The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-01-06
r1rAxc1AL ISSUES.
The New York World says:

FINANcIAL ISSUES.
The New York World says:
ave do not see any present necessity for the
democratic Psrty to present more than ono ,s,ue
the suhstjuton Of ersenbscks for the notes OF the
4 national konks Tke tim hao no& come for the
creation 81 . new banking systen, and will not
come until the resumption Of specie payments.
notes they will Be deprivsd q their chief motive
for combining to control tho politics Of the coun
try and their interests viii compel them to return
| under state control"
Following this announcement is an argu-
| nnent exhibiting the amount annually paid
| BY the government in interest to the nation
| al banks, and exposing the establishments
and errors Of Jay Cooke and the comptroller
of the currency in reference to this question.
There is no disagreement in the democrat
| ic party as to the policy Of retiring the ma.
tional bank notes and the substitution of
treasury notes for them. Il is plain that the
government is paying, in interest," cost of
collection, and other items, more than TWEEN
| ty millions of dollars yearly to sustain the
something more than $4,000, 000,-sll of
which could be saved BY the extinguishment
| of those institutions. This alone would be
i
when, added to this, are the political in6u-
ence and the power for corruption with
| which the banks are invested, and which
they will be swift TO employ to extend their
privileges the necessity for Kidding the coun-
| try of them becomes imperative.
| 1t was this influence and corrupting pow
er which President jackson most dreaded
| in the old Biddle national bank and its
branches, and which led him to make war
against them. The severity and prolonga-
| ton of that contest should be q sufficient
warning against policy which will permit
like institutions to gain positions and strength
that will enable them to control the capital
and business interests of the country. In
several instances, when legislation touching
the interests of the banks has been under
consideration, republican newspapers have
more than animated that congress was &C
cessible to such arguments as moneyed cor.
porations usually present TO attain their ends
The war against the national banks is q
| virtuous one, and should, and undoubtedly
will, be by the democratic party vigorously
prosecuted yet We cannot agree with the
opinion expressed by the World that there
is no present necessity for the democracy
to present more than one issue on the bank
ing and currency questions" Other issues
on these questions are now prominent, and
must be met. They press for decision; and
while there may very well be differences o.
opinion in the party as to the matters of de
| tail, it must soon assume a definite position
with regard to a general policy concerning
the payment of that large portion of oul
government Indebtedness which, by its terms
is made payable in lawful money.
The Chicago Times has not pressed thi:
1 Ice 81
its columns for a free expression of opinion
concerning it. 1t has endeavored, FIRST, te
make the point clear that the government
could, with entire justice and honor, cleo
whether i, would pay the bonds to which We
have referred in coin or treasury notes. Fol
| this it was 6ereely assailed BY the press o.
the ruling party. Those assaults are much
less frequent and virulent now than they
were two or three months ago +; and the refu
| sal of the radicals in congress to commit
themselves to the proposition that the deb
| payable in ''lawful money" shall be paid IL
coin, should indicate to the World the drift
Of public opinion on this question. The
senate voted down the Edmunds resolution
and congress will not pass, at this or any
session, the Sherman bill, or any bill pledg
ing the government to the payment of the
principal of the 5.2O's in gold.
1t is probable that large majority of the
democracy, and considerably more than q
small minority of the republicans, will sgres
TO the subjoined propositions
First-The national banks should be clos
ed, and their circulation replaced by treasu-
~ notes.
Second-The government should employ
the latter for the redemption of ITS bonds,
thereby redeeming so much of its indebted
4 Il L. %l
rency to be illegal tender" for all bonds pay
able in "lawful money"
| Third-Between the policies or contrac
ton and increase Of the present volume OF
currency, the latter is preferable, provided
the increase be not to an extent which vii
derange the business of the country The
country can profitably and safely employ
say 5000, 100000 more of currency than is
now in circulation, and thereby retire tina,
amount of interest bearing $40 bonds.
Fourth-Congress should provide a sink
ing fund BY which such a portion of the
5-20's may be redeemed, in currency, when
the privilege of redemption natures, as will
not Cypress the people by excessive taxa
ton.
These are general propositions. and the
exact manner in which they should be car.
RED into effect is a question for discussion.
The point of greatest interest is, that the
people have concluded that they will not
make bondholders privileged class of gov.
eminent creditors, by exempting them from
taxation, and paying them from two to three
times the amount borrowed from them. The
people have decided that they are under no
moral or legal obligations to be taxed into
bankruptcy in order that they may be thus
foolishly generous toward the bondholders
The people have decided that they will sinh
any political party which makes such de-
mands upon them Chicago Times.