The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1877-11-15

As all systems of credit
must have their existence aud base /
upon public confidence, the people,
knowing themselves responsible for
lis final redemption. will honor and
protect it, that the day of its redemp-
ton may not come in that of their
that day will come, but
come onlv. when by the practical
workings of the system it is found TO
be detrimental or oppressive upon the
public welfare. At it. coming it can
be paid as the present debt. BY wise
~ adjusted system of graduated bonds
or the adoption of al easy and ac-
cepiable rule of moderated retire
iaent ~ gold.
Tie theory o.. this currency is well
sustained in the practical operation
of the past. IL has sustained the ma
ton through seven long years Of the
most tying OF It's lite. Il has fought
our battles. II has clothed and fed
our people and prosperity has reign
ed enhanced, uutil unwi-e legislation
has tempered with It's functions.
Therefore. uu,il the people or the
government, i'll their more enlighten-
ed Judgment, give me more pracli-
cal and comprehensive theory for the
elevation OF the value OF our currency
and the liquidation Of our national
debts, il shah be niac. 10 pay it grad
ually with gold, and gold interest, by
the revenue on import, reduce the IN
tereSt hearing de u and taxation, ia
crease the noa-interest barring ma
tioual currency TO the capacity of pup
lie necessities, aud in the finale, re-
solve il Into grand national bank.
which shall operate As = governor or
5alance-w wheel 10 The whole system OF
finance, Indispensable to & fair and
equitable commercial Interchange in a
country where length and breadth are
measured by thousands Of miles. la
these articles | have sought 10 shun
Impractical distractions, and max e
some brief. plain calculations OF the
character OF The public debt, as I'M
derstood by rae. With q plausible,
comprehensive theory for its pay
ment, with a view to awaken public
inquiry upon this important subject.
! he minds OF large majority of the
people do not grapple with this sub
| ject at all, but cast it down a. one too
intricate for heir comprehension,
whilst, upon the contrary. it is moth
| ing but Il plain case of debtor and
creditor II is grave error, danger
Gus aud culpable III s free people,
y here the public franchise makes
every one an equal and important IN
teger 81 the general government. 10
cast aside any question involving the
general interest as not comprehensi-
bic to them, il i their business aud
auty 10 master from their own reflec-
lion. an opinion Instead of looking up
TO some sordid corrupt politician
whose inspirations are popularity
open TO the adoption Of any theory
hat win win, and usually based upon
thar most susceptible in an unthink-
my mind. passion or prejUdice, re-
gardless of The best interests of the
people, or the nation. A government
of the people can only be established
hel ond a venture. when the people
have learned that they are not Olsen
ihralied until they form their opih-
IONS from personal research and re.
lection. The difficulty in establish
ing any well defined practical theory
on this subject, was wisely suggested
by Professor Turner. arises in the
fact that al large nonied Interests op.
pose il. Confusion and doubt is the
iield from Whence thcy CLEAN their an
nual harYcsts OF treasure. Its correc-
ton can only be found in the wiser
administration of thinking and en-
lightened people.
Haste Is moi needfui in the discharge
Of the public debt the government
nust have a banker-i prefer that she
be tier own and mne, too; if she does
not, we must and VIII revert to the
old wild cat, which east ana west.
undor the old laws, were much OF a
piece; the history Of their aye and
generation is fraud and bankruptcy
traught with commercial and iinan-
cial convulsions, panic and disaster.
! Every seven years, at most, witnessed
us mIl,trom, when the highest and
| lowest were thrown into common
vortex OF rain, while the west paid
the east her annual millions of tribute
in exchange.
Ia 1861 the government became the
banker, through It's potency, was
fought TO conquered peace: four
years of the most stupendous war un-
der which ihe earth has ever trem-
bled, folloved by three years of
peace, such peace as all good men
pray to shun in a hereafter. Chaos
reveled in Il seeming peace, a Cody
President whose heart was OF al true
mems q part, and who, as kcenlv felt
the assassln's accHrsed shaft Of death
wa, murdered: succeeded BY bastard
migrate in the throne of grace: cabi-
net enstranged. Congress recreant to
itself We have endured all this ana
more: wise men looked daily for a
great collapse; 70" days and months
nd wears they looked, even not yet
the hour has come; and, but for Nc
Culloch's RUTHLESS hand. all would
have been well. But sW coping as it
did. about one fourth Of the limited
circulation that we had away, created
"a stagnation TO which some weak par
ties have succumbed, and they chiefly
importers OF foreign goods, who VIII
have gold for their transactions. Let
them get it.
Nothing but this stupendous nation
al bank NJ system instituted by wars
necessities, could have spared us dur
tH2 A4trt NNaic VI WI n
from the most fearful commercial con-
yulsiuns. The same system regener-
ated, which forty years ago was crush
cd 10 atoms beneath the bitter invec-
tivcs of an iron willed executive.
comes IN at The death Sfruggte OF the
tuition, and ifts her from her dis
poadiRg and impending ruin. True il
has bent to the storm, but is now ris-
lng majestically in its strength, lit
tie fsrbearance, but little eUen tor
AmerjcopS; and as the towering oak
from summers burning sun, offers the
weary tolling pilgrim its refreshing
shelter. 50 benerth the expanded
branches of this grand system shall
we find protection from the howlins
storms of financial and commercial
ruin, which have heretofore been
evoked By the worthless imitation of
an irresponsible banking system anu
with eur bonds paid here w, find the
currency. now the circulating medium
Of cur Bank of America" long since |
at par, and now at a premium over |
gold as a more convenient medium Of |
exchange, being hunored not only al |
he counters OF New York. Washing
on or San Francisco, but Liverpool,
Frankford and st. Petersburg.
Senator Matthews Financial Bill