New-York tribune., 1879-01-06
DEu0CRACY and THE NATIONAL BANGS.

Il v II
Democracy waits for a keynote from
Thurman. Meanwhile, Maine sees Demo-
cratic Governor elected 10y Republican votes.
1t is quite possible that the speech OF Thurman
and the election of Garcelon. events OF Janu-
ary, 1879. may clearly map out the coming
Presidential campaign, and foreshadow the re-
suit in November, 1880. Stranger things nave
happened than union OF hard-money ne
Dublicaps and Democrats to resist flnai as-
sault mon the public credit, the National
banking system, and the restriction OF silver
coinage.
There are still those who doubt whether
the financial issues will have prominence next
year. Some hope, and others fear, that re-
sumption may bring complete and welcome
a revival of business that further agi-
tation of such issues must perforce be
dropped. But this is like expecting
that yellow fever will never come again.
and that pestilential filth will never
again he dangerous, because Winters frosts
have for time stopped the ravages OF dis
ease. 1t cannot be too often remembered
that the very nature of the elements which form
a great portion of the Democratic party cOmpels
that party to become the party of the repudiators
and of the Communists. Every financial
question in this country Is an outgrowth
of the war. 1t cannot be otherwise, until
the public debt has been removed, until
the organizations by which the public
credit was sustained in war have ceased
to exist, or until the generation of those
who witnessed the civil strife and beaI
its scars has passed away. But the Demo-
;o oil nj
South. And those who were defeated by the
public credit are not now, and never Will be, the
safest guardians of that credit. The Democratic
party is essentially the party of the turbulent
and lawess And all that is dangerous and
law-defying In the outgrOwth of Communism,
Trades UniOnism, or Socialism, finds IN Dem
ocratic demagogues of the lower order. its
natural allies. AS long "a these two
elements, the rebel-reDudiating and the
law-defylng SOcialistic, form large ma
iolity in the Democratic party, 1t
is utterly impossible that assaults upon the
public credit and the National banks should
cease. And whenever those elements go
out of the Democratic party, there will not
be enough left in it to carry single State in
the Union, or to keep up a separate existence.
of sound opinions as to finance that there
will be no occasion for the display OF ag-
gressive purpose on the part of repudiatOrs or
bank -haters SO they hoped, year after year.
for many years, that that the aggressive pro-
slavery element of the party would keep
quiet. So they hoped, year after year,
that the secession, peace at-any price, negro
hating elements would stay hid under
matches. SO they hoped last year that
reconciliation and restoration of local
" self-gOyernment at the South would
have no occasion for further frauds or massa
cres. There are always ambitious leaders in
every party, whose passion for power prompts
them.to set forth, in the cearest and most fOrci-
ble way, what they know to be its real cOnvic-
tions or purposes. Men like voorhees, and Thur
man are products of the party to which they
belong. They can no more help being danger
Gus than crab-apples can help being sour.
They speak revolutionary things, because their
party thinks and intends revolutionary things.
If these men fOrbear others will speak, and
will win the favor and leadership of the party.
Some, indeed, struggle to retain the con-
troll, at some sacrifice of personal cOnvic-
tion and self-respect, as matter of patriotic
duty. Said one of the ablest Democrats, no
doubt with sincerity, :" 1t is bad business, |
"know. But | try to ride this wild horse,
1" for if don't / know it will run away and
"smash things"
The repudiatng element of the Democratic
party has selected the National banking system
as its point of attack. The banks are unpop-
ular. it reasons, with many Republicans Men
who refuse to lend money to help neigh
bOrs ont of difficulties are usually unpopular
Bankers who have anything left, after the
years 1873-'7S have refused a great many
neighbors and friends. He who does not
get the full market rate for money
in his charge is apt to find bis stock
holders looking for some other manager.
He who does get the full market rate is a
"skin flint" in the estimation of the impecu-
NOUS multitude who want fresh capital to
cover up past losses. After period of gen.
eral depression, bankers are particularly
unpopular. Everybody who has borrowed
more than he can pay curses for his losses, not
his own error Of Judgment, but "thc Shylock 4"
who demands payment Democracy will make
a raid upon the National banks. If Mr. Thur
man does not lead, somebody else will.
Some Democrats think that the raid will be
popular Others know that, if successful, it
will break the credit of the Nation. The
Government has cash enough to redeem
1916, ,OOO,OOO of lcgal-tenders. Bank notes,
if secured by United States bonds, and redeem
able on demand in redeemable legal-tenders,
will circulate at par. But retirement of the
notes involves substitution of $320,OOO,000
more of legal tenders. The Government
has not now and cannot get coin enough
TO maintain redemption of $646.OOO,OOO
of it's own notes. Especially, ii the
new notes should be issued in violation
of MANY SOLEMN nedgeS not 10 increase