The Republican. [volume] (Oakland, Md.) 1877-current, 1880-09-18
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tic exchanges. Under the old State
bank system the transactions of COM
merce were constantly impeded by
the lack of national note circulation.
An immense brokerage charge was
imposed upon the industry of the
country by the. existence of so many
local currencies. The Comptroller of
the Currency has estimated the aver
age cost of Southern and Western
exchange on New York in 1859 as
not less than from l to II per cent,
which ut present would amount to
charge upon internal commerce of
about sixty millions annually. The
losses to creditors and shareholders
of the old State banks were ehor-
nous. The loss to nOtehOlders is
estimated to have been per cent.
annually upon the total amount Of
outstanding circulation. In the year
1871 alone 55 banks, with an aggre-
gate capital of $67, 900, 265 and $685.
SIT 1852, failed, losing their entire
capital in almost every instance.
During the three years ending Janu-
airy 1, 1879, the losses occasioned by
failures of State and savings banks
and private bankers are estimated at
S32, 6l6,661, while the losses occasion
eel by all the failures of national
banks since the establishment of the
system are only 6,240, 149, none of
which fell, of course, upon netehold-
ers. The influence of the national
banking system in aiding the pro:
gress of the nation has been very
great.
In the tariff legislation of the Re.
publican party, open AS it is to crit
icism, an intelligence and consist
ency is displayed that associates with
Republican supremacy the hope and
promise of the wiseSt settlement of
this class of problems. The indus
trial activities of the country have
expanded immensely under the ope-
ration of Republican tariff laws, and
at the same time some disposition
has been shown to avoid undue bur
dens to consumers for the purpose of
protecting special industries. During
five years previous to the establish
ment of Democratic control in the
House, large reductions of duties and
internal revenue taxes were Iade,
while since then the whole customs
duty abolished has been the quInine
import and the taxes on whisky and
tobacco have been reduced. the
great danger to be feared in tariff
legislation is violent change. The
existing tariff needs revisit n, but in
practical legislation no blank tablet
is ever presented in which the best
theoretic design may be traced, and
the effect of disturbance of existing
adjustments must always be taken
into account In dealing with matters
of this sort.
Here, then, are matters Of vita!
importance 10 the interests of the
country, in regard to which there is
nothing to be hoped and much to be
feared from the Democratic party.
AS it formulates no policy, announ-
ces no plans of legislation, we may
only speculate as to what it will do.
1t is plain that the interests involv-
ed are too important to be entrusted
to inconsiderate hands. The resump-
ton Of specie payments is SO far an
equalization of value between gold
and paper, and not a redemption of
the governments long dishOnOred
demand notes. The policy of let
alone will not be enough to give per-
maneney to the resumption, SO that
gentlemen who entertain Democratic
sentiments. while compelled to ap-
prove Republican fiscal management
cannot soothe themselves by the
thought that Gen. Hancock if elect
ed would be able to hold the Becks,
BANDS, and Ewings in check by his
veto power. Careful legislation on
these subjects will be necessary, and
of this there is no hope save in the
ascendancy of the Republican party.
Political change is gradual, and there
is NO population in the world SO fer
tile of resource and ingenious in ex.
pedient for escaping the consequences
of bad economic legislation as our
own, and yet, after all allowance has
been made. the business risk of turn.
ing over the control of the govern
ment to the motley and clamorous
mob, whom common appetite for
spoils gather under the Democratic
banner, are too great to be deprecia-
ted Baltimore american.
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When Garfield was President of
Hiram College, he presided one day