The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1885-03-18

the advantage of congress in this re-
spect. They are not "political," they
are devoted solely to business" We
do not think these statements will bear
examination.
In the first place, according to the
best information we can get, a very Urge
proportion, and probably majority
from the North, of the members of
congress, are bank officers, or in some
way connected with banks. In the
second place, large proportion of the
members of congress are lawyers IN ex-
tensive practice, and of high repute in
the profession. Certainly these men
know something of "business." In
the third place, congress is not destitute
of members who are or have been mer-
chants or manufacturers. Surely such
have as much right to the name
Fourthly, congress is pre-eminently
business body, inasmuch as it regulates,
by its power of taxation, every kind of
business in the country, and has always
done so, on the whole, with as much
wisdom, to say the least, as private
business is usually regulated
On the other hand, where are the
grounds discovered for giving credit to
the bankers for superior business quail
fications? Are we to seek for it in the
history of American banking? Begin
ing right here in New England, nay,
in Vermont, and how does it stand?
On the whole, we think the EGaminer
has not made out its case on that line.
But allowing an equal, or even a SUI
perior capacity for business to the
banker, as compared with the member
of congress, it should be remembered
that with whatever ability the banker
may pursue his business, he must
do so in behalf, not of the public, but
=. of his bank. The congressman, on the
contrary, is bound by his oath of office,
and his responsibility to his constitu-
ents, to consider all business questions
solely with reference to their bearings
upon the welfare, not of chain of
moneyed corporations, but of the whole
people The danger, in congress, is not
that the banks will not be dealt justly by,
but that the pressure of an interest so
rich, and so strongly represented in
congress, will work to the public disad
vantage, wherever that interest is not
in full accord with the interests of the
people as whole.
But to come down to concrete facts.
Did congress show its lack of business
wisdom in replacing the old state banks
by the national banks,-in direct oppo-
sition to large majority of the bank
ers of that time? Has not congress
shown at least fair business capacity in
the financial legislation by which the
national debt has been so greatly re-
duced, both in principal and interest,"
plainly against the desire of the bank
ers, because the reduction of interest
, is a reduction of bankers profits, and
the end of the debt ends also the existence
of the national bank-note, which rests
, upon the evidences of that debt alone
for its life? 1t needs to 60 but very
? little way in this direction to see how
flimsy is this claim of the superior bust
ness wisdom of the banker over the
congressman.
The charge against the greenbacks,
that there is fixed amount of them
issued, while the issue of bank-notes
varies with the demands of business,
has no real validity because, the paper
, money of the country being equally di-
, vided between the two, there is at pres
ent no need to provide fexibility at
both ends. When the greenbacks be-
come the sole currency, there are a
, number of ways in which this flexi-
bility can be secured. The establish
ment of postoffice savings banks would
secure it at once. An interconvertible
I bond, at low interest, would accom-
plish the same result. The experience
! of the country at the close of the bank
notes privilege will have become so
> large that it will be easy to fix upon a
, sum, per head of population, which will
, constitute safe basis of issue for the
, greenback. Finally, if the people can
not trust to the sagacity of congress,
, how can the banks do it, since in con-
: gress alone they live, and move, and
, have their being?