The daily gazette. [volume] (Wilmington, Del.) 1874-1883, 1881-02-28
SECOND EDITION
THE FUNDING BILL.
CONGRESS NOT TO BE BULL-DoZED
AND THE MEASURE TO BE CON-

1t is the opinion of some cautious
and conservative men that the oppo-
sltion OF the national banks to the
bill and the means some of them
have taken to show and enforce it,,
are likely to have far reaching con-
sequences not of a nature to benefit
the country. Some Congressman
who were originally opposed to the
clause in the bill forcing the banks
to redeem their bonds with their
own bills, are now strongly in favor
OF 1t. They say that the events of
the past week have shown hitherto
unsuspected power of combination
in the national banks, and have dis
closed that number of banks may
at any time by combining cause a
sudden contraction of the currency
which would derange not merely
speculation, but the legitimate busi-
ness OF the country. They say that
TO prevent this danger is one of the
first and most important duties of
Congress, and that the Carlisle
clause, interpreted as the banks
have understood it, is the shortest
way that now offers to protect The
business OF the country in this day
OF gigantic combinations agains. at
lacks on the general stability of
trade and industry.
A CONGRESSMAN ON THE BANK
MOVEMENT.
An experienced and cautious rep.
resentative said TO your correspon-
dent while discussing this view of
the matter.:-"Thls however, does
not cover the entire and future con-
sequences Of the present attitude of
the national banks. The national
banking system Is the best and SAT-
est this country has ever had, but 1t
is undeniable that there is a great
deal of popular opposition to it and
prejudice against it in the West and
South. Those democrats in the
House who have shown hostility to
the system understand their people.
Now it was, in my judgment, of
great Importance to the maintcnn
ance of the system that opposition
TO it should not increase ON any just
grounds.
''I think the present conduct of the
banks hasty and i'll considered, and,
above al entirely regardless OF the
public welfare. 1t is we'll calculated
to intensity suspicion and dislike to
them. Il gives the Greenbackers a
new hold ON the sympathies OF the
farming class in the Western and some
Middle States aud on the planting
class i'll the South, especially the small
planters. The Greenbackers will make
of the point that the banks within the
last week have shown that they can,
whenever a few of them choose to
combine, throw the country into a
panic, derangc prices, stop the move
ment of crops and do infinite mischief,
and they will point out that there are
a dozen or more great habitual specu-
lators in the country any one or two
of whom can, if he wishes, produce
this result. 1t would not surprise me
at all if the aboli lion of the national
banks, the repeal of the bankin law,
and the substitution of purely green
back circulation should be found here
after to date from this week, and tn at
will open the door to endless mov O.
ments for inflation."
.'But, would you not have the banks
protect themselves" was asked.
A STORM THREATENED FOR NATIONAL
BANKS.
"The banks" was the reply, "ought to
have had modei alton and sense enough
20 see that their present. movement
IL i'm. Ia.
important to maintain and perfect. They
should have seen that the next Congress,
which VIII meet in December, and may
meet earlier, being under Republican
control anu therefore friendly to the
banks, would take care at once to adopt
such 5menuatory legislation as would
remedy all tho banks row fear. If they
had been patleut, they wUIld have gol
without opposition, in few months, all
they could properly ask for In the shape
OF reliet of every kind, for there are
many Democrats favorable 10 the banks,
aud the Republicans are, of course,
lhsir trends. As matters have now
gone they have given new and, In my
Judgment, very strong impetus TO at
tAcKa on the banking system which even
the Republicans may not In the end be |
able to withstand. 1t is this which ! |
SEE with more uneasiness than any mere |
temporary Inconvenience to the pnblic |
or the banks. The House will, think, |
undoubtedly pass a bill, which l should |
think the Senate would at once agree to, |
oohging the Secretary of the Treasury |
10 issue gieenkacks dollar for dollar |
against every dorlar of bauk circulation
withdrawn. But you can easily see what /
trouble this will make IN the ftuure.- |
Gteenbacks issued mean, or ought tto |
mean, gold In the Treasury to redeem |
them aud il may happen that the Secre- |
Tary will lind IL di tliCult to get and keep |
gold against new issue OF greenbacks. |
In fact, the present condition seems to /
me TO reopen perilous or, at least, an |
uncertain future"
INFLATED PRICES.
"Mr. Sherman gets the thanks of Wall |
street for the relief he has gwen and |
promises, aid, as the EN- ergeuoy IL sudden |
and artificial, warded Off "A panic caused |
by the banks, whose first duly 1t should |
be to prevent panic. Doubtless he is |
right. But IL ought not To be forgotten
that speculation has been rampant for |
months. That all street prices are ali |
,ormally high, and that the habit of
looking TO tho Treasury TO maintain in
nated prices is in every way pernicious.
fhe cOuHtry cannot go on forever baIanc-
ing u broom handle ON the end OF Its
nCSe Yet that is what is going on. Peo'
pie peculate as tn ugh we were not in
the midst of n great Sill eT. paper and gold
lnfaLion, ami wheu they get check
tuey cry cut TO the T. easury TO help them
out. That means, by and by, when a
real ard great emergency arises, an inn
peTutive and irresia table demand for
new and Independent issue OF greenbacks
without regard to withdrawal II bank
cuCu alton.
'The legal ender deposits made in the
-. IN