The Republican. [volume] (Oakland, Md.) 1877-current, 1878-10-12
The Bank Question.

are, that all their other schemes may
fail of fruItiOn, they will still obstin-
ately insist that they are sure to sue
coed with the movement to abolish |
the national banks and substitute |
Government notes for the currency. |
They will, with much volubility and
about the same plentiful lack of
reason they apply to economic issues
generally, denounce the national
bank system as grinding and oppres-
sive, and demand an issue of S324,-
100000 more of greenbacks to re-
place the bank circulation. The first
trouble that this programme encOun-
tiers is the constitutional impedi.
ment. We have more than once
pointed out in these columns how
serious that obstacle is if the people
are 70 retain obedience to the funda-
mental law of the land, but our re-
pudiationist friends calmly push il
aside with that airy and nonchalant
fashion they have Of treating all
facts, figures, experience and law
that tell against their peculiar theo-
rieS. If is not necessary for us to
quote again the decision of the Su-
preme Court upon the Legal-tender
act. The language and meaning of
| the Court are familiar, and it is
enough to say here that the act was
justified, and justified only by NOR
tai exigency INVOLVING the very eX-
istence of the Government. No such
necessity can now be urged. There
is no authority to issue legal-tenders
in time of peace, while the Court de-
clared in the decision to which we
have often referred that such laws
could not be enacted merely because
they are useful or because they tend
to make the Government stronger.
Another objection is that the sub
stitution of greenbacks for the ma
ti0nal bank notes would place the
whole volume of the currency under
the immediate control of Congress,
instead of leaving it to be determin-
ed in the natural way by the de,
mands of trade. Mr.. Blaine most
aptly styled such circulating medi-
um "poitical currency" 1t would
not be an honest business currency,
but currency to be regulated by
the Whims Of politicians at Wash
ington. In justification of the
scheme, Mr.. Thurman, who ought
to be able to say the best for it that
can be said, has no stronger argu-
ment to advance than t at Congress
could be trusted with that. The an
swer is that Congress did decide this
identical point by providing that no
more than $4,000 900 in greenbacks
should eyer be issued. But to press
this consideration further, we may
quote from Il recent speech of Mr.
Blaine. He said:
~ have a very high respect for the Ameri-
can Congress; | know something about it; /
| have a high respect for the leading men of
both parties who guide and control its action
but believe that ii would be safer to leave
the question to the Board of Aldermen of the
city Of Boston than to the Congress of the
! United States. Congress is necessarily pO-
litical body, containing members OF different
parties, and this proposition is in effect to
leave the question to Republican caucus or
n Democratic caucus, or some other caucus
assembled in Washington, That would be
no more right than to leave to the same body
the question of how much cotton cloth should
be manufactured, or how many postage
stamps should be printed. Senator Thurman
made a speech recently in Ohio in which he
took ground III favor of the United States is
suing all the paper money. read his speech
| through with the utmost care, because | sup
posed that if there We're any man who could
give that question solution it was he; and
yet when he came to that particular point ne
did as the little boy does with the hard words
ii. He had nothing to say but that Congress
could be trusted with that. The reply is made
that Congress has decided how much was
needed, and might be trusted again All, my
friends, that is tremendous mistake. Con
greSs never yet determined what was needed
for the demands of trade. Congress was call
ed upon under the pressure Of war to deter
mine how much was needed by the demands
OF the Government regardless of the de-
mands of trade and in violation of them.
Ine"e is not merchant who does me the
honor to hear my remarks who does not re-
member that all prices were agitated, that
everything was put out of Joint by the rapid
sustaining the argument in favor of the dis
cretionary power Of Congress, but of an OPP
poSite character. If ever again Congress
should have to deal with an equally momen-
touS question, trade would have to step aside,
commerce to halt, manufacture to look out
for itself because if the Government is in II
life and death struggle, it is not time to
think of trade at ALL"
Here is the argument in nutshell.
The "hard times" now are principal
ly perpetuated by the fear that Con-
gress will tinker the currency or at
tempt to repeal the Resumption act,
or authorize imitation, and conse-
quent general disturbance of busi-
ness, by an issue of redeemable pa
per money. The only safety for
trade and labor is freedom from con-
slant legislative interference. Those
who live by the daily wages of their
industry are vitality interested in the
increase of great industrial enterpri-
SEES. But the fear that Congress will
do something which will effect the
value of the legal-tender prevents