The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-07-02
NATIONAL BANKS.

That the people need more money & an
can be furnished in the form of specie VIC
take to be conceded. Indeed, the expe-
rience of this and other countries has SO
demonstrated it that there is no room for
discussion or argument. 1t may be almost,
ident proposition. We hold to the good
old doctrine, as announced by Clay and
Benton, by Webster and Cass, and by all
the other statesmen that adorned the old
wing and democratic parties, that this gov
eminent is essentially hard money gov
eminent, that the only money recognized,
or intended to be recognized, by the con-
stitution is gold and silver. If we are cor
rect in the principle, then the government
ought not to issue other money than specie,
especially in times of peace. 1t is the duty
of the government to coin money which
shall be legal tender, and until the war
of the rebellion that legal tender, consisted
only of gold and silver. The coming on of
that war, the extraordinary demands
caused thereby, seemed to render it both
expedient and proper that the government
should "stretch point" and issue treasury
notes to circulate as money and to make it
legal tender between man and man in the
payment of debts and in the other trans
actions of ordinary business although
Judge Collamer thought that even that
emergency did not justify such action.
Such action, however. having been taken,
and the emergency out of which it arose
having passed, it 10 the manifest duty of
the government TO retrace its steps and
place itself on hard money basis as
speedily as possible. 1t they do this, the
treasury notes must be Withdrawn from
circulation either gradually or at once
Their immediate withdrawal would cause
great distress, perhaps bankruptcy and
temporary ruin, and the government
should, therefore, keep their so.caled
money in circulation until substitute is
provided therefor-and that substitute will,
without legislation, become the equal and
representative of gold and silver the mo-
ment that the government ceases to issue
or reissue treasury notes or to recognize
anything but gold and silver as money.
That substitute must be furnished, so to
speak, by private enterprise and by private
capital. 1t must moreover have some.
thing more than individual or cooperate
credit back of it. 1t therefore becomes the
lutu IF III nj nj
throw such guards around the issue of
paper money, and to so secure it that the
bill holders may not suffer any loss or be
liable TO suffer any loss.
Such an issue of currency to circulate as
money must be provided for either by state
or national banks. Which shall it be ?
The Ohio democracy, in considering the
subject, have resolved; "That the policy
4" already initiated by the republican party
" of abolishiDg legal tenders and giving
" the national banks the power to furnish
" oil the currency will increase the power
" of an already dangerous monopoly and
+" the enormous burdens now Expressing
" the people, without any compromising
" advantage, and that we oppose the pol
"icy, and demand that all the national
"bank circulation be promptly and per-
manently retired, and legal tenders be
4" issued in their place And "that the
extinction of the present national banks.
and the establishment In their stead of a
system of free banks of discount and de-
"posit under such regulations as the
states may respectively prescribe, and