Daily Los Angeles herald., 1880-10-08

10 tuo bybtem Ill VOBu6 IOsubys huu
, In consonance with this plan, which
has been fully tested, the United
States might issue limited
amount Of paper money. Why
this should be done by the govern.
ment and not by the banks he ex-
planned at length. AT present we
have In greenbacks and National
Bank notes about $685., ,000, 600. If all
this were issued by the banks the
Interest on the bonds required for
deposit would amount to thirty
one millions of dollars per annum,
clear loss to the government.
Under our present law there Is no
limit to the amount of currency
that may be issued by the banks
! excepting the quantity of bonds
that may be obtained for deposit.
The parties issuing this currency
are governed wholly by their pri-
vate interests. They conduct their
business 30 as to make the most
money for their stockholders. If
the amount of currency is increased
property values increase, and If
the currency is contracted the
prices OF property decline. Thus
with this power over the currency
the bankers Of the country can con-
troll the property values OF the
country. This Is a very dangerous
power to give to any man or any
appropriations. Mr.. Irwin appeal
ed to Greenbackers to vote for the
Democratic candidates on the
ground that no change in our pres
ent system can take place while
the Republican party remains ia
power. To vote for Weaver is to
contribute to the election of Gar
Held. The Republican party is the
supporter Of the banking system,
while the bulk of tho Democratic
party are in opposition to that sys-
tenn. 1t is a traditional sentiment
of the party. General Jackson op.
posed the issue Of money by bank |
On constitutional grounds, and sue
ceeded In crushing out the evil |
when it had become source of DO.
liticel corruption. The National
Banks will soon, unless checked,
become the greatest power in the |
United States. Although organ
lied for business purposes, they |
unduly influence Legislation, and if |
the people value their liberties they
will not permit such power to |
grow up among them.
THE CHINESE QUESTION.
Governor Irwin reviewed the |
history of this issue, replying ut
considerable length to the ques-
tions in a morniug paper and show
ing that all the privileges that have
ever been granted to the Chinese,in
America have been granted under
Republican administrations. He
referred to the Gorham campaign
In this State; to the endorsement
of GOrham's views by the Republi-
can party. Since then the Repub.
lican leaders In this State have
seen the error of their ways, but
they have failed to convince their
brothers on the other side Of the
mountains, and the position of the
Republican party is to-day essen.
TALLY the same as that occupied by
Gorham when he proclaimed "the
fatherhood of God and the broth.
erhO0d of man." Governor Irwin
detailed the votes of members of
Congress on the Fifteen Passenger
bill, showing that while more than
four-fifths of the Democrats in
Congress were opposed to Chinese
immigration, a majority of tho
Republicans favor 1t. The South.
ern Democrats almost to man
voted to restrict immigration, not.
withstanding the charge that the
South favors coolie labor.
The affected alarm of the Repub-
licans that the Democrats may, If
they get into power, vote TO pay
the Southern war claims, was re-
ferred to and effectually put at
rest. Not only does the Constitu-
tion prohibit 1T, but hancock has
voluntarily pledged himself to
veto any such measure.
THE CONTEST FOR CONGRESSMAN.
Mr.. Irwin said that If Godfrey
could be elected to Congress he
would not be In accord with the
administration, and would there.
fore be comparatively without in
fluence. The only other man in
opposition to the Republican can.
didate is Mr.. Leach, and on him he
urged all Democrats to unite. I'll
any are opposed to Mr.. Leach on
personal grounds they should, new
ertheless, vote for him on public
considerations. All who desire the
success of the party should sustain
the nominee for Congress. If any
mistake was made in the nominn-
nation it is now too late to remedy
1t. There is no choice other than
Mr.. Leach or Mr.. Pacheco. Per-
sonally the speaker declared him.
self friendly to PachecO, but he
considered him inefficient and
without Influence as member of
Congress. The interests of
this district, with Demo-
cratic President and
Democratic Congress can cer-
tainly be better secured by Mr..
Leach than by Mr.. PachecO. He
referred to tho neglect Of Pacheco
mington Harbor afterwards in
serted in the Senata) and spoke of
various other proofs OF Pacheco's
inefnciency, averring that the gem
eral interests Of the district demand
the election OF Mr.. Leach.
After referring briefly to the me-
cessity that exists for the election
of Democratic Assemblymeu, in
consequence of the choice of United
States Senator and the redistrict.
ing of the State, Mr.. Irwin referred
to the characters of Garfield and
Hancock. closing with an eloquent
tribute to the ability and honesty
OF the soldier statesman.
He predicted that Hancock
will rank among the great Presi-