The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-04-11

the ahiect humiliation of a whole people
as exhibited o-day in this. country.
One man sitting in Washington is en-.
doyed With larger. powers than was ever
lazy other IN spy country since the world
fo2gan. He holds the key to the indus.
tHsi, commercial, agricultural, nechani-
caT aTh9pking-in short, ali the interests
OF the: country that have any relations
With niohey or currency. On his breath
naqe, an grSater or less degree. the VOL
faro and prosperity Of 40. 600. 900 OF peo-
PIE. the power to make money scarce
or plentiful; toexpand or contract the
currency of the country; to increase the,
value of the miserable rag that under.
takes to represent dollar in the peck ct
OF the citizen, or dilute II TO smaller
measure still, rests all in his caprice.
Speculation rides rampant on the
chances of his tickle will Values rise
and fall. Men are rioh to day and poor
tomorrow. as he may dictate. The
country LEE ct his feet. Gould the peo.
pie sit down for one single thoughtful
moment in front Of the great shame of
this situation, and consider the amazing
possibilities OF power. in the hands Of
this man. With their own utter helpless.
mesa before him, there would surely be q
revo.utionS No snoh power over all the
monetary interests Of go many millions
was ever it any age entsusted to single
Individual. Il ia not in the possibilities
Of human wisdoN TO administer such
trust wisely. No man who ever lived
could administer it honeatly. There 10
not virtue enough in human nature to
withstand all the innrmeEahla sut.ie.;sz
OF temptation that must assail the holder
OF such enormous power. The privilege
OF debasing The coin which has some.
times been exeroise1 by soyereigns and
parliaments. was always guarded with
the greatest Jealousy, and the instances
IN whi"h 1t has been done are reokoned
land marks OF national folly and set up
as the warnings of history. But here in
this nineteenth century, in thu midst
OF what we boast as the highest civiliza-
ton. We clothe ono man, or rather allow
him to clothe himself, with q power to
debase the currency or appreciate it at
bis own sweet will; and We hardly so
much as put up protest against it,
while trade and commerce, and about
everything except the aotual drawing of
our breath. are at his mercy. Talk about
the tyrannies and despotisms of the old
world. OF the suppression of free thought
and free speech, of the absolute control
exercised by despots over the persons
and liberties Of their subjects! They
are hardly to be compared with the tre
mendous power Of the Finance Minister,
who holds between his thumb and finger
the business interests Of a Thole CONT
nent.
It was urged MS an objection to the old
| y nlted States Bank, that it could make
money cheap or dear at will, by con-
traction or expansion of paper money,
and this. it was said. gave it an immense
political power that was dangerous in
the extreme. If this power was danger.
Gus then. when the country was small,
population sparse, and business limited.
what shall be said of the present condi.
tlon, when one man, instead of corpo-
ration, controls moro absolutely the
vastly extended business interests of the
country, and commerce and trade depend
entirely upon tho fat of his will? Com
pared with the present Secretary of the
Treasury and his power, the influence Of
the old United States Bank was as that
of q pulling infant 70 Q fqll.grown Her
cnles. '-FsstA'
Is any decentralization needed OF the
terrible dangers to which . We are mo-
mentarily exposed by this wild bestowal
OF authority? Witness the effect OF this
mans action during the Presidential can
vaas. when, With no authority except
what he himself assumed-and, for that
matter, may at any time assume again
be diluted the currency by expansion to
the extent OF millions for political and
partisan purposes. aud by that means
contributed largely to the perpetuatiou
In power OF the Administration of which
he was part. Witness. too, the Auctua.
tions in our money markets for weeks
past. the uncertainty Of all legitimate
trade and commerce, and the consequent
damage to the industrial and business
interests Of the country. with the increase @
OF feverish and unhealthy speculation,
all tending to degrade honest labor and
destroy public confidence. The mischief
OF it is too plain to need any demoustra-
ton. There is no excuse for it. II our
present currency is the outgrowth of the
war. it is not necessary to continue it or
make it perpetual. Its originators had
no i1ea TINT it was anything more than
temporary expedi ant. But the present
Administration seems to have accepted
it as settled financial policy, and in-
stead OF ameliorating it, to hnyc set itself
to make it worse, and possibly the means
of perpetuating itself in power. The real
way out OF the difficulty, OF course, is
| tlrO1uh resnm mptjon Kut ,yh;l, tl,;,