The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1875-07-02
From the Cincinnati 'iaz-tta.I
INITIATION AND GENERALIZATION,

/ currency, and then declares for taking
away the circulation from the banks.
and issuing greenbackS in its stead The
eleventh resolution adds to this declara
ration of war on the national banks, by
declaring for their extinction, for the
assumption by the government Of the
power TO issue all the paper money, and
for limiting all other banking to banks
of discount and deposit only, under
State regulation.
The monkey aho throws down a rare
antique vase has no more idea of the de-
struction lie is doing than this Demo
would do to the business of the country
if it could really enter upon the work Of
eNtinguishing n banking system which is
diifuSed all through the industrial and
commercial interests of the country, so
that war upon one is n war upon ALL
The volume of the loans by the ma
tional banks to business is near a thous-
and million dollars. A notice of extinc-
tiOn to these banks is n notice to the
business of the country to go into the
Liquidation of loans of thousand mil
lions. Who can reckon the disturbance
to trade and industry by such dissolu-
tion OF the monetary agencies of the
whole country! And what would be the
gain by all this destruction? Simply the
issuing of the currency by the Govern
mcnt instead of the banks, and its issue
upon credit-upon wind-insteadO of up
on the security of private capital
But is not this n turning back Oh the
Democratic outcry of last year, for IA
diStribution of the currency! The doe
trinc then was that the currency issues
must be of the locality, else it would not
be benefited. Bat now the same guacks
say We must extinguisl all the local is
sues, and have all the currency emitted
at the center.
But if government takes from the
banks the privilege of issuing notes. it
must give up also the taxes it lays on
them in consideration OF this privilege.
This will be nearly equivalent TO what
it will gain by emitting t.ir notes. So
il will have all ihe disturbance of the
dissolution Cor little or nothing The
State deposit and discount banks will
not pay these taxes. They will have
nothing TO gain by q charter for such
buaiuess, which will subject them to
special taxes when they can do Il de-
post and loan bEsinr--s as well as pri-
vate hankers.
But We have to ask, where was the
much cried fear of the Democratic party
of the ceI.tralization of powers in the
National Government, when this con-
veniion resolved for the extinction of al,
banks of issue, whether under natSonal
or State charters, and for she assumption
by the mai 5onal GGvermIent OF the is
suing of all the paper lBogeY ~ ihr
country, on it, GW,, .rrdiI, according to
T. >GNGfvIs5Ii LiScretion!
Was II stronger central power ever as
sumed by any Government in the world
than the power to emit nGtes, q. IIlke
them legal tender, iQ. fQrae lAeir eircuia-
tjon On n2 csker Hasts than IL credit, to
increase and diminish them at its pleas
l,re. aad ihus to WELD the control of the
value OF all private property, and the
measure Of the obligation Of all private
contractSl -Whr:, is there n govern
n4ent, whether autocratic or mOnarchi
cal, which has ever assumed so vast a
power as it is now proposed by this
Democratic Convention to put int thg
hands Of the Nalioua. t.oyrTiiment. In
all TIE wal Democratic charges about
centralization, have they ever dreamed
of a central power SO enoyi4OHs as 10
hold in its hGnd.a ihe measure Of the val
We oi the pFoperty'of the peoPlei Even
the King OF Ashantsa haas no such des-
potic poWa. as This Democratic COnven-
lion proposes to ccntralize IN tine Ma
tional Government, for lie has to respect
private property.
Will it be answered that the Govern
ment has exercised tl;a power To- emit
legal tender hotes. .4el anybody ever
daisGd .t save as IL war necessity? Was
| it not PROMISED 10y all that as soon as the
national safety was secured this power
would be laid down? But in this ennis
sion, when it was deemed vital 20 the
preservation ot the gapEhtiG, there was
| none save fsCm the pressure of hard ne
/ cessity, and this was attended by
solemn pledge that ii,a emission should
| not GLClsd "a certain sum. But this
bemocratic party, which has kept up II
howl of Capitalization against the Re
| publican, because Of the measures il was
obliged to resort to in tue national peril,
Row, Ia a time CT peace, proposes to
adopt fora permanent policy the greatest
! stretch of central power that was made
in the nations peril, and to expand it
without limit by having the central au-
thority emit all tie paper calculation, on
! nothing but its own dictum, and accord
| ing to its own discretion as to volume.
The party which declares this can say
nothing against the Capitalization o.
power in France, Russia, Prussia or Da-
honey, for it sUrpasses them all. With
such power in the hands of a party it
would hold the solveney of all baSiness
men and the livelihood Of all lahorers at
| its mercy. Government would be "A
| combination with the kings and rings of
the money and stock markets, and with
speculatOrs and thieves OF all degrees.
4 turn OF the central currency screw
could transfer wealth from the many to
the few, and could enable the favored
combinations of speeulating robbers
to wade through genera. calamity to
enormous fortanes. The adventurer
| WHO sought the Presidency could buy
the support of the party Warwicks by
| giving them the manipulation of the
central lever of the currency volume,
10y which they could plumber whole
people to heap up riches for themselves.
Thus the Presidency wculd be sold for
the privilege ot plundering the people,
in 8 baser way than the crown was sold
in the decadence of the Roman Empire.
4 And trIaf xrnnlI H. sgfI,. E.;