The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1868-07-22


stores are overloaded with satbundanl
stocks IL is because energy ami enter
prise are paraly zed, aud capital remains
Inactive. -
CURRENCY CONTRACTION.
And why is all this Because a Repab-
Hcan administration insists ON cilrtaIflnus
the currency disturbing all values, ehecI<
ing All enterprise, IhrO wing ont of en- |
plOymeni All labor. The Iradesman Is
caught-w will large stock on declining
prices. Inc farmer iears the fall that NAV
overtake Inn before his wheat reacucs
the market. The manufacturer fears The
| price OF his raw material to-day Will be
| greater than the price OF his mauufaclure
/ cd goods tO~IuOrrOW, and the capitalist
VIII noL take his money out of Govern
menL bonds and Inv est il IN houses or
lands and stocks, les. the rents and divi-
dends Will not yie.d him simple interest
/ In the mean Llme laLOr Is without en-
| pIoy ment, and poverty stalks through
MONIES where comfort has AWAY been bI-
! fore. LApplausc.J In tue mean time this
| work oI contraction is steadily pushed -
Look al every monthly report OF the Sec
| retary OF the Treasury, and you will md
! that every month The debt Ihat bears in
| terest IN gold IS Increased ; you will find
! every dollar which Lears no interest AT
/ ull, or which bears interest in CURRENCY
| IS converted as rapidly AS possible into
| the bonds which pay Interest in gold
| Aud why is this ls there TOO much cu:-
/ rency IA Inc country Is there plethora
ol money Is speculation rife? No one
| Will dare ahirni 30 much, and vet this
| work oI contraction still goes on, and ya,-
ue - coined OuI OF the sweat and tears
| the blood and bones and muscles Of Ihe
| IHbOrlng man
UNITED STATES BONDS.
| And when we ask the reason, we are an
| swered by the declaration of the Repub-
hcan convention, at Ch;cuso, that the
| bonds must be paid in gold, according to
| the spirit and letter OF the coutruct; by q
| declaration of its President that the debt
of the OOndholder is as sacred as the grave
| ofthe soldier.
| PAYMENT IN LEGAL TENDERS
I deny that it is according either to the
/ spirit or the letter OF the contract under
which the tiVe~tW entY bonds were sold
! 1 say that mother the spirit nor the letter
of the law, under which the bonds were
/ Issued, nor good faith, nor good Inerals
nor exact justice to the bondholder, res
quires that they should be paid in gold
| They are payable i'll legal tenders, and in
| Tins opinion am sustained by the reso-
| lutlonS OF the Democratic Convention III
| New York, which declares that where
| the obligations do not ex pressly state up-
| on their lace, or the law under which
they were issued does MOI provide, that
| they shall he paid in coin. they ought in
| right and justice, TO be paid i'll the lawful
| money of tho United States.
When the legal tender act was passed,
| the private Indebtedness OF The country
| uLhOuulSu W II yer 4ilFHS SUN. 1t was
contracted TO be paid in gold, hut was in
TACT dis charged III paper. The public ne
| cessity was alleged To be suffi ..ient reason
for this wholesale contiScutiun. Is there
no public necessity now 10 demand the
payment OF these bonds in the money
which was paid for them
POLICY OF THE REPUBLICAN PARTY ON
THIS SUBJECT.
The policy of the Republican party is
to pay all these bonds in gold 40 con
| wort AL the OnrGfan1inCr
| and all the Indebtedness of the Unite!
States, into these bonds to pay interest
in gold for this enormous amount, what
ever it may be, and to extend the time
within which the bonds shall be paid. In
the mean time The bonds are to be exempt
from taxation, and the interest to be paid
semi-annually III gold. What the amount
| of Indebtedness, under this system can H.
nally be shown to be. can not say s.
| 500, 900 ,OOO we know it is now. Less than
that it certainly will not be. The interest
on this sum Will be $3.50, 600, 600 in gold,
and This amount TO be drawn annually
from the people OF the country, during
all your lives, aud the lives of your yOun-
grsJ children, III order to carry out tl,,
dogmas Of the Republican party
THE DEMOCRATIC POSITION.
The Democratic party upon this guess
| ton has given forth no uncertain sound.
1t declares that the debt snail not be ex-
tended, but must he paid as rapidly as
| possible; all the money collected from the
people shall not be squandered upon
Freedmen's bureaus and standing ar
niles, but shall be applied to the payment
OF this debt, and OF The reduction of the
interest. It declares that the $40 bonds
| shall be paid in legal tenders, and until
tGey be paid, they shall be subject to the
same rate oftaXatiOn as all other proper
| ty- 1t declares there shall De one curren-
| cy for the Government and the people ;
for the laborer and The otficeholder ; for
the pensioner and the soldier the freed
man and the bOndholder.
THE DEMOCRATIC PLAN DEMONSTRATED
And how soon is it practicable to pay
this debt? Three hundred and thirty
millions of bonds are held in the Treasu-
ry Department as security for the Nation
al Bank circulation. Redeem them, the
very instant you have the option to do so
, with legal tender notes. and let them sup
ply the place of the bank paper. Tins
measure alone, with very little inflaIiOn
of the currency, and without any adds
: tion to The taxation, will reduce the debt,
and saYe the twenty millions Of dollars,
in gold, annually, which are now paid as
: a bonus to the national banks.
Frye hundred millions $500, 600 ,0G0,) ol
the first issue are already, or Will be this
Z ! year, payable at the option of the Govern
Inent. Redeem these, also in legal ten
der notes. Where will these notes como
from asks some friend. Stop this con-
traction at the Treasury Department; re-
verse its whole EOiicy give stability tC
/
| that fortunes are not held at the whin OF
any Secretary, and trade will revive and
business Will become active. investments
Will be made, the rate OF taxation will
yield larger return. and these notes will
flow into your Treasury. Let economy
be practiced ) let corruption be banished
, let peculatiOn OF public funds be punish
ed the freedmen's bureau be broken up
the impoverIshmento Of the South cease,
and notes will be abundant.
EypaNaION
+ But. gentlemen, if these measures will
I not supply funds, speaking of myself ]
would expand the currency, would cor.
rect the evils which have been the result
of such extraordinary and unprecedented
contraction. The business OF the country
, has become adjusted to a larger volume
e of currency than we now have. The de.
mandS OF the South and West require {
! | greater amount of currl ncy. They are
beggars for money, and are willing To pay
from ten to twenty per cent. During the
Z war, when the currency was at its largest
j amount, gold touched 200 per cent, anC
e yet upon the declaration of peace, wheI
( the Southern cOnutry, impoverished as i
had been, with 10, ,000. 900 OF people "a he
| had been shut out from the use or oul
! currency, ready to strain every nerve tE
= | repair the waste of war-Was opened Il
our business, gold stood only at Traction
| over l2S.
The sy stem of contraction was immes
diately commenced, aud, with currency
: of at least two hundred millions less than
| 1t was then, gold stands to-day at AL
3 The value OF the currency then was no
: too large for the demands of the business
ofthe country. 1 do hot believe it would
t be necessary or advisable TO expand thu
q currency 10 that extent, but if it shoulC
. | prove to be so, l would not hesitate to re.
= store the currency to the amount at whicl
u 1t stood when gold touched l2S. tell yoi
j gentlemen, If this were done, it would bI
u as grateful TO you and the people of tbC
f South and West, as the dews OF heaven Il