The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1880-02-25

WHAT Is DEMOCRACY AND WHO ARE
THE DEMOCRATSi
.wAsnlNoroN, D. q, Feb. u, lssO.

\
portunity to discuss the financial question in
Congress during the present session, will,
with your permission, from time to me, as
have leisure, express my views on thissubject
through The CLARION.
II is scarcely necessary to do more than
assert that the Democratic party was always
opposed to bank paper, and that every lead.
ing Democrat of the olden times struggled to
divorce the government from the banks, and
10 prevent bank paper from being received
for government dues. While others were de
nouncing the connection between the govern
ment and banks, Mr.. Calhoun more calmly
said: "a bank note circulates not merely on
the credit of the Institution by which it is
issued, but because the government receives
it, like gold and silver in all its dues, and
thus adds its own credit to that of the bank.
It in fact virtually endorses on the note of
every specie paying bank, receivable by
government in its dues Up, SO, 3 vol. Cal
houns Works.
And here call attention 70 the same en-
dorsement which the government now makes
on national bank notes. Mr.. Calhoun said
"Why should the government mingle its
credit with that Of private corporations2 Why
not use its owncreditt to the extent Gifts own
ransactiens !? '--p. 81, Sd vol.
And after depicting the pernicious influence
of this connection, he says; "All Of which
must continue to spread and increase if this
connection should continue until the whole
community must become one contaminated
and corrupted mass page 49, volume 8. 1.-THE
war then commenced against the banks l
clearly see will not terminate unless there be
a separation between them and the govern
ment, until one or the other triumphs-till the
government becomes the bank or the bank the
government Page 70 VOLS.
The same question is now again before the
American people. The war reunited the gov
eminent and the National Banks, and the
question came up shall the government fur
nish the currency Of the country by issuing
its treasury notes bearing no interest or shall
it endorse the paper of National Banks and
permit them to furnish the currency with
power of course to contract or expand the cur
rency as the interest of the bank may require
| shall use as few words Of my own as possible
in this letter, and use the language Of Mr..
Calhoun as far as possible He says Of the |
banks: 'They were profting every way, by |
dra wing interest on the stock (stock is the
same as government bondsl by discounting it
as capital and by its continued rise in the
market. 1t became necessary to compel them
to surrender these advantages" page 65, vol.
3. THE banking system concentrates and
places the power in the hands of those who
control it and its force increases just in pro-
portion as it dispenses with metallic basis.
Never was an engine invented better calcula-
ted to place the destiny of the many in the
hands of the few, or less favorable to that
equality and independence which lie at the
bottom Of our free institutions Page lis,
roll g..
"Wesare by the Constitution made the guar
liam of the money of the country For this
he right Of coming and regulating the value
f coins was given, and we have no right what /,
yer to receive or treat anything as money,
he value of which we have no right to regu-
ate, What right has Congress to receive the
otes of State Banks as money!" land would Z
id, of National Banks either), p. 119, 3D. vol. :
Bank paper is cheap to those who make it, !
ut dear, very dear to those who use it, p. | i
%, Sd vol.
This deem sufficient to show that no Demo- Q
rat can advocate National Bank, and if i,
triking out the legal tender features of green /
acks already issued will necessarily make
lie bank notes better than greenbacks, and T
ence give to the National Banks the power a
control the whole paper money of the Union,
0 Democrat can maintain such o position. l
nd yet, John Sherman, when cross-examined (
7 Senator Beck before the Senate Committee
gently, admitted that this would be the effect ,
such legislation as he had recommended. :
ut it is said the Democracy denied the power Of
issue the greenbacks as legal tender, and N
snceit is not democratic to suffer their re-
sue now.
The Supreme Court ofthe United States and P
any State Courts have declared them consti- 81
tional. Many aCts'of Congress, for which the n,
rye majority Of Democrats have voted have Il
the circulation and reissue of a.
'eenback as constitutional. The Democracy h;
laR-abiding party, and we haze the ex- III
nple of Mr.. Galhoup for making the best we 81
N out Of existing facts. Speaking of U. S. -
inks, he said; II belong to the State Rights
rty, which at all times from the beginning
the Government 70 this day, has been oppo.
d to such an institution asun unconstitutional
expedient and dangerous. They have ever
eaded the union of political and monied
wer and the central action Of the govern 10
snt to which it 40 strongly tends and at all
mes have strenuously resisted their junction m,
me and experience have confirmed the truth an
their principles and this above all other SUI
RODS is the one At which il would be most W
ngerous to depart from them. Acting on tee
I'm have never given my countenance or an
ppcrt to National bank but under a COM po
lsion, which l felt to be imperious and 81
Ter without an open declaration of nv opin- He
as unfavorable to a bank" ~ ste
nd the connection in existence and estab. Iot
ned before my time and oyer il could have gra
control. yielded to the necessity in or da!
to correct the disordered state of the cur 1
cy, which had fallen exclusively under 1 iSq
control of the States. yielded to what sto,
Id not reverse, just as any member Of the ado
ate now would, who might believe that ,,,t,
isiana was unconstitutionally admitted he