New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-15

the benefit Of all the people, and that there
no privileged classes, then that principle must
necessarily control all future legislation It is
the little leaven which must leaven the whole
lump 1t required fifty years for this principle
to assume lis place in the legislation OF the
country
The comparison should be made between the
form of legislation in this country before the
Declaration OF Independence and afterward. and
also between the legislative acts Of the United
States and those of monarchical countries
When these comparisons are made, the unfold
ing process is apparent which has taken place
in our country under the guiding and controlling
influence of democratic ideas.
When our Government started in 17SS on its
career an independent Power the Constitu-
ton of every State, and every law on the statute
books Of every State was in harmony with
monarchical ideas. The leaven which was to
dernocratize this mass Of legislation was that
the Government was for the benefit OF the whole
people The process of characterization never
took a backward step and finally, after over
fifty years of discussion, and after contest
OF unequalled vtrulence the exempIar Of the
system OF special charters and monopoly, in the
person Of the Bank of the United States, went
down before its republican antagonist. and in
! it's place and stead arose a general banking
law.
ORIGIN OF AMERICAN BANKING LAWS.
With what law which existed before the
Declaration Of Independence In this land, or
with what law existing at the time OF their
actnent in any other country in the world, can
our general banking laws be compared? The
answer is, none. This comparison Of legislation
proves TO US that a general banking law is
purely American in its origin and spirit and
purpose.
A general banking law contains the two re-
naming articles Of the short financial creed
which make up the American financial system.
They that all banking must be done under
a general law. and as necessary consequence
issued by banks to circulate as money must be
secured by property placed in the hands OF a
trustee and pledged for it's redemption.
A general banking law was unheard Of until
in obedience 10 the demands of a elf-governtng
people. It is difficult to see how such q law
could originate in any other way. special
charter from time immemorial has been the re-
ward bestowed by a monarch on one or more
favorites. A general law is in opposition to
cannot exist under a general law, because the
opportunity is always open to every one to en-
on the business regulated by the law, on
equal terms with all who engaged n it.
The science of comparative legislation. If it
can be so called. necessarily proves that gen
eral banking law with a trusted currency is the
American system OF banking. It is the neces-
saTy product of American political principles,
and its model found in country on the
face of the globe.
The Popust party, which is masquerading
under the name Of Democracy, cannot deny that
the existing monetary and banking system of
our country is the American financial system,
without denying the facts of our history and
banking laws with similar laws in all other
countries.