New-York tribune., 1878-10-05

|
Mr.. WEED FoRGETs THE TRUTH OF HTsToEY-Hi
LATE GRfENBACK LETTER mIsCHRVcUs" AM
WICKED "-JACKIeN AND THE UNITED srATn
| BANK-vAN BUREN's TIMfs.
| TO the razor OF Ths trtbune.
SIR: When IN Saratoga last week my at
tenton called 10 a communication IN The TRIBUNE
headed " Signs OF the Times" bearing the sgMure o
ThurlOa Weed Since my return 10 townG have re-reic
the article aud Mr. Weed will. am sure, pardon one o
hIs pupils and followers for presumlng to attempt 70
correct some errors which be has fallen into In re
| gard 70 the political issues OF 1887, 1888 and
| 1910. know II s presumptiOus on my part
venture 10 cFticlse Mr. Weed, who was one OF the
most CONSPICUOUS 2ures during Tho time he refers TO-
Notwithstanding Hume not only acted history but wrote
IT, Maoauny. nevertheless. was unsparng OF his crtl
clsm Hume and his historical statem"ns. But ne
DORberry would say. comparisons are 0dorous' IL
goes against the grain TO say word that might wound
the feelings Of my Old friend / must say, however MS
communication appearing t did. on the eve OF the
meeting OF the Democratic and Republican conventions,
was not only mischIegous but wickod
His plea for gTeenblcks and irredeemable currency
was intended unquestionabY to influence the course Of
old friends who with him I'm the past under all and
circumstance. IL failed hOpelrssly. Every one 0i
his many veteran followers vino attended the conyen-
ton at Saratoga regretted TO learn that he had become
convert to the Not one Of them had any
sympathy with his views on inHafion Mr Weed argues
great length because the Republicans lost one or two
members of Congress IN Vermont and Maine, the party
shoud dshonor the country by surrendrng to "a CON
stantly strengthening issue aud new political organiza-
tiou."
These are not the lessons that MT Weed taught bis
followers twenty-five years ago, when silver GrayS ~
aud KnOw-NOthugs breaking the ranks Of the ola
Whig and Republican parties, and carrying on state
elections and meInbors OF Congress. How much longer
would the Republican party have hdd 70 wait 10 Oe-
come the controlling In the Nation had that party
surrendered The constantly strengthening issue OF
the new political organization" which WIS carry
ing everything before 1t IN 1854-'55. The la
mented Seward would not have been returned
to the Senate in 1885, and DOUBT if he would have had
tine opportunity to have made the Administration OF
Pres dent Lincoln iusrious had not the Republican
party boldly met and denounced the ozark Lantern
Crazo." II was because the WING party OF the North
and West temporlzod and compromised" and sur
rendered to The corporas guard Of "douSh-iaces tha
the grand old party pass cut Of existence
It's the uvariabc law OF nature as well as OF poll
tics that the gtcatcr absorbs the lesser. Mr.. Weed
ought to remcmorr that third parties and side issuoS
in this country have had short lives. The DemOcratc
party ID what IL is to-day, SOLID compact disciplined
orgauizqtoD because It yielded or made c0nceS
sons to factions. It resisted the antMaNOEc
craze from 1928 to 1892 II made concessions TO the
Workngmrn's party of 1884. Because the party lost
Goyeruors Members Of Congress Senators aud Assem-
blymen by the the Peoples Party" Clnonian. Equal
Rights, aud LOco-FOcO faction. Democracy yielded
nothing, surrendered nothing TO new issues ana new
organizations. They fought ou and fought ever under
the old bauueT and under the Old issues. The party
that lowers its standard and trails its flag IN the
dust never succeeds. Mr. Weeds councils are not
the teachings of brave and successful commander or
wise leader should say here that DO not propose to
discuss the silver or the greenback questions, but
simply to try and correct an error which IN
NY Judgment Mr.. Weed has fallen into by claim
ing that the Democratic party suffered defeat In
1928 ana 40, tor making, a. Mr. Weed expresses H.
"a VIVID and sen5el.ss warfare against paper money!
and the party, in che Legislature OF TINS
state passed law prohibiting banks from Issuing
any notes under So make bold to assert that the Dem
Ocrao party party, has on all occasonS except III
the case or Jacksona specie circular, favored paper
money and rcdeemable shInpastors assert that the
Democratic party IN 1878 and 10, suffered defeat
because Of creation of wildcat banks, ana because
hos, banks flooded country with wor HESS currency
and encouraged an insane speculation, which brought
about the panic of 1897, which gave victory TO The
Wings not only in NewYork but in most Of tho States OF
the Union.
DEMOCRACY UNDER JACKSON.
appeal to the truth Of history General jackson
was elected President in 1928 Never was an Admins
trntlon naugurAtcd ausDlcously or started its
voyage a smoother with more favorinG winds
Prosperity smiled in every valley and laughed on every
noun ain-iop from Maine TO Louisiana. The country
WAS out deb with $40 900 the Treasury during
hs administration. We were at peace with ali the word
and the rst OF mankind" TIE charter OF the Bank Of
the United states wOuld according to It's own Imita
ton expire in the year 1885, AMI President Jackson
in lIs m ssage to Congress IN 1881, anticipating that
bat institution would Apply Oi renewal OF its char
ter expressed an opinion against this course The per-
sona and political friends Of the President took sides
with him tho var was maugurated by Benton in the
Senate aud carried with variable success from
wear to year In this position tney supported by
another interest refer to tie local b'nks chartered
by t'c fcrent States. and especially the safety Fund
banks III NewYork More than twO-thrds Of ttne revenue
Of the United States. amounting TO many millions an
nualy, was paid into the United States Branch Bank
and whom under the absolute contro of the
mother bank at Philadelphia. The state banks believed
that the United States Bank was destroyed these I'M
mcnse deposits would fnd tncir way into their own
vaults ard all the benefits arising from these de-
po4lts and also the whole profits arising from the
great circulation Of the United Bank would
ts transferred the United States t. to state banks
without them Increase their own capital to
the amount of a single dollar
Although majority Of the of the banks OF the
State Of New-YOrk held by citizens politically Op
posed to President Jackson, nearly all Of tnem am
surcd either directly indirectly supported hIm IN his
Opuostlon to the recharer Of the INK. Before the adj
iourumont OF Congress in 1882 the bill to rechaiter the
Bank o. the United passed both houses NY large
maorics Presideut Jackson returned II to the Senate
with mis- reasons for declining TO approve It, Tie rejcc-
ou of the ll was signal for commencing " the
hottest eccOnee..ng contests ever known IN tine United
States The State banks. IN their zeal to dc
stroy the "monstcr" aud wishing to derive
all advantage from its defeat, employed their
officers directors aud dependents IN circulating the veto
message. by tho law creating tno United states Bank
it was provided mat the National should de-
posItoG In bank paid ont and dIsDursod by It
aocordne to the directions it should receive from the
Treasury Department The Secretary or the Treasury
had however, right she deposits whenever
in his Judgment the public interests demanoed the