Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1864-12-17

- nl1lD Ia 1l1 / :
InooP uUsnber, Progress,
zguu01o16l6, o01 what A
01f(o6o60 ~ TAeGn.
Aa2;' II sIss:s, &'. - ss"''
so15E - sRs Conr4ncEtEs rss oSl
Cunasycs. Nv. ~ 1884, i
Ttis ssaninasion r he aee. and The o.
sesvntseA q III aannss IN which Il h being
administered. haxe resaltsdie ths catering
Is e : oeGhjas iodGnssue ID lsves q IT, ne
tieoh fHakine eySeemj : judgment, not
~ NJ uVaeo0 u perfect one, nor 1ree
ftpu DANGER q abass. bat that II 10 safer
system. better adopted 70 the nature Of our
polieical institutions, and 70 our commercial
netno1itlea. giving more ktrcngth 70 the gov
eminent. wjth less risk Of is being used ~
the eovssnmens against the just rights 81 The
esates. o. the rights Of the people. than any
system which has yet beea Devised, aud that
by sueh amendmsnts Of tAe - - experience
may show 10 the needfut, Il may be made ~
listb Questionable. and - beneficial 70 the
government and the people, ~ any paper
monev Banking system that wisdom and *.
pesience are likely to invent, Il promises to
rive % the people that long existing ''desid-
Senfu,n. . national currency without ma
tional hank, bank note circulation Of uni
fpra value without the creation Of money
cd power In few hands over the politics
end boainess Of the country.
OF eoosse, this system depends for It's
suecees upon the maintenance Of the iaith
and credit Of the nation, which. in their
turn, depend upon the preservation OF 10:
national Integrity. II these tail, the NATIONAL
bonlDne system will fail but Il will 30
down with Ill other important interests, and
will b. but part Of the general wreck. -
That calamity Is not IN stese (ee ~ h the
confident hope and beef Of m true inca Of
the loyal s6elos. The enxieties and appre-
tensions which hase existed heretofore on
THE point ~ vapiaiy disappearing - the
loval mind Of the United States has harden
"a TO the inexorahls resolution that the union
shall b preserved. and the public credit
shall b maintained. no matter what sacri
hces and burdens the execution Of this res.
elution may involve.
). Il Is common objection 10 the national
tas. king system, on the part Of some Who
favor national currency, that It will de-
pr;vs the government oftho privilegeit might
safely uss, and the field it might proiitxhly
occupy. hy the continued circulation Of its
own notes. Why, tits aslke1. should not the
government drive out Of circulation oil bank
notes, and continue to issue, ~ It has done
since the commencement Of the war. its own
notes. and thus save the interest which 9TH
etwise will 60 to the banks In answer, |
would remark:
The banking interest in the United States
d On important one; It hes grown with the
business Of the country. and has been large
y instrumental in developing the national
resources and in increasing the national
wealth. Banks Of issue. badly and dishon-
es&ly % many Of them have been managed,
and disastrous .. have been the failures
which bad management and dishonesty have
prMluceu, have still been OF unqucstionable
advantage to the people. The capitsl Of The
country has been largely. and in good faith,
invested in them, and thousands Of stock
holders depend upon the dividends upon
their bank stock for support. It is an inter-
est which has stood by the government in
IT, struggles with gigantic rebellion; and
now, when tis dispsnsable that the govern
ment should control the issues Of rapcr
money, there has been created national
banking system, not to destroy tho state
banks 6ut to absorb them, and that, too,
without arejndiee 10 their stockholders.
0overnuaents should not be bankers. -
None has existed which could be safely
trusted With the privilege Of permanently
issuing it, avn notes IN money. Circulating
notes hare been issued under peculiar cir
cumstsnces by other governments, as it is
now being done BY that Of the United States,
but the judgment Of tho world is against it
~ permanent policy, and n"thing but an
overpower,ng public exigency will at any
time justify it. Under popular institutions
like ours M more dangerous, no more cor.
rupting power coull 10 lodged in the hands
Of the party in possession of the government;
none more perilous to official probity, and
free elections. Give to party dominant in
the government the authority Of issuing pa
pr money TT the purpose Of furnishing the
country with its currency, subject q it
would b no restraint but its own pleasure,
and what guarantee would there be that this
authority would be honestly and judiciously
a>edf II there were 10 risk in tho prep IRA
ton Of the notes. and checks were provided
% make fraudulent issues an impossibi'ity,
the power Of issuing government promises
- circulating medium is too dangerous a
one to BE- conferred upon any party except
un1er extraordinary circumstances:
The present issue Of United States notes
- lawful money, and the decisions Of the
court sustaining the constitutionality Of the
iasue, have been JUSTIFIED by the considera-
tIon that under great public necessity when
The nations life il in peril, poices must BE-
framed and laws must be interpreted with q
view to the preservation Of the government.
This 10 the paramount consideration TO which
III others must bend. Whatever opinions
nay have bsen. in time past, entestasnsd in
regard b The ptopsiety Of the issue Of Unit
a Stat:s notes, and the expediency q vel
. the const,tutionality Of the law makina
then legal tender. there ere now, sppre
hsud, very few intelligent persons who ars
mt persuaded that without these notes, and
the eharartsr Of lawful mos.cy given to then
b congress end confirmed by the courts
~ crs1i: q ~ nation would have givet
nay q The vsry outbesak Of tho rebellion
When The var has been concluded, and tn
exteeneJ which made the issue Of govern
nent mites ! necessity has ceased to exist
there viii b very tew to advocats tke con
tnoed uss q thsm On the ground Of econo