the foolishness, cowardice, or treachery of those who managed the campaign. In the first place, the platform was such a tub thrown out to Mr. Lincoln's whales, that thousands of Democrats could not be induced to vote at all; and then the style of the campaign was apologetic and cowardly. A few men, picked out for their "prudence," were sent forth to address the people with meal in their mouths, and gloves on their fingers, instructed to be particularly careful how they handled the war, and to be very moderate and cautious in the language they used. The result, of course, was a most disgraceful but just defeat. The true policy was to have gone out clarion-tongued against the Administration-telling the whole truth, in the strongest language-that this war is for the negro-that it is impossible to save the Union by war-that the war is rendering reconstruction impossible --that the war is used to destroy even the northern States, to subjugate them to the status of military districts, and to establish a permanent military despotism in the place of the States-that the war is really as much against the northern States as the southern, and that thus far it has been much more successful in destroying our liberty than theirs-that it is without the least warrant in the Constitution, and was never intended as a remedy for secession-that it was begun by the Abolitionists for disunion, and will effect its damnable purposes, unless stopped! All this should be said in no soft and cautious language, but in words as fervent and loud as a man utters when his house is on fire. There is cowardice or knavery on every inch of ground trodden by this cat-footed po licy, which counsels submission to acts of atrocity and despotism, committed in violation of the organic laws of the Republic. Is there no inspiration in these magnificent lines of Horace, to stir the sluggish souls who know the crimes of this Administration, but dare not venture upon the full measure of truth and justice against it: Justum & tenacem propositi virum, He whe by principle is swayed, Though error broils the state in flame, Should Nature with convulsions shake, Struck with the fiery bolts of Jove, The final doom and dreadful crack, Cannot his constant courage move. There were such men in Rome. There were such men in America a hundred years ago. Where are they now? O, degenerate day! when no man has time to save his country from the grasp of the tyrant and the fool. O, degenerate day! when all men are running railroads, making shoddy, or driving other godless machinery of ungodly war! But no one rises to the full stature of geniune manhood. No one dare command the shallow depth of waters to be still! No one dare to say to the raging fanaticism, your hour has come! A war gotten up by placards and bell-ringing, kept going by the same devices that cunning showmen use to draw the populace after their mountebank performances, deso lates the land, leaving a track of fire NATIONAL NOTES vs. LABOR. THE most direct and wanton attack that has been made upon the rights of independent States, and the interests of the sovereign people, by the present party in power at Washington, is, beyond all question, the political scheme of Mr. Chase to consolidate political power through the operation of some 3,000 issuers of irredeemable paper, which he calls "a national currency," but which are, in fact, cheats to rob the working man of the proceeds of his daily labor. The issue of any kind of paper promise to circulate as money, is a fraud upon the producer, because its tendency is to give him less of money's worth than he would get if he was paid in specie. This is so well known, that even the advocates of the old United States Bank scheme, which was opposed by Mr. Chase before love of place tempted him to use the paper system as a means of personal advancement, were not slow in denouncing it. Daniel Webster, the earnest champion of the Bank, exclaimed, “Of all the schemes for making the poor poorer, and the rich richer, for getting the produce of the laborer and giving it to the schemer and the idler, irredeemable paper money is the most insidious, as it is the most effective." This is undoubtedly the effect of the paper system; but its first effect is to cause an appearance of prosperity, which lasts a little while, until revulsion ensues. It is for this object that Mr. Chase projected it. He calculates that the stage of inflation will last until he can reach the Presidential chair. What future ruin may then overwhelm the people, is to his cold and selfish heart a matter of supreme indifference. The poor may groan for centuries in debt; the country languish in decay, and our institutions change to any form of despotism, but what is all that to S. P. Chase? It is for this alone that the National Banking plan has been projected. We may briefly state some of its features: 1. The notes are issued to the amount of 90 per cent. of the market value of the bank's capital. 2. They are not redeemed in specie at all. 3. They are redeemed only in green. backs. 4. They are a legal tender between the Government and its creditors, except wealthy stockholders, who get coin. 5. The issuers may be made depositors of the government money, at the will of Mr. Chase, and during his pleasure. 6. The capital ($300,000,000) authorized, is one-half to be apportioned by Mr. Chase, at his pleasure. 7. All the public expenditures are to be made in these notes. 