New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-21

"A interest thau DeIofc lrHuHPli'hi
aud of the reasons IS That now the caplal't Wnes
he ventures Ou bis money fees no Longer III dingr OF
OF pnrt Of its value by depreciation Another pre-
dicii0n comes to Daught. stadf, ltst. -
going on IN almost every biahch on 9u, 'n'S ,
bss been pcrcepibc since decided lr
rrsrmuiiOn vigorously bcgui. lhe eAcllil-'S
Effected bv the Clearing Houses IN our business coltres
have wlthin Twelve mont lnett,at -, =,
Most Of our manuiactHring establishments nav 80,
force, AID the number Of the un.fnp'oJ ~ ~
Is rapidly growing less. Whie pr"hls in,
in quantity, and IN some branches wuich suhsreI os
the iron industry for instance, the demand IN many
cases begins exceed tte capacity OF Manufacturing
establishments. While wa2es are noipnalY rot 50 nlH
they years ago, they purchase oreoi the e'e
BY strict economy and prudcnt Engagement private
Indebtedness has been largely reduced ana business Is
the last twenty years. Our exports have become unpe-
ced nty large, and by wise direction ana cheapened
I'M foreign markets the business world abroad begins
To be seriously alarmed at the invasion or American
products. Confidence ~ rapidly reyying asd nopelu
feel ug is prryadHg the business community 10 may
he said without exaggeraon that today the American
other people EARTH aud that If act wisely we SHAH
soon Dc m the enj0ymen, of high prosperity.
chuckle over every UulOn defeat and look ncrcduous
and gloomy every Union victory, so our inn!'ionsts
now smingly greet every business failure, sun hhlp'h
ing as friend In ueed and scOwl at every ray OF sum
shine cheers tine hopes OF The rest OF mankind bu
armies In the field 80 the walls and scOws OF our u Mt
tonsts fortunately cannot arrest the revival OF pros
pery.
RESULTS OF a DEMOCRATIC TRIUMPH.
In this state of OHIO the Democrats have nominated
as their standardbearer General Ewing who owes his
prominence in politics mainly TO the Jealous energy
with which he has advocated the EXTREMIST ana most
dangerous financial principle and measures. HIS very
name is unatIon platform II the Democratic party
of OHIO had desired To disguise the financial ends u
means to reach by Oyercloudng them WIN lhe stua-
sion OF other B9aS Gpe'o2 howe ' Been saeeHt
to expose and deieau the stratagahl. rue
success OF General Ewing IN oao, o i 1hs go T
battle field Of financial discussion S0uId lnspiIe IT,
yyal OF the imitation movement al over the country,
In spite OF the resumption ot specie Ihs
the State election ia ONO mas aealn, - 40 a.
had In 1875, acquired National importance;
The Ohio Democracy demands me .yfa sI
substitution OF Treasury notes Tor sauoDal i DanH
currency, be made receivable for all dues ana etal
tender equally with coin" inns means tnat % tTe
destruction Jf the NatonG BdnhlhS stem aiu ~ ,
sung greenbacks Tor National bank notes the amount
OF paper currency for the redemption OF wcn com
the Government is Directly Lt H.
