Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-02-05

I nonacement of che banks to which they had
tbrs lent their names. The rogues who run the
machine uss the borrowed money in speculation: .
and wber these fail, as they do in nine eases out
or ZEN there is nothing left to show for it. The
few iarge depositorS, who are inside the ring,
bHe timely warning before the storm comes,
and save their money. The many small depos-
tors are left in the lurch, and lose all. Such, in
brief is the story of several of our savings
banks; and such will be the story of more than
one other. 1t is well, perhaps, that the crash
has come as it has done; just as 1t is well that
our ring got broke when it did. The politicians
who stole twenty millions of dollars in four
years, would have stolen as much more in two
more years. Their savings bank coadlutors, had
only begun operations year ago. million of
! dollars, / suppose, would cover the whole of
their frauds If they had gone on as swimming
ly as they had good reason to expect, in two
| years more they could have made way with ten
millions.
have good reason to believe that most of the
savings banks in the country are safe. But in
the eager strife for business, and in the rapid mp
growth Of new institutions of the kind, there is
great peril Such institutions ought to be under
the direct control of government. This has
come to be felt in Europe. 1t will come 10 be
felt here. The one great point is absolute Sc
curly. The man who has saved few scores or
hundreds of dollars has no means of assuring
himself that the irresponsible parties who man
age savings bank are either honest or capable
The only perfect security for this is in the faith
of the whole people, as represented by its gov
eminent. We have made step-an imperfect
one it is admitted-in our present national bank
system. Every note of these banks is safe be-
cause guaranteed by national faith, secured by
absolute lien upon the nation. The British gov
ernment has applied the general principle TO the
case OF savings banks, in connection with the
general post office. l hope some one else will
develope the British scheme as applicable to our
country. If no other man will do this, will
some day make the attempt
just now the great under current of thought
with tends towards the next presidential
election and especially as to the republican can
ddate. There is no doubt that there is a body of
men in the party who will strain every nerve to
prevent the denomination of General Grant.
The New York Tribune is their organ and
principle in the declaration of the party, that
hereafter no president shall be eligible for
second term. The object of this is not the pru-
ciple in itself, but its application TO the next
presidency. But it is one thing to say that we
will not renom7ate President Grant, and quite
another for us voluntarily to tic our hands so
that we can not nominate him Or any other cili-
zen. If the administration of Grant has been
corrupt or inbecile, by all means let him be dis
cardcd. If there be any other man whose nomi-
nation and election would be more like to fur
ther the great ends of our party, let him, by all
means, receive the nomination; but of one thing
we may as well be assured: the republican party
must unite upon the best man, or it will be de-
feated. We know pretty well what states are
certainly democratic, and what are as certainly
republican. There are Others which are just as
certainly doubtful. ] venture to predict that
the great result in 1872 will be decided by less
than $4,000 votes in the two states of New York
and Pennsylvania. We can not in these
states afford TO throw away vote |,
of course, as a mere correspondent, can
speak only for myself, not for the Spy. Bat
may venture to say, as an individual, that be-
eve that the denomination of Gen. Grant is
the best and wisest thing for the party
AT all events the principle of only one presi-
dental term is most uuwise and foolish. Our
national history has endured long enough to
teach us something on this point. Previous to
| Grant there have been fourteen men elected as
| presidents of the United States. Two of these
died so early in their terms that no one can say
| hath tI,n 4
Of the others, six served only single term, and
six were reelected. No student OF our history
will deny that the second administrations OF
Washington, Jefferson, Madison, Monroe and
Jackson were among the best in our annals
Few also, l imagine will doubt that, had Lin
coin lived to complete his second term, the re.
suit would have been in all respects favorable to
the welfare of the country. OF all absurd sug-
gestions in craftsmanship the most absurd
seems to me that president, if eligible
for reelection, will be able to secure it in spto
of the wish of the people. Tyler bent all the
official patronage Of the government to gain the
nomination, and got never an electoral vote.
Polk, perhaps, Van Buren, and Pierce certainly,
did their best to secure re election, and Jailed.
If Grant is renominated it will be because the
party think him the hest man. If they do not
| think so, all the postmasters and custom house
officers in the land will not weigh feather in
the scale.
Let US in this matter act as sensibly as we
would in our ordinary business. Let US not by
any arbitrary rule shut ourselves from electing
the man whom we think the best for the place.
Suppose, for example, that your New York cor
respondent had served you well and faithfully
for four years, you would laugh to scorn any
man who should suggest that, therefore, you
would discharge him. Rather you would con-
slider that one reason why you should retain
him. OF course, if he failed to do his duty for
any cause, or if you knew of man who would
do 1t better, you would discharge him at the
close of the term of his engagement. So let
us do with our presidential candidate.