The advocate., 1891-07-01

ment Of this History of the Republican
Party"
To insure stability, national banks are
prohibited from loaning money on bond
or mortgage, or engaging in those wild real
estate speculati0ns that have wrecked so
many financial institutions. It will be inn
possible to supercede this system with any
other thing that will be equally safe and
simple. The duties of parents do not cease,
but begin, with the birth of their children.
They must nOurish, guard and protect them
to manhood. There is danger in the rapid
payment of the public debt now going on,
of entirely wiping out the present basis of
national banking before anything safe and
adequate to take its place can be adopted.
Don't that hit we'll the collapses of ma
tional banking concerns in Cincinnati,
New York, Philadelphia and Elsewhere?
Doesn't the history of Delsmater, Quay,
Wanamaker and their precious satellites
at Washington, d. c., Harrisburg, Phila-
delphia and other monetary centers in
Pennsylvania, in this year of our grace
1891?
But this is the financial standard of
Foster, Foraker, Mckinley and Sherman
Republicanism of the Buckeye stamp.
But our philosopher who writes the
"HiStory of the Republican Party" utterS
the following words, perchance of knowl-
edge, love and wisdom, which let the
people hear:
There is a basis in every respect equal to
that of government bonds, to-wit, gold
bullion. It is, when of standard fineness,
worth a certain amount by weight every
where in the world. Il could be purchased,
after having been tested and stamped at
the federal mints, and deposited at Wash
lngton in the same manner as bonds are
now purchased and deposited, and for every
$1,000 of gold the government could allow,
perhaps, 1915 of circulation to issue. Or,
may be, to.more thoroughly guard against
possible losses and expenses in case any
bank should fail, only $3.50 of notes to
$1,000 of bullion value would be allowed to
issue.
Such basis would be as safe and simple
for the people as the present basis of bonds,
but not 80 profitable for the banks, because
bullion, unlike federal securities, draws no
interest. To Offset this feature the govern
ment taxation of banks would require to be
reduced-perhaps not wholly lifted, for
with gold bullion for basis the banks
should be given at least the benefit that &C
crues from lost circulation, which now goes
to the government. The Republican party
is alone capable and willing to do right by
the banks and give safe currency to the
people.
In order to show that the writer last
quoted from is evidently speaking by
and with approved authority, the follow
ing is produced from the candid preface
of his great campaign book:
This history of the Republican party is as
it was designed to be, partisan. But devo-
tion to Republicanism does not imply spos-
tacy from truth. The book contains moth
ing not known or believed to be true. The
volume is essentially historical, containing,
it is firmly believed, more authentic and
detailed account of the early organization,
struggles and disciples of the Republican
party than has hitherto been published in
any form whatsoever. The scope and con-
tents of this volume amply justify the claim
that it is not catch-penny invention put
forth to reap harvest from the enthusiasm
and excitement of a presidential campaign.