Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-07-28
THE RAG-MONEY INFLATIONISTS.

All the republican conventions thus far
held have placed themselves on record
against initiation of the paper money cir
culation, and in favor of resumption of
specie payments at as early day as it
can be done without detriment to the bust
ness interests of the country.
On the other hand the democracy, from
whose organs we have heard so many
blasts denunciatorv of the republicans as
inflationists, are taking decided ground
in some of their conventions for larger is
sues of rag-money. Their little game
seems to be to present themselves as a
"hard money" party in the East where q
return to specie is popular, and in the
West where there is clamor for initiation
they appear as the advocates of more rag
money.
The Indiana democrats met in State
Convention few days ago and adopted
platform favoring initiation, also the Pen
dletonian plan for repudiating the faith of
the government by obliging the holders of
bonds to take deprecated greenbacks in
payment. Since then we have heard from
the Ohio democracy. and we find that they
speak in the same voice as the Indiana
democracy-in favor of imitation. The
democratic convention in the fourteenth
Congressional district, which two years
ago elected democrat to Congress by
nearly 1000 majority, was held recently
and adopted the following resolves:
That the present amount Of the circulating
medium of the United States is entirely in
sufficient 10 meet the wants of the business
and industrial interests of the country; that
it should be increased to a sum more COM
mensurate with our necessities, and should
be all in legal tenders instead of part legal
tenders and part national bank circulation
that it is q suicidal policy to call in legal ten
der notes, held by the people without inter-
est, in order to substitute for them gold bear
ing interest bonds, and that the exertions of
the administration to that end deserve our
severest censure.
That while we are burdened with debt of
twenty-five hundred million dollars, carrying
with 1t an immense interest, and accompanied
with great annual expenses in other respects,
it is not practicable to return to specie pay
ments, and that an attempt to do so would en-
tail unspeakable financial ruin.
The democratic Convention in the
thirteenth district, now represented by a
democrat in Congress, also adopted plat
form endorsing the Pendletonian scheme
for cheating the bond holders, and SUBJ
stantially declared for imitation The fol-
lowing were among The resolutions
adopted:
That we are in favor Of the redemption OF
the 500 bonds in greenbacks, according to
the law under which they were issued.
We are in favor of the repeal of the law of
March, 1862 which assumed to construe the
law SO as to make such bonds payable exclu-
sively in gold.
That we believe the interest and prosperity
Of the country demand a sound, sufficient sys-
tenn OF currency, secure to the holders by the
faith OF the nation, adequate to meet the wants
and demands of the industries of the country.
and one that will adapt itself to any and all
emergencies which the business of the coun.
try may have to encounter, looking always to
safe return to specie circulation.
What the Ohio State Democratic Con-
vention will do when it meets is past con-
lecture. Senator Thurman has declared
himself strongly in favor of a sound cur
rency, but his party is undoubtedly OPP
posed to him. We may set it down as a
fact that the democracy of the West are
not "hard money" party, that they are
on the contrary rag money party, ask
ing more of it, and if the party in Ohio
does not announce itself for initiation at
the State Convention in SO distinct terms
as the Congressional Conventions have
spoken, it will disguise its real sentiments.
Some of the democratic papers in Maine
worked themselves into tempest of in
dlgnation while Congress was in session
lest compromise would be effected upon
the currency question that might be con-
strued SO as to permit double dealing on
the part OF the republicans, allowing one
construction in the Fast and another in the
West. Will they please tell us how thev
can claim their party as sound currency
party, as an honest party, while it adopts
In convention such resolves as we have