The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1878-10-18
usrpoRx cuRRRScY-vRzs AND sraxp-

ARD BANKING NECESSITY.
regard the remedies for these long coptia,
ued Republican wrongs as simple and certain.
We must find some means to revive our indus.
tries and restore general prosperityto the eoun-
try, and then resumption will come itsslf
and come to stay. Unit then, it cannot
come but with fresh evils iu its train. No
law can force il, unless Mr.. Sherman's fatal /,
policy be sustained, by which the Treasury cas !,
gather in all the money by increased loans, !.
aud then keep it in the Treasury vaults. 10
that no further redemption shall be necessary, :
The government can thus resume and the in
dustries Of the nation perish as the price uf
resumption. Banking must be made free in 4,
fact as it is now only in name Our present
national banking system offers an illimitable
volnme Of currency, but it practically for the
increase of money by the onerous exactions 5
imposed upon banks. The banks now pay
some slS.0O0,OOO of taxes, national, state and
municipal, and nearly 81 ,0OO. 900 year in ns-
tional taxes alone, all of which the borrower
must pay in addition to the legitimate value
| OF loans, and the only channel by which money
| can reach the people is so costly aud compli- 4
Gated that borrowers out of the great money .
centres, find no money to lend, and capitalists
decline to invest in national banks. Our bank.
ing shonld be free from all taxes except such q
other like property pays; it should be relieved
Of its cumbrous complications which make
dead capital and expensive machinery, and
| then IL should ha ipavorobIx l,,x,..,l A. .-->
rate ofirterest. The government should fur
nlsh uniform currency for banks and for all
its own direct uses, and every dollar issued TO
banks for circulation, should suspend Interest
on dollar of the national debt This would
be simple justice-more, it would be states
manship and it would be common sence In.
der such asystem, no shock would come to the
banks; banking would be free in fact curren-
cy would regulate itself by the variable neccs-
sites of trade; and the channels for reachins
legitimate business with the government money
would be cheapencd and cxtened into every
centre ofiadustry where capital could be safe
Ely employed.
HOW TO RESTORE PROSPERITY.
We want the increase of the national debt
and the contraction Of the currency, for the
purpose Of enforced resumption. to stop; We
want the onerous taxes now imposed upou
channels through which the people can obtain
money. to be repealed; we want banking to
be free; We want uniform currency issued
bv the government and to be redeemed BY the
governui"nt; We want the volume of money
to he controlled solely by the wants Of the Lee.
itimste business Of the country; We want the
government to cease discrediting its MONEY
BY refusing it for debts due to the governmen,
and We want retreuchment aud economy h
every department of authority, municipal, stat1
and national. These are the sources to which
We must look for restored prosperity, and re
stored prosperity means resumption that vii
last. These views regard as a Just interpre.
tation Of deliverapce of the Pittsburg Conven
tion on the financial issue.
The conclusion of Senator Dill's speech was
an eloquent arraignment Of Republican rule.