Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1870-03-03
New SerieS-VO1- 10, NO 9

to be reCeemcd, but TO De lett 10 perlSn
i'm the hands of the people, would be ri
diculous were it not grsvely put forth
by distinguished politicians in the des-
perate pursuit of power.
lis quite as ridiculous as if you should
propose to pay all your debts drawing
interest, by giving your due-bills with
cut interest, with the understanding
that they are never to be paid, Mr..
Hendricks, in his speech before the
Democratic Convention on the sth of
January, 1888, declared himself in favor
of the payment of the National debt by
the issue of new grecnbacks for that
purpose. quote his language:
"Then we may at once commence the
payment of our debt by the issue of
Treasury Notes, and thus stop the pay
ment of gold interest, and also increase
our currency, and thus stimulate COM
merce, enterprise and labor, and il
connection with wise policy toward
the Southern States, and the develop
ment Of their resources, restore prosper
ity 10 the whole country"
1t is but justice, however, to state he
afterword threw out an anchor to wind
ward by declaring that the volume OF
currency should not be increased be:
yond the demands of business. The
two positions were of course irreconeila-
BILE, but so are all the professions of the
Democratic party on this subject.
In New York and the Eastern States
they are in favor of paying the bonds in
gold, returning to specie payments, ad-
vocate the National Banks, and oppose
the expansion Of the currency, while in
the Northwest they profess medley of
contradictions and have no position on
the financial question that any white or
colored citizen is bound to respect.
But, Democratic politicians have been
slaughtered in the home of their friends.
That Supreme Court, which they SO
much revere, has cut up their financial
theories by the roots, stripped them OF
all their poor pretenses, and left them
without a peg on which to hang an ar
gument.
! In the decision rendered at Washing
toni week before last, the majority OF
the Court decided that the law making
the United States notes legal tender,
was unconstitutional and void, as to all
contracts made before its passage; that
all bonds and debts of whatsoever kind,
made before the 25th of February, 1852,
could be paid only in gold, if gold was
demanded by the creditor. The effect of
this decision is, that if Congress were to
authorize the issue of new legal tender
notes, they could not be made applica-'
BILE to the payment of any debt created
before their issue. Thus, legal tender
notes issued in 1870 could not be made
applicable to debts created in 1863, and
could not be used in the payment of the
National debt, as recommended by the
Democratic politicians in Indiana. So
that the theory of paying the National
debt by the issue of new currency, which
is never to be redeemed, however lovely
in itself, must be abandoned.
The argument of Chief Justice Chase
went to show that the Legal-tender Act
was unconstitutional in all respects, but
the majority of the Court confined the
decision to contracts made before the
passage of the law.
While 1 do not approve of this decis-
ion, as had never doubted that the LIE
gaI-tender Act was constitutional as to
past contracts, still it has had the effect
to greatly simplify the financial situa-
ton, and to remove the vast piles of
rubbish with which the Democratic par
ty were endeav oring to obstruct the vis-
ion of the people. And as it was made
by the Democratic members OF that trl-
bunal which the Democracy hold in
such supreme regard, they can not COM
plain that it is Republican outrage
committed for the benefit of bloated
bendholders.
The decision of the Supreme Court, if
not hereafter overruled, has substauti-
ally settled the question of the emission
of any more legal-teDder notes, and the
financial question in the future will be
between the National Banking system
and the possible revival of the system of
State Banks. The latter seems to be
popular with the Democracy, As remi-
niscencc of the doctrine of State Rights,
and their aversion of everything that
grew out Of the war.
The Senate recently passed bill au-
thorizing distribution to the West and
South of sixty-five millions of National
Banking Currency, which is all they
will need for some time to come. What
its fate in the House will be do not
know; but hope it will pass, as it will
grant relief for furnishing banking IA
cilities so much needed. 1 have resisted
the contraction of the currency in any
form, believing the volume is none too
great for the business wants of the coun-
try, and that specie payments can ultl-
mately be obtained without reducing
the volume ofpaper circulation.
DEMOCRACY AND THE coLoRED VOTES.
For many wears the Democratic party lived
upon prejudice against the colsred race. This
prejudice was stimulated by every means IN
their power by heaping upon the colored man
the foulest abuse and ridicule; by denying his
humanity and manhood; by describing hlm as
| a seml-baboon, and as cross between the ape
right that can make life sweet and attractive.
Year after year, canvass after canvass, TINS DIS
| gushing drama was repeated. and the lowest
| passions of the white race appealed to by the
| ineanest motives that can move mankind. MY
late colleague, Mr.. Hendricks, a lew days since,
| made a speech in New Orleans 10 democratic az
meeting composed of 'ex-confederates- The
burden of it was devoted to telling them they
should conc late the eol9red vSte ana now s,oI 20
| the Democracy had always been their best
| friends, and were in favor OF just and equal
| laws and would protect them In the EMO Inent
! of civil and political rights; that the Republic
| cans were their enemies and would betray them,
and that the men who hao gone TO the Soutn
! from the North ere aliens and foreigners TO
| their interest, upon whom they should turn
| their backs In behalf OF their former owners
| ica,Iy the colored men of the South had stood
| by them during the rebellion; and TINS Iact
seems to have excited the gratltuoe Oh MY neh-
| dricks. / quote his own language:
| "You have no cause to entertain against the
! colored people a feeling of prejudice; When your
| youpg men were far on in the Held, and even
| YOUR aged mep-many of them were absent
] during the four years OF the Waf-you leit tnese
colored men at your homes where they STOOD
| sentinels at the doors, where your wives and
your children were safe under their protectlon
| They labored and cultivated your lands and
| raised those products which supported the
armies in the field; and now is it possible that
| the foreigner-l speak not OF the foreigner as =
| man OF another country, but men foreign 20
| YOUR interests, men of other sections OF the
| country-is 1t possible that they shall come In
and make these colored men to hate you and
destroy you? Your interests are the interests
| of thecolored men,"
He forgot to tell them that last spring he ad-
! yised the breaking DIP of the Legislature OF In
| diana. to prevent the ratification of the Eff
| teenth Amendment, and that his whole po1tic-
! nj life had been devoted to a warfare in behalf
OF slavery and to excite against the colored peo-
! pie the bitterest prejudice and hatred OF the
white race. 49, "a. =,
He also told them that political equality did
not mean social equality, and would not lead tC
it and that the colored man had no desire OF