The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-10-23

lions, have taken their places; men whose
appetite for office is keen as death. to whom
no calumny Of the South is too great for their
political ends are guiding the party to Its GER
tain destruction, while the country holds it's
nose until the stencil OF their actions passes
away.
In opposition to the financial principles OF
the Republican party, we, Democrats, de-
mand an abolition Of the national banks, and
these are our reasons: The national banks
are founded upon the national debt, and their
existence must be coordinate with 1t. Were
the debt paid and government bonds no
their circulation Is issued would cease to
exist and they would have to retire their
notes and close their doors. is their bust
ness not prOfitable2 Certainly the history OF
such institutions since the war goes to show
that into such hands have passed almost the
entire wealth OF the country, to the injury OF
the industrial and agricultural interests, from
which pursuits men have withdrawn their
capital to invest in government bonds and
banking.
This has caused the widespread deprecia-
ton OF real estate and the ruin Of entire man
ufacturing communities Therefore, the
banks to ensure their continued existence
will strive to pgrpetlate the national debt.
At first this docs not appear SO threatening,
as we can hardly hope to extlngush our ma
tonal debt during this present generation,
but when it is borne in mind that the inter-
ests OF these vast moneyed institutions are af-
fected by reduction OF tho rate Of interest
on government bonds, then the danger Is at
once apparent. It is the true interest Of any
nation, whose credit ranks SO high as that OF
the United States to reduce the rate Of inter
est on her public securities to as low u figure
us possible, and, as the national banks hold
about $500, O00, 900 Of the government bonds, it
can be readily seen that ns long as they exist
their entire power will be used to prevent any
reduction Of the rate of interest in the public
securities, because such reduction would strike
a fatal blow to their interests,
Let us not underestimate this power. Two
thousand national banks, scattered through
out the country. and holding in their hands
the moneyed interests of entire communities,
WELD an influence on the legislation OF the
country which, if msdirected, would be
runous in tho extreme. Such an accumlla-
ton Of wealth. and the control Of the wealth
of others in the hands of q few, Is certainly
fraught with danger to the welfare of our re-
public, and with it's tendency to concentrate
and intensity the money power strikes at tho
very purity OF the government itself.
These are few of the reasons why the
Democratic party demand the abolition of
the national banks, and why her represent
atives arc pledged to the speedy enactment
Of laws for this purpose.
The abolition of the national banks will
backs on the part of the government to take
the place OF the notes thus retired, and the
advantages occurring to the people by such
action are told in a few words The banks
issue notes upon tho United States bonds
which they own but which are held by the
government to secure their payment Now
these notes in circulation amount to
about S3250O0,000, and have been loaned
out at an average rate Of seven
per cent interest, In, addition to, this
the banks draw interest on their bonds
deposited with the government, and thus the
people, out of whose pockets the money finally
comes, pay upwards OF $4,000 600 annually for
tho privilege OF using national bank notes AS
f,tt
ment bond, and as the value of the bond de-
ponds upon the credit and good faith Of the
government itself. therefore the bank note in
reality rests finally upon the same securityas
the greenbac1, viz: The credit and good faith
of the government. Wherefore, then, should
this heavy tax be continued to burden the
shoulders of that great body Of consumers,
the people? Will any one now deny that the
grpenback is not as good as the national bank
note, and il not, then let us have greenbacks
and be free of this exaction.
money, they say. We too, want honest honest
money, for it is to a nation what healthy
blood is to an individual. But are greenbacks
stamped by the great government of the Uni
ted States, and backed by its credit, less hon
est than gold or silver? The idea that the
vast currency necessary as q circulating
medium for the wants of trade can be supplied
by gold and silver is utterly absurd, and any
such attempt would not only be futile but
ruinous. Their cry has gone forth for re-
sumption It is well enough to say let US
resume, but how is it proposed to stay re-
sumcd? With barely S10O, 900 in gold and
bullion in the Treasury, is it possible to pay
q paper issue Of 5000. 900, 900 if the demand is |
made for the coin? They have tried contrac
ton for the tt1lt~few years, and letting the
t4ny %s "? p but Il bu BEEN
countless bankruptcies, a general, depression
in trade want Of confidence and Wholesale |
financial failures never before known in the
history of the States.
We do not pretend to panacea for all these
evils. Bankruptcies and business failures |
will occur as long as the credit system is |
abused. But the Democratic party, if sus
tanned by the country, will retrieve some OF
m1tted by the Republicans since the war,
They will relieve the people by abolishing the
national banks, by giving them a sufficient
quantity OF grecnbacks for the wants OF trade,
and secure q ready exchange Of an over sup |
ply of paper when times are dull, by making |
the greenbackS InterCOnVertible with govern !
mcnt bonds bearing a low rate Of interest.
I now come to q consideration of the present |
political campaign, and the duties deyolving |
upon each and every Democrat throughout
the State who has the welfare OF his country |
at heart. [ need not go back to paint the hor-
rors of those twelve weary years of trial that |
followed the war, when the party malice and
ingenuity of our political adversaries was
stretched to its utmost to bankrupt our peO-
pie and ruil the credit Of our State, that q
few political harpies- fresh from the slums of
the North-might fill their pockets with blood |
money Wrung from an oppressed and outraged |
people That past has woven itself into the
wool and history of our State, and shall
stand for all time as a monument
Of iniquity against the Republican party Of
the North. Thank God, the heavy hand OF
oppression that was laid upon US has at last
been forever cast away. The great chord Of
justice that throbs in the American heart
awoke with kindred sympathy for the woes
at last from her oppressors, put on her con-
stitutiOnal robes of white and took once again |
her proud place among her sister States. But
with that past there are memories that go |
back to further past; memories that cling
was SO dear to us all; that will live |
in the hearts Of the people OF the South
until our children's children have passed |
away. They are memories Of that unequal
struggle against overwhelming odds that
spring to life when the tones of "Maryland |
my Maryland that awoke of yore the echoes
of Virginia's hills, and stirred her sturdy sons
1Ni1,S u bow, Lox, faJl