The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-08-27
HARD MONEY AND TasE DEuGC.
RACK.


HARD MONEY AND TssE DEu0C-
RACY.
Dropping for the nonce the slavery Ques-
ton, the great distinguishing feature of the
democratic party YVES its advocacy of
''hard money" We are speaking now, of
course, Of the democratic party rs ii eX-
is'ed in il, better days, and when SO sreal-
ing we hardly know that we ought to make
an exception of the slavery question.
Prior to about 1856, the two great political
parties of the coun ~ were the wing and
democratic, and thee was not much to
choose between them in their suhseivicncy
to the slave power save that the northern
wings were the first TO see its encroach-
ing powers, rebel ~ nst ii and unite in the
formation of the republican party, whose
avowed and real object, at first was only
to resist the spread of slavery into free ter
ritory. The rebellion at and by the south
forced on new issues, resulting in the
abolition of slavery and the 'reconstruc-
ton of the southern states. But the dis
tinctve issue between the wing and demo.
cratic parties was whether ''hard money
should be the sole currency or United
States bank should be chartered with
power to issue notes to pass as money
redeemable, of course, in coin, not to be a
illegal tender, but to have in some way
the tact endorsement of the general
government. Tyler's treachery and
Mr.. Clay's defeat put to an end
the old whig idea of United States bank,
but the democrats STILL perhaps without
reason, claimed to be the distinctive hard
money party. We have purposely left out
OF view the differences as to protec i've
tariff or one merely for revenue. because
while the wings as rule, were all in favor
of protective tariff-the "Amerlcan sys-
TEN" as Mr. Clay styled it--,here was a
wide divergence of opinion among the
democrats upon this subject. 1t is sufficient
for our purpose to refer only to the attitude
of the Pennsylvania democrats on this
question in 1874. They as warmly cs-
poused the cause Of protection as did the
wings, and it was only their belief in the
cry of "Polk, Dallas and the Tariff of 42'
that caused the defeat of Mr.. Clay. In
fact whatever it may have been in theory
or resolutions, the attitude of the demo-
Gratis on the tariff question was practical
ly the same as that assumed by them in
their national platform of two years ago
namely, that it was not for the people as a
whole 10 decide, but for the people acting
in their several districts.
But they were all agreed in reference to
lizard money There was not, either,
so much difference between them and the
wings as might appear at first blush. The
wings believed III United States bank, the
bills or ''promises to pay" of which should
be used in the transaction of business with
and by the general government, but these
bills must be at all times equal to and re-
deemable in coin. 1t was only the substi-
tuition of paper for coin on account of con-
venience. The democrats on the other
hand, would have no paper, nothing but
gold or silver. John Randolph expressed
'his clearly, on the morning of his duel
with Henry Clay, when he replied, to the
query OF bank teller who, with a package
OF bills in his hands, asked him what de-
nomination he would have, Il want moaev."
The narrator goes on TO tell us that the
bank officer, beginning to understand his
meaning, ''said inquiringly: You want
"silverT Il want my money!! was the re-
ply" General Jackson's warfare against
the United States bank was waged with the
same idea of placing everything on
"hard money" basis, as was, also-which
was only part of the same warfare
the removal of the deposits; all of
winch, 80 far as that administration
was concerned, eliminated in the
specie circular'-by the terms of
which only specie was receivable at the
several government land Offices In payment
for land. Thomas II. Benton, in his palm
the ideal OF statesman, gained his s0uJrt.
quet of sold Bullion because of his adyo-
cacy of hard money, and therein he was n
fit representative of his party. The hard
money idea, in its full force, finally oh
tanned full ascendancy the establishment
OF the "sub-treasurv," Tylcrs ireachery
and the defeat of Henry Clay, in 1874, put
ting the final seal thereto beyond, as It
seemed, the possibility of resurrection. But
with the war came the necessity of raising
more money, and then treasury notes were
Issued and national banks established. so
that now, in 1874, the question of "hard
money" is again in the ascendant.
We are told, and it should be true that
the currency question is to he Tie question |
OF the future. We are sure that the honor |
and welfare of the country depends upon
its proper solution, and that at an early |
day. We can hardly conceive of an Amer. |
lean, with the heart of an American. who
would consent to see the plighted faith of
the country violated and her bonds paid in
a depreciated currency. There are those
however, who favor such course. In
looking oyer the political field we still see !