The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-09-26

money power. My own eXperiecne in
office enables me to say that if YOU
convene ten bank Presidents you will
have ten different opinions, while par
ty organization brings even Judge
Thurman and General Ewing on the
same platform. Nor is it true, as stat
Ell by Judge Thurman, that the legisla-
ton OF Congress favored the money
interest during the period of the SWAY
OF the Republican party. for this legis-
ton Was guided by the love of national
unity, and national honor, and nation
| al existence. 1t tended to make our
nation strong at home and respected
abroad, and in no single question has it
favored what is called the money in
tereSt.
THE VITAL ISSUE BETWEEN THE TWO
GREAT PARTIES.
The vital issue between the two
great parties has been, on the part of
the Republicans, desire to maintain
the integrity Of the Union and abolish
slavery; to secure equal political and
civil rights to all men; to maintain the
national honor and to advance the in
dustrial interests of the country; while.
1.-THE theory and policy of the Democrat
&c party have been to belittle the ma
tlonal Government; to subordinate it
| to the power Of the States; to preserve
slavery; to leave industry without pro-
lection and support; and to sectional
lze into petty communities the ele-
mentS OF a great and powerful nation.
ana these are now, and will be in the
future, the inevitable tendedcies Of
these two parties.
The third objection stated by him to
the national bank circulation is. that
it is a special privilege, and takes
many millions out Of the pockets of
| the people.
BANKS ENJOY NO SPECIAL PRIVILEGES.
This again is untrue in point of fact
and illogical in argument. The Ma
tlonal bank circulation is not special
privilege, but it is. open to every asso4
cation OF five persons that may be or
gained in any part Of the United
States. To call it a special privilege
is absurd. The same privilege might
be granted to every individual citizen
OF the United States, but experience
Shows that a corporation is more wise
~ administered when it is composed
OF number of persons, not less than
five, than when it is controlled by a
lsngle person, and corporate authority
is essential to preserve it's existence in
case Of the death Of partner But
for this the special privilege might be
granted to every citizen who could
give the requisite security for the re-
|demptlon Of the notes issued by him.
AS to putting money into the pock
cts OF the shareholders, this again is
absurd. The Government paws moth
ing and contributes nothing to a bank
The shareholders buy the bonds of the
Government and deposit them with
the Government for the security of the
note-holders. If the bank retires. the
bonds belong to the shareholders and
not to the Government. Nor can the
Government pay these bonds in any
other way than it could pay the bonds
in the hands of individuals. The Gov
eminent would pay the same interest
on these bonds whether held by the
bank or by any citizen, or in Europe.
THE REASON WHY BONDS ARE DE-
MANDED
as security is because they are the best
security. But for this mortgage Sc
curity or a personal security might be
taken, but as the Government security
is the highest and best, this is demand
ed, not for the benefit of the Govern
ment, but for the note-holder. for
whom the Government is mere trus-
tee. When the Government pays to
the bank interest on bonds held by it
as security, it only pays what is Justly
due and what it would have to pay at
all events to anybody holding the
bonds until they are redeemed.
How it takes many millions annual
y out OF the pockets of the people is
hard to conceive. No one borrows
SEE FIFTH PAGE.