Evening star. [volume] (Washington, D.C.) 1854-1972, 1872-12-02


any quarter an excess Of products, or retarding
In any degree the prosperity Of the laboring
population.
This prosperity on their part is associated
with higher and constantly improving intel
lectual and social culture and condition. 1t
being given that An intelligent person has all
the special knowledge of an art or trade pos
sessed by the most experienced and best-trained
operative, who, outside Of this special training
and experance, Is an ignorant person, and equal
advantages of capital and machinery being
given also, the intelligent person proceeds to
improve and simplify methods OF production to
such an extent that an addition to his wages OF
Of even hundred per cent. represents but a
small part of the advantage gained.
Yet the special training and knowledge of
the ignorant man is the basis of the improve
ment made. This truth considered first with
reference to q single American laborer and then
multiplied many hundred thousand times, rep
reseDts the advantage OF America over Europe
and Asia in the contest for final peaceful supre-
macy in the affairs of the world. Thus is
America solving the industrial problem Of the
ages by exterting cheap production from ex-
pensve labor.
The reason for these remarks may be found
in the opinion entertain, that the tariff system
of the country has contributed largely to the
general prosperity; and that such general and
continued prosperity is the only basis on which
even a wise financial policy can rest.
In discussing the other changes caused by til g
war, the issues OF United States notes and OF
notes by the national banks should be con-
sdered together; indeed they are necessary
be substituted tor the other without general dis
turbance and permanent injury. The national
banking system Is % far superior TO the State
bank system, and TO any system OF private
banks, ~ to render argument In its behalf, in
theae respects, unnecessary; while the substitu-
tion OF an equal amount Of United States notes
e currency would be productive OF serious evils
and loeses. % - ~ fif : o y
Fint The natioaai banks hold nearly four
hundred million United Slater bonds, which
Otherwise would be thrown upon the market,
absorbing domestic capital, or, II purchased
to the annual balances against us In our account
current with other countries.
Secondly. One Office Of bank IL TO aggregate
to furnish means In aid Of important CONNER
cial and financial undertakings, not only at the
centres, but In the remote and newly settled
Thirdly. The national banks are used as aids
qxire large increase in the number of desig-
mated depOsitaries, and aproportionote increase
Of the public expenses without the least sppre-
ciable advantage.
Fourthly. They facilitate exchanges between
different sections Of the country, thus diminish
Ing the cost Of commercial transactions.
fffthly. They ere generally less disposed than
private parties, controlling equal capital, TO de-
mAnd exorbitant rata Of Interest. So
But It dos not follow ffon these views, nor
vouldit follow from those Of . similar character
which might b prseeuted, that the system 70
direeay By ne 0ovsrnment should Be surren-