The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-03-16
An Independent Movement.

the present investigation.
q
An Independent Movement.
, We have not yet seen full report Of
the action of The convention which
met in Cleveland, Ohio, on the 11th
instant. Its purpose was to take inl-
tial steps to organize . new financial
and political departure upon the
"Basis Of Union." which was promul-
gated from indianapolis on November
25th, and which calls for:
"a monetary system based upon the
faith and resources Of the nation in
harmony with the genius of the Go
vernment and adapted to the demands
OF legitimate business. 10 this end
the circulating notes of all national
and State banks, al we'll as all local
currency, should be withdrawn from
and a paper money issued
by the Government directly to the
people. without the Intervention of any
system of banking corporations, which
money shall be legal tender in pay
me1t of all debts, public and private,
duties on imports included. This
money to be interchangeable, at the
option of the holders, with registered
Government bonds, bearing rate of
interest not exceeding 3.65 per cent.
per anDum."
1t tappears to aim at the founding of
9 national Green6acA; Party as the
panscea for our ills. and to unite all
the reformatory elements in the two
great national parties against them
both, under the name of the National
Independent party. Amongst others
who have responded to the call of the
Executive Committee aud given their
views of the movement is Col. D.
Wyatt Aiken. OF Cokesbury, and
known favorably in the North. west as
one of tho Executive Committee of
the National Grange. We give az ex-
tract or two from his letter. which we
find in tho Indianapolis Sun, of the
9Th instant. He says:
"Why it was that the North ever
submitted to tho national bank law,
has always been an enigma to me.
The Sonth had no voice in the enact
ment. The South is peculiarly agri-
cultural. and yet the best gilt.edged
agricultural paper cannot secure loan
from any national bank in the South.
This practice, so averse to the good
of all the people, ia Of itself sufficient
to condemn this law, even if it had in
its conception any feature to commend
it. Before the war, my own little
State had banking capital of $50,
600, 900, and with the bills of the Bank
of the State Of South Carolina in 1859
and 1850, I paid hotel bills in Boston,
Cincinnati and New Orleans without a
discount. To-day. We have a banking
capital Of barely S.. 900, 900, which is
almost entirely confined to specula.
ton. and is frequently 80 soaroe that
there is not money enough in the
country to move our crops. Only last
December, my own individual crop
lay here on the market until money
could be brought from New York
with which to purchase it. Now, to
my mind. these facts alone prove in
contestably, that, We cannot think OF
specie basis. bat must have cheaper
currency. 7 cap conceive Of no better
method OF procuring suoh ! currency
than by advocating the policy 40 set
forth in your Basis of Union.'"
The suggestion at the, close Of the
next extract. is q good one. II adopted,
it would go far towards restoring the
I1nion A "A, vsa. ..,,,
I'VE must punish corruption; we
mhst destroy aonopolies; We must
obespen money; We must multiply the
facilities for transportation; we must
curb party spirit; We tntist destroy Sec
tiopaf prejudioes; We must purify the
press: We must restrain the centralizing
tendency Of the Executive and legisls.
tive branches of our Government; we
mnst create more correctly informed
public opinion. by edifyins the masses;
end we must. inform the world, and
prove the:tYpthfplness OF the informa.