The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-04

amount literally given away in this manner Tor
the benefit Of gigantic and dangerous mono
poly would liquidate the national debt In
thirty or forty years. Suppose the govern
ment were to issue legal tenders as currency,
and pledge itself for their redemption, in place
Of the notes Of the so-called national banks,
and to the same amount, or to whatsoever
amount the country might require, it could
withdraw the interestbearing bonds now used
as banking capital by the national banks to
the extent Of the issue. Say five hundred mil
lions would be the circulation of the national
banks, and lot II be determined that legal
tenders shall take its place, could not the
government wifAaxsw the interestbearing
bonds to that amount In other words, gov
eminent could buy up the bonds by legal
tenders, and substitute one form Of security
for another. This alone would save thirty
millions or more q year. Thirty millions
year could be saved in this way only by
government using its own credit for q circu-
lating medium, instead Of giving it away to
monopolizing private corporations; and the
people would be far better satisfied and feel
more secure in having such currency instead
of that Of the national banks. Apply the sum
thus saved as sinking fund for the liquida-
ton of the national debt, in addition to fixed
annual appropriation equal to the present
interest, and the debt could be paid in about
thir!yy years. Unquestionably tho government
has begun ct the wrong end when it withdraws
legal tenders to make way for the notes of the
national banks, and the sooner it begins at the
other end the better.
We believe the financial evils this gigantic
national bank system would bring upon us in
the end, great as they must be, would be less
than the political. II is monstrous macni2e
set in motion by Mr.. Chase for ambitious pur-
poses and from the worst party motives. 1t
was intended TO be, and will be, doubtless, far
more potent than the old national bank, which
nearly proved too strong for the government.
IL will create a moneyed oligarchy which will
monopolize and forestall the markets, Cypress
the lab0rlng classes, and control the govern
ment ITSELF Lot this dangerous monster be
sirangled in Its infancy, before it becomes too
powerful; let the government issue currency on
lis own account and credit, and let there be
bureau established to regulate this currency
according to the exchanges of the world, the
balances of trade, and the necessities of inter-
nal commerce. Then we need not feel troubled
long about specie payment; that would soon
follow, and the currency of the government
would become as good as gold all over the
world, as the notes of the Bank of England are.
Congress would show its wisdom and patriot
ism by taking hold of this important matter at
once, instead Of disgusting the country by alb
surd negro Legislation.
REVOLUTIONARY ldEs DANros = MARAr-
THADDEus STEvENs-Wc do not know of
two men who have come up prominent
~ before the world in revolutionary
times more alike than Marat and Thaddeus
Stevens The American radical and protested
friend of the negro is the antique of the
French LAnai da Peuple. Stevens resembles
in some respects an6fnef French revoiutionist,
Danton, in boldncss, daring and rsmorseless
prescription; but he has, besides, the cynical
nature, affected purity and demagogism of
Marst As first one and then the other of these
Jacobins of France held the Convention and
public fun ctionaries in terror, 80 Stevens holds
our wax House of Representative. Such is
the power Of his will, and 50 resolute his pur-
pose, shat he carries the members with him
against their own judgment. without the
guillotine to back him, as Danton and Marat
had, he is equally powerful, dogmatic and
dictatorial, and The frightened members of the
House are fully as plant to his diciation as
were the members of the Convention and the
revolutionary authorities in Paris to those
men. In the name Of universal equality
and fraternity they committed deeds
that humanity will shudder at through
all time, and he, in the name of
justice, freedom and Iiberslity, would adopt
measures of remorseless prescription. They
made republican ideas and institutions odious
by their Infamous conduct, and he would de-
siroy this great country by bis intolerance and
impraciicable abstract theories. They plunged
France into such a fearful and exbausting war
that the nation blcd at every pore purely from
a reckless spirit of propagandism and TO cover
up their crimes, and he, from similar motive,
proposes extreme measures that may involve
US in foreign wars. His proposition to give
direct aid to Juarez in the war now raging in
Mexico shows how radical and dangerous his
policy is in foreign matters rs well as in
domestic ones. While wo oil sympathize with
the republican cause in Mexico, we are not
prepared to wage a war Of propagandism. We
prefer the deliberate but firm course of the
President with regard to that country, and we
believe ii will sooner accomplish the object
we desire than will the extreme ono Of Stevens
These radicals, whether OF France or America,
are revolutionary and dangerous in every
thing. But we may be thankful that they will
not be able TO do 80 much harm here for we
have q prudent, firm and conservative Presi-