, 1867-05-24

duties are, IN the main, detrimental to trade
and the public welfare" Commerce is a
child Of the seas, and cradled on its billows
from the day it was planted on the borders
Of the Mediterranean Sea, it has imbibed
that freedom that sweeps over its home, and
when deprived of it, aud babdaged with the
protecting and restricting laws of man, it
declines and languishes. ...
The course pursued by the government
on the currency question is even more de-
trimental to the public interests than its i'm
position Of high aud oppressive duties. The
necessities Of the war required the issue of
alarge amount of irredeamable paper money,
but with the close of the war the nation ex,
peeted that the government would take some
| steps TO reduce the currency volume and to
return to the specie basis, but this Just ex-
pectation of the people has been thwarted
BY the manufacturing interests and the bank.
ing interests.
The 1868 National Banks, with O circu-
iation OF S292,67l,7 ,753, and capital of
SAT-, ,245,l3 in order that they might reap
enormous profits and grow rich at the ex.
pense of the public interests, went to Wash.
ington, and set their will against the peoples
will and, to this time, they have succeeded
in carrying Congress in their pockets Hav-
ing their irredeamable paper bills issued to
them on government bonds deposited by
them and bearing interest, and loaning the
bills issued on these bonds, they are deriv.
ing double interest-the interest on the
bonds deposited, and the interest on their
bills loaned ond issued OIL the faith of these
deposited bonds. The condition of these
Banks all over the country, and their mans
ner of doing business may be seen by the
following exhibit of the Illinois Banks:
Table Sioring the Condition ofMe Illinois
Banks, Oct. !, 1866:
Capital Stock. .sl1 900 900
Loans .............. III ,OOO,O GOO
Loans Govt Securities :. IL O00, QUO 80 900 900
Circulation 200
| deposits. ................ lS,0UOOOO
Legal Tenders NEUTRALITY-SUSPICIOUS.. 5000 900
Specie. NEUTRALITY-SUSPICIOUS.. l03 900
There is banking or you. S30,000,00O
loaned on 81 900 600 of capital, with S27,-
900 600 on demand, with the grand reserve
Of SlO3, 900 in specie to meet these liabiIi>
ties, an to run these machines. That this
vast issue of irreleamabIe paper money by
initiating valuations and keeping the country
|
by encouraging speculations and extrava-
gances, is great evil is a proposition too
plain for discussion. Mr.. Webster said that
'of all the contriyances for cheating the
| labsring classes of mankind, none have been
! found moro ctfectual than that which deludes
them with an irredecmable paper currency"
| Horace Greeley, with all his proclivities fa-
vorabe to banks, declares that there is no
end to the mischief which can be wrought
| by the vicious principle of the infationiSt-
that - rrcdeemabe Legal tender note Of
the Government is money, or is as good as
money for any purpose under heaven. We
say that in its irrcdecmab!e state it is
worthless rag, transparent swindle, glar-
ing lie; and the whole fabric of trade, COM
merce, industry, speculation, banking, based
on it, is rotten fabric, resting on rotten
supports, and liable tu crumble aud 20 down
in one universal crash.
The more especially, we say, is this true
when the whole superstructure aud founda-
ton rests on reckless ma jority of spolla-
tors in Congress. The infationists need not
tell US they do not mean this, and. they do
not mean that. They do not know what
| Iney nleani 1uelT eTTOI anu tueiI FlO0 10
that they trust themselves to the guidance
of an unsound principle which leads them,
nolens volens, willing or unwilling, straight
down the precipice of individual and Ma.
tional bankruptcy. They hold that to be
security which is not security. They hold
that to be money which is not money. They
bedevil themselves and they bedevil the
country with the idea that the irredecmable
paper money Of the Government is blessing.
Following the lead of these false and perni-
cious ideas, they reason and they act accor>
dinghy. Adopting the vicious principle that
small inffa ton is good thing, they pave
the way for large initiation as better.
The country must be made to realize that
the irredeemable paper money is bold
swindle, by whomsoeyer issued, and is a
disgrace to its utterer and that they who
would increase its volume, or prolong its
existence day, except under the pressure
of dire National necessity necessity
which has long since ceased to exist in this
country-are as much public enemies as
they who would eonspire for the National
ruin in any other manner.
The people have suffered enough from the
the demand for its extinction. The vast
body of consumers have been long subjected
to inordinale prices through the powerful
combinations of gigantic spectators dealing
in and controlling all articles of consump>
ton, and especially the necessares OF life.
] These speculative combinations are sup
ported by the banks, who earn their exor'
bitant profits by issuing endless promises 10
pay, which they are never called upon to redeem;
and thus they become cosconspirators with these
plunderers upon the public. The banks are no
longer administered for the purpose OF facilitat-
ing commercial operations by legitimate loans.
Released from all obligation to pay, except in
paper promises, they issue their notes, they at.
ford their credit they grant their aid to bloated
speculatious on stocks and on commodities OF
every kind and description" And the Tribune,
in showing that owing to the large profits OF
the Banks their interest were opposed to a re-
duction of the currency, says in reference TO
their profits: 'Such banking is filling the
pockets of bank stockholders, by paying them
IL, Is and "a per cent. per annum-a proht which
comes out of the earnings of industry, and in It's
excess is just SO much feeced from the pockets