8. The law requires 25 per cent. lawful money to be kept on hand by each bank, but its own notes, deposited in another national bank, may be called lawful money on hand. The distinguishing features of the new bank scheme is, that no prudent capitalist will touch it, unless drawn into it from political obligationswhile, on the other hand, schemers and adventurers rush into it, because they have everything to gain and nothing to lose. This is a time of great paper inflation, when it is dangerous to lend, because values on which credits are based will collapse and ruin the lenders. The banking law, without doubt, will be set aside as unconstitutional, or repealed by the first Congress possessed of its senses. Either of these events will leave the stockholders in the position of individual partners, each liable for all the debts, notes, and all payable in specie, and hundreds may be ruined. These are some of the contingencies that business men will not encounter, even for the bribes of public deposits. When, therefore, Mr. Chase desired to get up a tax bank in New York, the attempt failed repeatedly. Finally, the order went forth that the Government defendants should be whipped in and compelled to start the bank. The subscription books were closed Dec. 17, and Mr. Opdyke, the dispenser of Astor-House patronage, the eminent shoddy commissioner, the gun contractor, and Treasury parasite-general, was compelled to take the Presidency, and the list was filled out with the names of Treasury brokers, stock agents, and speculators, who hope to use the Government money in stock gambling; each putting down his name with fear and trembling, only anxious to dispose of his stock as soon as possible, and get clear of the scrape. The other side of the question is that of irresponsible bankers. Thus, the law allows a capital of fifty thousand dollars, one-third, or sixten thousand dollars must be paid up; one-third of that, or say six thousand dollars must be expended for United States 6 per cent. etock, to be deposited with the Treasury The banker gets in return five thousand four hundred dollars in circulating notes; with these he buys as much more stock, and receives four thousand six hundred and sixty dollars more notes, with which he again buys stock. This process, repeated seven times, gives the banker thirty thousand dollars 6 per cent. stock, deposited with the Treasury, on which he draws 6 per cent for interest in gold, or one thousand eight hundred dollars, and the people hold $27,396 of his notes, which are redeemable only in greenbacks at the banker's counter. But the bank may be located in some inaccessible spot, and the notes can then be redeemed only at a broker's at a discount. This "broker is the issuer himself, and he will charge from 2 to 5 discount. He may redeem the whole six times in a year, giving him, perhaps, 20 per cent. on his circulation. His profits will then be, on an investment of one thousand six hundred dollars, as follows: $30,000 Stock, interest in gold 27,393 Notes, redemptions 10,000 Capital, in 5 per cent legal tenders, for reserve - $1,800 5,478 500 Profits on $16,000, 48 per cent. $7,778 This the Secretary calls an indispensable permanent currency." It is evident that this depends entirely upon continued suspension of specie payments. Hence, the whole herd of new banks form an interest to perpetual suspension. These features, it will be seen at a glance, constitute the characteristics of a mere irredeemable bubble currency. Every bank is the creature of Mr. Chase, and lives on his pleasure, since he may give or withhold the public deposits. The expenses of the Government are one thousand millions per annum. The appropriations this year are already $975,000,000. It is intended that the whole of this shall be paid out in the notes of these banks. Thus, soldiers, contractors, jobbers, officers, will all be distributers of these bubble bills through the whole mass of the people. The paper flood starting from those banks will pour through countless channels over the land, in payment for every article of manufacture and production, and is to return to the Treasary through the hands of Mr. Chase's tax-gatherers, to be lodged with his pet banks appointed by him to receive it. Thus the thousand millions flow out through Mr. Chase's agents rob the people of the proceeds of their labor, by depreciation, and flow back into the hands of another set of Mr. Chase's agents, to be by them used in every county of all the States, as a political fund to further Mr. Chase's personal schemes. we This is the plot. Now, if we recur to the reasons for this foul and fraudulent issue of irredeemable paper, shall hardly know which most to admire, the hardihood of the scheme itself, or the effrontery of the excuses made for it. The only reason given by Mr. Chase's fugleman, Mr. McCulloch, was that the heavy taxation made necessary by the war, "rendered it necessary that there should be provided for the people a circulation which the Government could receive with safety." This is the whole story-the only plea given for the setting up of a permanent irredeemable paper system for the people, while the stock-jobbers, and these pet banks themselves, get their interest in coin. Now, the currency of this country, in times of high pros perity and peace, was composed of $300,000,000 of specie, and $200,000,000 of bank notes. This sufficed for the whole business of the whole country. There was no want of circulation; but, on the other hand, we exported $40,000,000 of gold per annum to make coin for other nations. When the war began, Congress authorized $50,000,000 of notes, payable in coin on demand. Mr. Chase failed to meet the demand; he never paid a dollar. Congress then authorized $600,000,000 of greenbacks, as a legal, tender currency. Mr. Chase has issued $450,000,000 of these, which, with the bank notes, make $600,000,000 of circulation. This is a pretty abundant currency, and the fact that it is so is manifest every day in its depreciation. For instance, in Canada flour is $4 25 per bbl., in coin; ten miles south of Canada, the same flour is $6 75 per bbl., in paper. The consumer is robbed of $250 by the depreciation of the paper, showing its superabundance. Those greenbacks are, however, the money of the Government. They are its own promise, and therefore can be "taken by it with safety." The Constitutionality of the legal tender is yet to be settled. Nevertheless, money is abundant, and safe for the Government to take, since it compels all people to take it, except those who are rich, and they get gold for their interest. Now, if that paper is abundant, is safe and legal, what more does Mr. Chase want? What can he have to do with any bank scheme? The answer is plain. The manufacture of these notes involves no very considerable patronage, and, therefore, is of no political service. There are above |