National Republican. (Washington City (D.C.)) 1872-1888, 1874-01-24
Natinual &epnblisaa.
our NATIoy4L BANK SYSTEM


SIR: A careful reader Of the debates of Con-
gress must have noticed the prominence given to
the SUBJECT of finance in both Houses and that
not day passes but It is discussed on the floor or
IN the committee rooms. 1t may have occurred to
some, as 1t has occurred to me, that very little
progress is being made. 1t is question m itself
intricate, but those accustomed to deal with pub
lie questions should lock upon them as mechanic
looks upon mn engine or any piece OF complicated
machinery. II it works smoothly and noiseiessly,
and does its work quickly and we'll, tho mechanic
knows that It Is perfect, hut 10 It bitches and
creaks, and runs unevenly, he knows that sone-
thing Is wrong, and seeks ut first to learn tho
cause. He does not take IL for granted that the
maehine II perfect, and insist upon running It to
the detrIment of'his employer and tho permanent
injury Of the machine but the that il docs not
do its work properly is evidence enough to hin
that something IL defective. He finds the missing
bolt, Or he shortens . rod or loosens bearing,
and the machine becomes perfect i'm its action.
Why should not the same principle govern In
finance? 1t would be folly for the machinist to
Begin to lecture on engines and tell what should
and whit should not be done unless be could show
cover the defect, and who dsd not reg.ld II as i'm
portant, would scarcely Be o person likely to be
employed in workshop. = - 7.
gress In the nnanei3t question Is because the
members, like bad mechanic with m engine, arc
either inteiiectuaily unable to discover the
fully shut tieir eyes to the eyils which arc only
hall hid behind the eurtnnof Individual Interest.
IN, IN sn,s case the national banks impede and clog
and until that inipedimcnt is removed tho ma
chine Is liable to hitch and creak and run M
propositions are made, many carefully considered
and ably presented, to rsfurH0ar financial eyils,r
but they are al made % the basia q protecting
mss fsal, gos possession Of oar lsgislators.
The fast SHOULD, i think, be kepi In sislk, that
dsotcJness Of the pco,,io as fruiiyiiuals and as
wneae; and tho people, not Legislators, arc the
only responsible source Of payment. II: from ex-
PEELED, through their REPRESENTATIVES,. to ask
credit from tho outside wori.l, they must pay and
redeem all those obligations at maturity; tho
let the people have the benefit of their own credit
by allowing them to use this borrowed capital
for such il SIN their industrial pursuits until
payday co16E IT productive labor Is the source
Of weair. % also arc its results tho treasure Of
Independence. Ths people can create wealth.
me d GSyesnmsnt canno:; Is II not, Therefore the
diyidua! or private interests OF eoinhnations-
political, or otherwise; and no: allow such de-
bank system to obtain so much control over tho
paying their Indebtedness:
1t appears to me plain that VIC need an unchang-
ing, trustworthy currency, and that il is tho duty
oil Congress- IL 1t is not in fact the paramount OBJ
jeot Of Legislation, to protect tho people from
change can exist, and that all can feel one COM
mon interest in creating and Producing the sub
stanlial means necessary TO redeeia every pecu-
10 that end. can see no way 20 certain Of good
results as to allow the people the right Of use in
in the form of our lega!-tcndcr grecnbacks as can
be used TO their substantial PROFIT and advantage,
and to whatever amount the Judgment Of Congress
somewhat independent Of the contrui now prac-
tiecd by importers and bankers, and a few others
2, the IKE; sPeedy ns Whess private
and adsoeates for foreign capitalists tpcssbly in
nOccntly sol and greatly TO the dctrimcnt Of all
not give the pet ple direct the bencht Of tine Tina
their paper Is maturing. and they will meet it all
promptly. But let there be- NO intervention OF
struct and direct afiairs-nelther Of those wunicr
FULLY wise money gctters who seem to consider &c
their charitable duty to diligently seek to- give
financial t0nc to public sentiment through tho
all powerful press, Tor fear the want of fnteili-
genee on the subject Of gold and banking might
s.v The In The Of
without any assistance from such advice as the
bankers and gohl-yetters would give.
