The Vinton record. [volume] (M'arthur, Vinton County, Ohio) 1866-1891, 1874-09-03

party. aud whenever Il ceases 10 be so and bec5mes
conservative then you may begin 10 talk about It's
mission being performed. Il Is qnalaed 70 gnppie
with every new issue thar is presented has its lace 70
the future and holds that the work Of reform Is It's
normal and necessary condition.
For years 10 come the contest viii be between the
Republican and Democratic parties. and between them
there Is room for third party and every one that
Is organized will be feeble aud ephemeral. These
parties represent different IDEAS tendencies and modes
Of thought which are in irrepressible conflict.
NATIONAL BANKS
The third section Of the platform, adopted at the
Democratic State Convention, Is In thess words
"Weare In favor Of the repeal Of the national bank
Ing law and the substitution Of greenbaeks Tor The
national bank currency"
While this section does not declare In iAyor Of the
restoration Of the old State bank system we know
very well that II would result In that The people
viii have some system Of banking, and when The
national banks are broken down State banks will
spring up aud take their places and we shall again
haveupon US all the evils Of local. unsecured unrela-
Bile currency, which does not circulate beyond the
limits Of the State in which 1t Is created which from
year 10 year perishes in the hands Of the people, and
under which the states OF the West and South paid
constant tribute TO the Eastern States in form OF
change. To the older members Of my audience need
address no arguments upon the evils and disasters
which attended the State bank system Their recol-
lections are TOO vivid.
The national banks afford a currency shat is per-
fecty secured, In which everybody has entire conf
dence, that Is Of uniform value In eyey part OF the
United states, that Is not easily counerfeited and Is
unquestonably the safest and most satisfactory bank
currency this country has ever had The proposition
TO destroy this banking system involves a radical
change in the finances and business Of the country
the collection and withdrawal OF more than 5000 000.
900 of loans which these banks have made to the peo
pie, the vast arrangement, contraction, and distress
which such an event must produce upon the business
OF the country, and yeaIs OF doubt and experiment be-
fore another system be established in It's place.
The principal reason which has been given for this
proposed change is that the GOvernment paying In
teIest 70 these banks upon their bonds, which, 1t Is
alleged, Is an increased burden and expenditure
This argument ought not TO deceive any Intelligent
person. The bonds which the banks deposit with
the Government as security for the re-
deinption and payment of their notes
they hayeto buy In the marle just like anybody else
paying the same prices II those bonds were not held
by the banks they would be held by Others, for they
already In existence before the banks purchased
them aud whether the interest Is paid to the banks or
private parties, as the holders Of these bonds eau
make no difference 10 the Government. The banks
arerequired topurchase these bonds and deposit them
with the Government as security for their notes thus
making their notes safe beyond all question, that
neither the people nor the Government can lose any
thing by them. The Government furnishes the cur
rency to the banks after the deposit OF bonds, the
banks having TO pay the expense Of the paper and
printing, as limitation and check upon the issues Of
the banks so that 1t shall not be in their power put
into circulation more currency than they mve secured
by bonds on deposit. That the banks must obt ain
their notes through the Government is simply meas
ure Of safety tfor the people by preventing over-is-
sues.
CONTRADICTORY RESOLUTIONS.
But, according to this resolution, the Government
should issue 1854 900 Of additional greenbacks for
circulation instead Of the bank notes. These addi-
tonal greenbacks will be public debt TO that amount,
though not drawing interest and the very next res0-
luton declares that the Government shall return to
specie payments soon as the business interests OF tho
country will permit 1t requires little reelection 10 see
that two resolutions art exactly contradictory
and that the first puts II out OF the power OF the Gov
ernment to comply with the second II the Govern
ment can not procure the gold wherewilh TO redeem
SS OOOOoO OF greenbacks the present amount in cir
culatiOn how will II be able TO redeem the gTeenbacs
when the volume shall have been increased by adding
S35i 900 more in place Of the national bank cur.
rency, making 900 OF greenbacks2 The diff
Guilty Of returning 10 specie payments will be increased
nearly 100 per cent and according 10 the generally re-
seved theories this will largely add to the deprecia-
tion OF the greenbacks
THE PLEDGE OF 1864.
