Monopolies -- United States; Railroads and state -- United States
obtained in this country. The whole people of the land are as completely
under the control of the secretary of the treasury (and he in turn ruled
by these powerful combinations) as a ward is ruled by his guardian. The
system is bad, and should be changed at once. The government should
control its own finances, and the people should be permitted to provide
for themselves without asking the permission of the government. We
subjoin the following expression of views of one of the ablest and most
experienced of the bank officers in this country:
"The incompetency of special legislation, when applied to the adjustment
and regulation of the paper currency of the country, I presume few
sensible men, at all acquainted with the subject, will question; nor is
it possible for any man of business, or any possessor of property, in
whatever shape, to feel safe while the power to inflate or contract the
currency is arrogated by any one man, whether he happens to be some
narrow-minded, bigoted, obstinate official, acting on his own volition,
or some subordinate clerk, acted upon by others.
"No one should be entrusted or tempted with such a power; for no man,
however able and honest, could by any possibility justly or accurately
exercise it. Foolish as was the experiment, however, we have tried it:
and with the ill success that was inevitable.
"The sway to and fro of our currency, controlled by the ebb and flow of
our business transactions, consequent upon seed time and harvest, is
subject to law as imperious and immutable as any that governs either the
physical or moral world; and in just the degree that we understand and
conform to its action can we hope for a successful solution of the
problem that now so vexes the minds and disturbs the interests of all
classes of the community.
"The nearest approximation we have yet made to such an understanding and
conformity has been in the New York free banking law, from which the
national currency act has borrowed all of any merit it possesses.
Public-domain text, read in full here on John Shaqi.
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