The Ohio star. [volume] (Ravenna, Ohio) 1830-1854, 1854-02-22

Then the Senator spoke the statesman. He had
tlal horoscope had not refraeed his vision But let
us now contrast
THE DEMOCRATIC POSITION.
The solution of great legal problems often subjects
the judicial mind to the labor of plodding through
volumes OF conflicting opinions to find the weight
OF authority. A search for the true financial doc
trlne OF democracy encounters like embarrassment.
Sectional differences mar its creed and individual
opinionsare not continuously consistent with them
In New York. in 1875. Gov. Tilden officially
commended, induced the passage OF, and approved
ngibut gold should be receivable in payment ofpub
lie and private dues in that State.
Inns Is the creed of Gen. Ewings gold barnacles."
The National Democracy, in 1872, resolved 'that
speedy return to specie payments is demanded alike
by the highest considerations of commercial morality
ana honest government" And again in 1876, "That
we denounce the failure for all these eleven years
to make good the promise of the legal tender notes.
winch are changing standard of value in the hands
OF the people, and the non payment of which is
is the eaehng Of o. the ine Satona
cratic conclave which Senator Thurman, at Mans
field said was infaiabe to restrain and correct the
soft money heresies of State platforms.
Last year Gen. Ewing was camorous to make
green6acks receivable for customs duties and con.
vernole into government bonds bearing low rate of
interest. This year Senator Thurman boasts that he
was instrumental in carrying through the Senate
bill making greenbacks receivable for customs, du
ties, and convertible into government bonds bear
ing low rate OF interest, which Gen. Ewing boasts
he defeated in the House.
FINANCIAL EUNUCH.
traditions of the fathers and the teachings of Jack
son, Benton ard Slas Wright. scout the Republican
Idea that the country needs repoSe, refuse to ac-
quiesce in the situation, demand continuance of
agitation and the acceptance OF unhedged tnan-
cisl eunuch as the only and true God. Here is the
monstrosity:
'We demand the gradual substitution of legal ten
der paper for national bank and its permanent
establishment as the sole paper money of the coun
try receivable for all dues to the government, and
of equal tender with coin: the amount of such is
sues to be so regulated by legislation organic law
to give the people an assurance of stability in the
volume OF the currency and consequent stability of
value"
Is this goodly child? Let its reputed father
speak. On the 9Th inst, Gen. Ewing's ancient blum
derbuss shot off its annual discharge of bankruptcy
contraction, wage labor. money power, starvation
aching hearts, desolate homes misery, forced idle
der with which he frightens nnocents into the wor-
ship OF his new born emasculate; but, like Uncle
Gabe's gun, it has bin done shot afo'." Hear from
| the parent what kind of child it is. He says
"A government paper currency, full legal tender.
except for pree existing contracts redeemable only
Constitutional provision-as suggested in the Ohio
Democratic platorm-and increased each year in a
business-would be far more stable measurer and
exchanger of values than any currency which fuctu
and tosses the business of the country up and down
| in seesaw of alternate prosperity and panic"
rency of permanent duration, inconvertible payable
to nobody, redeemabei in nothing And this is to be
made iegE tender by force Of
glery Of words deceive us? Read the platform
again: THE gradual substitution of United States
able for redeemable in coin? No. for the Secretary
is forbidden to hoard keep coin in the Treasury
Bile: OF equal value with coin? No; for that would
make it depend on the tful ebb and flow of coin. -
that is declared. Convertbiiity into coin is not
limited How is it 70 be redeemable? Only in re-
to give it value? The fiat of the Government in
making it legal tender and receivable for public
| dues; not convertibility into coin.
/ tender nnalitv o. q vQInP1
Greenbacks have always had that quality yet their
value has 1uctuated between par and 35
cent What is the legal tender quality OF money?
Its debt paying power. nothing more Does not this
| determine its money value? No. The value OF
purchase goods iaboT and produces t Whog
differs from its legal tender debt paying power.
could purchase but forty cents worth of labor. or
bread. and vet could discharge 100 cents of debt.
sale the exercise of individual discretion to retain
or part with property or labor at will it is not
cents worth Of their vaiuabes for forty cents
| worth OF money. Its Purchasing power, therefore.
depends. on the value which men in their business
transactions voluntarily give it. But it is not so
the government which has power to declare what
the creditor shall receive from the debter in the dis
pei payment otherwise than through the judicial
legal tender he shall not have judicial inter.
accept, as dollars 81 the value o
whether they be of that value or less he shall moi
have anything by egalprocess This is legal tender
But the government has not power to compel the
citizen to part with 100 cents worth of his prop
erty or labor in exchange for nominal dollar OF less
commercial value than a 100 cents. Thu:
prescribed whether right or wrong By
pending on its commercial value, and not on the
fat of government Government can not compel
Dor or property fora paper dollar as he willing
sell or part with for coin dollar; and he will no
do it unless the paper dollar is of equal commercial
But the new gospel OF. Ohio proposes to revolu
tionze .t the LAYS laws of 60. nature, and sub
.u for the w ineSorabie will of COMMERCE; sgeie t.
establish as the permanent circulation, form of in
currency of equal legal tender debt paying powe
with coin. which shall also have equal purchas
ing power with coin. Is it sincere? Look again a
the Jugglery of its words:
"By pursuing its merciless power of contracting
licar party has increased continuously the value o.
paper money, and we demand the abso
lutte repeal Of the resumption act, and the Lawful
liberation of the coin boarded in the Treasury"
For what reasons? Only two are possible-one
e & ohe hs hotes ss viii vn be
equal to COIN. Is not this so? Why else should the!
arragn the Republican party for endeavoring tt
make them equal in value to- and exchangeablt
for. coin. by mercless contraction and boarding O
coin? There can be no redemption without coin il
the Treasury with which to redeem; none will eve
come into the Treasury if a currency of les
value than coin is made receivable for ali pub
lie dues. The Secretary of the Treasury can neve
pay out coin in the redemption of currency withou
the authority of law and the repeal OF the only Law
authorizing it is demanded.
Without authority to redeem, without coin will
which to redeem, and the only means of obtainin.
coin abrogated. will it be insisted that the new
tangled currency proposed to be substituted is in
tended to be exchangabe for, redeemable in. o
equal value with coin? What will tend to make o
keep it SO? Nothing but Its receivabiity for public
dues. Can this float and keep at par seven hundred
millions of paper money? There were but 1915, ,O00
OOO of legal tender notes in 1875 They have alway
been receivable for all public dues except custom
coin has been settled conyiction in the nnb
mind Yet these two influences were insufficient tt
bring them to par. Only the power of merciles
contraction and the boarding of gold, says the new
gospel, has caused their appreciation. The annua
customs duties does not exceed Sl50, 900.
Make them receivable in currency and the demand
Tor it will be augmented by that sum: If receiv