The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-05-28
The Currency Question

There can be no doubt that under our
Constitution the only legal currency is
gold and silver, und that such was the IN
tentIon Of Its trainers is shown by the fact
that the first Congress, composed IN a
great measure Of the men who formed that
instrument, amorg It's fret enactmenis
prescribed that "aIl the fees and duties
"rayable to the Federal government
should be received in gold and silver
"only." And the idea that the govern
ment should provide a business currency
for the people except by coinage Of gold
and silver was never. tolerated among
Democratic Statement, and seriously
proposed, by any one, until the early sue
cesses Of the rebellion, Causing such an
unusual demand for money, furnished an
excuse, under what was termed the war
power" for the issue of four. hundred mill
lions of legal tender notes; eli of which
are now on standing except the sum Of
eighteen millions. But the constitutional
right to issue these notes even under The
"War power" is subject to the gTayest
doubt, and has never been conceded by
many Of our best statesmen and lawyers.
And although the act authorizing their
issue IN effect pledged the faith OF the ma
ulon for their ultimate redemption, yet no
provision 10 that effect Was or has besn
made and these notes are now practically
an "nIedttmable curret CIV" against the
.'evlls of which" the democracy of this
State stands solemnly pledged
Jefferson, In a letter in 1913 to Joha w,
Eppes, lays It down as "a Wise rule which
{ should be fundamental, in a government
disposed to cherish It's credit, and rcs-
TRAIN its use Wuhln the limit of Its fac
"ulues, never 10 b,rrow q collar without
/ laying y tax IN the same instant for pay
ing the Interest annually and the pIinci-
pal within u given time" But the re-
cent Finance Bill, vetoed by the Presi-
ueuL, IN the bsllef AZ least of some of Its
friends, provided for the issue Of another
hundred mIlllons of the same irredeemA-
bic currency, IN addIuon to legalIzlng the
Reissue Of the forty mlllIons of reserve (so
calIsdl which had been done IN fAgrHnI
violation Of law, by that illegal luninETy
Mr.. Boutwell,. who gbt his law IN 3 gro
Gerry store" and continued by Probate
Judge, Richardson, of Sanborn fame and
this, too, without any provision or deLer
mined limit for its ultimate rtdtmptToD.
IL is claimed, however, by the advocates
of imitation, in lace of the fact that tht
curl ency OF the connty at this TIME
amounIs 10 nearly the sum Vi q Thousand
millions and is particularly abundant II
all the commercial cities, that more cur
rency is needed to transact the business
Of the country; and it Is g matter Of re.
gret that among Democrats are TO bs
found some who JOIN IN the cry for a lar-
ger issue of notes which have no limit OF
basis for their redemption in direct con.
tradlctIon of the soundest principles q
finance, as we'll as in violation of one o.
the cardinal doctrines OF the Democratic
party. ftedt5W aa1e1G
All such individuals of whatsoever par
ty, would do we'll to follow the advice o.
Jefferson given as early as 1915 IN b 81
mlLlar exigency: "Instead Of yielding &c
the cries OF medium, set up by specula-
tors, projectors and commercial gamblers
ne endeavors should be spared to begin
the work of reducing it by such gradual
means as may give time TO private for
tunes to preserve their poise and settle
down with the subsidlng medium" Let
this be done and let Congress cease Its
discussion and agitation Of finance mea-
sures, and capital would soon fluid its ma
tural channels, and business ofgall kinds
would resume Its wonted and healthy
course. anI 1LaAl NJ