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

possible for MIN to become Senator of
inevitable overthrow is like holding the authorities
OF city responsible for incurring necessary expen-
dltures in defending IL against the mob. 1t eXoner
ates the thieves and marauders and eliminates the
authorities 1t was hardly candid in the Senator.
Nor does his denunciaton OF it because the balance
OF trade was then hundred millions of dollars
against us accord with the denunciation of it by
Ten Ewing because the balance of trade is no.o
$3.50 000 900 in our fduor. The Senator in this
unfavorable and adverse balance only symptom of
wicked policy Gen. Ewing, the other hand sees
in the present favorable balance only the evidence
opinion under different political exigences But
the words OF the Senator have in them the hard
money ring OF the old jackson Democracy, and show
that he was always in favor of rags and only
rags " and has never apostatzed or changed his
opinions.
But ne STANDS squarely upon the platform. 1t de-
mands the substitution of fat paper currency for
to hs does Either he pFS9
employing emp I g this currency in the purchase of coin
banks; or by compelling the banks to accept it in
and second modes will involve the payment OF ruin
GUS premiums A thousand millions OF this money
bonds: and the attempt to DO 50 would revive gold
and Black Pay The third
national honor
Judge Thurman, you. and Mr.. Pendleton are Sem
ators of Ohio. Your constituents have right to
know what, in your places in the Senate, you will
do or not do win you or either Of you senators
creditors in violation of pledged faith and pghted
honor, to accept its non-interest bearing promises
pay exchange for its interest bearing Sc
curities payable in coin at fixed time? They do
not want for answer that it would be nice thing.
or that it would work great saving of interest to
the government That would be the jugglery of the
| politician. They want the answer of practical
craftsmanship Will you in your Senatorial places,
| DO it?
! Why mock and deceive the people with alluriug
theories and fascinating mpossbilites. The s324 oOO
600 of bank notes not be substituted by United
States legal tender currency without law authoriz-
| ing its issue. Mr.. Pendleton in 1862, denied the
constitutional power to issue the present backs
even IN the exigency of war, and at Gallpolis in
Il thought that law unconstitutional then-I
Its constitutionality affirmed only on the
ground that it was war necessity by a majority
| where charged to have been packed for that pur-
pose; every Democratic Judge dissenting. The Su-
preme Court held the old United States bank to be
| constitutional When Congress passed law crea-
| ting new charter of the bank, President jackson
cison Settled its constitutionalfty But he replied
Il as President, have sworn to support the Consti-
unconstitutional, and the decision of the Supreme
| Court did not change my opinion. was bound by
it so far as executing the old law was concerned.
| am not bound by it in the creation of a char
ter: Believing as do that it is unconstitutional,
and called upon under the obligation of my official
oath to approve or disapproye the new law, L can
not, and by the eternal will not approve it,
either OF you, in the Senate, because packed Su-
Court held ID PARTICULAR r.. law SG u @
| conscience, you believe to be unconstitutional?
Will you or either OF you, in the Senate assert the
existence of constitutional power to issue, in time of
peace United States legal tender currency, either of
the kind now in circulation or of the permanently
| inconvertible kind proposed by the Democratic
platform? Will you, or either OF you, as Senators,
Of 5fr such hw currency IN Of the
| limitation now fixed by law? You have time and
constituents demand to know what you will do as
Senator'S not to be Knocked and deluded by the gilt
terng and impracticabe theories of platform itera
| ture.
| GENERALIZATION.
| Senator Thurman comedies that yielding to Con-
gress exclusive authority to supply and regulate the
currency OF country vests that BODY Danger
GUS and disturbing power 1t converts the govern
which can not be overestimated Ii is the excess of
| Capitalization; the absolute and uncontrolled
wealth and business of the people, through the alb
solute and uncontrolled power over the entire
volume as the wisdom, interest or stupidity of
political junta may dictate. Its exercise of such
power over the labor, business or property OF the
people, contracting expanding, controlling them
at will, would not be tolerated by other than ma.
ton of serfs or slaves If it were should we not
expect sad state of affairs soon to result confusion
| be confounded and corruption run riot? What,
nentiy control the volume of currency, under the
pretense of making and keeping it equal to the
wants of trade, embracing and affecting as 1t does all
other interests voting it up or voting it down. as
obbv sba III eae se OF
speculative and gambling interest concentrated at
the great commercial center shall demand? Are the
modern virtues which gather in Congress Hall su-
perior to these influences? They are not, if half
which is said Of the purchase OF Democratic nomlna
tions be true.
1t is essentially disturbing power. Is not its
alleged wrongful exercise for the last fifteen years
count in the present Democratic indictment, the
principal ground for the embttered warfare against
Republican ascendancy? And is it supposed that it
can or will be exercised more 1ntel1gently or less
corruptly under different ascendency; that it will
not continue to evoke the same bitter examinations
and recriminations?
1t is power which Congress. however honestly
intending, can not intellgently exercise Business
wants local. The direct power of Congress over
general, and affect the entire country What would
propuce plethora1n one locality might leave scarcity
flow according to the laws Of supply and demand like
other forms of commercial wealth. What the wants
be- Dca to 1 a.
body assembled from the four quarters of the conti
judiciously Teiieve these local wants How can the
lina appreciate the iron wants of Pennsylvania, or
the lumber wants of Michigan?
NATIONAL BANKS
I am not and never directly or indirectly in
o. IN any the am hoder anq %
bond neither the destruction of the nor the
pudation of the other would affect the extent OF
a barleycorn my personal interests. What l say OF
them is from conviction OF right
control OF business wants ascertained and deter
mined by business men, Capital will invest in the
if improvidentiy invested or the demand Ceases It
will withdraw. Is there any reason why the cur
served by a system of institutions free to all,
similar to the existing banks II better can
influence as possible, and under which the volume
Of currency any district locality will expand or
contract according to the business wants as deter
mined by the business interests and the business
Of such district or locality? # more pc needed
it will be set atoat. If less, it will be withdrawn,
not as determined by the judgment caprice. whim
of political Congress. to whom the wants OF the
locality can not be known but by the judgment OF
the men who know and determine what these wants
, demand from personal contact with them. cur
rency under such system. convertible at pleasure
into coin secured by the pledge of government Sc
curities and backed by the credit OF the nation can
not fail be the best paper currency paper in the
world of uniform value throughout the nation, in
volume sufficient for the wants of every commu-
| nity and in purchasing power equal to, because
convertible into, coin. Under it the wants of busi-
ness as the standard of volume. has practical sig
nifcance; contraction aud expansion never result
sudden disturhanca OF the