The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1873-10-16
NUMBER 10

mercial center Country bankers all keep
deposits there. The city banks pay inter-
est on these deposits; they can not let
them lay idle; they can not lend them for
q specified time. The stock iobber needs
money for his margins, he bcys his stock
of bonds. Puts up his stock or bonds as
collateral, buyssTnore stock, borrews more
money. Jay Cooke & Co. fail-Northern
Pacific Railroad stock and bonds are
worthlsss-the banks regular commercial
customer needs money for Rdvancements
on shipments, or exchange on Europe-
the band calls for the loan, the stock Job.
Der breaks, the collaterals are yalueless.
the banks suspend, the commercial men
fail
Jay Cooke G. Co. suspend, and every
hnnse connected with them, even by the
slender ties which credit and confdence
create, suspend also. The card-houses Of
our children fall when the head one is
knocked down. In business conducted as
it now is, the fate of these men is as GER
tain, and their foundations are as weak as
our children.
THE GREENBACK THEORY
Gentlemen, / will not endeavor TO 90
into a close discussion of these uuestio1s
to-day. If this catastrophe arose from
the rational and lneYiLable. reduction of
valaes, incident to restoration 10 specie
currency, then let ne ask YOU whether
It would not have been better to meet the
crash with the public debt nearly ali paid
and the taxes reduced more than SiOO
OO0,O0Of This was the greenbaek theory
OF 1861 1t proposed to pay the bonds as
they were agreed to be paid. 1t proposed
ty pay them IN legal-tender notes. and At
the rate at which they were Contracted
To-day the Government does moi nav
them; 1t buys them, and pays ten. twelve
fifteen per cent. more than 1t ouebt Per-
maps the law requires it. If So it is Re
publican law.
GRANT AND THE BROKERS.
Shamelessly the jobbers and brokers
and kites called the President uiIe
| Secretary of the Treasury into consulta-
tion. They listened 10 the proposals to
bring the Treasury of the United States
to the rescue. They adopted the policy
of buying bonds, and then shamelessly
the Treasury Department bought bonds
from its favorites and refused 10 buy from
It's adverParies And then more shams-
lessly still, that department affected to
tnd constitutional and legal scrupies
against the only thing it could do to re-
heve the market. The purchase of bonds
was the only possible legal intervention
by the Administration, and this was soon
stopped from scruples as TO its legality.
In altit history, believe this Admins
tration has now here. for the first time.
found this objection TO any course.
But why should not the Administra-
ton use the greenbacks and redeem the
bonds2 Greenbacks have been At from
one to three per cent. premium. The
holders offer TO sell them. The Admin
istration has the money. The country is
harrassed. Why should not the Admin
istration use the money 1T has, and if nee
essary use its reseryes2 That will pay
the debt, that will reduce the interest, and
perhaps restore confidence and credit. II
this panic is in any degree the result oil
the close intercommumon of the National
Banks, so that when one fails they all &c
/ down, when one suspends they all refus,
to pay, Is II not time TO consider whethe
that is the best system, and remembel
that no Government has ever been able K
wage such an unequal contest If thi.
panic arises from the fact that Jay Cook,
& Co. were the financial agents Of the Coy.
ernments the depositaries Of the publ,
money, the represen natives and agents O
the Government abroad, the head Of th,
| lub AJAX ana ACulllGs Oh III
financial system, is it not time for thu
} people TO consider whether the Admins
tration may barter off high official posi-
ton, with all its delicate responsibilities
as q reward for partisan services, and ma
confer efficial station and with II cred
and power where the chief inducemer
: has been personal ambition, and the CHI,
aim is to have an opportunity for specu
lating In the money market.
: Gentlemen, one word more and Z sha
have finished / do notlook on this as q
unimportant election We have a Cove
/ nor, Legislature 10 elect, and they wi
control the policy of Ohio for the next tw
years. The Legislature will elect a Sen
ator, whose voice and vote will speak f
Ohio in National affairs for six years I'll
! result of the election are important in Ii
present and far reaching IN The future a
len and Thurman are able, upright, coul
ageous, outspoken statesmen, and whet
ever else, even malice; may have said
either of them, 1t has never connecte
their names with the suggestion Of dis
: honor or dishonesty. In my Judgment
: is our highest duty, as citizens, 10 eleC
these men, and thus TO put the seal {
! condemnation on a party whose polio
I leads to the results which have attempt
! ed 10 describe.