Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1875-12-03

| Oh VIC DUhO VH1oeVA o'S w.
tract between them and the Govern
mont. and shamefully wronged the
people, The story is familiar to many
who have watched the financial legisla
ton of Congress-, but the masses of
people. particularly in the South, are
| not informed on the subject, although
[ recently tried to enlighten my con
| stituents On the stump about it.
Suffice If to say now that those bonds
| were issued during the war, were
| bought with greenbacks when green
| backs were worth about 80 cents on
the dollar, ard were payable IN green
| backs. That was the contract which
! the people mad, with those who bought
| them. But in 1859. nearly seven years
aftar they were issued and sold, the
| holders of them got Congress to pass
| law directing them to be paid IN gold.
| dollar for dollar of their fscs value.
the interest being also payable m gold
/ 9 3 all the interest on the public debt Is
/ and thus she tax payers OF the couI-
try will have to pay MILL ms of money
to the bond holders which they never
/ agreed to pay.
| This is a D ,rt OF the legislation to
which I le-erred, "a making the rich
richer and the poor poorer all the ma
! t5y fostering a moneyed mopopoly at
! tie expense of tn iaborlng classes.
These same bondholders were the
! men who got up the national bank
! system, which regard as not only
| very unjust one, but a most danger
Gus ore to the interest of the Amerl-
can people Forty years ago the old
! y. s Bank was suppressed by Jackson
AID his party as a huge monopoly
which threatened the liberties of the
people. Now, do you recollect what
he peculiar features of that instltu-
! ton were, and how guarded 1t was be-
!ieved TO be? In the first place. It
could establish only one branch in each
| State: its whole capital was limited to
$50, 900. 600, and the people owned only
one aftn of it; no foreign Stockton der
could vote for director; 1t was obi1ged
30 have in its vaults one gold dollar
for every three paper dollars it.put into
circu alton and each branch OF the
bauk was obliged to redeem the notes
Of every other branch IN coin which
| made the notes good" everywhere
| throughout the country. This instltu
1ion was destroyed, as L have just said
~ a terrible and dangerous monopoly.
Now, how is it with the natIoDai
| banks =? There are more than two
! thousand of them in the country, with
a capital Of 500, 900. 900, and not a
! dollar Of wtiien IL gold or silver, hIs
al Of which IS government bonds.
| they huye tie exclusive privilege OF
circulating bank notes IN the United
| States. AID the.laW dues..nOt prevent for
| e;gners living III other countries from
holding stock, and electing their own
| Of %Hoan "a kS
! sre not redeemabie in coin. Pract
cally they can charge any rate OF inter
est. r-gardless of State u7ury laws, fJf
the only penalty is forfeiture of the
interest under the national bank act. as
was recently decided by the Supreme
| Curt of the United States. they
| draw six per cent gold interest on the
bonds which constitute their capital,
and then loan out the notes which the
government furnishes to them, at heavy
interest, thus receiving interest not on
ly on their credits but on their debts.
L. IS not surprising therefore, that the
| men who had boaght 2Us with green
| backs at 60 cents On tn dollar, and
then established national banks with
| the bonds, should have realized suct
| enormous profits as some of them lid
| During one year in Philadelphia the
dividends actually paid by nationa
banks ranging from So to 213 per cent
Not only our domestic but our foreign
bUnd-hy iders are interested In the na
eent them ii tie 1a sRU 6bHg Is r5 81 sn
United States eighty stockholders ant
directors. Ii the old q. s. Bank will
al its restrictions was an institution
dangerous to American liberty, wha
shall I've say of this?
Nov, along With this payment of th'
debt before It was due, aud tins con
traction Of the circulating medium
and concentration Of power in the IA
tionai barhs Tor bond-bolders), grea
cry aas been raised about the ''preser
vatiou Of the national credit" aud the
national honor" hot by the suen whc
fought to establish them, and wht
were paid for their services in what il
Gail q "IFredeemab!e rags" but by the
bond holders who have profted by al
the tnancIa. legislation; and, in en-
pli8ncs with the ciamor thus raised
the last Congress passed an act provld
ing for the resumption Of speci7 pay
meuts OF the Is1 OF JANUARY, 1879
whereby th4 S*cretary OF the Ireasu !
is directed TO immed lateiy redeem 332
000, 600 Of the gre anbsck currency, and
from and after Jauua lat, 1879, &c
redeem the balance (S}0O 600, UUU) ot
that currency.
That act cannot bs enforced wish
cut producing universe! ruin, and con-
5eqU@rt'y It's passage created, as might
have been expected, an indignant pro
te+C everywhere throughout the cou:I-
try, except III localities where capital
- concentrated. The result has been
| the forcing OF an Issue winch the So
called 'hard money" hsve nj REPRE-
scented and btcIOuded in every con
celvah.9 way. It ls very unfortunate
that it should have been NJ ade party
ques ion as 1T was IN some parts Of the
country; II Is pre-emlnentiy q political
question, and ultimately parties may
be formed upon it, but it was uuwise
! at this JuDcture to make It a test OF
party fealty. Those who oppose tie
Golicy of contracting the currency are
denounced as inhationists urti rcpudi-
ators of the public faith, wui,e hose
who favor it clam for themselves ex-
c!uslvely the title OF hard money meu.
This is neither right nor honest. Ev-
cry reasonable man desires 30 see a
sound currency, based upon certain
aid permanent policy, established III
| the country. Tt ere IRE absolutely No
repudiators, and none Who wish 20 zee
the country flooded with icredeen1aDie
paper currency.
Every sensible man admits that our
paper money must be made eHuiva.eut
70 gold, but no sensible man viii dany
Saat paper money q fGne kind mu,>
constitute "a lar" part Of on I liz. C..
Gold h"s act1.-. y cad - 5H .as-4a.-.