Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-08-29

ton Of $4,000 900, for 1873, it was R2l.l6. for
1875 it was 40. and population Of AZ, O0O,-
OOO. for 1877 it was the same.
| NATIONAL BANKS.
But shall be told that my statement shows thst
the government has withdrawn large amount Of its
1ega-tender paper and supplied it's place with bank
notes; that this natiOnalbank system is q great
rage on the people, expensive and Oppressve that it
Is scheme Of capitalists TO get double intcreet-once
from the people in the shape of interest its
and once from the government the shape of inter-
est on its b0ndsand that the whole system ought 10
DO abolished and the cheaper and better greenbacks
substituted in the place / cannot, at this time,
fully discuss the Dational-bank svstem nor am par
tcular'y disposed to become it's champion, but justice
and truth require should correct some of these
rors 1t is not true that the national bank system
ever 'e On 5' the Contrary when wss pro
posed it encountered the most violent oppO-
sion from them; and it forced upon them by the
| whole power of the national government Mr. Chase,
as Secretary of the Treasury, originated and urged
1t as essential means TO assist him in selling bonds
and raising money: and when the bill passed,
congratulated the country on the benefcont results
to follow. As to the expensiveness of the system.
allow me to remind you that the people pay not hing
for the use of national bank notes money. While
the government has to pay all the expenses of the
paper engraving. printing issue exchange and safe
keeping of the greenback the banks have to paw all
| this expense for themselves. If you borrow the
money of the bank you will have to pay interest
it. and not otherwise and would have to pay the
same interest if you borrowed from private indvd
ual. The interest the people pay the banks is not
| for the of the currency, but for the
use OF the banks property, which
Ia voluntarily borrowed, and but
borrowers have any expense account of the cir
culation of bank notes And SO the notion that the
| government pays bonus to the banks in the shape
of interest on bonds is great fallacy. The banks
don't wan. to buy the bonds. to deposit them with
the government 1t is not essential to their business
under se old bank
vesng their capital in gold and silver and issuing
shs sVs 'es %B OF m
they could issue and loan $500 900 of paper. and
keep the custody OF their capital themselves Under
the National bank system with 800, 900 of capital
in bonus they can issue and loan but 500 OOO of
paper. The interest received under the State bank
system was twice as large The fact is, the govern
ment requires the bonds to be bought and deposited
not for the prof. of the banks but for the security
of the people. IL is therefore the least profitable TO
the banks, and the most secure to the people, of
any system that ever devised. The true inward.
ness Of this hostility to National banks is not
count of the responsiveness of the system, for is
not but account Of their being national 1t is
the ontcropping of the old States rights doctrine
The Ohio Democrats revealed the whole when,
in their Bill Allen platform they resolved in favor of
the extinction of the National banks 4" and the
ganizatiOn of "A system of banks under State author
ity." And marvel that any intelligent Republican
| should fall into so obvious trap. Compare your
National bank paper with the system of State bank
paper under Democratic control, tho one perfectly
secured and Of Uniform value the other and
requiring to be exchanged and discounted every
| time you changed neighborhoods. aud you will see
| the difference. Now, break down your National
banks and organize State banks turn out the Repub
! government and what will be the RESULT The old
States rights doctrine will be reasserted by Demo
declared to be unconstitutional and your old State
bank paper the only alternative. This is the dance
where you will be invited to pay the fdler. Not
only did PendletOn and Voorhees, declare them be
unconstitutional when first issued, but Mcdonald
! and Thurman and Beck still declare them TO be
They all now Democratic Senator's, and they will
all vote to reconstruct the Supreme Court tn
cure party majority therein. And. the court
was once reconstructed to secure Republican ma
jority. and the greenback thus saved from adverse
decision, under Democratic rule and DOCTRINE 1t
will be stricken down by the same tribunal, leaving
| you alternative but State bank paper. Their
shallow pretense in platforms and campaign speech
es do not change their essential States rights princ
pies
GREENBAcKs-coNrRAcrI
alleged that the Republican policy of reduc
ing the volume of and substituting nation
on the people, and gives an undue advantage to cap
ital over labor Our is that the policy Of the
Republican party looks to the honest payment of the
public debt and to the equal advantage Of all citi-
Zens Its friendliness to labor Is not shown In
munistic speeches and resolutions, but in the removal
of those impediments which have heretofore ham,
pered It 1t was the Republican party which
cued millions of aborers from the ownership Of cap
| ital and endowed them with freedom and man mood:
1t WAS the Republican party which opened the
national domain for free homesteads to the hardy
| pioneer 1t the Republican party which liked
the hours of labor in legal days work in the ma
party which asserts the right Of the government to
give employment to labor in works of internal i'm
provement All this it has done against the opposi
| ton of its political opponents, who exhaust their
frleDdliness to labor in the cap-trap of the
paign- And this the Republican party has done,
not in hostility to capital but in the maintenance of
the noble sentiment which lies at the foundation of
its being equal rights to all 1t neither favOrs cap
tai labor in hostility and against the other
no necessity for such hostility, bnt would equally
protect each in the enjoyment Of its rights 1t
not by fiat of law convert the ignorant, idle and vi
cious but it can and does provide education
al and rafor and Wit a tn ayail
themselves of them 1t therefore appeals to its
principles and its deeds substantial proof
OF its purposes than mere defamation.
As to the reduction of the volume of green
backs since the war, there are many
things to be remembered in. explanation.
IL must be remembered that when the greenbacks
were first issued the public credit was already I'M
paired. specie payments suspended and the expendi
lures of the Increased and therefore they deprc
ciated from the start; it must be remembered that
they were part of the public debt and their sppre
to restore the public credit in order
10 secure loans at reduced rates of Interest," it
be Remembered that at the close Of the war all par
ties Diously declared in favor of a reduction of
the currency and speedy re.irn to specie pay
nents. Is essential to sound and honest adminisra
ton of the government; and it must be remembered
that the greenbacks in of the limit
pledged as circulation, and the legal-tender bonds
| were ali for short time, three years, and
therefore of necessity redeemed Anyone crIticsing
Republican ion without taking these facts into the
account is either too ignorant disingenouus
be worthy of attention. Hence the principal redue-
ton Of greenbacks was made during the year 1866
ct tue close OF which the contraction amounted 10
$52,4S1. 444. But during the same period the bank
paper increased sufficiently to than make ,od
the deficiency. And let IL be remembered, also that
this reduction. together with other large payments
made on the public debt, have been the mrans of
90 improving the public credit that we have been
able to refund the debt into bonds Of less interest
The annual interest has been reduced from s143-
1851 10 $97, 124,5l1 in 1877. a reduction Of
SAC. 6U7. $50 per year. The annual saving there
fore. is an immense advantage resulting from
management Now, the policy of the Republican
marty In royard preenbacks Ia easily learned frOm
its laws There is no need of depending platforms
or campaign speeches When they were originally
issued, it was as means of using the government
credit to carry the war. They represented so
much of the public debt They have their face
the promise to pay dollars. And the law under which
they were issued promised their payment in
coin. While the Democratic party denounced their
issue declaring they would go forth with the mark
of Cam upon them, and that they would become ut