Horace Greeley with reference 10 slavery, said
that s.if he eopid save tho Union without freeing
. slave he would do IT.; that IL he could save u BY
finally IL no could the Union by freeing Some
and leaving others alone, he would also do That"
The end showed that IL was necessary to ttee
them all, and the war did not stop until the cause
Of il had been swept away. The national banks
are more Of . power 10 day than tho slave poweR
a
are the cause Of the present unsettled hnanctAi
posed In Congress will change the tendency Of
sa,SS5o,ooS IN ga1a. We have si,sas
AiUO, 000, 900 Of gold on hand already. with this
500 Zoo OOO-rsmenber We Increase our gold debs
100000 ooo-t 10 proposed to 90 to the market and
buy greenbacks and retire them. II such plan
10 md dollar Of that gold anywhere in the bust
ness Of Che country ninety days ai'er the dato o.
'ls rcSs tn ,.ms nav series Of Gov
.rssns i So%S Sp WHOSE sonSiion q value and eS
yentencc shall DO suspended on pivot-now up
now down-nog transformed into greenbacks now
again into bonds and to this extent Ii tho national
debt increased. Others need not be cited, but 10
will be observed that they all avoid the cause Of
the trouble-thc national banks. am NOT ono
who will not admit that the banks have certain
rights which We must consider and respect. The
plan Of Mr. Chase TO obtain money at the moment
IL was needed was an admirable one under the
and bankers for that which was more necessary to
our cause than artillery. He offered them tho
inducement: but this was not suficient to satisfy
the craving of this unpatriotic class. They de-
handed in addition the extraordinary privilege
and issuing of . currency for tho whole r"'.--
tie profits Of our hints. But our - esigencies
were great, and ME Chase yielded to their de-
m mands because money was terrible necessity
lentless as Shylock. They wanted additional Sc
curity for the return Of their money with interest,"
their ova country, and in the preservation oil her
resources and institutions Since then, as all may
see, the Circumstances have changed. The bonds
then placed on them while yet in their hands, and
20 swclled In the pockets OF their owners that the
phrase "the bloated boudholdsrso became by
Of country In his heart, think that such . return
Of an Investment, such double pay Of q debt,
would be sufiicientf Yetit was not. They seem
Ate, receiving the face Of the loan, both in prin-
cipal and interest, and fully doubled ut that they
!tlll insist on the pound Of flesh as WELL viz; the
Tho Government.
Fair-minded men will ask: "was it part Of
The bargain that such enormous and exclusive
privileges 70 mako money should nevcr ceaseI-
that they should DO legacy for ever ." and fair
minded men will answer to It's injustice. Tho
ea IS nos new o. ana sney Viii long
list upon its equitable solution, unless IL ID dis
posed Of BY their representatives.
Government is paying, or rather the people arc
s. that sneonpssse: over 90 IN gold. tho
eS ea.. e yearly dpiSg she9 owns
business. A handsome annuity, indeed = This Is
he only case within my knowledge where ono
nay eat his cake, and keep IL too. These money
,eOpc first put their capital out at good interest,"
ind have right to draw 1t back, still retaining
he privilege Of drawing interest the same As they
hould have had thoy let the original investment
'emsin. Such system Of drawbacks brings
rood profits both Ways
Let tho reader not believe that this Is all. They
have, think, about ESQ 900 900 circulation, and
addition to the w 600 900 interest 10 gold yearly
paid them by the Government on that circulation
hey will receive profit Of at least one half that
mount from the loss and destruction OF their
notes. This 80 0o0, 900 year ON that account Is
10 inauguration, for that calculation allows fully
thirty 1--WE years wear for paper. II this money
Eere the greenbaeks Of the Government this same
'roft would go to- the nations credits but q 10 ID
low the bankers have al that prodt TOO: Sowe
ave In this national bank system corporation
Q public Is an extra premium on their business
ver and above that oil all other citizens except
pensioners. IT Il Is right for the Government to
outinue this pay on tho ground that the money
eople camc forward with their cash ut time
rhen the Union could not be maintained without
clip from their substantial means, which they
lain was Is necessary IS the soldiers TO tight the
attles, why not put II In plain English, SO that
II may understand II, and call II q pension for
heir noble services, instead OF subsidy or inter-
st On bonds thai they have virtually sold and
scetved the pay. Tho people can understand
hat, and know howto appreciate the sacrifices
,ade BY those capitalists merely for the love OF
ountry. Can anybody wonder that their friends
~ they can AFFORD TO pay good percentage on
bat annually TO counsel and agents and other