The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-04-13
Free Two Cents

D"h"'h6 u nave been the thauna
OF their uncsasing denunciation. Yet how have thsv
sctedf When IN possession Of power, what have ines
Before they anne into rower, il is nn6oulted IN |, ~.
na<a coed currency. Every one who can r, memhar
beer been ,,e or Sa ,h'ngs twelve Yeas ago, knows this to have
Uy-the increase Of bank ing capital bey oud the reasoo.
s !, ssmand. OF business, and the consequent deprecia-
~ arose nom their administration Of the government.
aoathey stsnd Justly responsible for the conseourrce s
"a uhe year 1880, there were in the United stats sap
.m I'M WIN an aggregate capital of 81 las. 100. o6s. In issS
.ne Dill TO rechaIter the Bank Of the United States wss
49, =. u IN 1883 the government deposites were re-
nov.ditom tina, Bank and placed with n . state RAM
aenceiorward the State Banks en love The Savor ~ ~.
nam.nisuahonIwe aprlauded as SAT. "a posner;ss oT
tue revenue, and capable of furnishing a sissn ;s an u
sound currency for the country were nrroJ h' ~. = q
secie.ary OF the Treasury 20 increase their loans 81
their accommod.,ioos' c snoia rnish evory faci'i which
community. AT the ssms time banks tecan n no mri.;'
IN is = tbi e u ! nc n,1 vaspr,y ana icy ond ali exam e. with.
the banks were found to number $50 with AN an ), posI.ts,
z ipital OF 1881 $50 337-and in December 1887 he pym
Der had incte' sed to 700, with en- aggregate asnhonH I'M
capital of $40, 1857 no. So that the ranks had dorhisd
and the capitsl more than trebled in seven esrs Wn.,
itals OF these banks 2 Was il in States under Wb;.aRR
rectioni or was it in those States which enjoyed III h.
lures Undoub'edly in thu latter. Let us take - -
amples and proofs Of this, a few States distinguished S,.
ring that period for their attachment to the locoioco mar.
Take Maine. In 1889 he had IS banks ,w itb a c,n;,sIo
s1Voo,oC ~ december 1897 she had 50 banks with a
CAPITAL Of $685. 0c0. Take Pennsylvania In Isaa hsr
banks were 80 in number with a capital of SIa 6Io asa ~
December 1887 the number had increased to SO and tbS
authorized capi,olto $50 0i4, 435. Take Alabama 49,
IN 1880 had 2banks with q capital of S64s, 500 and in De.
cember 1887 had 3 banks with an authorized nanitsi oe
Sl4a 5s 900, being an increase of - fold in seven Years IN
the bank capital of the State. Take Mis- sissjpnj' wbich
IN 1880 had one bank with a capital of $3.50 6oo ara ~
1887, II banks and - branches with n can0tsj of COO .oo
600, being an increase of capital in seven ~ 49, y,
fold! Take Missouri. What was he action ofthis 8 80
represented and governed by MI. Benton tbe u ns SAT-
sonihcation OF hard money, who p.o,esses - nc Wy per
note in abhorrenee, and who lately protested a araft for
ms pay asa member Of Congress, because he could not
II receive o II uny tnlnQ Dnt nannr p,an..1 -
she shew her hatred of banks-her abhorrence of nara,
rags Why thus She had in 1880 not more than one
bank and not more than $3.50 900 Of capital. and in isaS
.ho had 3 banks with ON authorized capital Of 50 cox. oo.
t Ge,ns a. the latter period in Possession Of just twenty
before. So II will be seen that these five state, SnSsr
Locofsco direction, in a period of seven years iucreassi
their number OF banks Fl ON SO to 100 and their ap0,eoate
capital from SIS 4os $50 to 1924 1913 4Ol maLiog = Co.
addition during that short period ofthe banking capital
20 the Union Of the enormeus sum of sos 1874 56s near.
" one half the whole increase Of banking capitai in
the Union during that period. These sfetements are 20.
