The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1874-04-28
HJudging by their clamor

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preservation Of the faith Of the govern
ment, one might suppose that the capi-
talists were the only patriots in the coun-
try. In their frantic efforts to secure a
contraction of the currency, they make
such noise about the sacredness of the
public credit, that it seems unfeeling to
intimate that their principles are greatly
invigorated by their interests.
We may concede to them large
share, say ten per cent: of all the patri
otism in circulation, and still be permit.
ted to notice the curious circumstance
that this ardent affection for the public
credit never gushes much except when
that and their personal Interests happen
to coincide. .
There has been Fourth. .of-Jnly energy
enough expended in trying to- defeat the
currency bill, to have suppressed small
rebcllion-say that in Arkansas for in
stance. 1t is calculated to make man
who cannot appreciate the blessing of
hard times, and who therefore cannot
gush with them, feel that his loyalty is
below par-that it rates at about the
present discount Of blackbacks from the
gold standard
But the man who takes these patriotic
pretensions at their face, e,and attempts to
realize on them will find himself broad
margin out of pocket. There is show
ing of The pure gold of patriotism on
the surface, but within is the pinchbeck
of greed for gain.
These capitalists loaned their thou
sands of millions when the currency they
gave was worth from fifty to eighty FIVE
cents on the dollar, gold they now seek
to make it worth one hundred cents on
the dollar, gold, by diminishing The sup
ply. Should they succeed they will not
only gain their exorbitant interest, but
will gain in addition from fifteen to fifty
per cent by the enhanced value Of the
currency. This would all be very fine
il nobody lost anything by it; but every
dollar that the creditor thus gains the
debtor loses. This is not so fine for
| thoaa ,rhc ora IN dobt
1t is perfectly right if man agreed to
pay high rate of interest for him to do
so; this he contracted to do. But it is
not right to compel him to pay money
worth a hundred cents in gold for money
worth seventy-fve cents in gold this he
did not contract to do.
Each party has his own when the debt
is paie in currency of equal value with
that loaned. ,
Nor does the carrying cut of this
principle indefinitely postpone resump,
ton of specie payments. When these
debts were contracted both parties were
aware that the country was gradually
growing up to specie payments, and Of
course both parties contracted with this
understanding and are bound by it,
But it was not understood or contrac-
ted for, that the capitalists, by means Of
their influence with Congress or the ad;
miIfistration, should cause sudden and
artificial increase in the value of the
notes and bonds held by them.
Decreasing the circulation by legisla-
ton is precisely such an artificial in
crease OF this value as was not contem
plated in the contract.
The currency bill which recently pass
ed, and which caused this blast Of bogus
patriotism, simply proposed to put again
into circulation currency which had been
withdrawn by legislation. II neither "in.
fated" nor ''hooded the country" it put
all parties exactly where they were be
fore, nothing more, nothing less.