Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1873-11-20


ciple.
1t is true our currency can be equa
: lied with csin by its redemption in gel
q coin on presentation; but as long as ii
f Government is compelled to pay hur
dred and thirty millions of dollars
, cein annually on the interest charg
: resumption cannot take place. Wei
, our currency convertible into coin to
: day we would have witnessed the spec
tacle of long Lines Of panic-stricke
people rushing to. the Treasury for spe
Gle, as they did to the savings banks
! though money were known to be per
fectly sound, and suspension ofspeci
payment by the Government woul'
have been inevitable, thus proclaiminl
the Government itself bankrupt. Con
fidence in all values would have beel
still more disturbed, financial prostra
ten increased, and the day of prosper
| ity greatly postponed. Every citizer
recognizes as one of the most prOmis
ing and cheering facts that the Govern.
ment, at least, has been able to fulfil
all its legal obligations, paying coin OF
its interest charge, and currency for its
other maturing obligations.
A FREE BANKING LAW WITH ADDITIONAL
RESTRICTIONS.
We can see no objection to he.repeal
of that clause of the banking act which
restricts the issuing of bank currency
to three hundred and fffty-four millions
of dollars. The national banking sys-
tenn has proved in this storm as no pre-
vious system ever did. Out Of upward
of seventeen hundred national banks
but five or six have thus far succumbed
and these were chiefly owned by single
firms. We therefore see no valid OBJ
lection to the repeal of the restricting
clause, so that capitalists in every sec
ton of the country may at all times be
enabled to avail themselves of the act
Of Incorporation. But we protest most
earnestly, and in the interest of the
banks themselves, against the relaxa-
ton of a single safeguard of the pres
ent excellent law. On the contrary, we
are disposed to agree with Senator
Boutwell, that national banks should be
prohibited from paying interest to de-
positOrs.
The present crisis has demonstrated
that every provision of the present law
is necessary for the protection of the
bill-hslder and depositOr. Without
these provisions it will be impossible to
revive and continue the confidence in
the soundness of the banks by the
masses of the people, and should they
lose confidence in the system because
the restrictions fer their protection as
depositors have been swept away, the
banks themselves will collapse, and
capital will seek other channels of de-
posit.
POST OFFICE SAVINGS BA NKs.
The most deplorable consequence OF
the present financial crisis is the sus-
pension of number. of savings banks.
Few men can ever know or realize the
sacrifices which working mans fam
lily makes that heroically lays up por-
ton of the small earnings of its bread
members to gain the owner
ship Of home, or to attain security
and relief in case of sickness or disas-
ter; and when the product of so many
is swept away the dis
ensuing is even worse
than the direct loss.
The working mans savings represent
tbf difference between comforts and ne
cessities-between muslin and calico,
between broadcloth and flannel, be-
tween calfskin boots and stogies. Men
like these pre-eminently deserve the
protecting arm of the Government. No
private individual, however well dis
posed; no company, however rich,
should be charged with this sacred trust.
The Government alone should be the
of these funds. If to the
mechanics, and working men
Of our land the money-order post offices
were opened to receive their deposits,
paying 1855 per cent. interest per an
mum. and guaranteeing to them abso-
lutte safety, an inducement for frugality
and economy would be inforced, inval-
liable at all times, and more particular
" precious in times like these. The
Government would undoubtedly be in
trusted with four hundred millions of
lollars, as a permanent fund, where
with to purchase its own gold-bearing |
obligations, and thus, by recalling its
lebt from abroad, and diminishing its
coined interest charge, it would then,
md not till then, be in position to re-
Ieem its forced greenback circulation
n, coin. But this. question has been
20 fully discussed in other columns of
The Republic, we only allude to it as one
If the most important of the series of
financial measures which Congress
should adopt, not merely to tide over
he present crisis, but to render the re-
,urrence of another, as remote and de-
7oid Of disaster to the masses as pos
'ible.
The INTERNAL IMPROVEMENT QUESTION.
1t is highly creditable to the Presi-
lent, and another evidence of his
breadth of judgment and care for the
public welfare, that as early as in De-
,ember last, months before the Granger
ind other similar movements had at
racted public attention, he recommen-
led the Improvement of the tide-water
ines of communication, SO as to con-
titute an independent channel of COM
,etition with the railways for the trans
,ortation of coarse freight. Since that
ime the question has attained sudden
md spasmodic prominence, which might
lave resulted, had not the present fin
lancial crisis intervened, in much in
udicious legislation. The Senatorial
inquiry Commission has everywhere
,een approached with schemes involv-
ng the expenditure of hundreds of
Millions of dollars. A new Niagara
hip canal, the enlargement to double
# its capacity of the Erie canal, the i'm
all sorts. of harbors, 1.-THE
of the Fox and Wisconsin