The daily gazette., 1875-11-15

centre ler UHnt Of con fdeRce alone.
Ever since 1862 there has existed
combination between the federal ad
mlnistration and the moneyed power
OF the country, unwholesome for both
parties, and unsafe for the country at
large.
| NATIONAL BANK MONOPOLY.
1t has its basis in the system of na-
| tlonal banks organized under act of
| Congress, and largely controlled by
the Treasury Department, and sub
| lect to the will of a congressional ma
| lority condition of things never
! warranted by the letter and spirit of
| the constitution or the federal nature
of our system of government
Under it the banking business of the
entire country has been restricted to
one special Kind of capital, i. e. the
| bonds of the United States govern.
ment, and the employment of all other
| descriptions OF capital as basis for
banking has been rigidly excluded
from competition.
Credit has been restricted to the
single form of national bank notes,
and this has been unlawfully and un-
wisely taken from the States and the
people, where it admittedly belonged
under the usage OF our government
from its foundation, and deposited
under the sole and despotic control OF
Congress.
This was all accomplished by the
passage of an act of Congress, which,
under the pretext Of taking the State
banking institutions for the purpose
OF revenue, crushed their circlation
out of existence.
so long as this lasts, and Congress is
invested with the power and sole dis
erection to determine and control the
volume of currency = the extent of
omissions of paper currency for all the
States and people-just so long uncer-
tainty and dissatisfaction will prevail,
and the sound and true principles OF
banking and credit will be disregarded
CONGRESSIONAL FLUCTUATIONS.
The ebb and flow of party power
changed congressional majoirties from
year to year, and | can imagine no
body Of men so unfit to exercise 80
great power and peculiar discretion
as the accidental majority of Congress.
Such power has never been exercised
in Great Britain. Even there. under
their imperial system, and all the po-
litical omnlpotence of Parliament, such
folly as confining the banking business
of the country to a single species of
| capital, or preventing any banker or
banking association from using his or
their credit by the omission of notes
In any form they saw fit, has never
been attempted or suggested.
| Therefore we see the numerous
1 hnt
England, country banks" they are
called, pursuing a safe, useful and
profitable business, supplying currency
notes to their customers, and regulat-
ing the volume of such issues under
such limitations as self-preservatIon,
and the Jaws compelling redemption
of their notes on demand in gold and
silver coin, make it necessary.
The notes of the Scotch and Irish
banks float side by side with the notes
OF the Bank OF England and the coined
money of the realm in all avenues of
| business. They are not and never
were legal tencer, but convertible
at will into coin, they became practi-
! cally equivalent.
| The combination between the money
| ed power of the country and Congress
| gives to the former degree of influence
over legislation which is inconsistent
with the public interest and hostile to
popular freedom, and at the same time
capital Is subjected to the ignorant or
capricious control of Congressional leg
| islation, rendering its operations lnse-
| cure ard unstable.
Is it not manifest that there is now a
favorable opportunity cor the Southern
| States TO assist in aiding the country TO
return TO systems of sound finance and
currency under the limitations imposed
| by the Federal Constitution over the
| power of Congress over this important
subject:
The cry of Kelley, Butler. Wendell
| Phillips, and ialas = here and there
Democrat, Is against = money-rings.
"hloated b5udholders. coupon clip
| pers, ,tc., etc. and passing by for a
moment the infamous nature of such
appeals. such outrages upon the "iGlp
| of the land which Is for the rich as
well as the poor, does not a moments
r Il, ction make II manifest that all the
profits Of huctuation in our paper mo-
ney OF credit-those changes III its value
which are going on day by day, and hour
by hour, all are Mt the cost of the labor
er and consumer. and benefit the very
classes against whom Kelley 4 Co. seek
th tACllt pppular anu leHOAaul lTtlt-
dice: How wise and eloquent are the
words of Webster; ''Of all contrivanees
for cheating the laboring classes of man
kind. none has been more effectual than
that which deludes them with paper
/ money.
| SOUTHERN FAITH.
| Leaving the discussion of the financial
question, Mr.. Bayard pays the following
compliment to the good faith of the
Southern people:
| "In these years of misguided recon
struction' l have steadily vouched for
the good fsith of the people of the
South, and asked only that they should
be permitted TO get upon their feet. to
resume their place in the Union. to
speak freely with their own voice. and
through their own representatives. And
every pledge made for them they have
kept, ard every promise | made has
been fulfilled just in proportion to the
relaxation of the grasp of military pow
er from their threats and the withdraw
al of inimical interference with their