National Republican., 1878-10-22

from the South must load himself with
specie If he would travel North and pay his
bills with any comfort So In other Sec
tions our paper money was regarded with
distrust everywhere, until II was exceedingly
difficult for person whose pocket-book was
plethoric with State bank bills to calculate
with any certainty what value they con-
tanned In an adjoining, or even in other sec
tions Of his own State. This did not repre-
sent a judicious, healthy, or safe condition
of our financial system, which continued
until the war of 1861.
Under the exigencies of that struggle
came the greenback, based upon the national
faith and the subsequent act Of the suspen-
sion Of specie payments. The State banks
passed away and the National. banks took
their place. Their circulation was based
upon the national faith, and at once won
upon public confidence, so that in all bust.
moss transactions that did not call for gold,
the value of this currency was at par equally
in all tho States and Territories in the
Union, save those on the Pacific slope,
where gold and silver were the prevailing
currency. During the entire period Of the
National banks the people have lost nothing
on account Of the depreciation Of their bills.
They have been regarded as good as those
issued directly by the Government, and
have sustained uniform credit throughout
the country east of the Rocky Mountains.
On the 1st day Of January next the ma
tional-bank bills will be redeemable in
greenbacks, and groenbacks will be redeem
able in coin, and then we shall have honest
money, that will subserve the interests OF
trade and commerce anywhere and every
where within the United States; and what
is more our paper money will be converti-
bic into gold and silver at par, which in
reality makes the money Of the United
States good by conversion at par throughout
the civilized world. Why, then, should We
not let well enough alone? The only ques-
ton that should be raised relating to ou,
currency should centre at the point as to
whether all the paper money should ema-
nate directly from the Government or re-
main, as at present, between the Govern
ment and the national banks. Any other
policy, especially if it looked to return
to the State bank system, would be deplor-
able. The day Of honest money will pass
away when the faith of the nation is elimi'
natod from our paper currency.
THE EREALCAUsEo OF OUR DIFFICULTIES
If when the Southern States affected t.
accept the terms of adjustment ofour domes
tic difficulties at the close Of the war they
had done so in good faith, and the amend
ments to the Constitution and the laws o.
reconstruction had been observed with be
coming respect by them, this nation woult
to-day be among the most harmonious
prosperous, and happy known to the who'll
earth. Nothing has been asked or expected
of the late insurgent States beyond what j
expected and received from every Northern
State in the Union. The people of New
England and the Middle and Western State
are divided into parties, and make thei
political contests hot with partisan zeal
bus nowhere is the freedom of opinion AM
action subject to organized violence and in
timidation. At the North every legn
voter is respected in his rights of eli
izenship, and is allowed TO expires
his opinions freely, and to exercise the rigl
of suffrage when the time of voting come
, subject only to the terms Of the law wlic
regulates the qualification of voters. On
party would no more be found interferin
with or disturbing the meetings called b
: its opponents than it would be engaged /
interfering with or disturbing the religion
meetings held Oh the Sabbath day.
Q If the South would subordinate then
c selves to q similar rule of action no on
! would have right to complain, and thel
) would be less heart-burning and ill-bloo
D between the two sections than there is nov
f Indeed, all would be characterized by goo
fellowship, peace, and harmony, and win
, the Democrats call the "blo ody shir
: would be unknown in the land. If II
= South would try the experiment they woul
o see that we are correct in what we say.