Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1869-09-01
One Kind of Democracy.

Gen. Rosecrans' letter declining the Dem
published in full. 1t is a somewhat length
document, but gives in the following para
graph a sufficient reason why its author
couldn't run on the greenback and repudia-
ton platform of the Pendletonlan Democrats.
Permit nj therefore, to indicate, among
the measures called for by the present ext
gencies, the following in reference to the
public debt, currency, revenue, and protec-
tioD, class legislation. affces and tenures OF
Executive patronage, suffrage and the caucus
system. The enormous interest on our pub
lie debt is producing the most fearful Unequal
tiles in the distribution Of capital, bringing
the Government into the money market as a
borrower, at an average of ii l-2 per cent per
annum, to compete with the private borrower,
and moreover giving to bankers holding its
bonds, not only the interest, but the right TO
issue notes on their credit, and use them as
money, under the national banking law.
This is forcing the very life blood of capital
from he West and South in fact, from all
the extremities where its circulation is espe-
clally needed to the great eastern countries of
capital and speculation, and by putting an
enormous price on capital in a country whose
industrial and business development requires
a great deal of cheap capital, is gnawing at
the very vitals of the industry and business
Of the great mass of the people. To arrest
these deyOuring evils demands the most
prompt redemption of our bonds according to
she law and equity of their issue, and that
National Bank notes should be made payable
n coin on demand. To effect this we must
FINNISH our expenses at home, establish con-
'dence IN our political and administrative
ability and increase our credit abroad, and
until our bonds in foreign markets are worth
what our ability and certainty to nav war
ant and then from the proceeds of the sales
u a new issue bearing a reasonable interest,
nd subject 10 reasonable taxation, promptly
redeem every existing bond the moment it be
'omes due.
No local declarations inviting a popular
prejudgment Of any legal questions about the
terms Of payment Of the national bonds shoul'
impair the priceless value Of the public credit
at a time when it is all-im pOrtanr % create
the speediest means of Riding the country Of
those enormous expressions but every Dem
OcratIc platform should tend TO raise higher
and higher the public credit, and to satisfy
the people of Europe that the Democratic
party is the last party in the United State
proposes to whine or act reluctantly
about the payment of the public debt, even
its present holders should have bought
it below its fair value. SecOnd-An ire
deemable paper currency, or one ~perpetually
huctuating in value, is a gigantic fraud on
the people, a concentration of the evils OF
false measures, and most injurious to al
classes, but especially to those who live by
labor. The Democracy should assert with
vigor and determination its old de-
in favor of a specie basis, and a
currency, convertible at par into coin
at the will of the holder, and should take
prompt and efficaeious measures to raise our
bonds to where the security they offer, and
the interest they bear, ought to place them
so as to draw greenbacks after them to par
with the least possible delay, This will re-
lieve all classes. and especially the laboring,
and, augmentiDg the value of our circulation
25 per cent, giving a healthy and vigorous
impulse to every department of business and
industry.
1t is not surprising after reading the above,
that the Democrats of Ohio should seek
consolation by nominating Pendleton to the
vacancy on their ticket. Ohio Democrats
are not trying to keep up the credit of the
government, or to enhance the value of the
bonds, or to get back to a currency based on
specie. What they ask for is a partial or to-
tai reputation of the national debt, and
an unlimited issue of greenbacks. Hence
the divorce between them and Gen Rosecrans.