they were received, it would be the height of injustice to extend it to these other cases.

10. If equity requires those who paid in greenbacks to receive their pay in the same currency, it would apply only to the original party, and, like similar defences to promissory notes and bills of exchange, cannot be applied to a subsequent innocent holder, taking in good faith. The greater portion of all these bonds have passed into second, third, and subsequent hands, and, since the repeal of the law conferring the right to fund greenbacks, at prices sometimes as high as fourteen per cent. premium. These prices are a fair index of the depreciation of greenbacks, by taking away the right to fund them. Nothing could be more unjust than to compel those who bought these bonds in good faith at a premium to receive paper depreciated as much as these greenbacks are and will be.

11. This attempt to avoid the effect of an obligation upon a mere quibble is unworthy of our Government, and is a cowardly mode of repudiation to the extent of the depreciation of greenbacks.

111.-MR. CHASE'S BANKING SYSTEM.

For more than seventy years the States had conferred charters upon companies to engage in the business of banking, permitting them to issue their notes to a certain extent, but requiring them to redeem them in coin. Each State had made such provisions to secure prompt redemption as it deemed necessary for the security of the bill-holders. These laws were satisfactory to the people of the different States, and secured them a sound convertible currency, deemed as good as gold itself, because at the will of the holder he could convert it into gold. These banks were located wherever business seemed to require them, and were amenable to the laws of the States where situated, and could be brought before their courts when necessary, with the same facility as an individual. Few of these banks had a political character, or meddled in party politics. The people of the States were satisfied with them. In 1863 Mr. Chase gave them a blow, which was followed up in 1864, which knocked nearly every one of them

out of existence, substituting in their place a cumbrous and unconstitutional system of irresponsible national banks, calculated to work in concert in the political field. This act is a direct assault upon the dignity and rights of the States, and an attempt to cripple and humble them as members of the Union. The time was when New York and her people determined when and where banks should be located, and how conducted, but now a subordinate in the Treasury Department at Washington decides these and many other things. Formerly, if a bank refused to perform its duty, the courts of the State could compel obedience. Now the principal remedies can only be applied for at Washington, at a great loss of time, and at a heavy expense, with great uncertainty as to the result. The people of the great State of New York must now seek justice in a corner of the Treasury, instead of demanding it as a right in her courts at home. The act authorizes the appointment of a Comptroller of the Currency, who determines upon applications for the formation of banking associations. It is expected he will be able to supervise and keep in order nearly two thousand banks scattered from Maine to Oregon, which no one man, or one hundred can do, and consequently we see them smash up without his being able to control or prevent it.

The capital of these banks is nothing but debt, the bonds of the Government, which vary in value in market with the political breezes which selfish men put in motion. These bonds, deposited with the Comptroller of the Currency, or Treasurer, bring them six per cent. interest in gold, which is a good return for the capital invested. In addition, they receive from the Government nearly the amount of their capital in national currency bills, which they loan at interest, thus making great profits upon their capital, because invested in Government bonds, and favored by the action of the Comptroller of the Currency. Bonds of the States, although as good or better, are not to be received. These are unequal privileges, which none but the favored few The Government makes these bills a legal tender to among the banks themselves, the same as greenbacks. is no way to compel these banks to pay a dollar in coin,

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backs being made for them a legal tender, while their capital is exempted from State taxation. At the discretion of the Secretary of the Treasury, these banks are made depositories of public money, which has led to their having sometimes millions on deposit, without interest, while the Government pays them interest on their capital, and on such interest-bearing national securities as they choose to hold. These deposits are usually invested by the banks in national bonds, so that the Government, in legal effect, pays interest on its own deposits in these banks. This right to use these banks as depositories for public money is the only pretence of constitutional ground to stand upon, the Supreme Court having held that Congress had a right to create a corporation to aid in the fiscal operations of the Government. That ruling was long since exploded, as the Constitution does not authorize Congress to create an artificial being in order to have a person to hold office. The national Constitution never contemplated or authorized any such thing. It expects citizens, who can take an oath of office, who have consciences, and can be indicted or impeached, should hold all the offices created under it. Citizens feel responsibilities, but soulless corporations do not. But, if one artificial being can be needed as a fiscal agent, is it possible that nearly two thousand can be? No fair mind can pretend it. These banks were contrived for a purpose-to secure political ascendency through active agents managing them to aid the Republican party by moving in phalanx-in concert, when required to do so, with the Comptroller of the Currency for captain. It was for this purpose that the State banks were taxed out of existence under the Internal Revenue Law, by a ten per cent. tax upon their circulation, when none was imposed upon that of the national banks. Nothing could be more clearly unconstitutional, or unjust. Institutions closely interwoven with the business and interests of the country, with a capital amounting to hundreds of millions of dollars, were all crushed by one blow, to appease the rapacity of partisans, with no escape except by conforming to the requirements of an unconstitutional law, and becoming national banks. It is fortunate for the country that some of these decline assessments, or political action, according to the

