The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1880-09-25


The system is not monopoly; it is free
to all who choose to invest their money
in it. That it is not unduly profitable is
shown by the fact that capital is not
withdrawn from other channels and EN-
ployed to start new banks. Much of the
Democratic hue and cry against the banks
grows out of Il lingering hostility to sound
money. If the bank notes can be got out
of the way and their place supplied by
greenbacks, the burden of maintaining
specie payments, now divided one, will
all be placed upon the treasury. and at
the first financial furry suspension will
be pretty sure to come. Then there
would be fair chance for reviving the
old initiation and fiat money schemes.
The banks are the chief obstacle in the
way of all projects for Il tluctuating and
deprecated currency. As long as they
possess the power Of issuing notes, no
pretense that the country is suffering for
the want of enough currency to transact
its business can be successfully set up.
because it is evident that if more cur
rency is demanded the banks will find it
profitable to increase their issues. The
banks afford exactly what the Initiation
lists used to clamor for in the times be-
fore resumption, a flexible currency, self
adjusting to meet the wants of trade.
But this currency is sound stable in
value, and convertible into real money
features which make it Objectionable to
rag money advocates like Mr.. Ewing,
whom the Democrats ran for Governor
of Ohio last year, and Mr. Landers, whom
they are running for Governor of Indiana
this year. An irredeemable paper cur
rency, regulated in volume by act of Con
gress, and applicable to the payment of
government bonds, is the financial scheme
which the men who control the Demo-
cratic party still cherish. The feature
of no redemption is not now generally
avowed, but it is necessarily involved in
the scheme, for it would he impossible
for the treasury to keep seven or eight
hundred million dollars of paper afluat
at par with coin if a monetary crisis
should come. The substitution of green
backs for bank notes means, therefore,
the abandonment of special payments.
Business men who have given any atten-
~, ~, ~,
know this; they know too that apart
from the matter of redemption the pro-
be made without a serious shock to the
business community. They are appre-
hensive that the Democrats would &c
further than taking the circulation away
from the banks, and would strike down
the whole banking system, with all its
safeguards and beneficial checks and bal
ances. and throw the country back to
the old system of State banks not amena-
BILE to the national authority. Such 4
change would be Il calamity to the bust,
ness interests of the country of SO seri-
Gus Il character that its evil consequences
can hardly be foretold yet the State
rights advocates of the South who arc
potent in shaping the legislative work OF
the Democratic party in Congress would
unquestionably make it if they had the
power. They have always maintained
that the constitution gives Congress nc
right to charter banks.
The attitude of the Democratic party
towards the present tariff system is still
another cause for the reluctance of the
business public to trust it with the adj
ministration of the government. Out
side Of the States largely engaged i'll
manufacturing, the party is almost solid
in its opposition to protection, In the
West and South it openly favors free
trade It's National platform demands
"a tariff for revenue only the old
phraseology of "a tariff for revenue af-
fording incidental protection to home in,
dustries'' having been changed to a
square avowal of opposition to the pro,
tective idea. \ tariff for revenue only
means of course, one with duties SO adj
.iusted as to encourage importations and
produce Il large income for the treasury.
Heavy importations imply Il small pro-
duction. The logical conclusion from
the tariff plank of the Cincinnati plat
form is that the Democracy intends Sc
far to reduce duties as to enable foreign
ers to fill our markets with their goods
and undersell American manufacturers
Such a policy carried into practice would
have the same results as did the Demo
cratic tariff legislation of 1S46-it would
close hundreds of manufacturing estab
lishments, depopulate many prosperous
towns and villages in the New England
and Middle States. and throw thousands
of mechanics and operatives out of en-.
ployment.
The existing tariff law is undoubtedly
faulty in many respects; it needs a thor
ough, intelligent revision. or such change.
from year to year as will adapt it to the
new conditions of trade and industry
but Il radical change based on the entile
abandonment of the protective principle
would be disastrous i'll it's effects on the
business interests of the entire North
1t would involve loss of millions of in
vested capital and Il reimbursement of la
Dor which could be effected only at the
cost of an immense amount of suffering
Ev, the most enthusiastic free trade
doctrinaire would hesitate to intiict all
this immediate loss and misery upon the
country for the sake of the theoretical
probability Of future benefits. He would
at least consent to make only a few
changes first, and to study their effects
before rushing on to the full accomplish
ment of his ideas But the Democratic
party bluntly diSposes of the whole ques
ton in five words. and declares its pur
pose to strike down the entire complex
system of protective duties at one blow
We might dismiss the Democratic
tariff plank rs mere political clap-trap
not likely to be carried out in legislation
were it not for the great power of the
South in the Democratic party. That
party survived the war only because o.
its expectation that the rebel States
would come to its support as soon as they
got back into the Union, and it now ex
lists as National organization only by
the powerful alliance of that section
Withdraw from it the electoral votes ant