Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-09-06

Greenbacks In Place OF National Bank Notes
We commend to those who have thought
that there was wisdom in this measure 50
strongly advocated by Mr.. Barlow and the
Vermont Greenbackers, the following sug-
gestions, made by Gen. Garfield in a speech,
last week, at Massilon, Ohio:
Fearing that even by the repeal of the Re-
sumption act they may not now be able to
prevent the restoration of specie payments,
the Democracy are determined to take such
further steps as shall render resumption i'm
possible. They demand ths abolition of the
National banks and tho issue OF 1924 ,OOO,-
900 of greenbacks in place of the National
bank notes t. be destroyed. The objections
| to this are
Flrst-That it is fat violation of the
| Constitution. Every Democratic member
of the Supreme Court has declared that
even our present issue of greenbacks is un-
constitutional The ma jOrity OF that Court
only defended them as war measure.
Second-The proposed substitution rea-
ders resumption impossible. As the law
now stands the Government must maintain
S3i6 900 900 of sreenbacks at par with coin
and the treasury IL amply able TO do it.
The National banks are required 10 march
abreast with the Government, and at their
own expense keep their own notes at par.
The Democracy propose tO release the banks
from this duty and throw the whole burden
upon the treasury and the peaple. By an
additional issue of 1924 900 600 Of green
backs they make the treasury responsible
Tor maintaining So70,0Oo,G00 of paper.
Every intelligent man knows that the treas
urv cannot keep 50 large volume st par.
Third-ThI1 substltutiCn would entail
grievOus burdens upon the taxpayers of the
country. A the Law now stands green
backs are exempt from taxItlOn. Poor
men. who hold but few. gam little adyan-
tage from this exemption but it is we'll
known practice OF our capitalists to put
their surplus means into greenbaeks on the
day when the State assessment for taxation
is made, and thus escape large share OF
the public burdens. Both the stock and
notes OF National banks are subject tc heavy
taxation. The government taxes their cir
culatiOn and States tax their stock and out
standing notes rhe Democracy
propose to abandon all this and create ~ its
stead privileged currencyOI 1924 900 900,
which will he exempt from tax4tinn.
FOurth-ll this attempt Is successful it
will result in the restoration ut the wretch
ed State bank system that prevailed before
the war.
Fifth-A fatal objection 10 the substitu-
ton of ereenbIeks Tor National bank notes
is this, that 1t makes complete divorce be-
tween the business OF the country aai the
volume OF its circulating medium. NJw,
under free banking the volume will increase
or diminish according to the demands OF
business. Under the proposed system OF Is
SUNG all our paper money directly from the
Treasury, the volume must depend upon the
uncertain caprice OF Congress. There never
was nor never will be a Legislature wise
enough to fix by any arbitrary rule the
proper volume Of circulation. What would
be sufficient Tor one month may he INSULT
eient or too great for the next. The tickle
and changing opinions OF CJngress are an
unsafe basis on which to reg ulate the value
of all the busiress transactions of the eOun-
try. Mr.. Garfield here quoted from speech
made In March, 1874, III which Mr.. Thur
man took the same ground, and expressed
himself very strongly.