The Ohio star. [volume] (Ravenna, Ohio) 1830-1854, 1854-02-22
RAVENNA, WEDNESDAY MARCH l, 1851.

of the nation is stake 1t ought be redeemable
as soon the public exigencies will permit It is
are a1ioms Of political economy the truth of which
| all experience has demonstrated. We issued this
if any, has been that we have delayed too long the
measures of resumption. Now, when they are
money practically convertible one into the other,
when there is the same money for the bondholder
can can be Be had for notes @ and and I gold in ample stores
| awaits the day of resumption, we Republicans
should not debate the question OF the repeal OF the
resumption act.
wEeARE RIGHT AND WE SHOULD GO AHEAD.
With all our promises record, we should not be
is the meaning Of this phrase do not know, but
presume 1t means money that is not measured oy
has its origin force sanction and value in the man
date OF the government aud will vary day by day IN
As between this kind of money and the old green
back regenerated, restored, convertible into coin
ne OF al value b and the meanm ana % 81
money. great nation like ours rich in varied re-
sources with free people OF remarkable aniel
which would affect the public credit or the
trade with foreign nations but should adapt its mon
ey to the money OF the civilized world make II as
81 value as high as that 81 any coin ever issued from
Some Of you who believe in "fat' money say you
only maintain this money at par with coin either by
demption in coin when demanded If that is what
you mean by fiat money, then we Will not ulsa-
to he a0u amount
| sum that can be maintained at par with
and by MAILING seek ess au' valuable shefRn Rs
| coin.
| WHO DESIRE CHEAP MONEY.
| I can imagine how man deeply in debt and hop
money IN Which his debt s IS to es be paid but why
should laboring man whose daily toll is measured
money! Why should farmer who sells his pro-
duetons for money desire to lessen its purchasing
| power? Why should prudent, thrifty industrious
man engaged in any occupation who. hopes by his
thrift and industry to accumulate for himself COM
Of unstable value? It is the interest of every one
engaged in industrious employments, who is not a
| value. If any of you who labor are farmers,
chanic belong to any of the industrial classes of
life, and have hope from a deprecated money, you
will be greatly misled
EVILS OF RREDEEMABLE MONEY HERETOFORE
All the great men of our country, our revolution
ary M % fS aS IN d Ge Gn wal
deeply felt the evils of irredeemable paper money
and led them TO tne @ snas god d
convertible into gold and silver coin was the best
| for all classes and for all industries
In these general views in favor of resu mption
adopted by the Republican party we have had the
sympathy and concurrence of certain portion OF
the Democratic party. who, though they always by
instinct and habit voted against every measure OF
the party m from ts the asrPsst the the
war always proiessed to be in favor and talked in
favor of good money redeemable in coin. This class
act did because they declaredit to be hinderanee
to resumption, and denounced us because we did
not resume This the position of the las
National Democratic Convention.
SENATOR THURMAN IN ACCORD WITH REPUBLICAN
h POLICY.
Senator Thurman, my colleague for many years in
the Senate was of this class of Democrats, and
although our financial measures did not exactly
please him, and he generally voted against them
desired resumption, and stood by the old Jackson
Democracy in favor of hard money. The exigencies
speech: to which with entire respect for him de-
sire briefly reply So far as he seeks to show his
consistency and concurrence with his fellow Demo-
crats it is domestic matter will not interfere
but some of the positions taken by him must con-
II think do them no injustice when I say that
the leaders OF the Republican party are In tayor OF
would retire ali the ereenbacks in order that their
places might be filed with national bank notes"
SENATOR THURMAN's ASSERTION EMPHATIcAILY DE-
. MED.
Senator Thurman is greatly mistaken in this posi-
ton. As / have already shown, the Republican
party is not in favor of retiring the greenbacks in
order that their place might be filled with national
No doubt some Republicans, like some Democrats
are in favor of the United States withdrawing from
the business OF issuing paper money, but the Repub
lican party has never taken such position, and
now distinctly maintains the right and duty OF the
government to keep in circulation such amount
of United States notes as can be readily maintained
at par with coin.
in every law authorizing these notes there is a
, limit fixed to their amount.
! never has been violated, thai the amount should
not exceed S4O0 600 900, and authority has ever
eea reduee the amount below 500 But now the
minimum limit is fixed as have already stated at
S346, ,6S1 ,016.
l SENATOR THURMAN WANTS NATIONAL BANKS ABoLr
In his speech at Hamilton, Senator Thurman
openly advocates the amSnat s,a 3 OF United
100000 by issuing United States notes in place
that the principal feature Of the Democratic platform
is the proposed substitution OF greenbacks for ma
payments impossible during this and perhaps the
next generation, and this at time when specie
sumption, which he has SO strongly favored, is on
the eve of success.
The position of the Republican party is in favor o
greenbacks restored to their normal condition Of
on the demand Of the holder while the position Of
the Democratic party, as stated by Judge Thurman,
ton Of s6Ss ooo Of United States notes Without
any provision whatever for their redemption their
and for one distinctly aoeeptit We favor papel
money redeemable in coin, and the largest amount
faSors r an amount Of paper issued Jed directly by the
government, not convertible into coin, with no pro
vision for its redemption, and to an amount that nc
one has claimed can be maintained at par with con
He says it is just easy to maintain S668 600 00C
RreenDackS at With coin as
OO0,0O0 greenbacks and SS22 100000 national bank
U notes at par with coin,
: : BANK NOTES PAYABLE IN GREENBAcKs, NOT COIN
Bnt he forges to state that the bank notes pay
able in greenbacks and not in coin. and that they
are to be redeemed by the banks at their risk and
expense and not by the United States. No coin
reserve is needed by them for such redemption
The issue of these notes aids in maintaining the
United States notes at par with coin instead of OBJ
structing it.
The banks required to keep in their vaults and
! in the Treasury of the United States an ample re
1 nOfT Init tn 0ofoc
and thus give to the United States notes which
g tends maintain them at with The whole
> burden now resting upon the government is tc
Il maintain resumption upon the amount of United
if States notes, and this confessedy done by
coin reserve of from 80 to 40 per cent which VIZ
7 have hand, while if the whole amount of circu
/ lation in United States notes, coin
Il that could be reasonably secured and maintained
!, would be sufficient for the purpose of redemption.