The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1868-02-06

currency 1t now certainly effects vast
saving in brokerages and exchanges to
the whole people. Certain amendments
gross inequalities in the distribution of
banking privilege should be corrected, so
that the West and South may have their
fair share. More important still, there
should be for national bank loans a uni
form rate of interest prescribed by the
laws of the. United States. This more
than anything else will tend to give their
notes q local habitation and local uses, to
prevent Capitalization and relieve depres-
sion, check speculation, and favor the
people, The interests of the people
demand plentiful currency, and it
should be 80 cheap that the enterprising
business man and the laboring poor man
may have the use of it. The much
talked-of tyranny Of capital consists
solely in The high charges which may be
made tor the use Of money; and In this
the Government has made itself the ally
OF the money-leuder by placing is loans
at high rate of interest just as soon
as 1t is possible, consistent with the good
faith to the public creditor, our six per
cent. bonds should be converted into four
! per cents, and five per cent. should be
/ fixed as the uniform rate of bank interest.
1t should not be the policy oe the Govern
ment to induce capital to subsist at ease
upon the tax which it derives from labor,
but rather 20 make it profitable or neces-
sary for it to ally itself with labor, to
create and share the rewards of industry.
Make capital cheap and we will have many
| foli hn 1oh Ii
who are capitalists. Make it cheap, and
money will allyit with work upon terms
constantly more favorable to work. At
present, securing itself from all risk, and
without having even the necessity of
watchfulness or supervision, money de-
mands and receives over seven per cent.
of profit, and it will not assume risks with
out largely increased compensation, which
labor must pay, and which is just so much
withdrawn from the share of the laborer
In England and on the Cor rtinent, money
once safely united with labor in produc-
tive industry is seldom Withdrawn. The
protector dies, and his widow carries on
the business. His sons in time succeed,
and their sons follow them. The style
of some firms has not changed for centu-
ries
"In those countries, Government is the
ally Of industry, and provides that capital,
If 1t will have perfect case and absolute
! safety, shall find it only in three per cent.
: Investments. 1t is owing to this policy
that their laborers are enabled to sustain
vast military establishments, costly aris-
tocracy and monarchy, and pay the inter
est upon enormous public debts We
may we'll adopt it, not for the benefit of q
, ruling class, for we have none, nor to
maintain armies which we do not need
but for the benefit of the whole people
Should our government continue its ALI
ance with the money interest, this will
soon be the worst country in the world
for laboring men, and it would be so now
were it not for the vast bodies of public
5 lands open To free settlement. The ma
, tloGal banking system gives opportunity
to effect this benefcent reform, to which
the banks will not object, for upon its
adoption all the complaints Of their oppo-
: nentS will be siIenced.
1.-The proposition to retire the national
: bank currency and substitute greenbac&:
l has been urged as measure of economy
, but Instead CT doing this, [ would at once
s authorize new organizations of banks tc
such an extent as to give them 5000,
s 0OO,O00 more OF notes for circulation
y This, with the greenbacks in existence
J will make the currency amount to nearly
: $500, O,0OO, 900, approaching but not equal
r ing the per capita circulation of England
d This increase can be so apportioned as t
5 remedy the present most unjust discrimi
0 nations against the West and South, nov
: nearly destitute of banking capital anC
y money, and the volume of circulating me
n dunn will not be increased to that extent
because the greenbacks will be largel
: held as reserve and for purposes of re
e demption. When resumption is effected
!, it will be safe 20 throw open the banking
! privilege without limitation, as it woul
c then be regulated by the demands of bus
It incss, and being free and open to compe
It tition like other occupations, it would b
q subject to the same laws. l am confden
II that no more banks would be organize
y and no mere notes would be put in circu
is lstiou than could find proper and profits
e bic employment"
e WHEN Lincoln was asSassinated, th
n Queen wrote a letter of sympathy to nj