Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1875-08-12

sumption. We fully realize
with ten thousand millions of
Indebtedness, public and pri.
vate, and a vast volume of busi-
ness represented by it, that
speedy resumption is absolutely
impossible without bringing i'm
mediate distress and disaster to
every class of our population
except the bondholder and the
money changer. The Congress
ional pledge of resumption in
1879 hangs like pail over the
business of the country. Pru-
dent men have been following
the example of contraction set
by the government. They have
been drawing their means out
Of active business and securing
it in real property; they are
closing up their manufactures;
they refuse to go into new enter
prises, and the result is that the
panic of 1873, which should on
ly have had temporary duration,
has settled down into a season
Of business prostration, which
will continue until the policy of
the government is changed; the
continued tampering with the
currency checked, and the ac-
tive meE Of the country can have
faith to resume operations with
out fear Of being overtaken by
ruin through government inter-
ference. If resumption IS
reached in 1879, a steady con-
traction and a depreciation in
values must continue, and what
sane man Will invest his means
in business under such circum-
stances? Let lis reach specie
payment as speedily as possible,
but let the laws Of business and
circumstances under which we
are placed govern the matter,
and not the special interest of
the banker and bondholder.
Gen. Cary, the Democratic
candidate for Lieutenant Cover
nor Of Ohio, opened the cam
paign at Niles, last Saturday. |
lie made a powerful onslaught
upon the National Banks, thus
explaining the positions occu-
pied by the two parties in that
State:
Of all the contrivances which
have ever been devised to rob
labor and enrich capital, banks
OF issue take pre-eminence.-
Our system Of National Banks
is stupendous swindle. Five
men holding 100000 govern
mont bonds organize a bank,
deposit their bonds with the
Secretary Of the Treasury, re-
ceiye ninety thousand dollars of
bank currency to loan or use as
On their bonds, which
is their capital, they receive six
per cent. gold interest, and they
have an equal amount less ten
per cent. in bank notes which
they can employ in any way
they please. Their money has
ones smerit-it is good. And it
good because the bonds of the
people are security for it's re-
demption. The people pay more
than twenty millions of dollars
Of taxes in gold per annum for
the privilege of using national
bank notes. This enormous !
sum goes into the vaults of mon ,
eyed corporations, every dollar !
Of which would be left in the
pockets of taxpayers if green !
backs were substituted for gray :
backs. Two thousand national :
banks, with a capital Of four
millions Of dollars, con-
3titute a perfect network, MAX :
ng them a dangerous power ,
They can combine to control
he Government or bankrupt
he people at pleasure. We =
nave nothing to say against the +
bankers themselves; it is the +
system that is condemned. The 5
Republican party advocated net q
only the perpetuation Of this i
system, but it's extension until \
t shall displace the greenback r
ind furnish the entire money =
circulation. The Democratic f
party opposes the monopOly,and r
demands that It's circulation
shall be displaced by the green
pack, and that legal tenders r
shall be the only money. In 0
his, as in all other measures, c
he Democratic party takes sides b
With the people. y
Thompson is not going to ask )
my more conundrums. He re-
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