The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-02-05
Tme sationai BANK sv,tem.

OF New York, the Journal Of Commerce, |
the Herald, the Erening Post, and the |
Tribune, have strongly expressed
their views in favor of the bills re-
ported from the Banking and Cur
rency Committee, which is intended.
not to destroy these institutions, but
to regulate and restrain them, and
relieve the treasury of the burden of
contributing $4,000, 900 a wear to
their enormous and unprecedented
profits. The people throughout the
country, SO far as they have any
voice in the matter, prefer the
legal tender treasury notes as n cur
rency. The greenbacks the plain
legal tenders-these constitute the
peoples money. If the question
could be placed before the country
for decision by the popular vote be-
tween the greenback currency and
the national bank currency, the
former would. by acclamation. be
chosen. The country needs but one
description of paper currency. It
demands that there shall be bat one.
During the pressure of the war. the
national banking system was cstab-
llshed IN aid Of the public credit and
public convenience. AS the measure
was a novelty, it was deemed ncccs-
sary to offer, for the time being.
extraordinary inducements to capt.
tallsts to embrace the system. The
measure was mover considered us per
tected or as permanent in its original
form. The idea Of many was-and it
was the theory of the author of the
measure himself (Sccretary Chasc)-
that the grecnback currency would
be withdrawn at the conclusion Of
the war, and that the national bank
issues shonld constitute the only
legal paper currency of the country
1t IS needless to say that this theory
has been discarded. The with
drawal of the greenbacks proved to
be impracticabie, and it would have
been undesirable; it if even doubted
whether their authorized reduction
at the rate of 1000, 600 a month will
be continued. The country has had
time to test the relative merits of the
two species Of paper money, and pre-
fcrs the legal tender notes. Of
course. 1t was never intended that
both systems should stand together.
One must absorb the other. The
aggregate volume of the two must be
gradually reduced, and the public
Judgment is in favor of retaining the
greenbacks.
"Neither of the bills reported
from the Committee on Banking and
Currency recognizes the pretension
of some Of the exclusive champions
OF the bank monopoly, that the ac-
ceptance of the system by banks pre-
cludcs Congress from altering and
amending it. No such pretension
can be sustained 1t is the policy of
all monopolies to claim indeafeasible
rights under contracts alleged to be
implied. But this Government, in
Its legislation, takes care to guard
the public interests against any such
claim.
I'VE may dispose at once of the
argument that the banking system
cannot, IN any and every respect. be
modified and adapted to the circum-
stances Of the country, by citing the
words of the National Banking Act
as follows, to wit: Congress re,
serves the right al any time to amend.
alter, or repeal this Act" To con
tend that tho banks can claim a vest
cd right to the privilege of circula-
ton, and to a gratuity of six per
cent, then, is the sheercst nonsense.
The question is entirely OPEN" and
must be considered in reference to
the general and permanent interests
of the country"