Ken from On oihciallreI ort made by Mr.. Woodbury. late
Locoioco secretary OF the Treasury, on the S,h OF jsnu.
airy 1898, and whit an admirable agreement thew sfer,
between thu professions aud the practice OF our political
adveIssries1 They denounce III banks, yet wherever
they have the power establish them they praise gold
and silver as the only constitutional currency. and vet
flood the country with millions of bank paper. And are
these banks establishedby them able to redeem their en-.
gsgements BY specie This at least we should have a
ney circulation. Let the deprecated notes of Aishama
and Mississippi; selling as they, are everywhere at .
a debt, and scarcely available to purchase q Loaf Of bread
let these wretched paper rags answer The nnas,;on
Let the broken banks Of Maine answer and cover those
with confusion who profess one thing and practice ouc.
ther, WI o falsely charge upon their op?onentstheir own
political misdeeds. In advantageous contrast With these
states might be placed, did time permit, the conduct OF
those States which, during the same period were under
the direction of whig counsels, but We must content our
selves with stating one illustration of this. Ofthe Wh;u
States, Massachusetts and Connecticut maze the Iargem
proportionate increase Of their banding capital. and vel
neither did more than double il. But what a diferesce
is found between the issues Of their banks snd those Of
Mississippi and Alabams. So far from being denrecis'
list Of January last, att premium Of per cent. Thus 4
may be seen, that the Loco Focos, while they rail at the
wings iSr Establishing good banks that issue sound cur.
issue notes deprecia' ed and almost worth 'ess.
Having thus, as yonr committee think, acquitted the
wing party OF all Just censure for the past, Il remains 10
enquire what should be their action for the intuIe
That our position is both strange and difficult csnno, be
denied, and should not be concealed. But il has no ain.
Guilty which cannot he overcome by energy and concert
Of action. The wing strength is undiminished. Ifthen
this strength be the same now as in 1871, il is manifest
that IL is sufficient to secure success. To this end n re-.
quires only to be pvt forth, and surely the motives are
no. less strong to enforce its exertion now. ,bat in ls.0
Our principles have lost none Of their value nor we aov
part OF our attachment to them. We still dcsjre-1arn-
estly desire a just and economical administraticn of The
government, a round currency Of uniform vaIne in
which industry may receive without loss its Just reward
We desire that the legislation Of the country should be
10 fact as well as in form, in the hands Of q majority Of
the people and Of the states, and be directed for the s1uaI
protection and advancement of every citizen and every
interest Of the country; that Offices should be given
only to able and faithful men, should be created soleIy
for the good Of the people, and neither ex,ravsgantly
" h'hue W ouu II CtmaNdB oil the
public business. We are still clearly in favor Of con6n-
ing a President to one term, as the most efectusl means
Of checking the corrupt abuse of power, and we still
believe that executive patronage has increased 10 a dan.
gerous and alarming degree. and ought without delay to
be diminished. We are still opposed to that exercise OF
the veto Power, by which one man oveTrules the oni
Mons, and disappoln's tho hopes OF millions, and dictates
to- whole people the terms on which they may be per.
rous, the Sub Treasury scheme. by which the whole Re-
venues Of the country are placed under the control Of
one man already armed with immense power, and by
which all the safeguards necessary to prevent the abuse
OF that power arc in effect removed, and the nominal Pre-
sident Of q republic converted in fact into an absolute
dictator. We are still opposed 10 the application of ths
public lands TO the benefit Of particular States, either
for favori.eism to those Stases or to purchase SUP
port to a political party. We are still opposed 10
TO those lands being retained by the Geaeral Govern
ment for it's ordinary purposes, ard still insist that these
lands, the special purposes for which they were ceasd
having been accomplished, Of right beiongirg to the
state" md the proceeds Of them ought to he without de.
lay paid over to the several states, 10 be disposed of for
such purposes as they may think proper. We arc still
opposed TO, I'd dstest that unhallowod ambition which,
for the purpose Of gaining political support, seeks to in
troducc divisions bstween the different classes Of socie-
ty, to array the rich agsinstihe roor and the poor sgalns.
nunity have separate and irreconcilable inieI ests, aud
thusto dissolve that cement Of mutual dependence and
affection which binds society together ard gives strength
TO our republican institutions. We utter y sbhor the
doctrine Of regulating state debts-thst 70 cent fruit OF
mature locoiocoism, by which our country has been dis.
graced, its credit nearly ruined, and which j, as unwise
and impolitic 40 II is dishonest and demon aliziup. We
still believe ma. the ascendancy of our political princi-
destroy, the welfare and freedom of our country.
Thss thinking. and thus feeling, we entered The coz.
test OF 1870, and our eff rts were crowned with n glo.
rious success, against majori'ies in both Houses of Con
gress, CO cooperating with a Presid, mt. who WELDED the
whole power and patronage Of TIE Government for the
purpose Of securing his continuance in office. WIN.
then, should've doubt The result ola conflict in which,
though opposed by the Executive row, or ard patronage
assisted BY an srtful and interruptions minoriiy' in CON,
gress, we are ct supported by a msjori,y Of ,hst body,
besides The vast array OF true hearted wings, who so no.
Oily rallied Tor their Country, under toe i'm mortal Harri.
son, and whose devotion end patriotism the treachery OF
his successor can neither alarm nor seducs!