The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-10-16

lower values. Does not every sane m IN SCI
that from that very moment the business
community will stand still, all it's energies
paraiyzsd by the uncertainty as to wha
congress, or its motive power, the Demo
cratic caucus will do next? For, be it re
snembered, however august body that NAV
be, 1t cannot be said to have inspired the
country with superlative confidence in its
wisdom
Supefhu0us fears says Gen. Ewing. We
shall enjoy the confidence of the business
community, Tor we are not going to In crease
the volume of the currency, and thus raise
values and set business kiting again? In.
deed! can he really imagine that such pro.
ceedings can possibly be received by the
business community with anything but the
deepest distrust? Il SO, he must be unmind.
full OF several important circumstances. In
the first place thing go unprecedented, so
incomprehensible to the common sense of
mankind, as wholly unnecessary, wanton
suspension Of specie payments, imm ediately
after successful resumption, in time of
peace, of reviving business, and growing
prosperity, with q treasury full of coin, will
impress the whole civilized world with the
belief that the financial affairs of this
country must be governed by gang of
sharpers or set of lunatics. Such return
to irredeemable paper money and subse.
quent inf4tion might indeed raise the
hopes of some foolish people, who
have learned nothing and forgot
ten nothing. But the present generation of
American business men are not of that
kind. They have gone through the process
OF raising values by the expansion OF ire
deemable paper money already once. They
have learned to appreciate the deceptive
prosperity of such ballooning period at
its true value, and they painfully remember
the crash following upon it which over
whelmed them with disaster. That hard
earned experience will be constantly before
their eyes. Such birds are not caught with
such chaf twice. And, let me add, their
distrust will be all the greater just because
the tnanciers OF the Ewing school predict
good result. They will remember that as
prophets these gentlemen We're sorry fail
ure; that whenever they predicted storm
when sunshine was on their bills it was
time to take out your water-proofs.
Now, when such men sit together in eau
Gus to do what even the wisest and most ex-
perienced fnanciers can not do with ac-
cufacy, namely, to determine how much
currency the country is to have for it's bust
ness and when they manipulate the volume
of the currency for the very purpose of
lowering or raising all current values, will
not then business men feel very much like
the Inhabitants Of house who know that
there is lot of boys in the cellar playing
with lucifer matches around an open barrel
of gunpowder? PROFESSIONALLY they will.
While the financial adventures and gamb-
lers 1nay venture forth, the capitalists will
hasten to Withdraw his funds from the
reach of mischief, and the prudent business
man will restrain his spirit of enterprise,
waiting for better times, when sensible and
safe men are again at the head of affairs.
This is certainly pot condition of things in
which business can thrive and prosper; but
SO it would inevitably be.
THE NATIONAL BANKS.
Now, while the Democratic leader de-.
clares that the power "to expand or con-
tract the currency, to raise and lower values
to give prosperity or inf ict Distress" should
be exercised by the government, he insists
also that such power must above all things
not be committed to the hands of indiyid-
uals or corporations, least of all to corpora
tions (meaning the national banks) repre-
senting the holders of public and private
indebtedness aOhose qUealth rs increased bv
eve,y fall Of prices and diminished by every
rase." For, as he says, if the national banks,
"acting as they always do, in the interest of
holders of money securities, are permitted
TO control the volume of the currency at
their pleasure, there is no limit to the in
jury tt ~ may infict upon the people, or to
the wealth they may accumulate by hidden
and concerted measures of expansion and
contraction of values.
Here is the wonderful discovery made by
the Democratic leader, that it is in the in.
terests of the national banks to ruin their
customers by contracting the currency.
There has been SO much demagogy and
loose talk, so many appeals to popular
prejudice and ignorance in the warfare
against the national banks, thatit is delight
full to have at least one of the great lights of
the imitation Democracy expose by his own
statement the whole absurdity Of their ar
guments. Let us examine it. What are
the national banks? They are ioint-stock
corporations formed under the law for the
purpose of carrying on, under the super
vision OF the governm ent, the business of
banking, which consists in receiving and
holding deposits, making loans to business
men, dlscountlng notes and bills, selling
exchanges, etc. The national banks are also
authorized, upon the deposit of government
bonds Ill the treasury, to circulate certain
proportional amount of bank currency, also
under the supervision of the government.
That is all
1t is the custom of certain class of poll.
ticians to eenounce the national banks as a
monopoly, or, to make it sound badly, as
tbs monopoly of the money power. Let us
see how much of monopoly there in them.
Do they consist of a few great moneyed in
stjtutions, welding large concentrated
power? No, there are about 100 of them,
separate establishments, scattered all over
the country. Are they in the control of a
few rich men? No, the stockholders who
own them number about 10000. They live
in all parts of the country, belong to all the
different classes of society, and to all politi.
Cal parties, Over one half of the 21O, 900
stockholders hold shares to the amount of
$1,000 or less each. They are evidently not
moneyed aristocrats, but people who have
invested their little savings in bank stock.
Z IN any one national bank control so large
q quantity of the CURRENCY ss tn nroduoe bv