Wilmington daily commercial., 1875-11-15
FINANCIAL VIEWS FOR SOUTHERN CON
SUMPTION.

Mr. Bayard has written letter to Georgia
newspaper, discussing financial and currency
questions, the gist Of which, as we find it in our
exchanges, we print elsewhere 1t depicts the
evils OF imitation, and argues that the stagnation
in money il due to want OF confidence. Three
other points are however, the most to be re-
marked. The first of these is an attack upon
the national bank system, which Mr. Bayard de-
nounces just as Allen and Cary did, as mo-
nopoly the second is his assumption that the
regulation of banking by Congress is necessarily
despotic, and disregardful Of the true princi-
pies Of banking and credit" while the same
power Of control, il exercised by the State Leg
slatures, would be in all respects safely lodged
and wisely used and third Mr.. Bayard descends
to partisan effort and endeavors to shift the
responsibility for imitation from the shoulders
OF his own political associates to the backs OF
men Of straw in the Republican ranks-a most
disingenuous effort, and one by no means credl-
table to an aspirant for the Presidency who has
80 frequently professed the exercise of a ''non-
partisan" Judgment in public affairs.
The attack upon the national bank system
does not surprise us. 1t will be- without doubt, the
policy Of the Democratic party, next year, and
Nf
tonists with the hard money Democrats will be
attempted. Mr.. Bayard echoing Sam .Cary's
charges against the national bank system indi-
Gates his readiness to meet the latter gentleman
on.that common ground, and the manner in which
lie arghes the question shows clearly that
they will have no difficulty in standing upon one
platform. When both arc ready to denounce
" the moneyed power of the country" to COM
plain of the transfer of banking regulation
from the State Legislatures, and to argue infer
entlally that the national banks are monop
oily, there can be no great difficulty, we should
say, in the union of Mr.. Cary's and Mr.. Bay
ards efforts for 1876. unless the former contin-
uea to insist on the imitation OF tho greenback
currency.
It is difficult to believe that the country can
possibly take the view, now or hereafter, that
The control OF banking and bank note issues
should be handed back to the States. The rem.
embrance of State banks and their notes is yet
fresh in the minds of the people. The superior
ity of the system over the old no.
system is acknowledged by ALL 1t
is not possible, surely, that a single bus-
ness man in his senses would wish to turn
back to our former condition. So far as
legislative control is necessarily exercised,
experience proves that it is better in the hands
of one Congress than in the hands of
OF thirty-seven Legislatures Have we not in
Congress gigantic intelects like that of the SEN
ator from Delaware, while, necessarily since the
Senator from Delaware is absent, we have but
pgmy statesmanship in the State councils
There is an ebb and flow in party ma
jorites in Congress, we are told; well,
are party malorities in the State Legis-
latures steady and unchanging Has our SEN
ator heard of recent elections in Ohio, New Jer
sey and New York. III all of which Legislatures
are now Republican that last year were Demo-
cratic! What can be more subject to political
change than the LegislaturesY And what can
he called "system" which thirty-seven of them,
acting independently and moved by all sorts OF
motives, choose to enact into laws?
II the political situation, now, when Mr.. Bay
ard writos this letter, remained as it did a wear
ago, he might be excused for his paltry effort to
accuse the Republican party, in the persons of
Judge Kelley, Wendell Phillips and General
Butler, of crying out for initiation Twelve
months ago, it could not be fairly said that one
party was more or less devoted to hard money
anda sound financial policy than the other But
the whole world knows the history OF the Ohio
campaign of 1875, and even Mr.. Bayard ought
to have learned something about it. The di-
vision of parties there was that the Democrats
Mr. Bayard's party-took the side of infa-
tion, and carried it to the EXTREMIST and widest
lengths, while the Republican organization met
that issue, 80 raised, and bore the standard of
gold-based currency triumphantly through the
fight The story of the Erie platform. of Cary's
and Ewing's speeches, OF Thurman's and Hen
bricks, trucking, of Carl Schurz' -return to the
advocacy OF Republican candidates. because thoy
represented hard money-all these facts are
well-known events of recent occurrence. "IIere
and there, Democrat, says Mr.. Bayard makes
appeals of an infamous nature, as Kelley, But
Ter, and Phillips do. How ptiful this sort of
argument As il he did not know full well that
the leaders of hs party, in Ohio and Pennsylva-
na,made those ''mfamous" appeals in the recent
elections, and that while he gives the names OF
three persons-only two Of whom are really in
the Republican party-and suppresses all other
namos,he is attempting to conceal the mountain
of his own party's faults behind mole hill of
Republican completely
VIII this sort of craftsmanship make tho
Centennial President?
In Great Britain, the "country banks" and
private bankers issue their currency notes. saws
MIR. Bayard, and such folly as preventing them