Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1867-07-19
DEmoCBAr10 FEEAxoLA1 WIsDO1r

The Democrats of Richland County
have shed their Bloom. The fruit Of
Democratic financial wisdom has II
Dened with them. How could II pc
otherwise when they read las many OF
them as can ready the CInclnnat1 En-
0uirer and the Ohio Statesman, They
held their nominating Convention at
Mansfield a few days ago. The Demo
cratic State Central Committee having
refused to reassemble the Sth OF Janu-
ary. Convention in order to amend the
Democratic platform, the Rlchiand
Democracy proceed to do it themselves.
Thev 20 into the financial question with
a ttVhereas,' or rather after the man
ner of the cOmpilers of our popular
/ school books, with a, Sseries" of where
/ ases,'' as follows ..-, -
sfVVHEREAs, During the year 1861 Con-
gress passed an act creating and max
/ ing United States money, commonly
called greenbacks, a legal tender IN the
/ nav nent of all individual State and
! National dues, duties on foreign I'M
/ ports alone excepted, and
| FfWHEREAs, During the consecutive
wears of '6l, '62, '63, '64 and '65 said cur
Tency became greatly deprecated be-
low the standard value of gold, and
WHEREAS, During said time, inter
est bearing bonds, amounting 70 PoOU'-
! 600, 600, exempt from taXaIlon5 were IS
/ sued bV the United States Treasury, ana
purchased therefrOm in said depreclat-
/ ed currency, dollar for dollar, and
! WHEREAS, The people are uOWg IN
addition to their burdensome taxes an
nuaIlv paying the sum of two hundred
millions of dollars alone as interest on
! those bonds, without being able to re-
duce the principal therefore,
" "ReSOIUed, That we are in favor OF
i the General Government at once issuing 9
a sufficient sum of such currency, COM
monty called greenbacks, and proceed
to redeem said bonds with the same, IN
such manner as may be deemed best
Tor the interests of the whole country,
thereby equaIizing taxation. And the
amount. as annually raised for the pay
ment of interest, be set aside as sink
| ing fund to redeem the legal tender
we COPY from the Statesman, and il
/ there is any error in the 1900, ,OOO,OOO'
] item the fault is not with us. We pre-
sumo, however. that 1t IS correct, foT
l that statement accOrds with Democratic
: information and Democratic arlthma-
tic requires $500, 900, 900 to pay the in
terest on $500, ,O0O, 900 at 6 per cent but
q if we add a cyphers the statement Will
! be no nearer the truth. Indeed It seems
I to be unconstitutional" for Demo-
cratic convention, or a Democratic news
> | paper, to tell The truth. The statement
; ! that it requires s1the. sum of two hum
/ dred millions of dolIars'' to pay the in
/ / terests on the bonded debt, is a bold lie
! and Hon. BaEnabas Burns" ana the
other members Of the committee on
l Resolutions, must have been cognizani
: of it. Democratic intelligence is not a
thing that it viii do to bet on, but Dem
= ocratic veracity must be quoted still
lower.
A few years ago the Democratic par
ty ragged like the heather, frOthed at the
/ mouth, and threatened to smash things
because government paper, in -conse-
quence of governmental necessity, was
/ made legal tender in payment oi
; debts The issue of legal tender cur.
rency was intended as a temporary
l measure, so avOwed at the time, anC
the volume of currency was limited SO
! as to bear some proportion to the busl-
ness of the country. Now the DemOcra
cy of Richland county, backed by the
, leading organs of the party, propose u
, exclude gold and silver from circulation
t as currency for two or three genera
T tiOns.
r Suppose that the General Government
0 should adopt the views of the Democ
s racy, and, sat Once'' issue greenbacki
/; / sufficient to redeem the bonded debt
= the amount issued, added to that al
4 ready in circulation, would swell tht
r volume Of currency to moro than 81,
t SOC, 600, 600, or three times as much a'
!, the business of the country requires
s Assuming that the issue is made II
= good faith, and with the intention o
b ultimate redemption, what would bl
: the value of such currency ? By th'
4 standard of coin it could not, possibly
e be worth more than 20 cents on the dol
It lar, one year from the date of issue
/, and the entire loss would fall upon th'
!, people, for the people would have to re
s ceive it in payment of debts at Far.
b Then let the Government carry Ou
the suggestion of the Democracy, anC
S set apart the gold in the treasury, anC
s the annual receipts from customs, fol
s the redemption of the legal tenders
s Could a more perfect system be devils
d ed to rob the people and build up {
o moneyed aristOcracy Your grea
i | bondhoIder, your sharper, or your mil
lfonaire, would present his million o
greenbaclzs at the treasury, draw hi
million in gold, go into the market anC
buy .up five millions in greenbacSs5 anC
present that at the treasury and recelvl
> | i've millions in gold, and so on Gd a7t
{ fl1gt1tng. The fortunes of VIM. b. Astor
= / ALEXANDER T. Stewart and jay Cook
! would dwindle into insignihcance il
: comparison with those that could, and
u would, be made by this process Thii
J | would be the inevitable result, for /
: would be impossible for the whole peo
u pie to have access to the treasury
This is a side issue, gotten up by tn
> / Democratic leaders outside OF the1
d platform. Many of them Will want L
Z | back down from it before the election
'5 But we propose to hold them to IT, ant
! make them face the music.-COttH1btE
n Journal.