Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1881-12-17
MIR. ARTHUR AND THE NATIONAL
BANKS,

few days ago.. 'tWere you not mistaken
when you said in your last paper hal
the president 10 his message had shown
himself to be servile to the national
banks?" He then instanced IN support
of his view that portion of the document
in which the president indirectly rec
commended that 1.-The national banks may
properly be forbidden by law to retire
their currency. except upon reasonable
notice OF their intention SO to do"
We certainly had no intention of mis-
constituting Mr.. Arthur. In condensing
his too long message we gave our read.
ers its most interesting and valuable
points, and cheertully bore testimony to
Its having been we'll written. Lengthy
as was the document it bristled with
statements OF fact and practical sugges-
lions, and wal as different in that re-
spect from the q platitudes OF
Mr.. Hayes as it we'll could be. Further.
1t was q business paper. and in its
avoidance OF purely political questions.
even though such avoidance was for
prudential party reasons, it possessed a
merit rare in the messages of republic
can presidents.
But, 20 the question. 1t will be re-
membered that the democrats in the last
congress passed 8 per cent. funding
bill. The banks protested against 1t,
and, in order to intimidate Mr.. Hayes.
withdrew a large amount OF their circu-
lation-so much at one time a. to threat
en- q panic. They had said that the 8
per cent. bill should not become a law,
and they we're ready to wreck the busi-
ness of the country rather than that
their threat should not be enforced. With
the same old pride OF power which
Nicholas Biddle Infused into the Bank OF
the United States in Jackson's time they
practically asserted that they were
stronger than the government. Untor-
tuustely for the country Mr.. Hayes did
not have the moral courage which
characterized Old Hickory, and the
tanks made their assertion good. They
were stronger than the "strong govern.
ment' OF which the republican party so
lavlshly boasts. MIR. John Sherman was
secretary Of the treasury then-Mr.
Sherman. the friend of the banks; the
friend of the syndicates. He wa sue
coded by Mr.. Window, . man much
more en- rapport with the people. and
the treasury report though %ostensibly
made by Judge Folger was prepared
under Mr.. Windows supervision. The
scandal raised by the shameless ''bull-
dozing'' OF the national banks was SO I'M
popular that it could not go unnoticed,
and the secretary Of the treasury briefly
alluded to it. Mr.. Arthur does not say
OF b 8 own v%olitiou that the banks should
not be permitted to surrender their cir
culatlon. etc.; he does say:-'The
secretary advises that the issue of gold
certificates should not, for the present,
be resumed, and suggests that the
national banks may properly be for
hidden By law to retire their curren-
cy, Except upon reasonable notace of
their intention SO to do. Such legis.
lGtion auould seem to be justified by
The recent action of certain banks
on the occasion referred to in the
secretary's report" "Would seem to
be justified" Well. yes; rather. He
could hardly pass by unnoticed SO serl.
Gus a subject. He could not uotice 1t
and say less, without involving himself
in the scandal which even national bank
newspapers were forced to condemn.
This mIld-manered criticism will
never be needed BY a republican con-
gress ; but what w object to more seri-
ously than this faint condemnation,
which practically excuses, are senten-
ces like these :-"I approve the recon-
mendation of the secretary of the treas.
ury. that provision be made for the
early retirement OF silver certificates.
and that the act requiring their issues be
repealed. They were issued in pursu-
ance of the policy of the government to
maintain silver at or nea the gold
standard, and were accordingly made
receivable for all customs, taxes and
public dues. About sec. 900, 900 OF
them are now outstanding. They
form an unnecessary addition to the
paper currency, a sufficient amount of
whach may be readily supplied by the
national banks"
What more a the banks ask than
the statement that "a sufficient amount
of currency may be readily supplied BY
the national banksP' .
MIR. Arthur then proceeds to elaborate
bis idea of reducing taxes by advocating
a repeal OF the law by which ''bsnks
and bankers are assessed upon their
capital aud deposits"
When we consider the demand he
makes to cease the coinage OF silver; to
repeal the laws authorizing the issuance
OF gold as we'll as silver certificates;
the cool assertion that the national banks
can supply all needed currency; and
hen the argument which he injects
into his message to relieve the banks from
taxes, we are fsin to think, that W 18th all
their %stupendous i~mpudence the banks
could not have had the e%frontery to ask
him nor boldly to advocate the meas
ures which they desire accomplished.
Elsewhere we critlcise the presidents
message adversely we desire, also. to
say a word in its favor. Mr.. Arthur is
the first republican president to defy a
certain element in his party by emitting
from his message to congress vile
filings at the people Of the sou h. lie
has INDUCED III nc clap-trap about re-
bellion. and the danger OF trusting the
intelligence OF an entire section of the
country. There IS more in this refusal
to impugn the patriotism OF the south.
ern people that will break down the old
and effete hatreds Of the past than in a
dozen Pharisaical, canting speeches OF a
man like Hayes. For thus departing
from the conventional course OF his
party associates, Mr.. Arthur deserves
The applause of all good citizens. 1t
may be that he has learned that the
| bloody shirt has served its dav. except