New-York tribune., 1882-04-24
Dr,fOCRAcY AND THE BANKS.

The course of Mr.. Randall SHOWS tnaU lie, dI
least, is able to appreciate the folly OF the
Democratic members of Congress in opposing
the Bank bill. He sees, as other people DO,
that the National banking system is strong III
the regard of the people, and will never be
broken down with their consent. But Mr.
Bland. and other members, who represent the
unreconstructed end of the Democratic party,
insist upon measures which have no other rea-
sonable intent except the complete extinction
of the banking system, and they pursue this
nlan at q time when it is obvious that extra
ordinary loss to the public may result from
their opposition to the pending measure.
The pretcxt chosen is that Congress, before
If permits the extension OF bank charters,
ought to insist upon the requirement that only
81. .OOO. 600 of circulation should be retired
within any month. But if this is reasonable,
it must be in the last degree important to
prevent such a surrender. That implies that
Congress would permit and the banks would
make it, but for the prohibition aud that tie
surrender if made, wOuld be very disastrous
to the country. In fact, all know that rapid
surrender of bank circulation would be eX-
ceedingly disastrous The harm to the country
would be immeasurably greater than any harm
to the banks. But some Democratic members
are eager to expose the country to that loss,
whatever it may he, in order that the Demo-
| cratic party may be able to say that 1t has
done something against the banks. They know
that a surrender of circulation, of more than
| ten times the amount named in their amend
ment. would be made within a very short
time if the extension of charters should be re-
| fused But they stick to the amendment,
right or wrong, because it gives them pre-
text for pretending that they are hostile to the
| banks.
| 1t is high time that legislation on this con-
temptible platform should cease. The Demo
| cratic members have no right to put the
country III great danger unless they can have
their own way about the form OF pending
measures. Nor is it decent to delay action on
the excuse contemplated. Restriction OF The
surrender of circulation by the banks may ol
NAV not be wise it seems to us not wise. Bu
il is contrary to public interest to decide ques
ton so serious with sole and express regart
to the supposed success OF party.
The amendment proposed, though adopted
by the Senate on motion OF Genera
Howlcy. had Just relation TO the bill
then pending. and has no proper relation
| whatever WV
Uouse. The National banks have now th
rirht TO surrender their circulation whel
they please 1t is not possible equltabl.
TO deprive them of that right, unless by con
ccssion of equivalent franchises But they ash
no favors. They ask only to be left free L
retire from the National system whenever the!
see fit. Very many of them will retire within
the next two months, unless Congress makes l
desirable for them to continue the nOte-lssuln|
business. The object of the amendment pro
posed, in connection with the bill pending II
the House. is to prevent the reorganization o
banks, and thus TO cause sharp contraction
of loans and of currency.
The right way to deal with the banks is tn
honest way They have served the public fo
twenty years, and 10 one can deny that the.
have served the public remarkably well If tn
Democrats wish to break down the National bank
ing SYSTEM as many Of them seem to desire
they can do so honorably and manfully by re
fusing to provide for extension OF the charter
of National banks. The responsibility whlcl
they will thus assume. though it is large, ma.
not stagger party which has already takel
the responsibility of opposing measures for tn
restriction of human slavery, or for the sup
preston of rebellion. The Republicans cal
afford TO meet the issue thus presented, bu
they earnestly desire, for the public good, tha
there may be no violent contraction of loan
or of circulation compelled by Congress during
the next half year.
l