In the act Of 1854 distinct pledge was given to the
creditors OF the Government that the whole volume Of
greenbacks should never exceed 24OOOO0 OOO-the
amount authorized by the acts Of 1862 and 1863 The
recent bill which passed Congress aud was vetoed by
the President assumed this pledge to be binding and
fixed the maximum amount Of greenbacks at $780,
100000
The proposition now made by the Democracy to in-
crease the issue Of greenbacks 1854 900 is beset by
difficulties aud contradictions on every hand. When
the greenback acts passed in 1862 and 1853 they
were denounced by the leaders OF the Democratic
party, embracing the oldest and most distinguished
members Of their Conventions unconstitutional upon
the ground that Congress had power 10 make any
thing but gold and silver legal tender In payment of
debts When Chief Justice Chase delivered the opin-
ion OF the majority OF the Supreme Court to the effect
that these acts were unconstitutional he sustained
BY the leaders Of the Democratic party throughout the
United States; and when afterward President Grant
had appointed two more judges upon that bench and
his decision was reversed and the eonstutionaliy Of
these acts affirmed, he was charged by the politicians
and press OF the Democratic party everywhere with
having packed the Supreme Court for the purpose Of
obtaining decision in gross violation Of the Constitu-
tiOn OF the United States Now in time Of peace long
after the is over find portion Of the same pol
iticans urging that the number OF eenbacks should
be doubled and that these new greenbacks should be
used in payment Of the 6vetwenty bonds issued and
sold by the Government years before The position of
these Democratic leaders is subject 10 this criticism
that during the rebellion when the issue Of
was necessity % the prosecution of the war; they de-
MED the power; and now in time Of peace, TO gain
political advantage, they assert the power though 1t
would involve broken pledge, and is stripped Of all
plea OF necessity.
A DOUBLE REPUDIATIoN.
And this brings me to the consideration Of the first
resolution Of the platform:
"That we are in favor Of the redemption Of the five
twenty bonds in greenbacs according to the law under
which they were issued"
The existing greenbacks authorized and issued
before the SAFE by the Government OF the fve-twenty
bonds. The law creating them declares and upon the
back Of every note is printed Ths note is legal ten
der at It's face value for all debts public and private
except uulleS on imports ana interest on the public
debt" 1t was with these notes that the fve-twenty
bonds were purchased at par from the Government by
the people, and it contended with great force that
the Government by the express terms Of the law, had
right TO use these notes In the payment of those
bonds In fact, it difficult to see how upon prln-
cpes of equity and the reading of the law this con-
clson could be avoided. Nevertheless 1t was stren-
ousy argued that there understanding outside
Of the law, and manifest public policy which required
those bonds 10 be paid in coin
THE PENDLEToN THEORY
But in 1867 Mr.. Pendleton, a distinguished Demo-
cratic leader, advanced the proposition that years after
the bonds had been sold Congress had right TO make
further issue OF greenbacks beyond the four hum
dred millions authorized by the original acts, and to
make them legal tender In payment of those pre-
existing bonds and these new geenbacks should be is
sued in such quantities to enable the Government
terest To this proposition seemed to involve bad
faith and repudation To require the holders Of the
fve-twenty bonds to accept In their payment the
original greenbacks with which the bonds had been
bought from the Government expressly made legal
tender In payment ofA public debts except interest
and duties, was equitable, and q measure Of which
they had due notice. but TO require them to accept in
payment further issue Of greenbacks, made long
after they had purchased their bonds would be not
only in violation Of their pledge given 10 the act Of
1854 but unsupported by the reasons necessities and
equities Of the original transaction, and inconsistent
with national faith. This proposition Of Mr.. Pendle
ton had the support OF many distinguished leaders of
the Democratic party in the Western States and re-
suited In very personal and somewhat violent dis
cussion Of the question:
Soon after the Inauguration Of General Grant, In
March, 1862 Congress passed an act declaratory Of the
law intended to settle the whole question, in which 1t
nrovidad the va-tw honda hla