sold at par and at a less rate per cent Interest than one In which the Interest Is payable only annually, and If payable quarterly you can sell the bonds still more and at a less rate of interest Mr. Weaver The gentleman's argu ment destroys itself. Why do bonds sell for a higher rate In the market when the interest Is payable quarterly? For the reason that when the interest is payable quarterly the bondholders can compound it by new loans, thus making it a better investment. It is a pecuniary reason that controls them, and not charity forthe people. I thought verily that it was a most remarkable thing that these people holding .'government securities drawing 6 per cent would voluntarily come for-1 ward and exchange them for 4 per cent bonds, and I believed the story so preva lent on the Republican stump that it was the love of the bondholders for the dear people that made them willing to sur render the bonds; but when I began an Investigation of the matter and saw that the . bondholder received ,'in this way more interest than he received before, then I saw the cloven foot of the con spiracy sticking out, and no gentleman In the house and no gentleman on the stump has been able to cover it up. Ap plause. Not only did they Intend to put the bonded debt into a condition in which it can never be paid, but it was with an ul terior design, and I call the attention of the Republican members who may fol low me to the fact, that it was the ul terior design, after having placed the bonded debt of the country in a condi tion in which it could not be paid, to make the present national banking sys tern of the country, based upon the bonded debt, the great moneyed mo nopoly for all time to come. I proceed to prove it The comptroller of the currency, in his report for 1876. uses this language: It was shown in the report, form the dis- oussion in congress at the time of the pass age of the legal-tender aot, from the re ports of different secretaries of the treas ury, and from the uniform legislation sinoe that time, that the national banking Bystem was intended to be permanent, the inetitu tions organized under it being by the ex press terms of the law authorized to con tinue for a term of twenty years; while it was equally evident that the treasury notes issued and still in oiroulation were intended to be funded. Now, if the national banking system was intended to be permanent, then of necessity the bond system must be per manent also, for the former rests upon the latter. If you pay off your bonds, what becomes of your national banks? You cannot have a national bank without bonds. If the banks are to be perma nent, the foundation must be permanent also. Hence you have engrafted upon this government, as another step In the great, conspiracy, the system of perma nent national banks and permanent na tional debt, the banks resting upon the debt; and from the law of self preeerva tlon, If for no other reason, these corpo rations will forever exert all their power ful and consolidated Influence to keep alive the system. To enable them to ef fectually do this the tlaws of congress have placed in their hands absolute con trol over the volume of our currency. Mr. Sapp Will my colleague yield to me for a question? Mr. Weaver With pleasure. Mr. Sapp Is not the existence of every national bank In this country limited by law? Mr. Weaver When the bank act was passed it provided that national banks should be chartered for twenty years, and the circulation was limited to $334,- 000,000. But your resumption act of 1875, provides that there shall be in this country free national banking and un limited national bank Issues. Mr. Sapp But does the gentleman pretend to say that the free national bank law allows the national banks to exist without limitation as to time? Mr. Weaver No, they are still char- ered for twenty years. Mr. Sapp And then will not the na tional banks expire In twenty years from the time that they are chartered? Mr. Weaver It does not limit the time during which national bank char ters may be Issued. As long as that law on the statute book there Is a per petual right In this country for the char tering of national banks. Can the gen tleman understand that? As the law now stands they are about as perpetual as the human family. The Almighty says that the days of a man's years ehall be three score and ten. Was It the in tention that at the death of my friend the human family should cease? Great laughter. Not at all. One national bank will be chartered to-day and will die next year, or la due time, and then another will spring up. As it Is written "Abraham begat Isaac, Isaac begat Ja cob, and Jacob begat twevle sons." Mr. Townsend, of Illinois And the new national bank will have the same stockholders as the deceased bank. Mr. Weaver If the gentleman says that there is a limitation to the national banking system, then he must hold that the Bystem la noL designed to be perma nent, but to be temporary. Why not, then, wipe it out now? Mr. Sapp I say that it would be con trary to the Interest of the people to wipe it out now. Mr. Weaver Then you want It to