The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-14

the people and to the purity of their government
H. tho time of Andrew Jackson, the existence OF
lew branches here and there WAS sonsdered dan
gsroas 70 the welfare and she OF the coun
Try, What shall We say Of widespread comoinaon
$500 900 900 OF capital ard desiined, II perpstusted
to vastly multiply In Aambcr and TO control thou
3. third objection 10 the national bank circula-
ton Is that y special privilege that puts many
millions Of dollars annually nso the pockets o. INC
shareholders. and takes many millions annually out OF
the pockets q the people NM.
rule s reversed The note debt due Dy The bank
sSshoSssd d' 70 s.n /. IS noa.y and take
upon the loan II thns enjoys privilege mat no one
ness, and this privilege Of The national banks brings
tacua an annual inceme Of Woo~oiy ez0Ooo,vVo
scssss.'i sar e may
assumed that $780, Of these notes arc loaned
II So tSs aSnusI interest they rsosivs IRON lesn
not Of money, not OF capital but OF their own naeoI
s aoa aSr that
10 diviasd between labor ana capital. Tne General
ruie TIA. -; product o. human ~. v us
bank circulation ID used the banks nrst step In,
and, by virtue Of their special privilege take large
slice in the shape OF interest upon their own inde0t-
sdness. In the Of national banks this Slice
a. We have seen, amounts 10 $2l 100000
.cuSa s N1r bu. bank oe. them
nothing left for bus TO boar this burden or
gresnback is as good MS The bank nole--and nobody
dcuics s-why snsud 1t not be substituted Tor
the bank note and an end put 70 the cxacttsnY
And, censaer further, that ior every xrsenback II
has issucd tho government has received value That
greenback has paid Tor services rendered Or
bearing pubnc. debt There Is ihus saving
to the government or to the people o. an
grcsnback circulation; for, had tho greenback
not been issued, The government would have had 10
raise money by loan taxation 10 meet ITS ex-
pepditues II It raised II by oan II would, Of course,
have 10 pay interest upon sho loan Il raised by
would have earned had they not been compelled TO
give It TO the government
The greenbacks outstanding amount to
$346. 6Sl DIG. Computing interest upon THIS sum at
Inc lowest rate at winch the government can borrow
money (iour per cent? and We have an annual
s1senbsss Of ,aao 81. srssnOasss wsr:
substituted tor Tho $780,, 900, 900 OF national
bank notes outstanding tnore would be.
further saving to Tho people Of four per cont annually
saving by the OF the greenback OF $26 24o
From this however, deduct the Lakes on their crcu.
So ooo. o6O spnuaiy, ana the net saving would be
$23 750 600 Perhaps IN srictness, this dsduc-
thai The throw The burden ol The taxation upon
customers who, Ia turn, shit II 10 the Shout.
dsrs Of those with whom they deal, until NE az
other taxation, finally falls upon the great pody VI
e0nsum'rs-shs pe"pU .xsx.r.n nss
have thus given gu, fellow czens, some reasons
IN favor OF substituting greenbacks Tor bank notes
now prooesa to consider tho only objection 10 tho
substitution that seems 70 have much weight. II IL
sutd that If grsenbacks were 10 constitute our only
paper currency It's volume would depend upon the
trade ana that Congress is liable to be influenced
by popular feeling the one hand or the arts and
repcy would be subject 10 imitation or conracon as
either Influence might prevail 10 degree that would
be runous 10 ousiuess, and PROSPERITY: !.
