Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-10-15

why, even '"Christian Statesmen "
would call him id fool and his
demand ''barren ideality." though
viii just as much sense and
INSTANCE Lat of Grant & Co. for
rrcie pe~fn'-.rt -
ZONE -sss e,=sELL's FOURTH
o.. fFrER.
IS Cuqr Essue-A Plea for
stat INKS of issue.
EDITORS J, t,"NAL:-Tht- facts IN re-
ART TO ttle -, >usi drbt and the na
sonsI cucr@rc wing been a!readc
iyen, and the u. dies proposed by
1e so-cslr5.! ard money" men, aud
EQe so-called off ito .i~ts" concerning
them, having r- Il ~.'l,in I'D, the IT.
manning q I,.stI ~ a. - tue eetabiis:2-
nent of Stat, Uank5 of ISSUE will Los
bc cDr-id. I'd.
AL YOU, readers, doubtless know
that the act establishing the Natlora
Bank system practically abolished all
the State banks. by imposing such
tax GO per c4nt. on their issues, as
prevented them from issuing any
notes, such as we had before the war;
and that conse luently the only cur
roncy IN the country, since the war has
been notes issued by the government
(greentacks) and notes issued by the
National Banks. e speak generally
as to government notes and do not
include the interest bearing notes,
certificates of deposit, &C. The gov
eminent notes are legal tender to all
debts, public and private, Except i'm
port duties and interest on the pub
lie debt the National Bank note
are not. have tried to show that
the greenbacks ought to be made
legal tender for all debts without any
exception, and that the National
Banks ought to be abolished. If the
National Banks are abolished, aud
their notes (for which the government
is responsibility are called in and can
celled, there Will then be only the
greenback currency left. These
amount to about $500, 900, coo, in
round numbers, which le not half
enough currency to meet the wants Of
trade. We will, therefore, have to
increase the value of greenbscks to
the necessary amount, or supply the
deficiency in sone other way. The
only other way is to leave tho banking
system where it rightfuliy belongs, to
the States; and permit them 20 au-
thorize banks of issue, to be regulated
by State law.
1t is said, aud that with great truth,
that if au additional issue OF green
Lacks is made they Wi / inevitably find
their way immediately to Nsw York
aud the other money centres OF the
country, ana will not benefit the locah
ties for whose convenience they will be
put in circulation which according
to my understanding, simply means
that greenbacks viii te equivalent 20
gold. they will go, ike gold did bo-
fore the war, whore the great staples
are carried for cXpor.atioD; and where
custom duties are paid.
Until tie Southern states can es'ab
lish direct trade by bulldog mp their
own seaports. th,s Will always be-, as it
has always been, the sltuatloD.
If there is no Increase in the green
back circulation and they are made To-
gal tender for all debts, including dU-
ties and interest on ali public debt,
then THAR appreciation to gold value
will be all the more rapid. b fore tie
war Treaaury note always sold at a
premium.
Suppose, now, with National Banks
abolished, and greenbacks at par
as they would be- If made legal tender
for all debts-the States Were rein
vested with their former power TO es-
tablish and regulate banks of issue.
We would then actually be in more
satisfactory condition as to the cur
rency than ever before. The psid-up
capital Of the bank might be invest
ed either IN government securities, or
gold, and notes issued at the rate of
three for one as was formerly the
rule. We would thus be furnished
in addition , the greenbacks with a
local cure :, for the transaction of
local bush mtich would stay at
home, aud - To New York, or,
If i ii, co. > relee med on pre-
SCI .ou ~ ,nhacks. Does any
nlt ,ay that Will he to put Ia cir
cul4Ion what 1t be a deprecated
currency? II So, I rep.y that We had
q very satisfactory system before the
war, and yet there are many persons
now living in Wilmington who remem-
Der that ticket on the Man chester
Railroad, leading into South Carolina,
could not be bought at the Office OPP
posite Market Dock in Wilmington
and within a quarter of mile of the
Cape Fear Bank, with bills Of that
Bank, except at discount-atthough
the Bank was as solvent as any insti-
tuition in the State, and it's bills were
as readily current as gold in the State.
Bill brokers would, OF course, spring
up as they did under our old system,
but they would annoy nobody but dys-
peptic cashiers.
So much for the currency which
such banks would issue.
Would they be beneficial to the peo-
pie? There can be but one answer to
this question. They would be much
better able to accommodate customers
than the banks are now.
They could lend money at lower
rates than they can afford to lend it
at nOw-for we all know that what lit
tie is now loaned in North Carolina is
paid out and received with q supreme
~ contemptuous Indifference to the
usury law and at the same time
they would be realizing larger profit
than they can possibly make now on
their investments. There is not
National Bank In the South to-day
that would not Immediately take ad-
vantage of such change in the law to
become State bank, with a right to
issue 2, or 3 for one on its capital
stock.
believe that snch a change in our
money system as I have indicated
would give heart to our people, would
stimulate our industries, would un-
lock the Golfers of the capitalist, would
give employment to the hungry labor
er anil make the husbandman glad
again.
If anything I have written shall aid
in bringing about such a change I
shall be amply compensa: ed. It was
only because 1 thought .uch unpre-
articles might do some good
that L have written them. The wit of
the 'hard money papers at my ex-
pense has been heartily enjoyed by me
for L like "a good thing" The criti-
clsms of those who know more than I
do will be kindly taken, and those of
the uniformed will not disturb me.
Thanking you for the use of your