Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-09-18

supply equal to them? Certainly he cannot.
And it it would be unwise to delegate that pow.
or to one man for each congressional district,
it would be more unwise to delegate in the az
gregate to the whole congress for The whole
country for then there would be dispute and
dissention, forever making business uncertain
and unsafe. The House of Representatives
might want to issue more currency and the 4en-
ate might not concur. Or both House and Sen
ate might agree to issue more, and the Presi-
dent veto the bill and SO the thing is set about
with innumerable objections. We want cur
rency regulated according to tho "demands OF
trade, say our greenback friends. Then the
regulate it. And this is effectively done by the
National Banking system. How is congress to
know what the demands Of trade are2
POLITICAL MONEY.
But just 80 long as congress should have the
absolute power of regulating the volnme of
currency, the subject would be one of perpetual
political agitation. Demagogues would always
be found trying to get elected to congress by
telling the people that they need more money,
and instead Of currency regulated by the wants
of trade, We would have one regulated by the
wants Of office-holders, a political currency.
AUTHORS OF THE NATIONAL BANK ACT.
Salmon P. Chase and Abraham Lincoln are
moro responsible for the National Banking sys-
tenn than any other men. Mr.. Chase urged its
adoption in his reports and MI. Lincoln in his
messages to congress and it had the universal
support Of such men as Charles Sumner, Hem 2
Wilson, Thad Stevens, Horace Greeley, and in
deed all the eminent men Of the time who "a
vored the prosecution of the war and tho main
tainance Of the public credit. These men were
neither knaves nor FOOLS They did not desire
to oppress but to protect the people and the
system they devised does protect the
people better than any other banking
system ever did;-protects them from all
losses from bad money-protects them
from counterfeits- protects them from fraud
ulent hanks without capitalEand protects
depositors so that they do not lose in dealing
with National Banks per cent. of what they
I0sA fYAi ip dealing with other systems. Banks are
cannot do business 64' 6S4a'aR6t ct business We
system 80 safe aud reliable not only as B6G661fY B6661fY
rency and its regulation, but as to deposits,
discounts and exchanges ought not to be dos
trOyed till we are sure we have something bot
ter to take its place. The greatest, purest
statesman of our country gave their most care
full attention to so perfecting this system as to
protect the people. And it ought not to be
condemned at the command Of such men as
Sam Cary and Brick Pomeroy. When they are
as much entitled to public respect and conf
dence as Mr.. Lincoln and Mr.. Chase, it will be
time enough to break down what Lincoln and
Chase so laboriously built up, ut their instiga-
ton and command. II the people would only
look into these subjects for themselves instead
Of taking the assertions Of political demagogues
about them they would discover what the facts
are, when they are projected by law and who
are the real friends Of the people.