Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1879-09-24

needed more currency, and IL congress vas 1,
session you couldn't get . bill passed for tn,
purpose IN dx months. And how would Con
gress know how much currency was needed snf
Just where II was needed2 Who, for instance
would be willing to leave It to the judgment oi
Col Bouck to say Just how much currency thers
should be in this congressional district2 Does
he know any better than the bankers who are
in the business and are Watching the conditions
OF businees to know the demands and keep the
supply equal to them? Certainly he cannot,
And II it would be unwise to delegate that pow.
er to one man for each congressional district,
1t would be more unwise to delegate in tho a.
gregate to the whole congress for the whole
country; for then there would be dispute and
dtssenttOn, forever making business uncertain
and unsafe. The House Of Representatives
might want to issue mare currency and the Ben
ate might not concur. o. both House and oer-
.te might asree 70 iscus mces, and ths Pre-
VIII isnameesbls objsctions. Ws vsnt ) -
rency regulated according 10 the 'sdemands of
trade, say our greenback friends. Then the
way TO have Il is TO let the demands OF trade
regulate 1t. And this il effectively done BY tho
National Banking system. How Is congress to
know what the demands Of trade are2
PoIITIuAL MONEY.
But just 20 lcng ss congress should have the
absolute power Of regulating the volume of
currency, the subject would be one Of perpetual
political agitati0n. Demagogues would always
be found trying to get elected to congress By
telling the people that they need moro money,
and instead Of currency regulated by the wants
OF trade, we would have one regulated by the
wants OF office-hoders, 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 it,
adoption In his reports and Mr.. Lincoln In his
to congress and it had the universal
support ef such men a. Charles Summer, Henry
Wilson, Thad Stevens, Horace Greeley, and in
deed al the eminent men Of the time who II
vofed the prosecution Of the war and the main-
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
system ever did-protects them from ali |
losses from bad money-protects them
from c0unterfeits-prutect them from fraud |
ulent banks without oapital-and protects |
depodtors 70 that they do not lose In dealing |
with National Banks per cent. OF what they |
lose In dealing with other SYSTEMS. Banks are |
most essen14s. tn the conduct Of business We
cannot d. ~ Aipsss now without them. Surely |
. system 10 safe aud reliable not only ~ to cur
rency ano it, regulation, but ~ to deposits,
discounts and exchanges ought not to be des-
troyed till We are sure We have something bet
ter to take its place. The greatest, purest |
statesman Of our country gave their most care
ful attention to 20 perfecting this system - to
protect the people. And it ought not to be
condemned ct the command of such meu a.
Sam Gary and Brick Pomeroy. When they are
y much entitled to public respect and conf
ience - Mr.. Lincoln and Mr.. Chase, it will be
ime enough to break down what Lincoln and
)hase 30 Aboriously built MP, ct their instiga.
ion and command. II the people would only
ook into these subjects for themselves instead
4 taking the assertions Of political demagogues
bout them they would discover what the facts
re, when they are projected by law and who
re the real friends Of the people.