Year: 1878

For the past fifteen or sixteen years, or
from the period when the present National
Bank Law was passed by Congress, until
within the past six years, the national banks,
the bankers, money-brokers and capitalists,
have not only controlled the currency of the
country as they pleased, (always to their in
dividual advantage), but have actually been
in the constant habit of debating to Congress
what laws should be passed touching the
money question. 1t has always been mis-
fortune too, that members of Congress deferred
too much to the dictation of the bankers, and
hence much of the distress which has and
still does prevail among the States. Within
a few years past, the money question has of
necessity become the absorbing topic of dis
cussion among the people and politicians of
all shades of belief. Some of the best minds
in the States have been giving the financial
question good deal Of thought, and at inter-
walls have published their views, which at last
have caused discussion in the public prints
and on the hustings, until the people have be-
come completely aroused, and the result is,
that they have made the money question the
leading topic, and in very many States the
pivot question in the choice of members of
Congress. In other words tho discussion on
the money question has developed into such
formidable proportions as to beget a third
party called the National Party, which at
| present disputes the power of both the Demo-
cratic and Republican Parties to rule the
country. The Greenback or National Party
contend for the repeal of the Resumption Act
and the abolition of the National Banks, as
serting that it is not the part of wisdom to
maintain lot of pet banks with the exclusive
privilege of circulating the paper money of
the nation, when that paper money is guar
anteed by Congress. In other words, the
Greenback Party contend that the Government
should issue all the paper money of the ma
tion, and that paper money should be based
upon the faith of the Government, as it really
is now, and that if there is anything to be
| gained by controlling the circulation, that
those gains should go into the Golfers of the
| general Government for the benefit of all the
| people. They also contend that with green
back currency, thus issued and guaranteed
by the Government, there would be no neces-
sity for specie payments, inasmuch as the
paper currency being uniform throughout the
country, it would subserve all the demands of
trade and be much more convenient medium
of exchange than either gold or silver. They
also hold that with such currency made
legal tender for the payment of all debts, it
would be in all respects equal to gold in the
hands of the holders. A large portion of the
politicians of both the old parties, have held
the converse of the above doctrines on the
financial question, and hence the disintegra-
tion of both the old parties.


During the sitting of the last Congress,
bill was passed making the silver dollar
legal tender to a certain extent, which had the
effect of arousing the most virulent opposition
on the part Of the National Banks, and the poll
ticians and newspapers in the interest of the
banks. This opposition has been carried to
such an extent, that the silver dollar of the
United States to-day is discredited even by
postmasters ten cents on the dollar. The sill