Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1871-07-14

ferred franchises upon millions, but We
deprived no one OF any right they had
before the war, except only that we for
bade for time the leading rebels of the
South from holding office. This was the
extent of our punishment. have been
disposed to pardon even this, but after re-
cent developments l will not vote to re-
lieve from any disability such men as
Davis and Toombs, who are totally incapa-
bic of appreciating generosity. never
questioned the justice of excluding these
men from Office, but would, If their con-
duct would ever allow it, make our treat
ment of them 80 generous and torgiving
that history never could surpass II. The
Republican party, from its very nature,
could not bo cruel or aggressive. We have
so many humanitarians among us that
they often demand amnesty when punish
mcnt is required. We fought for the lib
crty of others, and for the union of all,
and could not logically deprive any one of
either liberty or civil or political rights,
except as the public safety clearly de-
manded it. If we have erred it has been
in undertaking the power of these rebels
and the danger that may come from them.
The Republican party has excelled the
generosity of the Girondists, and has eS-
hibited none of the fury of the Mountain.
All our measures since the war-and the
amendments arc the most impertant--were
aimed to secure personal rights. The ad-
ditional powers given to Congress by the
amendments are only to enable Congress
to enforce these rights, and to give pardon
to the rebels. They talk about the Bayo-
net bill and the Ku-Klux bill. These bills
were demanded by organized resistance TO
fair elections, and to punish crimes of the
most revolving character against the COM
monest rights of humanity. If they are
not sufficient, we will give them Others
The difference is that they would encour-
age these crimes. We try to prevent and
punish them. If they will restrain their
fellow Democrats of the South from muir
der and organized frauds, we will repeal
these laws. Ii not, we will pass more eff
fective laws
Of the question of finance, we need no
resolutions to show where we stand. The
whole existing system of financial legisla-
tod is the work of the Republican party.
During the war we were driven by our
necessities to provide a currency. We gave
you the greenbacks and the national bank
notes. The greenbacks were a forced
loan. We did not, in the beginning, intend
to exceed in amount the sum we could
maintain at a specie standard, but our ne
cessities left us no choice. We increased
them to dangerous extent, but we sup
ported their credit by the legal tender
clause, and by the right to convert them
into interest-b bearing bonds. We have,
since the war, sought to improve their
credit, to bring them nearer and nearer the
standard of gold. During the two years
of this administration, we have raised
their value from go cents on the dollar to 9l
cents on the dollar-and this without con-
traction, distress, panic or financial revul
sion. If left alone, we will, in two years
more, bring them to the standard OF gold
We had two dangers TO avoid First-An
increase and consequent depreciation OF
these notes, and second-A too sudden
contraction ofCurrency, and the inevitable
distress and ruin to those in business or IN
debt We could sooner have resumed
specie payments by Iedeeming a portion
of the greenbacks, but we would thus
have changed the standard of value and
increase the burden of debts We have
avoided both extremes. We have main
tained in circulation the maximum limit of
greenbacks, and increased their value by
the natural growth of our business and
population aud by the public confidence
in our policy. The Democratic party
threatens to subvert this policy. In
Ohio they would increase the green
backs-in the East they would redeem
them, and force, abruptly, specie pay
ments. Disagreeing among themselves,
they agree to subvert our wise policy,
and in their platforms threaten again TO
open the question of paying the bonds in
greenbacks. Our policy will soon make
greenbacks and gold the common stand
ard of all values and debts; and If this
policy succeeds in the future as in the past,
our country will present the unexampled
spectacle of recovering from the vast ex-
penditures of war without dlscredit,
without dishonor and without single
wave of financial panic. In human life
the most prosperous and healthy man is
rarely contented with his fate; but
surely our nation should be satisfied with
its financial prosperity under the greatest
difficulties ever overcome by people.
As to our banking system, it was but
the choice Of expedients, and was happy
choice. 1t subverted an incongTuous hotch-
pot of State banks, founded upon the laws
of thirty seven different States, without
security, without uniform value, of local
circulation, and endangered by swarm
of counterfeits. These State banks were
spawn of the extreme doctrine of 5 ate
Rights. If anything should be national, it
should be bank notes They are the
blood of the system, and should flow freely
through the system. A centralized bank
like the old Bank of the United States,
was dangerous from its unity and power.
Itwas managed by few who were encour'
| aged to use their power for political ends
Our present banks are a unit only in their
security, form aud circulation. They cannot
combine. When carefully supervised and
and regulated by law, and well diStIib-
uted, they form the most convenient finau-
cial agents Of the people. In comparison
with the old State banks, they are prefer
able ia every respect. The only question
that can arise in the future about the ma
tional banks, is whether notes issued di-
rectly by the government, and redeemable
by the COVER ment, may not supercede the
necessity of bank notes.
This would save to the people the inter
est on the circulating notes. 80 far, good
Their credit depends mainly upon the secu'
rity of the gov crnment, and the govern
ment should share in the profit. But, on
the contrary, the general objects of gov
ernment are not consistent with other
necessary functions Of bank. The opera
! tion of loaning and redeeming notes can.
not safely be performed by government
agents. II must be done by private par
| ties, personally Interested. Government
banks could not be properly distributed
Even offices Of redemption are subject to
many dangers. Without going into detail
upon this subject, we can safely follow all
modern experience by leaving the busi
ness of banking like other business, to the
free and interested agency of private citi
zens. The function of the government il
fully exhausted when it secures the abso
lutte safety of the note.holder, when il
prints, in the best form and devices, the
bank note, and then leaves to private par
ties, without favor, the circulation and the
redemption Of the notes. This is the basis
of our present system, and the United
States shares in the profit by an annua
tax of nine millions, and the States anC
municipal corporations in another tax o.
nine Millions while the people enjoy loca
facilities, unquestioned security, freedom