New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-10-15

i
the part of the government to protect then
in their civil and political rights. This i
to be done under the authority Of the fiftl
section OF the fourteenth amendment in tn
discretion Of Congress, subject only to tn
Will OF the people, and the authority of tn
supreme Court to pass upon the validity 0
what Congress may choose to do. Thu
language OF the fifth section Of the four
teenth amendment is so broad as to confel
on Congress the powar to deal with every
| question which may arise affecting ever
one citizen Of the country in the enjoymen
of the rights guaranteed him by that amend
ment. The same remark is applicable Il
the authority conferred upon Con yress il
the thirteenth amendment, abolislin,
slavery, and in the fifteenth amendment
extending and guaranteeing the right O
suffrage. While the existence Of the powe,
is ample for every exigeucy. its exercis.
will depend always upon the will of Con
gress.
We are thus brought directly to the con
slderation of the question whether guaran
| tees Of the most sacred rights Of citizens
should be entrusted to the care and legisla
tive will of men who deny the wisdom OF
the guarantees, who denounce the means
by which they were obtained, and who do
not hesitate to declare that they will con.
strue this authority strictly as against the
purposes and objects for which it was con-
ferredl On the other hand the Republican
party originated these amendments, secured
their adoption by Congress and their ratif-
cation by the requisite number Of States,
and, with the exception of the thirteenth
amendment, by which the institution Of
slavery was abolished, without any aid. as
far as can remember. from any representa-
tive man of the Democratic party.
In the light Of this history, again ask
whether it is wise for the people Of the
country to trust these guarantees to such
legislation as will be furnished By the enc
nies of the guarantees. or whether the duty
of faithfully executing what has been SO
wei, commenced shall be left to the party
that is responsible tor the amendments
themselves.
The tenth resolution of the Ohio Demo
cratic convention declares that the banking
system Of the country is unconstitutional,
oppressive and extOrtiOnate." 10 not pro.
pose to consider in detail the validity of
these charges, although have no idea that
the constitutionality Of the system will ever
be seriously debated, either before the peo-
pie or any court Of law, and the other
points are not Important in the view
am now taking. During the war the ma
tional banks were of great service to the
country, and since the return of peace they
have been of essential aid to the Treasury
Department. 1t is true that the banks gen
orally have been prosperous. realizing
large dividends upon the capital employed.
And 1t is also true that the power Of Con
gress may be properly applied SO as to secure
a reduction of such profits with advan-
the country; but this is relatively an unim-
portant consideration, as the suffice: can be
easily understood and readily managed BY
Congress. 1t ought to be said. however.
that the banks OF the country, without COM
pulsion, have taken about 800. 900, 900 Of |
the new five per cent bonds, and surren-
dered an equal amount OF bonds bearing |
interest at the rate of six per cent. It |
ought alsO to be said that the banks. under |
the present system. have furnished better
paper currency than the country ever be- |
fore possessed, with the exception Of the !
nited States notes, AMI as good. believe,
As IL found Ia any other country III the |
world. 1t should also be borne in mind |
hat the banks are mach hines which aid the |
people OF the localities in which they are
established to prosecute their business with |
ess difficulty, and that the substitution Of
,reenbacks for national bank currency
you'd deprive large sections of the country
If facilities for doing business which are
njoyed by them at the present time. and
which may be continued without serious
Expense to the public.
The policy Of the Republican party, then,
With reference to the national banks is un-
uestionabls this: To regulate and con-
ro them by legislation, so that their profits
hall correspond substantially to the ordi.
AIRY profits of business dependent upon the
Investment or use Of capital. Next, that
he system shall be extended ONLY SO far "a
lay he essential to the business interests of
he country.
1t must be admitted that there is ground
u argument in favor OF the use OF United
tates notes as against national bank notes
ut believe ii thorough examination of the
hole subject leads to the conclusion that
re banking system should be extended ouly
) its extension may be demanded BY the
rowtl OF business in the country, and that
he proportion of United STATES notes should
as great as possible. due reference being
al to the Interests OF business in the ex-
nsion of the banking system
The ninth resolution OF the Democratic
invention OF this State is in these words:
'Nlnth-Ihat we are ia favor Of a strictly
venue tariff. cOnformed to the theory and
'inciples Of all other Just and wise tax
VS., and opposed to the protective theory,
called
DO not propose to enter into an elaborate
scussion OF the tariff question.
Such is the condition OF the country. both I
its business and its finances. that the dis. t
lsslon OF the questions Of free trade and L
OBJECTION must be without practical results.
SIDE from all theories. and supreme over {
doctrines OF political economy. is the I
eat fact that vast mechanical and mann. p
cturlng interests have been built up in
is country by the legislation of the last Il
n years. Whether that legislation was
signed 20 be protective or not, in the Z
nse in which the word is used BIZ writera s.
political economy, the necessities of the Q
untry have contributed, through its legis- II
ton on the subject. to the establish 9
snt and growth of these industries.
g can not at once change the legis- 4.
ION OF the country and reverse its policy q
th0ut evil results to business and to the e
ances OF the government OF the most seri.
character. What can be done. what e
gut 10 be done, and what trust will be p
ue, is to readiust the tariff system. look
. to moderate reduction Of the revenues 10
d the removal OF such features as apuear "
be Objectionable. may say that officers u
the Treasury Department are now en- Ct
ged in a careful examination Of the tariff CO
IS, and are preparing therefrom list of &C
lcles used IN the arts and manufactures. "
which are articles Of necessity and com. ~
I, and that do not enter into competition 60
IN articles manufactured or produced in =. ts
s country, and from which Individually. Ia
revenue derived is inconsiderabe They ".
also preparing another list of articles, 81
mar III character, and from which the 81
'enue Is not large. but which do enter re re
competition with articles manufactured di
produced IN the United States. Accom- "a
lying the latter list will be furnished such
ormation as they may be able to obtain. vi
20 the extent TO which the articles named es
nat nst enter INTO competition with do Io
site products. tu
the reduction of tte CO..
IT. and the annual expenses Of the GOV
ment. large sums of money must he wi