Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1878-08-25
SENATOR rnunmAx ON FINANCE

A great deal of ~denunciation is being
heaped by certain portions Of the the Re-
publican press on Senator Humans
Hamilton speech. As far as we can see,
this denunciation is based upon an entire
misconception Of the financial issue at pres
ent before the country, and of Senator
Humans relation to it. The howl against
the Senator has not been occasioned by
anything he said, and sentiments are at
tributcd to him in many quarters which
he has distinctly repudiated. Tho indis-
nation il, for the most part, mere ignorant
clamcr.
Senator Thurman deserves well OF tae
country for taking the position he has on
the financial question. He might easily
have committed his party to imitation pure
and simple that Is, to issues oil irredeem-
able Government paper to meet the wants
of trade. Had he done 80, be might have
merited some OF the abuse heaped upon
him by his partisan opponents but he
has done nothing Of tho kind. With a
wisdom and moderation very rare in cur
rent political discussion, he has done what
in him lay to contine tie financial ques-
ton 10 this ono point the substitution OF
Government notes for National bank notes.
Not one word is said about increasing
tbs amount Of paper circulation by this
process. For aught We know, Senator
Thurman is in favor of permitting the
Government currency, which he advocates
to remain just equal in volume to the pres
ent currency Of Government paper and
National bank notes. This scheme is open
to weighty objections. but 1t is not an in
fation scheme. Neither is it a scheme for
the perpetuation Of an era Of ir~redeemable
paper fiat money for Senator Thur
man especially claimed that gold and silver
must circulate alongside Of Government
paper, and be interchangeable with 1t.
Remembering tho wild claims of the In
f~lationists and the Grcenbackers," past
and present, and their great strength be-
fore the country, who will not say, who
docs not see, that if Senator Thurman is
able to confine the financial discussion to
the one point Of substituting National
notes for National bank notes lie will not
have rendered a striking service to the best
interests of the country?
1t is safe to say that to-day the country
is with Senator Thurman on this point.
The National banks are unpopular. Their
attitude on the Silver bill, and the feeling
that they do not, or cannot, minister to
the business wants of the country, have
produced a widespread hostility to their
continued existence. 1t is not only posi-
Bile, but highly probable, that a majority
in both Houses of Congress agree with
Senator Thurman as to tho dcsirability Of
getting rid Of National bank issues. But
the Executive will, very likely, be found
in opposition. And even if a vote could
be overcome, it is hardly a question that
the Supreme Court Of tho United States
would declare such legislation unconstitu-
tional. Paper money cannot be issued by
the Government in time OF peace. An
amendment to the Constitution is necessa-
rily a slow procoss-so slow, indeed, that
by the time a "greenback amendment
could be ratified it would be Of NO use.
The occasion for it would have passed.
Probably out of tho present financial mess
may arise a great fiscal agency National
bank-as the solution Of our difficulties.
Other nations have found o National bank
a necessity. Why should not we?