Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1879-01-16
Democracy and the National
Banks.


Democracy and the National
Banks.
Democracy waits for ''key-note' from
Thurman. Meanwhile, Maine sees a Demo-
cratic Governor elected by Republican votes.
man and the election of Garcelon, events of
January, 1879, may clearly map out the com
ing Presidential campaign, and foreshadow
the result in November, 1880. Stranger
things have happened than union of hard
money Republicans and Democrats to resist
final assault upon the public credit, the Ma
tional 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 so complete and welcome
revival of business that further agitation 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 be dangerous, because a
Winters frosts have for a time stopped the
ravsges of disease. 1t cannot be too often
remembered that the very nature of the ele-
ments which form great portion of the
Democratic party compels that party to be-
come the party of the repudiators and of the
Communists. Every financial question in
this country is an outgrowth of the war. It
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
bear its scars has passed away. But the Dem
ocratic party is essentially the party of the
public credit are not now, and never will be,
the safest guardians of that credit. The Dem
ocratic party is essentially the party of the
turbulent and lawless. And all that if dan
gerous and -defying in the outgrowth of
Communism, Trades-U -Unionism, or Socialism,
| finds in Democratic demagogues of the lower
order, its natural allies As long as these two
elements, the rebel-repudiating and the law.
defying Socialistic, form large majority in
the Democratic party, it is utterly impossible
that assaults upon the public credit and the
National banks should cease. And whenever
those elements go out of the Democratic par
ty, there will not be enough left in it to carry
a single State in the Union, or to keep up
separate existence.
The hope is cherished by many Democrats
of sound opinions as to finance that there will
be no occasion for the display of aggressive
purpose on the part of repudiators of bank
haters. So they hoped, year after year, for
many years, that the aggressive pro-slavery
element of the party would keep quiet. So
they hoped, year after year, that the seccs-
sion, peace-at any-price, negro hating ele-
ments would stay hid under matches. So they
hoped last year that reconciliation and "resto-
ration of local self government" at the South
would have no occasion for further frauds or
massacres. There are always ambitious lead
ers in every party, whose passion for power
prompts them to set forth, in the clearest and
most forcible way, what they know to be its
real convictions or purposes. Men like Voor-
hees and Thurman are products of the party
to which they belong. They can no more
help being dangerous 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, strug'
| gle to retain the control, at some sacri-
fee Of personal conviction and self-respect,
as matter of patriotic duty. Said one of
the ablest Democrats, no doubt with sincerity,
SIT is bad business, know. But try to
ride this wild horse, for if don't, know it
viii run away and smash things"
The repudiating element of the Democratic
party has selected the National banking sys-
tenn as its point of attack. The banks are un'
popular, it reasons, with many Republicans.
Men who refuse to lend money to help neigh
bors out of difficulties are usually unpopular
Bankers who have anything left, after the
years 1S73-'78, have refused great many
heighbors and friends. He who does not
get the full market rate for money in his
charge is apt to find his stockholders looking
for some other manager. He who does get
the full market rate is a 'tskin flint" in the
estimation of the impecunious multitude who
went fresh capital to cover up past losses.
After period of general 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 ''the Shylock" who demands payment.
Democracy will make a raid upon the Nation
al banks. If Mr.. Thurman 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 1885,.
600, 900 Of legal tenders. Bank notes. if Sc
cured by United States bonds, and redeema-
bic on demand in redeemable legal tenders,
will circulate at Par. But retirement of the
notes involves substitution of $500, 600, 600
more Of legal tenders. The Government has
not now and cannot get coin enough to main
tain redemption Of S646, ,OO0, 600 of its own
notes. Especially, II the new notes should be
issued in violation of many solemn pledges
} not to Increase the legal tender volume be-
yond fixed limit. Especially, too, if United
States bonds, held to the amount of more