Year: 1866

1aAeHS AHS k'SStiS w tntS C1ASN tl Tue VTulfSly
transactions OF our citizens. Ii is here an
article of commerce merely. and the price IS
regulated by the supply and demand Let cur
market be pressed, let the supply exceed tie
/ immediate necessities OF commeace, aud in She
absence of a demand for it. the price at once
declines. As the people have no part in its
circulation. the gold dealer can raise or depress
the price OF it at his own pleasure.


What are the objections 10 the adoption
OF the National paper currencys We are
told that it is an irredeenlable currercy, liable
to imitation aud consequent great fluctuations
IN price. tending to produce corresponding
elation and depression in trade, leading to
wildness of speculation that wouid end in
bankruptcy. That there is difference iu
value OF our paper currency as related TO gold,
is BIZ 20 means remarkable. The very condition
/ of our country, from which arose the necessity
of Government issuing its paper, was well cal-
culated to produce doubt concerning the result
of the experiment. aud 10 eusenaer dis'russ
and want of confidence iu the ability of Gov
ernmcut TO provide for its redemption Fur
/ thermore, the vast amount of outstanding
issues OF legal tenders and the new issues
of National bank notes. Instead of diminishing.
added to that want of confidence, and appre-
hension that Government would prove unable
TO so control and contract as TO bring its paper
to q specie basis. These are among the
reasons which tended TO create the margin
Of value that now exists between gold aud our
National paper currency. The real cause,
however may be traced TO the power of con-
centrated capital. Contraction and expansion
are elements completely under the control
of the gold dealer, against which the Govern
ment as in duty bound is now providing I
90 M Io~ra- Of IA
of the currency is completely under the control
of the Government, the policy of which, as
lately announced, is to bring Us back to a
specie basis as rapidly as possible. without the
least impairiug the present admirable system
of banking. or restricting or paralyzing the
energies of the country, by forcing it into an
uumixed and pure metallic cu9reucy.
The present National banking system has
become one of the great leading features of
| the prescut and future of our country. Es.
tablished as it is upon the nexhaustible wealth
and good faith of this great nation, with con.
tidence fully restored and with the fruits OF
peace once more completely with us, the time
is not far distant when this paper, bearing up
on its face the impress OF sovereignty, will pass
| cnrrent throughout the civilized world.
The Controller of the Currency, referring to
the National Banking System, says:





Although of comparatively recent origin, and
yet in the infancy of its development the Nation.
al Banking System has become thoroughly inter-
woven with all the business and Interests Of the
country Not only the stockholders in the National
Banks, but every member of the community has
an immediate interest in the stability of
rency which forms the medium of exchange and
value, not in isolated sections of the country be-
tween particular classes but throughout the length
and breadth of the land and by every citizen of
the Republic. And this system, so ramiied and 50
essential to the prosperity of ali classes, is based
upon the national faith and credit as its chief
corner stone and can only exist as that crecit is
maintained intact


Aud again:


Whatever hostilities the National Banking
System may have encountered in its first incep-
tion, 1t Is no longer denied that it has intrenched
itself strongly in the feelings as it has commended
itself to the convenience and interests Of the
whole people. Coming into conflict with local
prejudices. and assumed to run counter to private
interests. it natural that its practical opera
tons should have been regarded with jealous
suspicious. 1t is not among the least of the tri-
umphs of the system, that in period of war, and
momentary disturbances, caused by the gigantic
requirements of the Government it has good the
test Of practical experiment in the most satisfac-
tory manner, vindcating the partalites of its
friends, and overcoming by its beneficial effects
the hostilities of its most determined enemies"


That this system in Sc engenders a spirit Of
unreasonable speculation cannot be maintained
by any process of sound reasoning. Who are
they that oppose the free and active circulation
of National currency, and why do they oppose
it? While in sincere and honest Inquiry
after the truth, the mind is never satisfied be-
cause a majority entertain the views that are
the most congenial to its own opinion while
the logical argument 0d hominem never pro-
dnced a conviction of the truth of any given
proposition-we are not in the least intimida.
fo1h hx-a avrc Of tha -, If
bill, that the majority of the people of thee
State are in favor of the continuance of the
Specific Contract Law. In denying this, it is
simply necessary to state that the people, and,
as have no doubt, large majority whenever
they have given any instructions to their men,
bers of the Legislature have almost invariably
instructed in favor of the repeal of that law.
Certainly popular silence affords no indications
of the will of the people being in favor of the
continuance of the law.


But who are the active opponents to an
Introduction of our National currency as the
general circulating medium, and the establish
ment of well regulated credit system in the
State, ahd why their opposition? The num-
Der does not exceed four hundred-four hun
dred men have, by united effort and for their
profit. determined to maintain an exclusive
metallic currency as the circulating medium,
though the State become depopulated and
bankrupt By their policy. The supporters Of
the Specific Contract Act may be divided
into two casses-the money lender and the
importer, The banker opposes the National
Backing System, because he cannot compete
with paper because the establishment of Ma
tional Banks would present facilities for OBJ
tanning money under securities now denied, and
would reduce the rates Of interest. The high
rates Of interest DOW charged in this State are
enough to inpoverish any people no business
can support it; DO people can prosper under
it, The corporation Of National baok can
furnish money at seven per cent, and then
realize profit Of twelve per cent. as they
realize from the Government six per cent. per
anuum on the deposits upon which their issues
are predica:ed. 1t is not remarkable, then,
that our bankers war against the system. Let
it be adopted By our people aud the god
dealers occupation is gone The reason Of
the opposition of the importer and commission
merchant lies in the fact, that they not
only making a fair profit on their wares
through the regular channels Of trade, but are
adding to it the greater profit Of the difference
of exchange. True. the people have to suffer
for this, but that is no matter to the importer,
so long as be is adding untold wealth to his