The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-08-14

pf paying interest. the bank issues 1t as u
loan and exaets interest therefor. Tt thus
draws interest upon its own indebtedness; al
exclusive privilege. Their aggregate crcu-
sonably assumed that aUo.0o0,o0o are loaned
at an average of Z per cent, making $2l, ,o00,-
900 realized by them, not from their capital
but from their indebtedness. which b2l ,00O, 900
is taken from the annual production of tho
| country, before that product Is divided be-
tween lGbOr and capital.
The general rule that capital and labor
divide the product Of human Industry Is thus
subverbsd In the interest Of the specially
privileged national bank, which steps In first.
and takes large slice ($2t 900. .ooo) as interest,
not upon their contribution OF capital, bat
upon their indebtedness, IF there BIO no
sound currency besides bank notes. we must
bear the burden, reducing the amount of the
back is as good as the bank note which can
net be denied-then it should be substituted
for the bunk note, and the exaction stopped.
Again, the government has received value
lservices rendered or materials furnished, or
!! hns discharged an interest obligation. Thus
| the government, and indirectly tho people,
! have saved annually an amount equal to the
interest OF, the. outstanding greenback circu-
lation. for, but for the greenback, the money
| must have been raised either by loan or by
| taxation: II by loan, interest must have been
paid; If by taxation, the taxpayers must
necessarily lose the use or interest Of the
| money which it would have earned for them,
| had they not been compelled to give 1t to the
government.
| There are now outstanding $346, ,e81 ,016 Of
greenbacks; computing interest at four per
cent, the lowest rate ut which the govern
| ment can borrow. and wo have an annual saw
| ing Of interest Of $13,8G7,240. Substitute
greenbacks for the $3220OO0OO national bank
notes, and o further saving Of interest would
| be effected to the amount OF $12 H8B,00O, OF ~
| total saving by use of the greenback of $780,
| TAI, $40. From this deduct the tax paid by the
| banks on circulation about $3,0o0,0O0 annu-
| ially-and we have o net saving of about
| %. 100000; and it is doubtful whether this de-
ductton should be made, for though, the banks
up from their customers. and these in turn
from those with whom they deal, so that the
burthen finally falls upon the people.
OBJECTIONS TO THE uREENrACK.
1t Is said that II we have only greenback
currency It's volume will depend, not upon the
national laws Of trade but upon the action Of
the Influence of popular feeling, or Of the arts
and appliances OF special interests tho cur
rency would be subject to initiation Or con-
traction rs this influence or that might pre-
vail, to Il degree ruinous TO business and pros
perity. This objection, though not devoid Of
force, applies equally to an exclusive bank
note currency, for, in either case Congress
would have the po,rer to initiate or contract at
will. For instance let Congress repeal the
tax on
STATE BANK CIRCULATION,
and O great initiation would result. On the
other hand, retain that tax and retire alI the
greenbacks rs demanded by Republican
iinanciers, and we would have q frightful con-
traction. In brief, II Congress should have
neither sense nor honesty, it might, for the
time being, ruin the country; but to assume
that 1t would do so, would be to condemn our
form OF government.
THE DIFFICULTY souARELY MET.
But our platform squarely meets this diff
Guilty, condemning either "kiting' or contrac-
tion, and demanding "that the amount of such
tion or organic law as to give the people an
assurance of stability in volume of currency,
and consequent stability of value" and OPP
poses the demonetizatiOn Of the precious
metals. Can anything be more conservative
than this? Can any reasonable man object to
a policy preserving gold and silver, and de-
manding stability In currency volume and
value, greater than has ever yet been OBJ
tanned?
Our platform has been denounced by men
who never read it, and by others whose inter-
ests or prejudces lead them to misrepresent
1t. In answer, / ask you to read and study it.
Its language is too plain to be misunderstood
by O candid man. and the character of the
that adopted it, is sufficient to shield It from
the charge of deception. It Is
AN HONEST PLATFORM
and means just what it says 1t means op-
position to monopoly, to special privileges to
contraction, to decentralization of the metals,
to wasteful expenditure and to never end
ing public debt.
1t means equal rights and privileges, an
honest and stable currency, strict economy,
lighter taxes and faithful payment OF the
public debt. Does not sanction irreligion or
communism, but recognizes the dignity OF
labor, and SympathiZes with the labOring man
In his toll and privation. 1t asserts the prin-
ciples upon which the government was found
cd, and which are essential to its usefulness
and perpetuity. 1t promotes fraternal feel
ing and denounces sectfOnalism. In q word,
1t is an honest platform for honest men, q pa
triotic platform for patriots
| think | have given you sufficient reason
why there should be a change In our Federal
administration. II our financial policy be
correct that of the Republican party is wrong
and that party should cease to rule.
But there are other reasons for a change
and to some Of them L would call your atten-
tion. 1t is not necessary to assert that the
measures Of the Republican party have been
bad; it is sufficient to estimate from the gene
raj result, whether good government and pros
perity or the reverse have attended their rule.
For five years this country has suffered, as
perhaps no other country ever did suffer,
IL ICin dSpI LII SVSL y vi VI ouSlHSoS,
in every industrial occupation. Everybody
has been affected. There have been tens II
not hundreds Of thousands of bankruptcies,
with aggregate losses which almost defy
computation. 1t Is estimated that millions of
laborers have been thrown out Of employ
ment or reduced to half time and wages. The
extent of the evil has no parallel in the his
tory of this, if indeed 1t has in the history
of any country. In country with popula-
tion OF only eleven persons to the square mile
there have been, and are yet, thousands des-
titute of bread
A single interest,
THE MONEYED INTEREST,
has ttourished. and yet fiourishes, and 1t is to
be remembered that it is precisely that in
terest which has received the fostering care
of Republican legislation. So far as this de-
plorable state of things results from bad
LEGISLATION. or the omission of wise legislation