Daily Los Angeles herald., 1881-02-27


! xns sasasu - slasH Friday.
Short u The insolence Of the old
Dank Of the United States, that
hydeo-hsadsd monster which the
dauntlsse Andrew Jackson crushed,
there has bsen no such infamy ~
~ ldte attempt Of the National
Bank 70 get up . panic because
the government. Of the United
oeatee choss to issue . three per
oonk loan to replace tho six hun
1gud mllllons Of six per cents
which viii fall due in July next.
~ the eriticAl moment John 5her-
nan. the Secretary Of the Treasu.
~ did his duty, and ordered large
palphasss OF the bonds ct current
xa1os. II he had failed to discharge
ohdo lmmtnent obligation OF his
q ~ his name would have gone
deWn - posterity in that limited
sease which the attaches Of an
Asnoelonn rehabilitation can conn.
man1, covered with obloquy.
Whlle he has demo his duty he has
49, u In . tardy and psrfunctory
r1Annsr. The American people
WIN nol soon forget that John
0Aoeman,. when the funding bill
- bslng discussed, went out of
~ way to say that three per cent.
~ amman was too little for . loan
q the United States. Why should
~ this proud and imperial gov.
eEnment, whose natural riches are
uaexauplsd, and whose popula-
~ has Increased q clean twenty.
Avo per can't. and . fraction over
daring the last decade, not borrow
monsy y cheaply a. England, with
~ scattered power, and her hun.
~ irons In the IRE Ut once? We
nay ask Why, and not even the
vAeuous echo will answer US
back. In addition to having the
abstract right to place a loan at
thrse per cent, the government Of
ths Unitsd States has special fscil-
ltiss for making the success Of the
lean instant and unquestioned. The
National banks have today q
circulation, based upon United
6tatss bonds, slightly rising on
three hundred and fifty millions Of
dJllars. For every bundled thous.
ma dollars OF bonds deposited by
these banks with the Treasurer Of
tie United States they have re-
aeived ninety thousand dollars 10
currency. This currency they have
used ~ money. They loan it and
lvosivs interest upon their loans.
u addition, they receive interest
upon their bonds. For fully if
TEEN years the National Banks
have bsen the beneficiaries Of the
moot unsxampled libsrality ever
showsred BY any government on
any class. They have waxed fat
aad incident on Indulgence, and
have kicked. Some of them, at
least, have made an assassin at.
tempt to stab the nation. The con.
spiraey 10 scandalous beyond pre-
oedent. Let the Congress of the
United States stand Arm. II the
creatures they have warmed in
their bosom turn viper and sting
them. why let these ma.
tional leeches have expansion
until their heads shall reel.
Let the motto be, "a little more
grape, Captain Bragg" transmit
ieg gsaps and canister into green.
Racks. II the National Banks,
aftsr years Of favoritism, at the
nrst blush Of impartial justice,
want to close out and inaugurate q
panic. lot them do 60 aud blank be
blanksd to them. They are essay
ing the device OF . futile threat,
which they never would have at
temptsd II Sherman had not first
played with his fingers on his nose
and Winksd to them winks of pro-
found import. Fit is designed to
slguaIiss Garfield's Inauguration,
alter oil the roseate promises and
blagnsy, With this kind Of a "busi-
nsss boom,' why let it come. We
are willing to see, from financial
poInt Ut view, cry Of havoc 60 up
r. the highest heavens, with an
uoleosing Of the dogs of war. 1t 10
70 the honor Of the Republican
moubers Of the United States SEN
~ that the new funding bill,
. II that closely balanced body, was
paasod by nm overwhelming ma
jorlty. Let not the Congress falter.
The people Of the United States
Will close up around that body like
. etene wall in its discharge of .
solemn duty, and the insolsnce be-
gotten Of pampered wealth will al
meee sursly quail. Should 1t fail
% DO -, then enter Monsieur the
Demagogue, with the most invit.
ane fold ever offered for his efforts
- thle fair globe of ours.
e .I..2s..--..-
4 DRIvE Of thirty odd miles yes
ferday has shown US that the de-