New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-04-05

| " Democrats were not vet ready to forgive the
"National banks for furnishing money to the
Government to put down the rebellion" The
objection to this remark is that IL was strictly
true.
Only nineteen Democrats voted Tor the
motion to secure consideration OF this measure
Yet it had been plainly shown in the debate
that the passage of the proposed Dill was eX
ceedingly important to the people, ana OF
scarcely any importance to the banks Ii was
shown that 400 banks would go out OF existence
before action could be taken at another session
of Congress- To the banks, this would make
little difference. They can reorganze under
the present law, and the small cost OF such
reorg anization will fall upon their customers
But the incidental losses which must inevitably
follow such a step will be very great, and VIII
also fall upon the public. The Controller
holds. on account of those banks whose present
terms expire this year, not less than S|5,ooo,ooo
in bonds to secure their circulation. If Con-
gress, by refusing to act at this session, COM
pels them TO 90 into formal liquidation, they
will be obliged to deposit $4,000, 600 IN
money to provide for the redemption OF their
old notes, even though they may Immediately
reorganize and apply for new circulation under
new Names On one day the terms OF 293 banks
expire. and they will be compelled under the
present law to deposit $40, 100000 of money
three times rs much as was deposited in Fcbru-
ary of last year, when the Carlisle bill caused
such disastrous panic. These banks must col
lect the money from business men, merchants
and manufacturers, to whom they have Loaned
$3.50, 900, 900. The enormous contraction Of
A. no M
would cause great disaster
All these and other pertinent facts were
plainly stated in the discussion, especially by
Mr. Grape and Mr.. Hardenbergh, members OF
opposite political opinions. But the Democrats
voted nearly four to one against even giving
time for the consideration of measure 10
avoid the grave evils portrayed. As some OF
them declared, they wished to see the National
banking system destroyed at any cost. But Is
it common sense to inflict enormous losses
upon the country, when the doing so Will en-
tircy fail to destroy the hated system III Ma
tional banking is profitable, the banks whose
terms expire will reorganize, because they can
do so under the law. The spite of Democrats
will fail to prevent the reorganization, with
new terms of twenty years for each bank All
that it will accomplish will be to inflict meal
culable losses upon the commerce and industry
of the country, to no possible end, good or pad.
But this is precisely what is to be expected
from men who are governed by yindlctlveness
on account of the overthrow of the Rebellion
Mr. Hardenbergh is not the first loyal Democrat
who has realized with shame and pain the pre-
vailing tendency of his party. lie and others
know that the party has been governed for
years, in respect to National banks and In some
other matters, by rooted hatred of the men
and influences which caused a Democratic re-
bellion to fail Good Democrats of the North
who had no sympathy with the l. rebellion, have
been Disguised thousand times by the spirit
which has prevailed in che councils of tho
party Honorable and progressive men OF the
South, who put aside their hatred when they
laid down Confederate uniforms, have endeav
ored in vain to restrain the temper shown by
Democrats, and particularly by Democrats
who never smelled powder. In spite OF all
efforts and circumstances, the old vindictive
feeling still appears on every occasion, and
places the party in q disgraceful position of
hostility to public interests The country will
not be willing to intrust that party with power,
whatever else may happen, until this vindictlve
disloyalty has ceased to govern its action
The National banks will not seriously suffer
if Congress persists in its folly. People always
mistake who imagine that money needs pl otec-
tive CAFE it can defend itself in almost every
emeIg ency. The main question always Is
whether the public will suffer, if the savings of
individuals are withdrawn from its use. SO
the question now is whether Congress pleases
to cause Il disastrous panic, in n fit of barren
and impotent spite toward those who helped
to put down the Rebellion.