Year: 1868

substitution, and there is no need of cracking
the whip as though I" after us comes the del
uge." Besides it will prove wholly nugatory.
If the bonds held by banks should be found
to be worth more than par they would be
sold for the premium and the new ones pur-
chased at par. The threat, if it should be
wholly unsheathed, can at last only mean
payment at par in greenbacks, which is the
precise value of the substitute now offered
for it is not quite proposed to confiscate the
bonds. 1t is a great mistake to suppose that
the stock of the national banks and United
States bonds have been Subscribed for, or are
now held, by men of large capital. Patriot
ism made both popular, and the masses came
forth with the accumulations of many years
of toll and laid them all in the lap of the
government they loved SO well. There arc
to-day in the one thousand six hundred and
forty-three national banking associations two
hundred and twenty-three thousand and
eighty-three stockholders, and they have
deposited bonds with the Treasurer of the
United States security for circulation and
deposits to the amount of three hundred and
seventy-six millions, FIVE hundred and ten
thousand two hundred and fifty dollars which
shows that the average amount owned by
each stockhoider is one thousand six hundred
and eighty-seven dollars. This by no means
SHOWS lHdb lfiTce mlllOn TWO nuiluTeu
ffty-six thousand five hundred and nineteen
persons subscribed for, or held, this popular
loan, but it affords the strongest evidence
that much the largest share of it taken
by persons of moderate means. The smaller
denominations were called for and were never
fully supplied. as is proved by the fact that
denominations less than one thousand dollars
after the loan all taken, continued to bear
Il premium above larger denominations. |
bring out the facts-not that it should make
any difference in our legislation whether the
owners of the bonds and the holders of the
debt of the United States be few or many
but to rebut the unfounded charge that any
apparent breach of the public faith will only
pinch a small number who were SO gracele.s
as to have been rich and who, for having in
the days of peril foolishly trusted their gov
ernment, deserve to be made poor. 1t may
be that the national banks in some parts of
the country are earning too large dividends,
and if that is the fact let us amend the law
but imagine it will be found that any ex-
traordinary gains are solely derived from
deposits. and from the incidents of a suspen-
sion of specie payments. When the latter
ceases fat dividends will be the exception and
not the rule.


The two Senate bills before Us appear to
me, as a whole, (and that is the only proper
way to consider them,) inadequate to the
present emergency, and though not 50 intend
ed, quite adequate TO the retardation OF
our deliverance from the evils under which
we at present suffer If we cannot improve
our condition it would seem to be better not
to show any bustling activity in such legis-
lation as will be productive of merely ques-
tiOnablc results The scheme seems to be
constructed, in part at least, not for the pur-
pose Of settling financial questions upon
/ souuH ,,rincir.taS httr rp and bat,l
with every wind and tide. Nothing is 90
permanently settled by it the reign of pa
per money. The first bill authorizes an
increase of nItcd States notes to the amount
I of forty-f0ur million dollars. The second bill
authorizes an increase TO the same extent Oi
national bank notes, unless, perchance, the
field should be pre-occupied by United States
notes, Ca double guaranty of expansion,
and provides speedily for the issue of nationa
bank notes al iufHjttlDl. The quantity oil
our currency is to be largely increased in
bulk, and the quality proportionately dimin
ished in its value, purchasing power.
may be wrong, but cannot suffer such meas
urcs to pass without an earnest remonstrance
believing it possible to do much better, and
that to do nothing would not be worse.


Having fields the golden coasts of the
Pacific producing the precious metals, sur
passing in extent the widest dreams of the
gold hunters who followed in the wake OF
/ Columbus, we are asked to pcrpctuate meas
urcs to cheaper their value by ignoring theil
use at home, and by sending abroad. If posi-
Bile, not merely our whole annual productions
but the reserved accumulations of past gene
ratiOns, to overstock and depress the markets
of the worl J.. Ambitious as we are 10 open
through the golden gates Of San Francisco
a new passage to the trade Of oriental nations
which seems ready - drop into our lap, We
yet propose to begin this great enterprise by
pampering exports with paper currency, ol
with conditions under which it is impossibl,
that any export trade can rise or flourish
Then we have New York on the Atlantic
with harbor and bay of matchlcss beauty
and extent, overtaking and rapidly passing
nearly all the great cities of commercial ma
/ tions New York is not less ambitious thar
her younger sister in the distant West, ant
is eager to become the great distributor o
commerce to be, and with all the prerogative
of power, to be the empire city and centr
Of the money exchanges of the world. He
we deliberately propose to stumble IN th'
first act by clInging to a currency. rejected a
money by all the nations of the earth, an,
thus reduce our prospective growth and mag
nifccnce in commerce to the pitltul dimen
sions Of barter trade, rude, clumsy, an'
unproftably incOnsiderable in amount.


That the political, financial and industria
questions now demanding solution at tn


hands of the American people are of NOR
than ordinary Importance, must be admitted


that they are cruelty exaggerated by unscru


pulous political partisans cannot be denied


but | see no reason to doubt that, by deliber
alton, and a free and frank discussion, a


these questions can at day not remote b


adjusted on such basis of economy, integr
/, ty and justice will open to our country


higher career of prosperity and honor than
| to be found even in all the achievements of ii
past fortunate and most remarkable history