Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-03-03
A DESTROYING Victory.

a DcstTOyuS SlCtVIys
If the Republican leaders think that
their party can stand the issue that has
been made by them on the funding bill,
they have abundant faith in its native
vigor. The question, as it has been made
up and now goes to the country, is essen
italy one between the national banks
and the people. The Democratic party
in Congress determined to pass bill
providing for three per cent. loan to
take the place of the four and FIVE per
cents that are now redeemable and
which are largely held by the national
banks as the basis Of their circulation.
n N5turally the banks did not want to
make any such exchange. 1t has been
their interest to defeat the funding bill.
They tried to do it in Congress, and they
failed. Their influence over Mr.. Hayes
has been sufficient to secure veto.
For the moment they have sue
ceeded. But their victory will prove
their destruction The issue could
not he more advantageOusly placed for
the Democratic party. 1t was madness
in the Republican leaders to give us this
position: and they did not do it. 1t was
the bank interest whc! pressed the Re
publican party into the position which
it occupies.
The question in its nakedness is very
simple, and the people fully recognize it.
Shall the national banks control the cur
rency of the country, and dictate the
amount which shall be paid them by the
country f"r doing it
These banks We're organized to aid the
nation in securing currency of equal
Value in every part of it, and which
Should be freed from the danger of
sudden intiation and contraction Nine
tenths Of the money leaned by them 10
the government, At four, i've and six per
cent, has been returned 20 them with
oui interest. Congress, considering that
we:;Te !saviDg too dear for our whistle.
proposes 10 reduce their gratnity to the
baiikS to three per cent. Grown fat
upon the nations gift, they have come
to consider it rs right {; and
pensioners though they are Oh the ma
tion's bounty, they dare to set up their
power against il and to seek to dcrange
its trade for the purpose of alarming the
people representatives into giving them
another half per cent. Of interest and SO
sweetening the funding bill as to make
itagreeable to them.
They have O:er-reacheu themselves.
Tney have shown their power it is true
bat they would have been wiser to have
concealed ii. Til" sharp claws, hidden
in the paws of the creatures the nat ion
created and palnpcred, have been dis
covered. The masters of the menaserie
find that the animals are too dangerous
to he permitted to roam about. They
must be rendered inoffensive or put
away entirely.
There can he no question any longer
that the national banks, as they at pres.
ent exist, cannot be endured. Public sen.
timent is pronounced against them. The
value they have been supposed to have
Atlo uCf'lC
ly demonstrated danger from their sell
fish action. When the people consent to
pay three per cent, or one per cent, OF
anything, to a set of banking corpora.
tionS they want 10 have value for it.
Our legislators will not be permitted to
give away valuable privileges without
corresponding national benefit. We have
been taking the benefit of the national
banks for granted. Lo! suddenly our
eyes are opened. And they are noxious
in our sight. They have been o; ad.
vantage to rs in furnishing us with a
uniform currency, lis good as Il govern :
ment obligation. but no better. TIE
bank note must give way to the treasury
note.