New-York tribune., 1878-10-05

began TO loom up in largo proportions The Nationa
Republican, AntiMssons, and all the Ant-Regepcy
remnants crystazed into compact organization Which
for twenty years, made glorious history AZ the whg
party. The deposits placed in vaults Of tbs
State banks. The United States Bank out OF tha
way. The funds OF the Government. overHowinR in ali
Its channels Of revenue, brcsme the feeder to numoer
less bogus banks all The country Bank charters
| multiplied In every section Of the country state of
almost fabulous prosperity as 1t seemed, IN. The
vision Of large dividends by securing the deposits for
the state banks produced nuuer and pressing app
| cations for bank charters.
The monopoly OF banking By the restraining law se
cured 10 chartered banks Tue Democrats we're not
slow % the advantage TO the party. In every bank
charter granted Oy tue Legislature a majority Of the
Commissioners distribute stock were certain 20 30
Democrats. II IS 10 that Of thing.
must have produced great and almost rres sbie pres
sure for the grant Of bank charters The members
themselves participated IN the benefits growing OF
charters created By their votes Il to GOV.
ernOr Marcy to say tnat he tho evils which in.
creasng by the demands for bank charters and 70"
mOnstratcd against system. His remonsrlnces were
IN vain. The evil increased. II twenty charters
granted fifty applied for at the
session. Tne proceedings connected with charterng
banks In this state will be found OF the most corrupt
and u chapters IN the political history OF the state
The evil Of creating banks was not confined 70
the State Of New-York 1t prevailed less in
every State the Union. Initiation and irredeemable
currency enlarged and ncrea sed IN volume II the pub
lie money was not safe in the United States Bank II
could scarcely be considered In the various sbin
plaster concerns that had sprung up like oadstoOs all
over Ino oioh--hof could individuals ID such VIII aud
uncertain lncs especially without new restrictions and
securities be intrusted with he enormous sums coming
into the hands Of the Government. when every Was
speCuIaOr aud every speculation seemed a fortune.
Ine leading membcrs OF the Albany Regency were
seized with the spiut OF speculation. The Marcy,
tue cautious and cons ryauye Flagg and lne simple
minded AMI sagaciOus CrOsw III made their vent ures
wiz lands, and almost made baukrupt.
AN ERA OF HIGH PRICES AND SPECULATION.
At this period all branches Of business indicated stas
OF unexampled National prosperity American credit
was hi gh In every CONNER cal country IN the world.
Tue products Of agriculture commanded exorhaut
price; the laborer richly rewarded for his toll.
Lands. both uncutivated ana mproyeu suddenly roso
IN value, and money abundant. Real estate spec.
ulaton rampant In New-YOrk City in Is35-'3G,
and 81, 1869 .7OC7l and 70. Notwithstanding
the immense Of bank paper put In circulation
by TIE greenback machines created By Democratic leg
islaOn, loud complaints were made on account
Of the Of greater facilities in borrowing
money More banking capitai was clamOred for.
and on the assumption that such was the TACT further
application to the Legislature for bank charters ap.
peared I'm The Ai6dny ArgiS which then the State
paper The abuse oanking privileges and the inu'
OF banks alarmed portion Of the rejecting people
and large portion became opposed the creation Of
banks aud the issuing OF paper money Mr. Weed ought
not 10 have forgotten that number Of Democrats in
the City NewYOrk revoltei against the party, and
made known their opposition 10 the OF the rag
money democracy. TIis faction known tho
Equal Rights Loco FOcO party. Tney became fOrmida-
be and dangerous for awhile. They were shut out
from Tammany Hall by order OF the Sachems They
Issued Declaration of Rights" aud Of their aEti.
ces declared unqualified hostility TO bank notes and
paper money a circulating medium because gold and
silver are the only safe and cOnstItu Qua currency"
Perhas Mr. Weed ~ be able to offer some satlsfac-
tory expLua ion why tie Wing party. which be claims
WIS tnt dGFOCdIc OF paper money, lOftu du
with the AGt-Bank ADti-MonOpcly aud ADIlRag.
h9Iry EqIti Rights party ana elected EdWard curtis,
senate in 1886 lie will also perhaps. BE- able 10 tel us
how Il was II the Democratic party, he asserts.
opposed 10 paper money aud imitation IN 1887 thai sam
uel Young tLc Democratic Speaker Of tao Assembly
several occasions. aud the Democratic nominee Tor Coy.
ernOf, and one Of the recognized Democratic lead.
