The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-02


gle fund. the rssS % zepreesatea AID &C.
rrecsaxiag ard fza1iy worthless paper
ns1eys the z<nraeax1rabls evils OF css-
h00ored Fzzhlsc faith ard rational bank
ruptcy--zl the=ss are poxssbs Consequences
Of ire adoption or ssssesn ef
government circulation. On the
other hand. Chase most strenuous
" recommended the rational banking sys-
tern. saying tn SIS favor: I'm zh&s plan the
people n their ordinary business wonid
find the advantage Of uniformity In cur
rsncy: Of uniformity IN security Of effect
rsal safeguard. If ef-ecenai safeguard IS
possible, sgasns. depreciation; and OF pro-
Tectson from losses In disccnnts and ex-
charges. while. in the operation OF the
government. re people would Ind the fur
Their advantage OF = large demand fc~ gov
ergrnert securities. OF increased facilities
Tor obtaining The koans required BY the
war. The secretary ente-reins
TIE opszson that X credit circulation OF
any form be desirable II Is most desirable
IN this The notes thus issued snd secured.
Ia his Judgment. form the safest currency
which this country has ever enjoyed" 90.
The bankers OF New York. hearing that
Chase would recommend the rational bank
ing system IN his annual report in Decsnn-
Der. 1851, appointed James Gallatsn. a
prominent banker. 20 express TO Chase
their opposition to II, and their reasons
the new law would depreciats the value
OF the ssate bonds thea held by them 20
secure their circulation. Opinion was
somewhat divided. bat as class the bank
ers OF the cosGtry were opposed to the
law: and most OF the opposition to II In
congress was made in their behalf. II Is a
common popaiis1 statement that a mum
Der OF hank delegates in the middle OF
February. 1ss2. coerced Secretary Chase into
recommending the national banking sys-
TEN 90. Those who make the statement
must be ignorant Of the fact that Chase
more than a month before. in spite OF the
expressed d.sapproval OF the New York
banks. had IN his annual report already
strongly urged the adoption Of the system.
They could hardly have coerced him into
doing something he had most willingly
done several weeks before. Even Weaver
tells the truth On this point when he says,
speaking OF the proposed banking law:
State hank managers were at arst hostile
10 the scheme Cd.
In his second annual report OF December
4. 1862. Chase again set forth the advan-
tages OF the proposed syStern. He empha-
sized the point that since United States
bonds would be required as a basis, "a
steady market for the bonds would thus be
established and the negotiation OF them
greatly facilitated" D.
President Lincoln used all his influence
OF his cabinet was N favor OF il.
In his annual message to congress OF De-
cember 1, fS62 after declaring the desir-
ability OF a speedy return TO specie pay
ments. and discussing the plans to secure
safe and uniform currency, President
Lincoln said: II know OF none which
promises so certain results and Is at the
same time so unobjeet.onable as the organ
ization of banking assoctat lions under
general act of congress well guarded in its
provisions. To such ASSOCIATIONS the gov
eminent might furnish circulating notes
on the security of United States bonds de-
posted in the treasury. These notes, pre-
pared under the supervision of proper Of
ficers. being uniform in appearance and Sc
curity and convertible always into coin,
would at once protect labor against the
evils of a vicious currency and facilitate
commerce by cheap and safe exchanges
(9.
On the passage of the hank act by con-
gress United States per cent bonds ad-
vanced from per cent. discount to a pre-
MUM GO; and Secretary Chase, In his
report of December 10. 1862 says that the
passage of the act was followed by sn
Immediate revival OF public credit Q1).
In his annual message OF December 8.
1853. Lincoln thus conmsuds the law
which had been in operation ten months,
and under which 134 banks had been or
a national banking law has proved a valu-
able support OF the public credit: and the
general legislation Ia relation TO loans has
fully answered the expectation OF its IA
vorers. Some amendments may be re-
quired to perfect existing laws, but no
change In their principles or general scope
is believed TO be needed" 90.
Again. in his last annual message OF De-
ceulber G. 1854 about four months before
his death, IAncoln expressed his warm aP-
prevail Of the system, saying; The ma
tional banking system Is proving TO De ac-
ceptable 10 capitalists and 10 the people.
That tho government and the
people will derive great benefit from
this change IN the banking systems OF the
country can hardly be questioned. The
national system VIII create a reliable and
permanent influence In support OF the ma
tional credit and protect the people against
losses in the use of paper money Q).
Among those VINO voted IN congress for
the national banking act was Thaddeus
Stevens. whose devotion to the welfare OF
the people Is rarely questioned by intelli-
gent men nG. Owen Doyetoy, whose
brother fell a martyr to the cause Of hll-
man freedom at Alton. H.. voted for II.
Spanlding, the father Of the fun legal ten
der greenback, voted for 1t. Ben Wade,
one Of the most stalwa-t champions or
Justice that the nation ever had, voted
for Il Charles Sumner voted for IL.
Henry Wilson, who by inoorruptfble hon
esty and devotion 10 the cause OF night,
rose from the ranks OF poverty TO the vice
presidents chair. voted for r, saying: Il
vote for this bill as a measure TO sustain
the credit OF the government now, 10 all
30 carry us through this crisis; and vote
for IL also as measure that Is 10 give
this nation what Il has so long demanded
a sound national currency
Stevens. Wilson. I>ovejoy, Wade. Sum
ner-theee were some OF the men who, ac-
cording 70 PopIllst statement, sat In our
congressional halls and speculated upon
the most efrectual means Of roobing ths
widows ard orphans of those who, on
Southern fields, had given UP their lives
that the nation might live.
Chase Stanton Sewar1-th@Se were
some OF the chief promoters or the infa-
nous crime.
I,trcoln, grand. noble. patient, martyred
lincoln. used all the Influence OF his posi-
tson to couzuumate The villa4ny.
If the charges OF Popuiist leaders are
true. then those who have been named,
and many others rust as worthy, were ths
worst scousirsls that ever walked the
earth Can Il be mat a1tealigent men VIII
follow leaders whose teachings ieaa 70
such corclusto-s2 Can II he that slsnde-s
upon the rrandest men that the country
fsas produced can be eTectualiy used TO
build I'd & political pa-ty7 Can any man
who as a Republican. giorfed Ia the
achievements Of the party turing me war
o.rsod. and who looked with honor and
reverence upon the leaders OF the party.
row train politically with those who heap
abuse upcn thu party and It's leaders 81
the very time when they were do.ns the4T
ruohisst work. To the leaders o. ne POP
ulist party compare favorSniys ei,.lST n
honesty, brains or patriotism W4th ne
leaders rsf the Republican party during TIE
war period