not witnout force, nave 10 say, Ia the nrst place,
that rs equally potent whether our paper currency
uS.N<o avrlst Al han q
for, let II be tho one or the other, Congress would
she power 10 expand It or contract II a. WILL For
bank circulation, multitude OF banks would spring
up under state laws ana great imitation OF the cur
Eency would take place. On me other hand should
Congress ressin tax aed retire the greenhouses
The republican fnanciers oomand, irigntui con-
have neithsr sense nor hppesty, 1t might for tho
time being, ruin the country bat TO assume that it
would DO SO would be 10 condemn our form OF govern
menL
But our platform squarely meets this dificuty. II
condemns contraction on the one hand or 'kitiug' on
tho otnor. II demands That 1.-the amount OF such
issues greenbscks DO SO regulated by legislation or
organic law as 70 give tho people an assurance OF sta
bIty volume currency and consequent stability of
vaiue,n aud, In unm,stakaDIe terms. II opposes the
Demonstration or dsuse Of the precious metals
Could anything, appeal 10 you, be more conservative
than tEis II CONSERVATISM means 20 conserve the
OF people at large and not those of
ticuar cassf Can any Intelligent man reasonably
object to policy that preserves gold silver from
destruction and demands u stability IA tho volume and
OF the currency greater than has ever yet been
Fellow citizens, our platform has been denounced
by men who never read ", AND by others whose In
forests prejuaiecs incliuo them 10 msrepresent IL
and now the answer l. make them 10 10 ask you TO
READ 1t and 70 study IL IL SIN VAN Tor It's encnies
10 say shat u means what II docs not express. Its
language plain to DC misun derst0od by oaaaid
nsn Aad the character OF The comDittss thst re-
ported ana she Convention that adopted u Is sufficient
10 shield II from the charge Of deception. Ii IL an
honest platform and meant just what " says IL means
icsrs oSpsss.s0 70 cosssscson OF tho currcncy OBJ.
position 10 the OF the metals, opposi
.on 20 was,eu sxpenc.ar. sno Opposition 70 never
privileges, nm honest and stable currency, u
ssr,ct economy and lighter taxes and iaist
NO sAnetioa 10 irrsg7ou ana Comnunism,
but il fulIy rsssgnizss the dignity Of labor and
su1 prvstiSa. II asserts the prinopiss upon which
the government founded and which are essential
10 rs usstulnsss and psrpetniy. IL promotes ralor
nal feeling throughout the length and breadth tho
Republic condemns ssottonalia0 ~ the toe
OF the Union In word, It rs an honest platform OF
honest men, patriotic platform patriots stand
upon.
A CHANCE OF ADMINISTRATION NEEDED
Fellow ci'izcns If AIN not 10 error in what havc
said, have gwen you sufrc,en, reason why there
should be change IN oar federal anminisirauon. IL
our financial policy Is correct that Of The republicans
party. tnose shape It's legislation,
wrosg. II tnis be so, then, rs AZ the forms OF
she constitution will permit, that PARTY should cease
But there are other rossons why there should DO
onange ana TO OF them wish briefly to cali your
rns claim OF a party In power to n proiopgaton OF
10 rule necessarily involves inquiry lis policy
and government the past Ii It's past rule has been
vicious unwse prudence obviously dictates that
eDd for the tmc bong at least should be put to It's
dominion
Now has The rule OF tho republican party since the
close Of the civil war, thirteen years ago. been wise
and Donencontf Il think that this questlon must be
answered In she negative IL ~ not necesgary 20 GO
into n desafed examination Of an It's measures nor
could this DE dono IN tho limit 81 speech, or indeed
Of many speeches Nor Is IL necessary to assert hat
al, IT'S measures have been bad and injurious II is
srcent 10 look ~ the general result and whetbor
that 10 good government and prosperity or the reverse
Now, certainly no one will deny that this cenntry
has ier the last ave years suffered as perhaps no
othsr country ever did suner, from oppression
In every branch OF business, In every in-
ducins ciassse--employcrs, employees and middle
ncn-havs been affected. Bankruptcies are num-
bcred by tens not by hundreds OF thousands, and
the Aggregate Of losses almost dones computation.
Tho aum0ee Of ssorers thrown out OF employment
or reduced 10 half time and diminished wages has
tecn estimated By millions, anu, however exaggerated
tie estimate may be, The extent Of The Evil has