, 1879-08-21

wl'n1Y unnecessary, Eautoh h'I~nGnsfOH Of
spccic raymrnts. Immediately after an"ccssfnl
resumption, In tiuc Ut peace, Of rcriYinE busl-
full u coin. will impress thc whole civilized
world wiki u,e lrlef tint tf,r financial Affairs nf
this country must DO governed by Il rang u
tharucrs nr a Art If 1naitrs. e'tci' return 10
!trtt'cenahic parNr money nn'l ,snbseQncnt lt.
j}ntIan might indeed rnteo the lIotwa of sonlc
foolish Dcuule who 1Losc learned nothing atul
forgotten nnthsng. But the ptetcnt generation
Of American @ ss business ~. men 1.n. n,S nnt
.llc profess of raising values t'y II" expansion
Of Irrct!ccinnb1c pauer money already onCc.
They hnra learned to appreciate th" deceptive
prosperity Of such h ba!i,o'ninE nerI.u; At Ita
crush folowing upon + which overwhelmed
tlrm with tsasttr. That lIard-carnc1 expr.
r!encc Will be consinntIs before thtir eyes. Such
let me add their dstriist will bc nil the greater
Just Iect,,ne the !inanc!tre ot tic Ernp school
predict rotd result. They Will remember that
a. prophets i,rse gentlemen were sorry fall
ure; that whenever they predicted storm. you
could safely arronre for ptcofc. and whrn sun
rhne was IN their bills, It was tiulo to take out
yOnr uRter.prODse.
Nov, wheu such men sit together in cancus
Ia to what even tln wEscst u'lf most cxDc'
rfencetl Anancicrs cannot do with accuracy,
namely: tn determine how much currency the
country ls to lIayc for It's business: AMI when
they manipulate the volume Of the currency for
u
rent values, will not then buhincs*.mrn feel
very much like tic inhabltanla Of house who
know tEmt ti,yrc Is lot of bo's sn thr cellar
playing with lucifer matches asuuaa nn open
will. While the financial adveHturers and gam
blcrs may venture forth. the capitalist will
hasten to withdraw his FUNDS from the renrh Of
1ntsrhfet. and ,ie prudent businessman will re-
strain Ills spirit OF ENTERPRISE, whiting for better
times. wl,en sensible aud safo men arc agalN at
tic head of affairs.
This Is certainly not Il condition OF things in
which business can thrive nnd prosper; but 80 1t
" Now, ,GR wills Tie Il Democratic leader declare.
that ll,e powcr "to expall or cnntruct the cur
rcncy, to raIsn and lover values, 10 give ntos-
pcr!ty or inIl1rt dtstrcss" should be exercised BY
tue Government G n1, t. issts aF1 l. tst aurn
ted to THE ba,ltia Of individuals or corporations,
md least Of oil to corporations fncantng the
National banks) representing the boidors Of
increased 1Y t!rrH fall ?f prices and dniMtshtd by
tlrrH rise" For. as lie eays, II tic National
hanlss "acttnr rs they n1wnss do, IN the interest
Of tho holders Of money securities, urc permit
their pleasure. there is no limit 10 the injury
they naY tnil!ct upon tile people, or 10 TIL.
wealth they may accumulate by hidden and
concerted measures Of expansion aud coutrnc-
tlon Of yaiucs.f
Hcru Is tl,c wonderful discovery made by the
Democratic 1eaacr, that It is tl,e interest or the
National banks lo ruin their customers by con-
tracsii'E the currency Tlmrc hps hecn 80 much
dcmagngy and loose talk, 80 many appeals
fore s,.a;not ,H EattornI nnr..s In, II !, g. a.
i%,n+fMi -, hox ~ ,nss nns ~ H. arn, a,ts
Of the Imitation Democracy EXPOSE BY his own
statement tl'c whole absuralty 3t tl'ttr argu.
M1ttn., %a,es, FLU 49, ttIn. eat,ut ~. ~
porations formed under tic law for the
PURPOSE Of carrying on, under the .unrrvts!ou
Which consists III receiving uni hoIln. de-
pusits, nsukugloans to business men, discount
lIs mites a,ll bills. selling exchanges, etc. Tile
National oanks arc also authorized, upon the
deposit Of Government bonls tn the TREASURY,
70 circulate certain proportional amount Of
hank currency, also under tho supervision OF the
Goygrnmcns. Thut Is nit.
It Is the custom OF certain class of pof-
.ttclans 10 dcnonnro the. National banks as
mp,,utoiy of the .nouey power Let Us SEQ how
m,,rh Ut 4 ,nououo1y tllcrc Ia in ii. NJ. Do thcy
consist vi a few rrcut mone,e.| Institutions,
welding large concentrated pt,verl Sc. there
mcnts, scattered ali over ,hr country. Are thrr
iu ti,t control OF lew rJrll ,nenf 81. the :, ucE-
boilers who own lla n, nuInher about ol0,(lS'.
eli tie different riaescs ot 6oriv,y, x,I.i 10 ali
political rsritcs. Over opr-i,nlf ot TIE 4tU,lUU
| Stockholders hold shares ta thr amount o(
stOlW or less each Tl,cv arr evidently unt
| l.1DuGFCu GriAtGctItF, but DpUntE who tOyE ILL.,
yrsteil llris little sayturs in bauI; etvyE, Can
a,,y one National hank control so largo n
quantity Of tlr currency as 10 nro,l,yc by ,ta
Withdrawal or cxnnusinn serious effect ruou
thc money 1DarEetl NU, liz. law, tlIscr,l,nai-
In, n,n,ns, th, inrrc ius;,utfnns n-nvI,ic. tho.
no one bnok, oryunized since the nc, act
OF ruIy H. 1SI1. Ia entitled 10 n circulation OF
mere than $5l0.NN In NntIount.hanEInr n
privilege conferred only upon a limited nunl6er
! ri unrsous nr mstitnttn,sl M, R,mcr Isis
w.T,ns,,.m,ww,.o ,a rru,rrr, y vnr-
30 .t- 80. tlAs' ss
ANY ninGcr oi perfons not lcss than i've. ~
any part ot tlsG country h1 n'lF rIasS ~ Focicty J
oF vocatlon III lilr, ol any political patty, who
toEsts'er can command Il carltal oi s5o.ED. inny
Under tlc law organize National hank at.l
circulate nntc8 rgua IN ninotlnt y W yer cent OF
t!c banas thev depos't. !htis ten. EWING nsh!
tin.: snm Gary nd any number o. Their Dcmo-
cratic friends eau become Aatt0naI-hhnkers TO-
morrow II they toGcthtr salse cnp!tai Of ~.
w iof tiat pnsposs. ING Natlpnal,oan
system, Jar from neln. monopol J, Is. tsltre'
fore, essentially popn'ar h!stcn'.oeas popular
system rs ever existed under any uoyerniuent.
1t II VI tl'a baiiks tnuer tAla sykton' SO owned
aud SO constituted lien. Ewsnz savs That they!
are apt 10 ret toctthcr n'ia ngfce III Erad ana!
| unrli conspiracy Upon " hlttieE Atht concerted