The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-08-16
THE NEW ORLEANS DEMoORAr FRIDAY, AUGUST IS 1878

NJ - ~ w a 8@A@A18MA-MISaJ 81 AN1HA& ~
who are Its masters as well as its creatures,
| would wipe the last vestige OF the party from
American history. Such movement would
complete the destruction that was
begun when civilization and common
humanity compelled the retirement
of that same "bioody shirt The bond
holding autocrat OF the North, demanding his
interest In gold, and the carpet-bagger OF
| the South, are twin progeny. Both are
parasites, having no particle Of interest or
sympathy In the productive industries Of the
| country and living on the vital energies Of
the people, yet they are the representatives
| Of the two leading dogmas left to the Repub
| ljcan party after the civil war, and which
have constituted Its vitality ever since.
One of them Is dead and the other Is tread
Ing fast on the heels OF fate, end the release
OF the people from the bondage they have so
long endured, that these two parasites might
live, means the death of the Republican par
| ty and the triumph OF the eternal truths OF
Democratic self-government Shy the people,
for the people,
| The gospel Of this new movement, which
means the emancipation of the producers Of
the country from the holders of the public
debt, who contribute nothing to the couptrys
prosperity; which means the ordering OF the
national finances in the interests OF the peo-
ple and not Of o. class, and the substitution Of
taxable, non-interest bearing money for nom
| taxable, interest bearing debt. The gospel
Of this new movement, we repeat, was enun-
clated Oh Tuesday last by Senator Thurman,
In the magnificent speech with which he
opened the Ohio campaign.
In that speech Senator Thurman drew the
lines sharpely and clearly. The immediate
object OF the Democratic party Is to substitute
greenbacks for national bank notes. "The
leaders Of the Republican party arc In favor
OF directly the opposite course" Here is the
whole Issue, finely drawn. LET either
| course" continues Mr.. Thurman, "be TAKEN
and the metallic money OF the country re-
mains the same. Use either kind of paper
| and the amount of coin In actual circulation
will remain comparatively small, for such
notes always drive coin out of circula-
| ton. And whe Yer conversion into
coin Is practicable and desirable
| 1t will be just as easy to convert greenbacks
as to convert bank notes. The question, then,
ia narrowed down to this, "Shall our paper
money be national bank notes or green
backs p
| In favoring the greenback system, Senator
Thurman has given but three reasons for the
faith that Is in him, but these are all-sufIicient
and unanswerable. They are as follows
| 1. "a national bank currency means the in
definite perpetuation Of the national debt"
2. cit tends to combine concentrate and i'll
tensify the money power"
3. SIT is special privilege that puts many
millions of dollars annually into the pockets
! of the shareholders and takes many millions
annually out OF the pockets of the people,
In regard to the first point, Mr. Thurman
| argues that the national banks are based on
the national debt; extinguish the debt and
YOU destroy the banks. Hence they are in
terested In perpetuatng the debt, which, aside
from its corrupting influences, imposes OPP
pressive taxation, which Is the worst foe to
the industry and prosperity of o country.
Upon the second point the argument is
merely suggestive, but 1t is none the less con-
elusive. The whole history of the Republican
control Of the government Is but record Of
legislation In favor Of the moneyed classes,
whereby the burdens of the people have been
greatly increased. The power OF money has
been exalted at the expense Of all other values,
and the existence Of the national banks al
over the country simply keeps alive a power
| full combination for the perpetuation of their
unusual power and privileges. This power
over the currency is too great to be entrust-
ed to class created by Federal law and thus
capable of combinations that are national and
q unification that must be overwhelming. 10
this extent we agree entirely with Mr.. Thur
man; but us we have said before, while we
prefer greenbacks to national bank notes, we
look upon the retirement of the latter and
the issue Of greenbacks in their place as
merely O. temporary eXpedient an Immediate
recourse to supply the country with an AIDE
utIate currency until the State banks can
come into operation. We believe also that
the regulation of the currency and the con-
troll of the banking interests Is too great and
formidable O. power to be entrusted to the
Federal government. But it's connection with
the national banks must first be destroyed,
and with 1t its power to legslate in favor OF a
class This is the object first to be attained and,
after it Is disposed of, its power to regulate
the currency will come up In its regular order.
We believe that the Federal government
should be restricted to the coinage of the
precious metals, and the whole question OF
paper currency and the control of the bank
ing system RENTED to the States, This is
4 the sound Democratic doctrine enunciated by
Mr.. Van Buren,, and il it is not adhered to the
power Of the Federal government will become
resistless and operate the obliteration of State
| lines For these reasons we favor, ultim ately
the repeal of the tax on State banks and the
restriction Of the Federal government to
issue of coin. This proposition, however, fe
not feasible now for obvious reasons.
Upon the third point made by Mr.. Thurman
his argument is not less convincing. The Ma
tionaI banks draw interest, first on their