Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1868-03-19
Democratic Views of Green
backs.

|
hauling the record, and discovers that the
Democracy in the last Indiana Legislature
did net have the exalted opinion Of greer
backs that is now profe.sed by leading
members of the party. It would be agree
able now to them to issue over $500, ,OOO, 600
to take mp the 5-2os now payable, for they
express great anxiety that those bonds
should be at once redeemed in paper.
10 the Legislature of 1867 a resolution
was introduced in the House by Repub-
lican, as follows:
WHEREAS, The sound financial interest
OF the government, and the financial pros
pcrity of our country. demand that the in
terest bearing debt of the government be
iiquidated; therefore
BE ii ResotUcd by the General As-
senl6ty Of the State of Indiana. That
our Senators in Congress be instructed, and
our Representatives be requested, TO use
their influences for the passage of an act of
Congress requiring the Secretary of the
Treasury to first take up our interest bear
ing securities.
That smacks, some ewhat, Of Democracy,
under its present lights. How did Demo
Gratis view it then? The subject was dis
cussed on the 18th and 22d of January
The Republicans were in favor of forbid
ding McCulloch retiring currency and IA
yored, first the redemption of interest bear
ing bonds. Mr. Grain. the mover of the
resolution said:
at was the wish of the people of the
United States that the interest bearing debt
should be first paid. There was no reason
for taking in the greenbacks. He saw that
the recommendation offhe Secretary ofthe
Treasury had already reduced the price of
pork, and induced the present dread of
money crisis. He was opposed to paying
off the debt on gold basis"
Mr. Kiser, of Allen, Democratic leader
in the House, said:
"Hugh McCulloch was once his neighbur,
and from what he knew of him, and from
what he had already done for the finances
of the country. he advised the House to be
cautious how il ran against the opinion of
the Secretary of the Treasury. He was in
favor of the Secretary having his way in
removing our fictitious money as fast as
may be-"
Mr.. Belford, of Laporte. Republican,
said:
''He hoped the resolution would pass.
This was most important question. Ii
occurred to him that the country was fast
drifting Ia bankruptcy, and that the policy
ef the Secretary of the Treasury was ac-
celebrating that result The Secrctary's
policy was bad, manilcstly. 1t was to
withdraw the greenbacks IRON circulation.
They were worth premium. The GOV
ernment was pledged to redeem them. The
Secretary's policy would produce panic,
inevitably"
Mr.. McFadin, Democrat sf Cass, said
at seemed the principal object of the
gentleman from Laporte 10 take care of his
party. Better take care of his country
lie referred To the distinguished financial
reputation Of Hugh McCulloch and his late
report. This currency (greenhacks) had
subserved its purpose. Now let it go, and
let the people return TO a metallic medium
of circulation. We should look TO the true
interests OF the country. not 10 the interests
of party. He was surprised at the position
of the gentleman from Laportc."
On the passage Of the resolution all the
Republicans in the House but one voted
yea, and all the votes cast against il were
Democratic but one.
The present Democratic policy instead
of retiring greenbacks is for multiplying
them, and for redeeming all the bonds with
them
Every Democratic gentleman Of the Leg
islature, who, year ago was vchemently
contending against the redemption of bonds
and in favor of superceding greenbacks
with gold, is on hand now willing and
ready to contend just as ardently ON the
other side. Our friend McFadin. who de-
clarcd shat greenbacks had served their
purpose" and should be done away with,
and for return to metallic medium of
circulation is all ready, nsw, to declare
that gold is played out, and that mon
strous issue of greenbacks should at once
be made to take up the bonds.
II is not surprising that the file Of the
Democratic party, are constantly at a loss
to TO knew what is the clean Democratic
principle. fl