The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-06-22

declare their opposition 10 the natOnal banking syb
tenn bat propose nothing to take It's place 10 sneM
Wild and bind opposition they would destroy the best
system Of currency we nave ever nad, merely , oe
though the first commercial nations OF the world
are appauding II and following our example;
though Governor Chase, now one OF their candidates,
fatnered it and supports IT. though no man has lost
dollar as the holder OF a national bank note yet
they would derange all the business OF the country
by uprooting the system. merely because there Is
supposed to be virtue IN party cry against banks.
and yet no member OF Their party IN Congress ever
proposed either, hut opposes every measure offered
BY us. When we repeal eighty millions Of taxes
guards against fraud they vote against them.
DEMOCRATIC INCONSISTENCY.
They talk about economy and yet they vote for
every extra sagant expenditure They would load
every paa c Here one ana there
another. In Ohio 1t Is greenbacks. IN New York 1t
speGe eM IN ne u ner
petual war agains. the amendments and death to
revised. Win jen Davis and his powerful
following, It Is discord, war and ds sl1, 2,
national and State politics let him look at the
dangerous elements comprising that party, let him
power let him combine IN one cauldron all the III
gredlents. anu say. upon his OATH, Is Il wise and
polite yet 10 turn over TO the democratic party Inc
administration OF the affairs OF great nation Ike
ours?
When. on the otner hand we turn 30 the great
POLITICAL organization to winch VIC belong, we may
is a ana as ee d
successful. Above all, we have extended 10 all our
inhabitants liberty ana equality before me courts
our policy has strengthened the power q
the nanon Without sacrificing the rights
OF the states. The Increased powers OF the
nation all inure to the beneht OF the individual
citizen for the sole OBJ Get OF II all Is to enable us TO
protect the citizen from local mi usce ana outrage.
& We have strong government, whose wide.reachlng
hand shields aud protects the numblest cilzeh and
yet the power OIL tine State 10 educate and FOSTER to
protect ana encourage, to punish and reward all its
ctzens, is unimpaired. We have nov such . Union
ADDRESS with nothing to threaten It but the decreas
ing embers OF the rebellion We need to pass no
resolutions assure any one that we Will stand by
and enforce the tn rteenth fourteenth and fifteenth
amendments. We proposed them, we advocated
them, and, while supported oJ The people, VIII el'
RADICAL MAGNANIMITy.
That We have been liberal to vanqushed foes Is
anped proportions. no blood was shed Tor p0llical
No mas been ae Mans
enjoyment tf large estaies, anu snow their graf,
tude Tor cur generosity oy Kissing on dis9aised
OF poor negroes aid preachers and teachers We con-
icrrcd franchises upon mi llons but we deprived no
one OF any right they mad before the war, except
only hat we loroade, Tor a time, the leading rebels
OF The South from holding once. This was the ex.
pardon even this, but after recent Developments
VIII not vote 10 relieve II N any disability sucn
incapaole OF apprecating generosity never cues.
toned the justice o. excluding these men IRON
allow II, make our treatment OF them SO generous
ana iofgying that history never could surpass IT,
SLAp AT II. q.
The republican party from It's very nature, could
not be cruel or aggressive. We have so many hui
amuesty when punishment is required we fought
foi the be. " OF others and for the union Of ALL
n"ery OF evil or political riahts except as the puo
no SAFETY clearly demanded It. II we nave erred II
mas IN s q these r rses
publican party has eNcelled the generosity OF the
Giropd.s.s and has exhibited none OF the fury OF
All our measures since the war tand the
amendments are the most importantly were
aimed TO secure personal rights. The additional
powers given TO Congress by the amendments
are only to enable Congress to enforce these
talk about the Bayonet oll and the Ku Klux bill.
These bilis were demanded by organized resistance
TO iair elections and to punish crimes of the most
revolving character against the commences rights OF
them Others. The d,rerence Is that they would en-
courage these crimes; we try to prevent and punish
them. II they VIII restrain their fellow democrats
OF the South from murder and organized frauds we
win repeal these laws; If not we VIII pass more
effective laws.
/ THE FINANCIAL QUESTIONS.
| On questions oil finance we need no resolutions to
OF financial legislation Is the work OF the republic
can party. During the war we were driven by our
to provide currency we gave Ts you the
backs were forcei loan We did not, In the be-
ginning. intend 70 exceed y amount IT., the e., sum we
sites lett us no choice. We increased them to. q
dangerous extent but we supported their credit by
the legal tender clause and BY the right TO convert
them into interest bearing bonds We nave since the
war sought TO improve their credit. to bring them
the two years OF this administration have raised
their value from sixty cents on the dollar TO
ninety-0ne cents on the dollar, aud this without
contraction. distress, panic or financial revulsion
II left alone we VIII IN Two years more bring them
ayoid-frst. an increase and consequent deprecia-
ton o. these notes: ana second, q too sudden con-
ruin TO those In business or in debt We could
sooner have resumed specie payments by redeem
WOULD Sus have e euanrea iSe Standard Sa
OF value aud increased the burden OF debt We have
avoided both extremes. We have maintained In
increased their value by the natural growth OF our
business and puaton, and by the public conf
dencc IN our policy. Tne democratic parry threaten
the Qreenbacks, in the East they would redeem
agreeing among themselves they agree 10 snbvert
our wise policy, and in their platforms threaten
backs our policy viii soon make greenbacks and
gold the common standard OF all values and debts
in the past country VIII present the uneyampled
spectacle OF recovering from the vast expenditures
Of war without dlscredlt. without dishonor and
without single wave OF financial panic. In human
lie the most prosperous and healthy man - rarely
b. SATISFIED with It's financial prosperity under the
greatest difficulties ever overcome by people
THE BANKING SYSTEM.
AS to onr banking system 1t was but the choice |
OF expedents, and Il was a happy choice. It sub.
verled an incongruous notchpoich Of State bank
ess eTent saes Without security M
out uniform value, OF local circua- !
ton and endangered by swarm OF counierfelts. !
These STATE banks were spawn OF the extreme |
doctrine Of state rights. II anything should be ma
uona 1t should be tank notes, They are the blood |
.. the system and should now freely through the I
system. centralized bank like the old hank OF the
United States was dangerous from Its unity and |
power. IL was managed by few VINO were encou-
ragged to use their power Tor political ends Our pre-
sent banks are u unit only IN their security, form
anu circulation. They cannot combine, when
fully supervised and regulated by law and well dis
tributed they form the most convenient fnanclal |
agents of the people. In comparison with the old
State banks they are preferable in every respect
the only question that can arise In the future about
the national banks 10, whether notes issued
directly by the government and radeemahle by the