Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1880-10-27
structing committee to report bill to
withdraw all national bank circulation.

withdraw all national bank circulation,
and to issue greenbacks in its stead. re-
ceived So Democratic votes in the house,
with only one Democratic vote against it.
From that day to this there has been no
evidence that the purpose of the party
in this respect has changed, and bills to
CARY that purpose into effect are now
pending with very strong support. If
the Democratic party should ever secure
the executive, most strenuous effort
to break up the banking system
would undoubtedly be made.
The fear of disastrous changes would
PROSTATE the public credit almost as
much as those changes themselves. Even
though none of the unwise steps con-
templated should finally be taken by the
Democratic party, still, a large proper
ton Of the people would fear them, and
would act upon that fear. Creditors and
investors abroad would fear them, and
would act without delay. Men would
make haste to get out of danger before
the anticipated blow should fall, and the
panic to escape from supposed peril
often results in greater loss of life than
the dreaded catastrophe. We have to
face the fact that almost every great
financial interest would be threatened by
Democratic success. If the blow should
never come, the mere threat might do
irreparable and incalcuable injury.
Bond-holders by the thousand, distrust-
ing the party by which payment of bonds
in deprecated paper has been urged for
years, might make haste to realize. But
these sales would PROSTATE credit scarce
" less than the dishonest measure
feared. Banks, saving banks, and in
surance companies, apprehending that
their assets might melt away beyond the
limit of safety by fall in bonds, would
make haste to sell. But the selling
would soon depress the price so that sur
plus reserves would vanish. Bankrupt
cy for few institutions might in
volve bankruptcy for many, and that
would mean loss of their savings for
millions of people. * Public
credit means what the people think about
the honesty and solvency of their gov
eminent. What the government can
really do and will do has little effect, if
the people have fixed belief about the
matter. The fact cannot be denied that
in the financial and commercial world
the Democratic party is profoundly dis
trusted. It has done nothing for years
to remove distrust, but very much to iu-
crease it. The fact is noted that the
Democratic party is largely controlled
by the south. But the south has but
small part in the investments, the COM
merce, or the Industries which change
of policy would affect. It is essential
ly agricultural. It employs 6. 5 per cent
of the manufacturing capital of the
country, only 5.3 per cent Of the money
loaned by banks, only per cent. of the
tonnage used in domestic commerce. and
only Taper cent of the freight cars used
on railroads. OF the holders of the
United States bonds, probably much less
than One-tenth are in the southern states.
None Of the loan and trust companies
are located there. Out of 209, 900 share
holders in national banks, less than 2O,-
900 are in all the states formerly slave
holders, and only 64,353 depositors in
savings banks out of 2,204, 900 in the
whole country, or less than 8 per cent.
In short, the south has but
an insignificant share in the i'm
mense and complicated system
OF OvumerUo, naonufooturoe, in-oet-
ments, savings, vast credits which rest
upon the public credit as q foundation.
This is not suggested as reproach, but
it prompts the question whether any
business firm would turn over the man
agement and the co ontrol of its affairs to
the partner having the smallest interest
in the concern? If the United States
entrusts the defense and maintenance of
the public credit to that section which
has the least share or interest in it, or
in the diversified industries and COM
merce which depend upon it, there will
be real reason for apprehension. We
can not forget the origin Of the public
debt. The people of the once rebellious
states do not forget that the debt was
created in suppressing the rebellion.
Even in the payment Of debts contracted
by themselves, and for their own advan-
tage. Southern communities have not
been conspicuous for their fidelity. Can
it be expected that they will be more
eager and scrupulous to pay, according
to the letter and in any emergency, obli-
cations created in putting down a rebel
lion which they made and sustained
The men who expect a thing will not be
thought sagacious by the civilized world.
Nay, more; transfer of all care of the
public credit to party politically con-
trolled by and dependent on the south
will seem to all the world little less than
public proclamation that the people
of the United States are weary of pro-
fectino its credit and having its debts.