The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-11-24
SPIRIT UF THE PRESS.
Tho English Papers of This Morning.

The Enquirer saws: Notwithstanding the
stout assertions in the same quarters that
the financial questions are settled, and
should now be let alone. the New York
Times and the New York World are agreed
that the greenback should be wiped out
and that National Bank notes s ,olild take
their place. This is doubtless the almost
unanimous opinion of the National Bank
ers. Such transition period would be enor-
mously profitable to the National Bankers
The withdrawal of the greenbacks would
be a practical contraction of our currency,
amounting to one-half. and, no matter how
gradually this one-half of our currency
should be wiped out, the process would be
enormously profitable to the corporations
which then would have the sole right of
issue of paper money in this country. The
National Bank notes are now by law re-
deemable in 'lawful money" Let the law
be changed so as to make the National Bank
mites redeemabe in "coin." We do MT
say "gold;' but the National Bank inter-
ests are fond of gold, and opposed to silver,
and If they insist on redeeming their own
notes in gold we have no objections. The
notes of the banks are corporation credit
indorsed by the Government. Plainly
they ought not to be also re-
deemed in Government credit. They
should be redeemed in coin, in harmony
with the coin convictions of the advocates
of the National Banking systematic di-
rect, immediate cause of this business
prosperity has been, and is, the increase of
the machinery for the conduct of business
limitation" This was the first great step
toward increased prosperity. When it was
announced by law that the greenbacks
should not be further reduced in volume,
that they should not be contracted below
$346, 00O,000 business contraction also
ceased. TIE Silver Bill commanded
the coinage OF standard silver dollars to
| the amount of not less than $4,000, 900 per
month. This bill was passed over the veto
of the President, February 28th, 1873. Un-
der its operation $4,000, 900 of standard
silver dollars have been coined; that is,
there has been silver ''infation" to that
extent There has been gold "inflati NJ
to the amount we will say, of $75 1000, 600.
The National Bank circulation has been in
creased by about $15,000,0O0 with
in short time. Here we find
that there has been an Imitation
of the currency" to the amount OF
$3.50 600, 600; and not until contraction
stopped and the "inflation" began did
times" cease to grow worse and begin to
grow better. And step by step with the
increase in the machinery for the conduct
of business the increase of business has kept
pace. We have seen that "hard times
kept even pace with contraction, and thai
"better times" kept even pace with "infia
tion" DO these facts prove that the doc
sound? Do they not rather prove the con
trary?
The Commercial says: The Washington
correspondent of Forney's Progress say!
that Washington can not be made busy OF
business place except when Cungress is ir
session. People go there when the legisla
tors are at work, and 60 away when the'
pack their grip-sacks for the vacation. Al
the experiments to put the Capital OH :
commercial or industrial foundation have
failed. Since 1861 it has been greatly i'm
proved for these purposes. 1t is nov
pleasant city to sojourn in. IT.
streets are handsomely laid out; its park
have been multiplied, and the number O.
public monuments increased. The old ho
tells have been enlarged and improved and
many new ones added. The Government
too has dealt generously by Washing
ton, and its muniflcence, added to that o
private taste and culture, has resulted II
splendid public buildings, like the Treasur,
and the new War and Foreign Office Build
ings. With qsthese are to be reck
oned the Smithsonian Institute
the Botanic Gardens, the Corcoral
Art Gallery, and other objects worth goin'
a long way to see. The Capitol itself rank
with the worlds greatest edihces, and 1t
beautiful dome is as impressive as that o
st. Peters at Rome. and even more pleas
ing when viewed from distance. al
these things contribute to make the Ma
tional boarding-house city desirable as
place of residence for time, or while Con
gress is in session, and there is life on tn
streets, gossip in the Offices am
corridors Of the hotels. and scanda
But in the summer vacations and especial