The Republican journal., 1882-04-27

While the Democratic party has made great
professions Of sympathy for the laboring class
cS, great use of the catch words ''bloated bond
| holders, roundly denounced capitalists and de-
ciarcd that under Republican rule the rich arc
growing richer ana the poor poorer. its lur-
poses and practices have bad quite the opposite
tendency. 1t lent itself to the fiat money move
mcnt, which, if successful would have been
ruinoUS to those of small means and who Ia
Dor for their daily bread: and it opposed
resumption. which has given the country great
cl and more substantial prosperity than it ever
before enjoyed. ON both these questions its
policy was adverse to the interests of the very
CLASSES 10 whom il appeals for support This
is apparent to every one now But at the time
ii seemed to have taken the popular side; and
the only end it had in View was to gain votes.
TIL" Republican party manfully stood bv the
right. 1t. fought down fiat money and it Sc
cured sumption, despite Democratic oppo>i-
ton Then-as now and always-it had the
courage of il convictions. and derived its
strength from the fact that it is a party of the
people and has the interests of the whole pro-
pie nj heart.
Part of the Democratic stock in trade is abuse
of the National Banks and the attacks upon
these institutions have been characterized by
the ignorance one usually expects to see dis
played by Democratic organs. There are nota-
Bile exceptions to the rule. even in this State
but the stcrcotyped mis->tatements concerning
the profits of these banks and the false charge
4I,.,+ 41,,.1-
rounds. The position Of the Republican party
with regard TO the National banks is simply
that which the public interest requires. II >Ils-
taln> them only 50 far as circumstances render
ii necessary for the protection of the public. If
L better system, one giving better facilities to
business men and greater security to llote-hold-
cr>, can be devised it is ready to ABORT it. This
has been and is now its policy. The mission of
the Democratic party, on the other hand. ap-
pears to be not to create but to destroy. \ panic
sudden check to business. the withdrawal of
large sums of money from circulation, are all in
the interest of the Shvlocks the Democracy de-
nomces, but whose purposes they ar constant
y serving. The Democrats i'll Congress. with Il
few exceptions. are opposing the Grape bill to
extend the charters of the national banks. The
necessity for this measure and the effect the
Democratic policy would have are thus out
lined by the Boston Journal
If the Grape bill is not passed 1872 national
banks will be without charters between this date
and March LIST. 1888. These banks have SOS 000.-
600 OF notes III circulation. secured by S15.00O,-
0O0 OF nted States bonds. They have lent the
business and industry Of the country about
Ia, ~, H..
pirc the banks must either obtain new charters
or retire from business. In either case these
banks must 90 into liquidation From this
there can be 10 escape. If the stockholders of
any of these banks desire to continue the bust
ness they must employ new capital and purchase
other bonds than those they now have deposited
with the Treasurer of the United States Con-
scqucntly, if the Grape bill is not passed. extend
mS the present charters. each of these 1872 banks
referred to must deposit with the Treasurer as
large a sum of money (greenbacks and conl rs
ii has in circulation before it can obtain posses
sion Of its bonds. In other words, the managers
of these banks must collect from those to whom
they have lent it, S6S, 100000 of legal tenders
before March lst, 1888. and deposit it with the
Treasurer of the United States, to be used in re-
decming their outstanding circulation This
process is equivalent to contraction of the
currency to that amount, a sum sufficiently
large to embarrass the business of the country
If not to cause a financial panic.
The New York Herald deyotes a leading edi-
torial to this subject, in which it shows the evil
effects which must result if the Grape bill. or a
like measure, is not passed. In that event, it
says, more than siXty-ninc millions of bank
notes must be Withdrawn from active circula-
zion, and the banks will have to call in more
than one hundred and fifty millions of loans.
"Ihat MEANS" continues the Herald "a very
grave financial disturbance such as the country
does not want; and the Democrats would be
foolish to incur the resentment of all classes Of
people by making themselves the responsible
cause of such Il arrangement of business. Only
spectators road gats by s"ch an ercnt" But is
not that Just what the Democrats want. 1t is
certainly i'll accord with their policy on other
questions, in being antagonistic to American in
dustrics and laborers. The Democratic leaders
evidently desire to rule or ruin: and if they
should be allowed to practice what they preach
their rule would be ruin to the country.