Eaton weekly Democrat. [volume] (Eaton, Ohio) 1866-1875, 1873-10-09

Vii ShAS Aoin
system the issues are secured
by U. s. Bonds, on which the
people pay interest, and must
eventually pay principal and in.
terest in gold under the present
plan, for the Government or a
bond-holder cannot be paid by
National Bank Notes. Hence,
while the bills of broken Nation
al Banks are good enough for
common people, they are not
good enough for the Government
or the bond-holders. and hence
the REGISTER is mistaken when it
says that this money is as good
as gold doubloons. The differ
ence between them to-day is
twelve per cent. on the dollar.
Besides depositors in broken Ma
tlonal Banks are in no respect
any better off than were deposi-
tors in broken Banks under the
old system. Still the REGISTER
tries to inspire the people with
confidence in the broken Nation
al Banks and says that Gas soon
as confidence is restored, the
great trade movement of the
country from the West to the
sea-shore, and from that to Eu-
rope, will be fully restored" lie
forgets to say that monopolies
and monied rings have taken ad-
vantage of the panic to press
down the price of farm products
of the west, so that the price OBJ
tanned for them leaves the farm
err no margin for profits at the
end Of the year. Ia fact he will
have done we'll if he makes the
ends meet this year.
But what becomes of their pro
ducts when they go from the
sea-shore to Europe? Are they
not exchangedfo for European COM
modities, and do the people not
pay a tariff on these commodities
averaging forty per cen, before
they can obtain possession of
them for use and consumption -?
Certainly all this is so, but the
REGISTER asks confidence to be
placed in them as they exist.
The third editorial calls atten
ton to the Banks of Hamilton,
and says they adopted the Gin
cinnati plan, to wit: "to pay all
demands of old depositors up to
5000, and to pay all demands of
new depositors." And further
says that confidence was at once
restored"
1t may be that the new deposit
tors may not have complained but
wc would like to hear of some
business man who had deposited
$4,000 with either Of those
Banks, and could only draw 5000
when he needed all for use, say
that he had confidence in the
Cincinnati plan. The law and
good faith requires Banks, as
we'll as individuals, to pay ac-
cording to their contracts, and
when they violate the law and
their contracts, and force the
people to abide by "Cincinnati
plan" that is neither legal nor
just, we are told that by these
means confidence was at once re-
stored. The people may believe
this, but we wish to suggest that
if all Banks had done as the Ea-
ton Bank, which has complied
with the law and it's contracts in
all respects, there would have
been no loss of confidence, which
the Register is striving so hard
to revive. If the Register has
succeeded with it's readers as it
did with itself, in the three edi-
torials above mentioned, then it's
efforts will have been a success.
In the first it says, coincidence is
being revived" In the second,
"as soon as confidence is restor
ed" &C., and the third, that
confidence was at once restor-
edp So everything is lovely with
the REGISTER, but thinking men
will not be Influenced by its con-
fdence efforts. The people have
no confidence in suspended and
broken Banks, and the REGISTER
knows it. And when it attempts
to inspire the people with conf
in them, it is simply