The daily gazette., 1875-11-16
WILMINGTON. DEL. NOV. Ie, 1873.
Senator Boyard's Open Letter,

Senator B0ydrd's Open Letter.
The Commercial makes weak attack
,pon Senator Bayard's letter, published
in the Atlanta Herald. 1t charges the
senator with making an attack upon
the National bank system and says Mr.
Bayard echoing Sam. Cary's csargeS
against the national bank system lndl-
Gates his readiness to meet the iatter
gentleman on that common ground, ana
the manner in which he argues the ques-
tion shows clearly that they will have no
difficulty in standing on one platform
Now any gentleman who will read MI.
Bayard's letter with a view 10 get at the
history of the present government bank
ing system, will see that he states facts.
He makes no attack whatever. He
asserts Just what has been frequently
asserted in these columns, and what is
true, viz: that under an act of Congress
the banking business of the entire
country has been restricted to one special
kind of capital, i. e. the bonds of the
United States government, and the en-
ployulent of other descriptions Of capi-
:al as a basis for banking has been rigid
" excluded from competition.
We quote again from his letter
Credit has been restricted to the SIN
gle form of national bank notes. and
this has been unlawfully and unwisely
taken from the States and the people,
where it admittedly belonged under the
usage of our government from its foun-
dation, and deposited Under the sole and
despotic control Of Congress.
This was all accomplished by the pas
sage of an act of Congress. which, under
the pretext of taking the State banking
institutions for the purpose of revenue
crushed their circulation out of exist
erce."
Facts cannot well be stated in fewer
words. The crushing out of the State
banks destroyed the control of the peo
pie over the currency and clothed tn,
government at once with all power ovel
uoth the purse and the sword"
Senator Bayard was asked for hi,
views. He states facts. and the Com
Dercial charges that he makes an "at
tack upon the national bank system"
We understand that to lie trutl
which cannot be controvertcd. If maj
Las a hundred thousand dollars in gold
and wishes to 90 into banking, he can
net do it; the law efTectually prevent
MIN from doing so unless he buys Gov
ernment bonds.
The Senator follows his facts with tn
following declaration:
so long as this lasts, and Congress
invested with the power and sole dis
cretion to determine and control tn
volume Of currency-the extent Of omis
sions of paper currency for all the State
and people--just SO long uncertaint
and dissatisfaction will prevail, and tn
sound and true principles of bankin
and credit will be disregarded.
1t is utterly impossible for the peopl
Of this country to pass from the hbera
system they formerly held, and unde
which they made such immense in
provements and advanced to positio
of wealth and independence unparalle
cd in a little over three-fourths of
century rising from three millions
impoverished people to one of the fir,
powers Of the world, in civilization
learning and all the arts excelling. I
the present system of currency, w.tho,
experiencing a check in their career
the most disastrous character. Thi
such check has come upon us let II
daily occurring facts all over the coul
try prove. Money cannot be had ar
properties are sacrificed; this too viii
the Government Golfers are stored wit
gold and the vaults of the banks pl
thoric with greenbacks.