The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-06-12
A LIGHT ON FINANCE.

|
The following is a copy Of circular letter
addressed by the American Bankers Associa.
ton OF New York, last September, to the ma.
tional banks Of the country:
Dear Ssr-Tt Is advisable to do all In your
power to sustain such daily and prominent
weekly newspapers, especially the agricul-
tural and religious press, as will oppose the
! issuing OF greenback paper money, and that
you will also withhold patronage or favors
| from all applicants who are not willing to
oppose the greenback or government issue OF
paper money. Let the government issue the
coin, and the banks issue the paper money Of
the country, for thus can we the better pro-
tect each other So long as the greenback
men are satisfied with the interconvertible
bonds, no harm can come to our interests
but TO repeal the law creating national banks,
or to restore to circulation the issue Of paper
money, will be to provide the people. with
money from other than our own supplying,
and will, therefore, seriously affect your indi-
vidual profits as banker and lender.
Be sure to see your member of Congress at
once, and engage him to support our interests
that we may control legislation. We can de-
pend upon everything except Congress for
this administration, and II we are vigilant we
can control the next one.
Write II you have any suggestion to make,
or anything Of Importance to communicate, to
JAS. BUELL., Secretary,
No. 247 Broadway, Room 4.
The object Of this secret circular needs not
to be pointed out it was plainly to secure the
cooperation Of the 1000 national banks OF the
country in substituting the press and corrupt
ing the Congress of the United States. This
remarkable document is not of so much inn
portance now, since the passage of the bill
forbidding the further retirement Of the
greenback currency; yet 1t will doubtless
prove of interest to our readers by reason of
the light it throws on many mysteries con-
nected with the relentless war waged by the
money power on the people.
It will give cue, not only to Sherman's
policy of contraction and resumption, but
also to the support that has been given 1t by
some OF our local press But the most re-
markable portion OF this paper is that which,
with singular frankness, states the real mo-
tives which have controlled the money power
In the system Of finances 1T has endeavored
to force upon the country. Its object has
been to see that the people were not supplied
with the money necessary to carry on the
business of the country, except through the
national banks and by paying tribute to them
as brokers and lenders.
What must be thought of the Secretary OF
the Treasury, of the administration or the
Congressman that lends himself to such a
scheme as this In what estimation must
pie and the common veal be held that would
aid and abet it This letter also shows us
the value Of the victory the people nave won
In Congress, as well as the difficulties that
attended it. The corrupting power Of 1000
national banks, scattered all over the country
and with almost unlimited capital, is hardly
TO be computed.
Yet it is some consolation to know that the
financial question will be at rest for time at
least. The money power has been forced to
compromise, and if the bill forbidding the
further contraction Of greenbacks is signed
and it seems to be an assured fact that it will
rency will become established as permanent
feature of our financial policy. By this bill
the sentence of death that was pronounced
three years ago by the resumption act against
the greenback, and whose day of execution
was fixed for January 1, 1879, is revoked.
But more than this, it renders it impossible
for John Sherman to maintain his resump-
ton, while it relieves the business of the
country from a painful anxiety. It is now
formally declared that the S35O,OOO,0OO of
greenbacks shall not be taken out Of cireula-
ton, but that they shall remain the perma-
nent currency OF the country.
This is as it should be, It is the duty. be-
cause the prerogative, of the government to
furnish it's citizens with all the money that is
necessary to the transaction of their affairs,
and when it refuses to do this, it strikes
deadly blow at the prosperity of the country.
But when it seeks to issue this money by a
process that makes class rich at the expense
of every industry, as the money power en-
deavored to make it do, it commits criminal
wrong. This danger has been avert9d for the
present. Let US see that the victory Of the
people is assured for all time