be permanent? Mr. Sapp I am answering your ques tion. Mr. Weaver Do you want it to be permanent? Mr. Sapp I will answer that question Mr. Weaver Answer it now. Mr.Sapp-Iwill. Mr. Weaver Answer my question, yes or no. Mr. Sapp I want our national bank issues to continue as long as they will be of public utility. Mr. Weaver That does not mean any thing. Mr. Sapp Yes It does. Mr. Weaver I would like to know why it is of public utility cow more than It will be twenty years from now. Mr. Wilber I would like to ask the gentleman why he would discontinue the national banks? . Mr. Weaver I will tell you before I get through. Mr. Wilber That la what I would like to know. Mr. Conger Will the gentleman allow me to ask him a question? Mr. Weaver I yield to the gentleman from Michigan, of course. Mr. Conger I wish to ask the gentle man what necessity there is for bonds to the very existence of a national bank? 1 understand the gentleman to say that na tional banks could not exist unless bonds were also in existence. Now, I want to know if a national bank needs bonds at all for its existence? Mr. Weaver It does. Mr. Conger How? Mr. Weaver The law requires bonds to re deposited before starting a na tional bank. Mr. Conger For what? Mr. Weaver To secure the circulation. Mr. Conger Ah; but the existence of bank does not require the existence of bonds. Mr. Weaver A national bank without circulation is like a human being with out a aouL There are no national banks without circulation. Mr. Conger Does the gentleman say that? Mr. Weaver None that I know of. Does the gentleman know of any? Mr. Conger Does the gentleman say there are no national banks without cir culation? Mr. Weaver 1 will compromise with the gentleman la this way, and there will be a bill introduced no doubt during this session about to that purpose. I will let the national banks stand If the gen tleman will take away their circulation. A Voice: "That is fair." Mr. Conger The gentleman says that national banks could not stand without bonds. Now, I say that a bond Is not necessary at all to the existence of a na tional bank. Mr. Weaver Take away the bonds and take away the circulation and you may have all the national banks you want Laughter. Mr. Wilber Last year the national banks paid in taxes on an average not less than 5 per cent, on their capital, and they received a little over 4 per cent, upon their bonds. Now, I would ask the gentleman why he would wipe out the national banks when they are paying that amount of taxes for the people. Mr. Weaver The charges for Interest and exchange are increased so as to cover all that, and so the people pay the tax in the end and not the banks. Mr. Fisher, (and many others) Will the gentleman allow me a question. Mr. Weaver I am willing to yield to one at a time, but I declare I do not like to have the whole syndicate at me at once. You confuse one another, gentle men. Laughter and applause. Now, if the national bank system is to be temporary, why not change It now? Why not give the country gold, silver and legal-tender paper, all Issued by the government and not by or through the bank corporations? Can any gentleman give a statesman-like reason for withhold ing this great boon from an oppressed people? Now, I will, at the request of the gen tleman who asked it, Btate my reason for opposing national bank money. I op pose it, first for the same reason that Jackson opposed money issued by bank ing corporations. In his farewell address, on page 995, volume 2, of the Statesman 'a Manual, he says: Corporations which create the paper money cannot be relied upon to keep the circulating medium uniform in amount. Thatis one of my reasons for oppo sing national bank money. Mr. Fisher WiU the gentleman allow me one question? Mr. Weaver I will, as I interrupted the gentleman once yesterday. Mr. FJsher I only wish to ask the gentleman what this has to do with the bill under discussion? Mr. Weaver I will tell you, sir. I am discussing the question as to the Intent of the demonetization of sliver and the fastening upon this country of a perma nent bonded debt with the national bank ing system on top of It. Applause. You cannot get me away from that point If silver Is freely coined, they argued, the bonds will be paid in coin, and the banks will fall and our power will be gone. Applause. (Concluded next week.) The eovernment charsre 2 cents for car. rylng a letter from New York to' San Francisco. The telegraph companies charge $2 for an ordinary dispatch, and yet the cost of the government In send ing the letter Is greater than to the tele graph company in sending the dispatch. Argument seems unnecessary to con vince anyone or the advantages of gov ernment control. The Coming Crisii. IILOSSOM HOUSE Oppoilt Union Depot, Kanau City, Ho. The Blossom House la convenient to all parts of the city. Cable cars run In every direction. It ia Just across the street from the union depot, just the place to meet your friends. Members of the Alliance make the Blossom House their headquarters when in the city, and their general place'of meeting when at- tendlng'conventlona abroad.