The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1885-06-20
FOR THE HERALD'S DEMO
CRATIC FRIENDS.


the democratic party, previous to its
in 1860, and not changed
under republican rule, is finding
advocates in the new administration,
is somewhat startling.
Especially is this the case when
it is considered that the reasons,
which, after severe contests, finally
led to the withdrawing of the funds
of the government from the banks,
and holding them in the immediate
custody of treasury officials, proved
so correct that the system of the
sub. treasury has secured for itself
the almost universal approval of the
patton. Secretary Chase, when un
der the exigencies of war, he remod-
eled the system Of finances including
establishment of National Banks,
retained in its full Integrity the Sub
treasury, and kept every dollar of
government money in the govern
ment'simmediate possession. And,
while establishing a system of Ma
tiOnnl Banks to enhance the credit
and resources of the government
during its pressing periis, he pro
vided ample secprity for redemption
of the banks issue ofcurrency notes,
and withheld from them government
deposits.
1t is not that the HERALD fears
that the proposed change in the wise
mode originally established by dem
ocratic statesmen, land whose wisdom
i'll that regard, has SO long found rec
ignition in republican administra-
tions, will stand a shadow ola chance
of adoption BY either House Of
Congress or recommendation by the
present Executive, that attention
is now drawn to the vigorous
language of some of the recognized
democratic leaders at the time when
i, there was in the minds of the peO
pie a question whether the govern
ment should be sole custodian of its
treasury, OF that itSfeyenueS should
be surrendered to the control dud
use of the banks. The object is
simply to show our democratic
|, friends who seem allured by the pro
posed change, the dangers tina
would he incurred ty its adoption
and how far they are wandering
from the old democratic creed.
Among the reasons given by
President Van Buren, for recon
m ,nding, at the extra session Of tht
twenty fifth congress, the entire
withdrawal Of government deposits
and substituting exclusively govern
ment possession were;
mo public interest, therefore,
now requires renewal of a connec
ton that circumstances have dis
solved. The complete organization
, OF our government, the abundance
of our resources, tue harmony which
prevails between the different states
aud with foreign powers, all enable
us now to select the system mos
consistent a0itb the constitution, ant
most c0aducige to the public aOeLtare
Agreeable to this recommendation
the sub. treasury bill was introduced
y In support OF This measure, Mr.. Gal
houn, with moral courage uniu
1 tluenced by charges ofinconSistency
l. said:
Y "But stand up here as the repre-
$ sentative of no particular Interest
z Hook to the whole, and 10 the future
as we'll az the present; and | sha
n steadily pursue that course whict
;. under the most enlarged view, | b,
n lieve to be my duly. Ia 1884 SAY
p the present crisis. / in vain raise'
Q warning voice, and endeavored t
avert it. / now See, with equal Gel
$ tainty, one far more pOrtentOas
= Ii this struggle is 10 go on III tn
2 banks will insist upon "a reunio
!, with tue government, against tn
n sense of IA large and inhuentia
portion of the communiiy--and
+ above all, if they should succeed i
etfecting it IA rehux flood will inev
!. tably sweep away the whole system
q A deep popular excitement is neve
. without some reason, and Ough
+. ever to be treated with respect; an
. it is the part of wisdom to loo
timely into the cause, and correct
before the excitement shall becOm
l. SO great AS to demOlish the object
II with all it's good and evil, againS
o which it is directed"
g In this accustomed plain am
a forcible language, Mr.. Benton aC
o' vOcated the bill.
e The right and the obligation {
the government to keep its ow
IA p,nnauS -, ~ o,un hands VaSrlt