Every sensible would at once UNDERSTAND JIJ Wis
measure carried not by the friends but Dy the enc
mics Of specie payments Lne success o. IL %9u ~
fore most severe shock TO puDhc cOhhuehce as 10
the honest purpose OF the Government. Inc cOlse-
quence would be general alarm, apt TO induce prudent
men the best OF their opportunity 10 get some
OF the coin while IL LASTS In other words general run
upon the Treasury, RAPID eAhau3ion , Ua NC
reserve and the breaking down OF specie ia! lnon.s;
But this prospect does not disturb General EWING ana
for National bank designed by them for the p
pose OF breaking down specie payments Ana Ior tns
tional coin reserve for redemption purposes,
gress to attack and trench upon that winch
now exists / am therefore warranted IN saying lnaJ
as they formerly sought to prevent resumption 60
they now strive break down specie payments by the
substitution Of Treasury notes for National bank cur
reucy. The volume OF the Government paper currency
made again by the substitution or green
backs for National bank notes to be confined 10 e
quantity Of greeDDack ana bank notes now ID existence
1he idea that a principle governing the quantity OF
money which Is to circulate IN The United states sha De
fixed by Constitutional Gmendmentthat Is 10 say mat
an the State Legislatures from Arkansas 90 Massachu-
setts and from Texas 10 Oregon snail discuss such
proposition submitted TO then ana thaJ II tnreei"uiJh
of them agree upon It. IL shall become the fundamental
law the land and tha II such fundamental law ne
again the assent Of ourIhs oil the state LeRs
to make change posslbeth5 idea Is SO superb
lively grOesdue and ridiculous that 1t SHOWS the minds
the imitation Democracy 10 Dc capable Oh almost any
absurdity. -,,,. -.
you considered what kind Of leader you nave put at
the head OF your party and what Kind OF doctrine you
think for moment what kind or power tuat Isl 10
determine how much or how little money tne people
shall nave and by regulating the volume of currency 10
e everso dollar in the land shall be worth
ff rcm week 1Uib' to week. and from day to day
The value OF every piece OF property or every
chance the has in hs contract Of every dollar
the labOrng IN the savings DanhI or inc eT-
cha mt has on deposit viii be at the mercy OF the Gov
eTnmenI No man can make an Investment, merchant
sell buy lot Of goods on time, no nahhlacturer
can accept an order no contractor make contract
for a public or private structure no working man can
make a contract for wages, without the Government
loss their success OF ruin. That is the power General
Ewing wants the Government to exercise.
TRUE oFFICE OF NATIONAL BANKS.
1t is the custom of certain class Of politicians to de-
nounce the National banks a monopoly. Let us see
how much of monopoly there is IN them. Do they con-
sist OF a few great moneyed institutions, welding
large concentrated poweri No; there are about 2,l00
of Them separate establishments, scattered all over the
country Are they IN the control OF few rich men
try, belong to all the different classes of
ne 2O 600 stockholders hold shares the amount Of
81 600 or less each They evidently not mOneyed
savings In bank stock. Can any one National bank
control so large quantity OF currency TO produce
he the 10 money market No. The law. dscrm-
mating against the large Institutions, provides
Act of July 10, 1870. is entitled to o cir
cuIaton of than 100000 Is National banking
sons or insttutionsi No Since 1878 National banking
is perfectly free Any number OF persons not less than
or vocation in ife any polica party who together
can command capital OF $4,000 may, under the
equal in amount 10 80 per cent OF the bonds
they deposit Thus General Ewing and General Cary
National bankers tomorrow II they together raise
capital OF $4,000 for that purpose. The National
xrnnsDf wander whether II has never occnrred
10 General Ewing that II his view OF the Ma
tional banks he correct, their conspiracy to in
nave best succeeded, and they would have made the
most money by not Issuing any currency at all.
What profound and wonderful conception the leader
of the OHIO Democracy has Of the relation or banks TO
the business community The circulation of bank notes
is not the only the principal business Of those banks
Their and regular business consists IN taking and
Holding money deposit. IN using such deposits, to-
getber with their own capital In making loans TO Dusi
ness men, in buying and selling exchange etc The more
extensive ana safe this KIND or business Is tue
greater will be the prosperity Of the banks, and tins
business viii be the extensive and safe the more
aud the business Of the community Is
with which the banks deal. bank stands to the bust
ness community the relation, at the same time, OF
d.ptor and "A creditor. Uut the first OF July last
wear, ali the losses suffered by all the credI-
tors OF all the National banks in the country
amounted to only &c. 423, and these losses
stanty reduced by dydeBGs paid In the windng-up
process No banking system IN the history Of this coun
Try, nor anywhere in auy country, can show sueh