The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1875-01-30
NATIONAL BANKING SYSTEM.

NATIONAL BANKING SfoiEM'
Livery political indication now points out
tie National Banking System a. the issue
upon which the next presidential election will
/ be fought While the protective tariff advc
cafes are strong enough with the admnlstra
ton and in congress to keep up scmbancC
of union in the republican party in favor o
tina, monsrosity, there is too much unstca
dincss Of belief on the subject in the body Of
/ the party TO make il Il practicable issue in {
presidential contest and the same unstcadi
/ ness and want of cordial union is wanting
on the same question in the opposition party
Doubtless the southern question will cut
some figure IN the contest, but before it Is fully
in progress, the prospect is that reconstruc-
ton in Louisiana and Mississippi, as it has
ginia, will have taken care of itself There
will then only remain the banking and curren-
cy question, and on that the square issue Will DC
formed: Shall our paper currency be OK
clusivcly national bank bills or exclusively
grccnbacks: The republican party BY tAe
president, tho secretary Of the treasury anu
all its action in congress. and It's local meet
inrs and conventions, stands committed IN
favor Of the bank currency and IS sou oody
and soul to the interests Of the banks. Every
currency measure in congress that has iound
favor with the party in power has pointed in
the same direction. While there was at first
great timidity on the subject yet even at the
last session OF congress the volume of green
backs was cut down from SiO0,O0O,00O to
1888 100000; and the currency bill passed at
the present session cuts down the grecnbaCks
to s3O0,OOO,O00; but with each dminutlon of
rreenbacks an increase to double the
amount of national bank bills is provided for,
The evident aim is, while delusively and
trcachcrously Dcguiling the people with talk
of returning TO specie payment, 10 SO tastenI
upon the country the national banking sys.
TEN that it will be impossible ever to shake
it Off
The democrats in congress with all their
laundering in other matters, have avoided
this trap. Says a Washington correspondent
Of the Now York THJuDc, speaking Of the
position Of the democrats On the late currcn-
cy bill:
The democrats are all opposed to the
measure for one reason or another the pre-
vailing opinion among them bcirg that ii
should provide for retiring bank notes in fs.
vor of greenbacks instead Of retiring green
backs in favor of bank notes. Some Of them,
among whom Mr.. Beck, of Kentucky is con
spIcuous, besides taking this view, insist that
greenbacks should be made receivable for
custom duties.
There may be differences Of opinion among
them Is to whether the resumption of specie
payment should be speedy or deferred for
two, three or more years, but on this one
point there is entire union, that the green,
backs shall take the place of the national
bank bills as our permanent csrrency
And on this naked question the politicians
At Washington and elsewhere can accept our
'ullcst assurance, that an overwhelming ma.
Ority OF the people of the west, no matter
whether they now call themselves republi-
cans, democrats or Independents, will vote
WIN INC dculoCidilC parry III INC next preSl-I
lential contest The west asks and wants no
other Issue, There Is not an evil that affi lets
he country growing out of the whole none
airy question but is involved in this issue.
Shall the banks or the people be the sovcr-
ign power oyer The great questions Of finance
md taxation? In other words, shall the
President, cabinet and peoples representa-.
ives in congress, or shall Wall street govern
his nation: That is the only great, live Is.
sue of the day,