The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-07-23
HarmonIoua Inflatiou.

W Hl3E llcdb Ldo Sl4 lUllOltl
million dollars worth Of genuine gold anC
silver money, and France has even a great
er sum, we of the United States use moth
ing as money but about eight hundred
million dollars in promises to pay money
which promises have for nearly thirteen
years been at discount, though our coun-
try produces annually more gold and sIl.
yer than any other IN the world. Not
only have We not resumed payments in
specie, bat We have made no preparations
to resume To what end did the Repub-
hcans at Chicago in 1858 '6enounce sll
"forms Of Reputation as National crime, -
"and insist on the payment of the public
indebtedness in the uitermost good faith
"to az creditors at homo and abroad p
And what did they mean when IN 1872 at
Philadelphia they professed their confident
expectation "that our excellent National
currency would be perfected by a speedy
resumption Of specie payments?" We
conceive that the least that the above dec
larations can mean, without violence to
the English language, is that the volume
Of paper money should be kept fixed until
the growth OF the country N population
and the gradual depreciation in the value
of the precious metals, by ieason of the
REEhE llGICd6C tuCAL
by the mines of America and Australia,
should bring the value of gold TO an equal
ity with that of q limited volume OF paper
money. If professions IN favor OF specie
payments do not mean as much st least
as this, they mean nothing.
Now let US apply this test TO Mr. I)aw-
es' Compromise Imitation bill. Every
body knows that for several years previ-
ous;to October, 1878, the volume OF legal
tender-notes in circulation was 1856, ,000,-
900. Mr.. Boutwell,, President Grant, and
Mr.. Richardson claimed the privilege, IN
der extraordinary circumstances, OF issu-
ing up TO $400. 100000 but even those
gentlemen admitted that the normal limit
was 1856, 10000, and that any excess
over that amount should be withdrawn as
speedily as possible. For several months
preceding the adjournment of Congress
the Secretary of the Treasury, by large
sales of gold, without any equivalent pur-
chase of bonds, had been increasing the
currency balance in the Treasury and
making preparations to score of the over
issue Of $26, 100000. In pursuance of this
policy the currency balance IN the Treasu-
ry had been permitted to increase from
three millions TO fourteen. There could
not be doubt that before the close of the
year the outstanding legal tenders would
have again been brought back to $685.
900. 900, and this without the production
of any stringency in the money market.
To satisfy the Infationists and harmonize
the party, Mr.. Dawes brought in a bill
which sanctioned clear violation of eX-
isting laws, condoned the most stupid act
of tie most stupid of all Secretaries of the
Treasury, besmirched the platform of his
party, and made precedent which, if fol-
lowed out to IFS legitimate end, can only
terminate in wholesale repudiation. We
were not prepared for this from the honor
ed Representative of State which reject
ed with seorn the Legal-Tender act, and
has continued throughout TO pay the in
teIest and principal Of her debt in gold.
We called Mr.. Dawes bill an imitation
measure, because plain common sense
could give it no other Interpretation, and
because all the inhationists in Congress
accepted it as such.
We now find that the friends Of some
twenty-five or thirty Congressman from
the Eastern and Middle States who voted
for Mr.. Dawes's bill find 1t necessary to
apologize for the too greatreadiness shown
by those Congressman to make concessions
TO imitation. They have succeeded in de-
monstrating to perfection that Congress
did not know what would be the effect Of
the bill. This We grant, and we say that
Mp. Dawes and those who voted with him
deserve the severest cersure for making
laws of such tremendous scope without
knowing what they meant or would be
likely to accomplish. But we further as
sert that the effect OF the bill, considered
as q whole and taken for the whole period
of it's probable operation, is to initiate the
currency, to weaken the security Of the
restoration Of fixed standard of value.
The infationists, the only true friends the
bill ever had, may be disappointed in its
temporary effects, but they are we'll aware
that it has prevented the undoing Of Mr..
Richardson's bad work, and has made 1t
possible to carry on the business Of bask-
ing in the reckless etyle Of forty years ago.
They know that they have only to wait
and the mischief will work, to use phrase
Of Cobbett's, like new beer 'in vat"
1t may be highly essential to the future
welfare Of the country that the men who
are now in power to be kept at the helm.
II may be the right thing 70 burg the liv.
ing issues of the hour and keep the people
at work few years more, hopelessly turn
ing the treadmill which grinds for Office
holders only. Harmony Is an admirable
thing, not solely for the angelic hosts, but
for combinations Of merely human beings
bent on getting their sustenance without
rendering any adequate service therefor.
We have expressed the opinion that Messrs
Freeman Clarke, George G Hoskins, Chm
ton d. MacDougall, Ellis H. Roberts, Ly-
man Tremsin, William A. Wheeler, and
David WIlber, congressman from this
State who votad f,r Mr. lls-yeaIs n iva
branch to the indatiJnisis, might do better
service to the cause Of an honest currency
in private life than they have done N
Congress. These gentlemen may take q
greaL deal of pride IN having harmoniz=d
themselves at critical moment with Nor
ton, Logan, and others who think that
the essential quality Of money should be
the ease with which it can be obtained
rather than the difficulty. That harmony
cOnjointly with the accommodating dispo.
sition shown by Mr.. Dawes and his fFiends,