The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-05-19

| iihbCuSti III " DSu vi cDTTupUlO0 maze no nftg1
the model Of their beloved England" He said
TOO many of these ock-iobbers and king
jobbers have come into our legislatures, on
rather too many Of our Legislators have be
come stock jobbers and king iobbers"
/ In 1923, Gen. Jackson wrote to friend
congress has no power to create corpora.
tons or banks OF paper issues, or to carry or
internal improvements within the States. no,
have the States the constitutional right t.,
| create banks Of paper issues. The right tc
coin money and to regulate the value thereof
Is given to Congress, and the States are pro
hibited from coming money, issuing bills OF
credit or making anything q tender i'm the
payment of debts but gold and silver coin
But now the battle is to be fought between the
arstocracy of the few against the democracy
of numbers. The question is. whether the
people are to continue the sovereign power in
their own hands, and our republican govern
ment to be perpetuated. or whether we shall
he governed by the combined money power Of
the aristocracy through their paper banking
system; and all who wish to hand down to
their children that happy republican system
bequeathed to them by their revolutionary
fathers must now take their stand against
this consolidated corrupting money power,
and put 1t down. or their children will bscome
hcwers of wood and drawers Of water to this
arlstocratic ragocracy. Every lover of free
dom and Of our republican system must now
put on his armor and boldly meet this daring
and insidious foe"
year 1878, he probably would. as o. practical,
sensible and progressive man, considering the
changes which, since 1925 have taken place in
the world, and in the United States in par
tcular, Withdraw his opposition to banks. to
paper money, to the exercise Of the powers
assumed by Congress, and conform himself
to the new principles OF the Democracy Of tho
present day: he might, however, feel not
withstanding the stoutness of his heart, some
terror, when considering the condition of the
lin md I,, ,t,.l,t
dnluge of 50 many thousands of millions of
dollars In bonds, stocks, coupons and other
iilnlmerable certificates of indebtedness,
public and private would, in the end, hardly
leave a dry spot OF land wherein the eagle Of
American liberty, on coming out of some
timely built ark might alight In safety.
The financial administration of France Is
to-day the wonder of the world Suppose her
capitalists and those of the rest of Europe
should suddenly become SO hallucinated as to
adopt the inllexible resolution to invest in
real estate, only on their not being able to get
hold of French consols and stocks; suppose
that they should decline or avoid as much as
possible to make loans or purchases out of
Paris, and that, even IN Paris, they should
make such investments only when allowing
to themselves the broad margin of deprecia,
ton of three fourths on the original value
What would become Of France In short time?
What would become Of the cherished consos
bonds and stocks2 For such terrible state
of affairs a heroic remedy would certainly
and speedily be devised by that intelligent and
energetic nation.
Charles Townsend the English statesman
and orator said once that he admired moth
ing so much as 'the beautiful simpIicityof tho
3 per cent That may have been very well.
SO far rs his personal comfort went. But
would he have advised all the capitalists Of
England TO yield to SO contagious an admira-
tion Of the beautiful simplicity of the ) per
cent, as to invest no more either in rural or
-tEtn 4.