The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1874-09-18

We don't the following from the Detroit
Tribune OF the 14th instant, as 1t embodes
views we were about to express
The financial plank Of the kalamazoo plat
form, with It's demand for resumption, the re-
peal of the legal.tender clause, and free bank
ing. has naturally received commentator all
around from the friends of hard money and the
onem es OF all imitation schemes. ridiculous
effort is also being made to represent this ut
terance as declaration Of well-established and
unquestoned Democratic doctrine, TO which
the party as an organization Is pledged, and
the very fact of their being Democrats) to car
r. into practical execution. The utterly pre-
posteroug nature Of this claim might be thor
oughly shown by quoting the record made on
the different financial measures by Democratic
Congressman at the last session, but we find a
fresher illustration close at hand.
The Michigan Democratic Convention were
in session on Thursday, and their platform con-
tanned this plank:
:" We demand repeal OF the Legal Tender
act. to take effect not later than July 4th, 1876
alu cClc Ddcls anu lI6t Dduhe. Will q Sc
cured currency we demand a tariff for revenue
only, free from I'm ust determinations, that
raise little or no revenue. create monopolles,
unnecessarily increase the cost OF living, and
encourage corrupt legislation; and we demand
the payment OF all forms OF the national debt
IN coin or its equivalent, when due"
Upon the same day the Cincinnati Democrats
held their first general ratification meeting OF
the campaign, Gov. Allen presiding and George
H. Pendleton making the chief speech OF the
evening. The latter gentleman is certainly a
representative Democrat,-able cultivated, in
fuential a leader in his party, once it's nominee
for the Wee Presidency, twice an aspirant for
It's Presidential nomination, and now one OF
the most prominent candidates for the chef
position upon its ticket In 1876. He replied on
Thursday at length to the address in which
Senator Sherman had previously opened the
Republican canvass in Ohio. We quote from
bis criticism OF Mr.. Sherman this language con-
cerDlng the propositions Ito repeal the legal
tender clause" and for a specie basis and free
banks, which happened to be selected on the
same day by the Michigan Democratic Conven-
ton for the first two planks of their platform
= Learning nothing by this experience, the
Republican party proposes to continue the
present contraction, to pay specie for green
packs, ana 20 buy the specie with gold-bearIng
interest bonds, to cancel the greenbacks, to re-
peal the iegal-tender clause, and to make ma
tional banking free. That is, in one word, to
haIass the people, TO enrich the capitalist, to
rum the debtor, to disable the private creditor,
10 paralyze industry, and stimulate the profits
OF money-lending and stock jobbing. And, az
II in solemn mockery OF every profession as to
the necessity Of specie payments, banking Is to
be free on basis OF bonds, and without the
equality Of legal-tender notes. The scheme If
vicious IN every point. So long as we have pa
per currency let 1t be legal-tender greenbacks, =
the cheapest and best paper currency in the
world. Let it be rs abundant as experience
dictates to be necessary. When the industry
and wealth OF the country shall be sufficiently
developed they will be at par with gold, ano
then specie payments will be resumed. In the
meantime trade will flourish: work will bt
abundant; debts, private and public, will be
paid interest will be saved and the great wan
OF this new country-perhaps OF every country
low interest-will be supplied"
We further quote Mr.. Pendletons language
in reply to Mr.. Sherman, upon the genera
proposition for 1" the payment OF all forms Of
the national debt IN coin or ito equivalent, wheI
DUE" which also, curiously enough, happened
to be the third and last Of the financial utter
ances put forth on the same day by the Demo
cratic Coz, ,"tion at Kalamazoo:
The 5-20 bonds were originally payable il
greenbacks. The argument is too PLAIN FOL
repetition. Mr.. Sherman denounced all who
thought otherwise az repudlators.
And yet, on the 18th Of March, 1869, he, witt
his Republican colleagues IN both houses o.
Congress, passed the law pledging the faith o
the nation that these bonds should be paid II
com. In nv judgment, . L.ore unjust, un
necessary, uni ustliable law was never passed
1t was wantou, wicked sacrifice Of the tax
payers Of the country. 1t WAS . wsnton
prohigste waste OF money. Without considers
ton it added largely to the public debt; with
out consideration, it contracted to pay whose
ever should hold 1t 20 to 40 per cent. more thai
the face OF the bond called for. The unjus
steward reduced the indebtedness to his lord
The stewards, more uDjustly, have increased
the indebtedness Of their lord, and, for tn,
same reason that when / am put out OF tn,
stewardship they may receive me into thei
houses"
1t is not necessary to add anything to this OK
hiDit. 1t illustrates the utter absence Of an,
definite financial doctrines from the creed o
the Democracy as a whole, and proves the falsi
ty OF those who are demanding it's support q
an organization Of GAMMA - hard-mopevu tan