New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-07-25
THE POWER ABOVE THE THRONE.

I TIE POWER ABOVE THE THRONE.
I Capital is the Representative OF civil'za'
ton, because ie is the embodiment Q!
! faith, private and public. Capital, there
fore, in peace OF war. controls governments
| and enac.s laws. The highest concentration
ofcapital in the United States is at the East.
Thete was always a large conc1etion OF
capitol from the industries and economies
OF a people who consumed less than they
produced. bu. during the wars Of this re-
public those who had either capital to
loan OF supplies to furnish to the common
government received its securities at the
discount Of public danger. and have
utilized them at the premium OF an estab'
!ished Union. The capital class. there
fore. regard most public issues in their
effect upon this great interest. 1t is with
the same selfish concern. perhaps. that
delicate person regards the weather. with
out any regard to its effect upon the ships
or the crops which may be exposed to its
fluctuations.
We regard. therefore. the views Of the
capital int rest upon the currency ques'
ton as Of grea. significance in deciding
the approaching political issues. The
National Board Of Trade is body Of me:-
chants and fnanciers which has for some
years past held sessions at and north Of
! St. Louis and Ric hmond. Its most
able. elaborate and decisive debates have
been devoted to questions Of finance.
! shipping and re ciprocal commerce with
Canada. Boston and New York have
! been especially represented upon the
| calendar of the Board Of Trade, md i.
has at last come to concentrate its coun.
sells upon the capital and monetary ques.
tons now pending for popular decision.
The seventh annual report OF the execu.
tive council deyotes much Of its space to
currency and finance. II thus confirms
our estimate Of the scope of action:.
The question which more than any other
received the attention of the board, and
was the most deliberately discussed, both
az NuAOaSO oAu ADdAllUOICs was tudl KclaS
ing to the finances of the country. and as
connected herewith. that of the currency:
indeed this subject has been discussed a.
every meeting Ut the board since its organ.
ization.
The board ''again and again expressed
itself in favor Of an early return to specie
payments and the speedy adjustment Of
all our financial obligations upon sound
and reliable basis
The board was alarmed at the strength
and pertinacity employed
To induce Congress. then in session. to au.
thorize . still further issue of irredeemable
government paper currency, many holding
that the then ex Isting pressure in financial
affairs was attributable to the lack Of
sufficient VOLUME of currency with which
TO carry on successfully the business Of the
country, and that with an increase in the
quantity OF the currency atiOat, business
would revive, credit would be restored, and
a condition of general prosperity would
speedily be realized.
This is an open condemnation Of the
Democratic imitation schemes so resolutely
repressed by President Grant. Thu re-
port says:
All departments Of trade were. held in a
condition of 2reat uncertainty. none know
ing but that we were about to be launched !
on troubloua sea of imitation. tho :esults |
OF which no man could measure.
The Board protested agains: th;, ten
dency. 1t insisted that
There should be no further issues .: an |
rad h
much of an increase of the issues o.. the
government rs had then recently bee. put |
atlOas should be- forthwith retired and can
ceed.
The board held special Session in
during the early days of the
last session of Congress. The fnancia,
as then presented was discussed
md views compared with the leading
minds Of the national Legislature. and
.lso with the Secretary Of the Treasury.
Upon the suggestion of members Of Con-
yress and the deep interest of the beard
tself. the council submitted the outline Of
plan looking to the resumption Of specie
payment by the government. These views
we're "only partly or approximately |
dopted." The legislation of Congress
5 criticised, and the financial policy of
be government. as recommended by the
ational board. is stated as follows: !,
]. Gradual withdrawal and destruction
I legal tenders and fractional currency.
2. Redemption OF currency by means Of
gold loan at low rate of interest.
3. The process of redemption to con-
ummate before July l, 1873. when re-
amption Of specie payment would be ab-
olute.
The argument and inducemeni was
To insure full confidence on the part of
ur people and of other nations. in our
bility to resume ana maintain specie pay. Z
tents, it was desirable that provision, am. .
'e and certain, should be made. by which
L could see that the end sought was at. a
and. being fixed ty law. plcdging !,
le faith OF the government to its accom-. :
Iishment. the people would so shape their
rivate affairs as to be prepared. without f
s,urbance or appreciable loss. to conform !;
the new order Of financial engagements
OF before the date fixed tor a cartain and d
III resumption. s
Now. let the reader contrast this plan Of c
le chief capitalists with the irresponsi. q
e initiation preferred by Messrs. Allen c
ID Pehdleton. It will be seen that SO
: as those men have expressed the opin. il
n Of the bankers and holders Of solid Il
curities, they will go into the next cleo. St
IN with brakes down on the circulation. b