The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-03-15

Augusta Eonstiiutionalist and Chroniele.l
II Is gratifying to know that the prospect Is
encouraging for the passage OF an cot OF Con,
eress renealng that section Of the national
nnnk law which imposes q tax Of 10 per . It per
abn,lm unon the circulation OF banking tnsti-
tuions charters by State governments; This
| tax was MS the law intended 1t should he. pro-
| hbliory. and the only currency left 10 the oouu-
| try was, and is. greenhaeks and nationni bank
| notes. AS consequence n few favored places
have npurished. but the country at large has
| suffered.
! dplphia, Boston. Baltimore, ht, Louis Uincin-
| nati and Chicago have had n pie bora Of eur
| tenoy. but In all other portions Of the Union the
| circulating medium has not !een sntfleleot for
| the transaction Of the Legitimate business Of
| the people. The national bank act was born of
the eesssi les OF The var u. u was war meas
MIR. Chase But II has served Its purpose, and
is now. as II has been FIR several years. potent
only for mischief 1t should follow the other
| eEaoias OF the war that have been swept
from the statute b ,oss OF the nation. uudpr
i's operations the masses OF The people end the
mercy of a few individuals who have the power
| TO make money plentiful or .sesrea, to raise or
state hatiks could not be thus manipulated or
controlled. II would be impossible for any
nliane Of capitalists or ring Of SPECTATORS In
try to the advantage Of themselves and the
injury Of every one else if State banks were
pst,%lted to become a,.d bonas Of "a Issue - es
The principal objection urged Is that will cat
banks would spring up aud that the people
would not he protected against the iDiudiepus
or dishonest management Of banks as they now
are by the law regulating the establishment
and administration Of national banks. The oh
j elton is easily answered. In the first place
while the national bank aet protects the bill
holder 1t does not protect the deposition. The
law simply gives Que class. of creditors security
ut the EXPENSE Of another In the second
place, the Legislature of each State
woeld have the po.wer-n power which
would be promptly and vigorously exereised-
to fort protection to oil he creditors of ban ing
corporations chartered by State LAYS. Proper
and sufficient legislation on this subject would
not long be lacking. The repeal Of the tax on
the circulation Of Hate banks would increase
ten, fold the banking, faniities of the country,
and give to the people plenty Of sound currency
eial. manufacturing and industrial interests.
1t is stated that the members oi Congress
from he Northern and Eastern States will mid
the Southern members. who are q unit. in advo-
eating the passage Of n repeating bill. 1t is to
be hoped that this report is true. The Western
ihlationists demand an additional Issue of
greenbacks to he locked up or turned lose ms
may s en- good to the Wall street wreekers let
the South aud the East sunplant war measure
with the banking system OF ante bellum DAYS.
PLANTERS ATTENTION Fifty first eass col
ored lahoters from North Carolina will reach
New Orleans via Mobile route by an early train,
and sugar or cotton planters who will advance
the amount of ansportation. to no deducted
from The lahurets wages. can secure IA many
as they desire by calling, baf re II o'clock to-
day. at Gtiffn's Intelligence Bureau, ia Caron-
dplnt street.