The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-07-01

States now represented in Congress, and in
these States, If we may judge from the last
Connecticut election, this issue will not be suf-
dcient for the defeat OF the Congressional re-
publicans. The old antagonisms against rebels
and copperheads are still strong among the
rank and file of the Union party Of the war.
Something more, then, than the immediate re-
storation of the South to its constitutional rela-
tons in the government is needed for the plat
form of this national Johnson party movement;
and II is wanted from the administration. The
present Cabinet holds the Executive in subor-
dination to the radical faction, and while 1t is
continued the idea Of an effective popular
Johnson campaign against the radicals appears
to US perfectly absurd. After the fashion of
General Jackson, therefore, in cutting loose
from Calhoun, Mr.. Johnson's position demands
the bold proceeding Of q complete reconstruc-
ton Of his Cabinet.
And still another Jacksonian stroke Of policy
is needed, in a requisition upon England for
the indemnities due for those aforesaid Anglo
rebel spoliatiOns upon American commerce;
and still another, upon the great money ques-
ton of the day. With all the efforts of the
radicals to keep the negro question in the
foreground, IL must very soon be overshadowed
by the magnitude Of the money question, in
prices, taxes, currency, mutations, &C., all over
the country. President Jackson secured his
reelection from his declaration Of war against
the old United States Bank and its branches,
as constituting financial monopoly dangerous
to the liberties of the American people. The
people rallied to Jackson's support, and that
terrible bank monster, with its thirty millions
of capital, was put down. But "Old Hickory"
in attempting to supply the place Of that
dreaded national bank with his pet bank sys-
TEN, only went from bad to worse, as was
proved, first in the facilities and in the rage
for speculation which followed, next in the
grand financial collapse and revulsion of 1887,
and then in the flooding Of the country with ir-
responsible and worthless shinplasters, the
issues Of Cities villages, corporations factories,
distilleries, grocery stores, and crossroad
taverns. Hence the tremendous popular re-
vulsion against Martin Van Buren, and the
democratic party in 1910.
Now we contend that the clements as a mo-
nopoly held by the old United States Bank put
down by Jackson, and the elements of corrup-
ton, financial ruin and universal distraction
developed in the "pet bank' system pus down
with Martin Van Buren,, are all embodied in
the pit bank system of our present national
banks. All the evils, all the dangers of those
old pernicious financial experiments, we say
are twenty times over embodied in our existing
national banks Their name is legion, they
are still increasing, and they are corrupt from
first to last. In the privileges of their circula-
ton they take, we may say, from twenty-five to
thirty millions of money annually from the
public treasury; and altogether they form a
moneyed oligarchy compared with which
"Nick Biddle" and Company were q mere
bagatelle.
Let President johnson, in addition to the
other things suggested, strike at this mon
strous national bank system and its evils and
make its overthrow an issue with the radicals,
and his administration may realize in 1868 the
popular vindicstlon Of that given to Old
Hickory's in 1883.