Governor ny the Eqnai Rights OF Loco-toco
party promptly declined lt, because he was
cared uncompromsing hostility 10 bank notes and Pa
per-moncJ as circulating medium Mr.. Weed VIII not
prScured wi1liouI muc roubs it Is with evidence Of
democratic legislation it with declaration Of such
pronounced Democrats az sam Young, It Is with the ey
dence OF the alliance OF the Wnig party IN 1886 ana 81
with the bOtrrs the Democratic party opposed 70
paper money, that .eerate that the Democratic party
ana Is the advocate OF paper money Parties are
to be known by their acts. and not by the Isolated
declaration ol members OF the party OF when they
viii not say ihat Mr.. Weed pervcrts history. butt
viii say he OrgeJs history for tie pdrposr of bOserug
up cause that is certain 70 bug dls1onor upon the
American people. MIR. Weed Is not JUSTIFIED Db history
paper money cIptaed 1nGncIa crisis and brought
victory to the Ways. His memory fails h:u! in regard
What occurred under President JacKsOn's AOmms.
trauon aud what led to the great monetary crisis and
panic oi 1887
DISASTER UNDER VAN BUREN.
1t bequeatAed to Mr.. Van Barren reap the whirl
wind from the wind sOwn by hs predecessors. 1t
tie passage OF "thc small bill law" which prohibited
the issuing any bank bills under the denomination Of
-. That pill passed the Senate with all che Wings vot
ing for 1t, and Kcmblc aud Willis, Democrats voting
zs,I,T r. r1.sah
provided for removing tile deposits from
he state banks which spectators had been
uslug fill the land with worthless paper
money had more less do with giving this state
aud Nation the Wings. The causes were nu
merous Mr. Van Burens nl-td ised reference in his
message the fanatic Abnonists contributed largely
to arousng the antslayrry sentiment of the North IL
is true ultrl-AbOOnists made separate nomina-
tiOn from the Wings II is equally true that the more
moderate antsavery people voted the Whig ticket 1t
brought out the Quaker vote" In Pennsylvania Mr,
Van Buren's regard to the Canadian patri
ots" aided materially U giving victory 10 Seward in
1888, and Harrison III lS40. IL was not the SIN al bill
@ that wre,ted tennessee Geor2ld aud North Caro-,
lima. from the ID mOcrJcy, and made Name 20 hell
arays tb1n tbe small bin INV thlf contributed 90
break the camol's back The causes were numerous.
Il Olr. Weed should read Governor Mrcys INST mes
sage 10 the Legislature IN 1886 would find expaua.
i0ns that ought to him that It was not the
war OF Democracy upon paper money. have not the
q cumeut before me- but nave distinct recollection
of his dwelling upon the unreguaed spirit OF specu-
IA, ION chat prevailed 10 an unprecedented eN.
tent In tuat message Mr.. Weed Will nnd that
tie cause of tue depressed state OF the country
is charged to the want Of capital TO tFausact
the ordinary business Of tue country Toe Democracy
mad run riot III ncreaSing banks ana In flooding cOun
try with spurious pspor money. Foriy years ruc Oh
Democracy S-for AdauS's adnuistTat was 80 nOrclle
IL IL o be counted nOtnng eft the country IN most
wreched state. Gov ernue ent pluUdeters-SwaflWouts
Prices and IDyts-uruCd up section O tDe land
with derangc currency bankrupt merchants business
parayZgd banks suspended, workshops closed, OIeau
rOts rampant in New-YOrk and other cltieS cianoE
and. ana CONSERVATION perVad ng every,
an easy victory Il II not surprising that the parry
tnat hld brought the country 10 bankruptcy ana rum
hnN, .ln.. IanLfl Mlnl