Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1879-09-17

money. what kind of q system would that be
Under the present general aud free banking
law. if more currency is needed in any commu-
nifty at any time the banks of that community
can get it within few days. For instance
when they they have en- extra large wheat crop
in Minnesota requiring ali unusual amount eff
currency to move it, the National banks of
Minnesota can get just what is needed just at
the time it is needed. II congress only could
issue money this could not be done. Congress
might not be in session just when Minnesota
needed more currency and if congress was in
session you couldn't get a bill passed for the
purpose in six months. And how would Con-
gress know how much currency was needed and
just where it was needed? Who, for instance,
would be willing to leave it to the judgment of
Col. Bouck to say just how much currency there
should be in this congressional district? Does
he know any better than the bankers who are
in the business and are watching the conditions
of business to know the demands and keep the
supply equal to them? Certainly he cannot
And if it would be unwise to delegate that pow
er to one man for each congressional district.
it would be more unwise to delegate in the ag-
gregate to tho 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 SEN
ate might not concur. Or both House and Sem
ate might agree to issue more, and the Presl-
dent veto the bill and so the thing is set about
with innumerable objections. We want a cur
rency regulated according to the demands of
trade" say our greenback friends. Then the
way to have it is to let the demands of trade
regulate it. And this is effectively done by the
National Banking system. How is congress to
know what the demands Of trade are?
POLITICAL MONEY.
But just so 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
more responsible for the National Banking sys-
tenn than any other men. Mr.. Chase urged its
adoption in his reports and Mr.. Lincoln Id his
messages to congress and it had the universal
support of such men as Charles Sumner, Henry
Wilson, Thad Stevens, Horace Greeley, and in
deed all the eminent men of the time who IA
vored the prosecution of the war and the main
tainance of the public credit. These men were
neither knaves nor fools. They did not desire
to Cypress but to protect the people and the
people better than any other banking
system ever did-protects them from all
losses from bad money-protects them
from ounterfeits-protects them from fraud
ulent banks without capital-and protects
depositors SO that they do not lose in dealing
with National Banks per cent. of what they
lose in dealing with other systems. Banks are
most essential to the conduct Of business. We
cannot do business now without them. Surely
a system so safe aud reliable not only as to cur
rency and its regulation, but as to deposits.
discounts and exchanges ought not to be des-
troyed till we are sure we have something bet
ter to take it's place. The greatest, purest
statesman of our country gave their most care
ful 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, at their instiga-
ton and oonlmand. If 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 protected by law and who
are the real friends Of the people.