Louisiana capitolian., 1880-07-24
DEMOCRACY VS.. GREENBACK|SM,


Il
'aders OF your political organization n
'whotherI sympatbized with the lead
( ideas Of your political creed, ant
wing answered vaguely that | sym
lthizcd with all that is good in ever,
ccd, | embrace the occasion Of yon
iscmblagc to declare more in detail
iG views which entertain in harmony
th the Greenback Labor movement.
|, The Labor plank of the Cincinnati
iattoim is heartily endorsed by rae. i
does not go into minute speciliCa
fcctual, hold that it conveys an I'M
cit pledge to inaugurate such meas
res as will'strengthcn and consolidate
IN Dor in its struggle with the consolidat.
= hNl forces of capital What measures
Htc essential to that desirable end are
till at liberty to discuss freely.
For my own part, regarding the rcha-
,iltation of the old system of State
Ybanks rs likely to couduce to the great
advancement of the interests Of the
I;umcr and mechanic, and to the intro.
'ucion OF strong comteractng force
o the ccntralizmg tendencies of the
: (ystem Of National banks. stand
'ledgcd to support measure for the re-
zeal of the Federal law imposing q tux
pon the issues of the State banks, rs
here arc no State bank issues to he
axcd and as the law is so manifcstfy q
lead letter, | can see no good reason
Why 1t should longer cucumber the
tatnte book. These State banks, when
onsttntcd by Legislative charter, will
Inevitably be governed by o financial
'olcy friendly to the interests of Me
armcr and mechanic; ana il the one
oeks o loan upon crop making or
made, and tho other asks help to fulfill
contract requiring q large cash outlay
or material and labor, he will assurcdly
10 accommodated upon liberal terms,
materially advantageous to tho farmer
nd mechanic and to the State bank.
While restoring to these classes iinan.
ial facilities ofwhict they are virtually
deprived under the present financial
Dystcm, the same line Of policy would,
my opinion, require the gradual CHI
arging of the CIRCULATION of tic State
'ank issues and the gradual eircum-
licrbing Of the National bank issues by
healthy operation Of law. Thus: and
lcrc adopt tho Greenback and peo
"io; / favor measure to pay off each
National bond, which now forms the
'asis Of 30 per cent. of National bank
circulation, rs fast as it natures in
,rccnback, thus increasing the volume
Pi legal tender currency 10 per cent.
Pvcr the present National bank cur
1ency; tho bond to be paid only on pre-
Icntation Of all the National bank notes
(which were circulated on its faith If
he bill authorizing the payment of the
National bonds in grccnbacks should
Elso prohibit the creation of any more
banks in my opinion, u quiet, healthy
revolution, free from all commotion or
Ii
disturbance of the existing financial sys-
en- will have been achieved, and with
put any disturbance from within or
without. The neglected and oppressed
Farmers and mechanics will have had
Ftrong line of reserve of naturally friend
y allies raised mp for them, and the
ftatc, strong and reliable friends in
inc OF need. Aud the ccntraIizing ten
llcnclcs of the present system will have
been cnieebled, if not entirely elimin-
atcd.
This, gentlemen, is as far as am will |
ing to 20 in the application of green
backs to the payment of any portion
of the public debt And ! only accent
that policy to the limitcd extent, be-
cause the National banks built their cir.
culation upon the governments promi-
sos to pay their bond, and it does not
strike me as inequitablc that they shor]d !
be made to receive the governments |
PROMISES to pay i'll liquidation of their |
bond.
Your idea of paying the entire Ma
fional debt in grccnbacks, | absolutely
Icject for several reasons conclusive 10
lV Judgment. | will illustrate by stat
ing one Of the absurdtics TO which il
leads. If one nation has right TO dis
charge her debt by the issuance of her
promises to pay, another has the same
right; the comfy of nations fixes that
principle, Peru has, Just now, in re-
SlSting the Chilian invasion, been COM
peli'd 10 resort to an over-Ssue Of green
backs; one dollar in gold will buy
Sl,U III ppIlIvinu ,,r,,,;.,. Ir ,,,,, -, I.