The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-01-11
COLUMBIA.
Thursday Morning, Jan. IL, 1886.
Our National Currency.

mond Dispatch, in referring to the
National bank system, says that had
he lived to see the present day, he
would have roared so loudly that the
gold mines of California would have
trembled with the sound thereof.
That ingenious old man redeemed
his promises of "gold flowing up
the Mississippi, and "gold shining
through the interstices.. of every
farmers purse" and golden de!nge
in general, with a batch of shinplas-
tess inumerable as to quantity,
worthless as to quality, and ire
deemable in any currency which re-
presented as much as five cents in
the dollar. He assisted largely in
breaking down an excellent currency
because he wanted a better; anu one
reason that he gave for it was, that
the notes in which it partly consisted
were mere "rags and lampblacsa.
Biddle had unfortunately said that
he could, at any time, crush any of
the State banks, if they went amiss,
and cold Bullion" harped everlast-
ingly upon that text. The bank, he
said, proved too much If it had so
much power as was implied in this
statement of Biddle's, it wa: too
powerful for republican Govern
ment. He and Old Hickory broke
down the bank, and removed the
deposits for "safe-keeping" into
number of State banks, III which
they were kept SO safely that the Go
vernment never heard of them any
more. They were determined that
an institution welding such power
should be put down at oil hazards,
and put down it was.
We have now more than one thou
sand six hundred National banks,
and they furnish o circulation of
SA37, 100000. Not State bank
in the South, at least-can rear its
head; and we believe there are none
operating in the North. The Ma
tional banks control the whole money
supply of the whole United States.
There is no other circulating medium
than their notes. Their power is in
fnitely greater than the power OF
Biddle's bank ever was. What, we
repeat, would "Old Bullion" says
if he we're alive, and in the full
possession health and reasoning
faculties ? What would all those
declaimers say who used to denounce
Old Hickory for removing the de-
posts, and charge him with attempt
ing to unite the power of the purse
and the power of the sword in the
sar.e hand !? After which union of
purse and sword, it was averred that
there could be no longer any such
thing as freedom.
Such late events seem to have de-
cided pretty satisfactorily against
what were formerly known as State
rights, we presume there will always
be, i'll future, some great National
institution-aG Government bank, per-
haps-to afford currency for the
people. It will be far more powerful
than either of the old United States
banks was, and will resemble, in all
respects, the bank of England. It
Will, no doubt, answer the purpose of
affording a sound currency much
better than any bank has yet done
that is, if it be conducted honesty,
since its issue will be for the whole
United States. and not for any
limited portion of it. But it will be
an instrument of tremendous power,
and very dangerous in Tie hands of a
corrupt and ambitious secretary.
Postnaster-General Dennison has
appointed t. II. Alberts Route agent
between Charlotte and Columbia, S.
g., oice II. G. Hepburn resigned.
Coop ADVICE TO THE Co1oHED
PEOPLE. General Palmer recently
addressed 1000 coiored persons ut
Louisville. He said that, In the
nature of things, for years to come,
the colored people Of the country