New-York tribune., 1878-06-07

with intense eaTnestneS5 by voters III ail p''S
of the country 1t is not easy to judge now
many voters the late conventions represent
In this State the gathering was not hige;
many counties were unTepTesented, anu hot
many persons of known influence or ability
participated but in Maine the convention
numbered about 500. and appeared TO rep
resent a considerable force in some localities
In Wisconsin, also, the organization appears 10
have much strength and IN all these States
| it seems to be comparatively free from the dls-
cord between the Greenback and the LABOR
factions which has been conspicuous In Penn
| sylvania.
| Ii is fact which should not be overlooked
that, at the East rs well as at the west, IN
tense and unsparing hostility to the National
banks is shown by all who cOuntenance this
movement. There are some important varla-
tiOns in the demands made regarding the pub
lie credit and the currency, but all conventions
of the Greenback faction, the Labor faction,
or the Greenback- Labor faction, whether
held at the East or mt the West, de-
mand the immediate and absolute ex-
tnction of the National banking system. 1t
sounds somewhat odd when a convention of
men who profess to be labOrers or to care
in q New-England State or New-YOrk, and
dcnounces n system which has done so much
for the promotion and prosperity of industry
in these States At the West, speclous though
unsoupd complaints were always made, prior
to the " free banking" act of 1875, that the
Eastern and Middle States had obtained enor-
nous advantages 10y the greater growth and
vigor and the larger relative circulation OF
the National bank system, and the south
urged the same complaint. Since all restric-
tions have been removed as to the number or
circulation of National banks in any State,
the relative advantage of the Eastern and
Middle States, if any ever existed has only
increased. But the very system which GER
tain class of voters denOunces at the West on
the ground that it "gives the East n mOnop-
"oly," is also denounced by the correspond
ing class ut the East ms peculiarly unjust and
injurious to the interests of laboring people.
The platforms of the so-called National
conventions contain great deal OF rubbish,
but nothing more absurd than the antagOnism
to National banks as institutions injurious to
the interests of the people. These banks have
provided for the country currency incOm
parably more convenient, safer, and every way
better than any other ii has ever known. We
venture to say that there is not a single county
in this country in which the evils of the old
State or local bank circulation were ever
experienced, where the majority IN favor of the
National system would not be large, if the
question was squarely put which of the two
banking systems should be preferred. At the
South, notions Of States rights are potent ha
tired of institutions which greatly aided in sup
I Il. Ill - huf ln ont
majority of voters, if they have any knOwl-
edge of the workings of State banks of issue,
realize that the present system is incompar-
ably better.
As to the working classes, they have been
peculiarly benefited by the supply of a safe
and uniform currency. The discount which
was charged upon notes of banks of other
States was a tax which fell mainly upon the
laboring classes in the end. The immense loss
by counterfeiting, or by failure of wildcat
banks, fell mainly upon the laboring classes.
! They, at least, ought TO have the good sense
| never To consent TO the issue Of notes less Sc
cure, or less uniform in value throughout the
country, than those of the National banks.
But 1t is certain that If the National
banking system were abolished, State and
local banks would Immediately spring up in
almost every part Of the land. 1hirty-eight
kinds of notes, varying in character and security,
but none of them as good rs the National
! bank note, would presently appear, instead Of
one kind Of notes. equally good and absolu-
! tely good everywhere. This would result in
Wholesale robbery of the laborng class for
the benefit of the bankers, brokers' specula-
tors and jobbers. When aborers ask such a
change, they advertise the fact that they do
not know their own interests