wish of their creators. If the capital of these banks shall be at once paid, as some propose, in unproductive and non-payable greenbacks, most of them must stop, because their capital will cease to be productive, and their profits must be derived wholly from circulation, which cannot be kept up, when the security upon which it rests is withdrawn from the Government. When these national bonds are all discharged, however paid, upon what is this system of banking to rest? They are limited to twenty years; what are we then to have in their place? If all national bonds are paid off in greenbacks, when are they to be paid, and when are we to have a gold currency, or a paper one convertible on the spot into gold? These are questions not to be solved by the provisions of Mr. Chase's law, which seems destined to form capital for future politicians in their struggles for power. But if Justice is not perverse as well as blind, long ere that the judiciary will condemn the whole scheme as unconstitutional, null and void, and its authors and their party will sink to rise no more. We speak of Mr. Chase as a politician. As a citizen he receives our sincere respect, and as Chief Justice we preferred him over all aspirants, in his party, for that office. He does not disappoint us.

112.-WHY THE WAR LASTED SO LONG.

The war began in April, 1861, and continued until the same month in 1865, a period of four years, with twenty-three States, including the five largest, against eleven, three of them being small. There was no lack of men or means, both being abundant, nor a deficiency of officers of talent and experience, nor want of courage, fidelity, and perseverance, among the Northern soldiers. Our large armies were, in all respects, the equals of the smaller one of the secessionists. We had a large navy and they had none. Our mail facilities continued as ample as they had been, while the Confederates were nearly without them. We had ample facilities for manufacturing arms, and all munitions of war, as well as clothing, but theirs were limited. We had the advar tage of being an old constitutional Government, fully organized, having representatives abroad, and receiving others from thence,

and ample credit, at home and abroad, while their government was new and without these advantages. We numbered more than two to their one, and our confidence in the goodness of our cause and in a final triumph never wavered. Foreign nations as well as our own people have expressed astonishment at the long continuance of the war. The answer is easy, and will be fully confirmed by history. The Republican party so managed as to invite the war, and caused it to be conducted and continued for political effect, and especially to reëlect a Republican Administration. It might have been successfully closed in half the time consumed, and with less than half the loss of men, and with less than half the expense, but for the management to retain political power in the hands of the Republican party. Mr. Lincoln and the Republican party are responsible for this unnecessary prolongation of the war. They knew it and understood it. We understand perfectly well the force and effect of what we charge. But for the course pursued by the Republicans and Mr. Lincoln, there would have been no war. Had it ended in 1862 or 1863, Mr. Lincoln could not have been reelected. The cry was, "Let him finish what he has begun. 'Don't swap horses while crossing a stream.""

The country was full of men wishing to be generals with important commands, though few were qualified for them. Most of those commissioned were Republican partisans, or soon became so, like Butler and others, to secure coveted positions. But neither Republican nor Democrat was allowed to accomplish so much as to make him a prominent competitor with Mr. Lincoln for the presidency. Fremont entered upon command in Missouri with high hopes, but was soon withdrawn from it, and sent into obscure employment, as he deserved to be. Neither McDowell, Pope, Burnside, nor Hooker, was feared as a rival. Dix was not permitted to add military fame to his civil honors. McClellan's star was too brilliant and rose too fast. He arranged a sure plan for taking Richmond, and ending the war. Instead of sending McDowell, with his large force, to unite and act with McClellan, north of the Chickahominy, which would have insured success, he was sent nearer Washington, leaving the latter in a tight place, who had to fight his way across that stream, which he did with