The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1874-09-17
eMHrFllareuus.
HEDEMOCRA TIC PARTYA HARD
MONEY PARTY.

Gus assertion of q newspaper Its yerifi- !
cation must be sought in the authorized
declarations of the party itself, made in
the recognized and usual manner
Harper's Weekly.
Without more vOciferation than is nee
essary to the mere act of speaking out,
we proceed to verify the assertion that
the Democratic party of the United
States is Hard-MOney party by means
Of"the authorized declarations ofthe par
"ty itself, made in the recognized and
usual manner"
The Democratic party sprang from the
loins of the old Republican party which
died in giving it birth. That party was
founded by Thomas Jefferson, in antag-
onism to the Federal party, whose leaders
were John Adams and Alexander Ham
ilton. Washington, who belonged TO neith-
or party, but imbibed some of the views
of both, was a Hard-Money man to the
core. He was so from bitter experience,
the source of all his earnest convictions.
In 1885 Richard Henry Lee, of Virginia,
President of Congress, and Jefiersonian
Republican, wrote to Washington as
1T possible that plan can be formed for
issuing large sum of paper money by
the next Assembly, do verify be-
"lieve that the greatest foes we have in
"the world could not devise a more effec-
"tual plan for running Virginia" To
which Washington replied 81 have new
"er heard, and | hope never shall hear,
ANY serious mention of paper emis-
'sion in this State yet such thing may
be in agitation. Ignorance and design
"are productive of much mischief The
former is the tool of the latter, and is
''Oiten set to work suddenly and uneX-
"pectedly."
jeff irson's views upon this subject were
deCued, pronounced, and he stamped
them with vigor and industry upon the
very soul of the party which derived its
inspii alton from him. In 1918 he wrote
that "eVery one knows that, although
mot literally, it is nearly true that every
paper dollar emitted banishes a silver
lone from the circulation.
ITO trade on equal terms the common
measure of values should be as nearly
"as possible on par with that of its cor
responding nations whose medium is in
"a sound state; that is TO say, not in an
accidental state of excess or deficiency
Nov, one of the great advantages of
specie as medium is that, being of
universal value, it will keep itself at a
general level, flowing out from where
1T at is too high into part. where it is low,
'"The truth is that capital may be produc-
led by industry, and accumulated by
economy; but jugglers only will propose
paper. \
"Instead, therefore, of yielding to the
"cries of scarcity of medium, set up by
"speculatOrs, projectors, and commercial
gamblers, no endeavor should be spared
ITO begin the work of reducing it by such
gradual means as may give time to pri-
''vate fortunes to preserve their poise
"and settle down with the subsiding me-
"dium."
In 1887 Mr.. Calhoun, u Democratic
leader, said of paper money issued by
national banks, "Never was an engine
"invented better calculated to place the
destiny of the many in the hands of the
few, or less favorable to that equality
"and independence which lie mt the bot
''tom of all free institutions"
In the same year James Buchanan,
another Democratic leader, said, "The
evils of Il redundant paper circulation
ARE now manifest to every eye. 1t al
''ternately raises and sinks the value of
every mans property. It makes beg
gar of the man tomorrow who is in
"dulging in dreams of wealth to-day. 1t
converts the business Of society into a
"mere lottery, while those who distrib
''ute the prizes are wholly irresponsible
"to the people. When the collapse
comes, as come it must, it casts laborers
"Out of employment, crushes manufac-
''turers and merchants, and ruins thOus-
lands of honest and Industrious citi-
''zens."
jackson, in 1888 said that he had ask
cd Congress so to organize the Treasury
Department as to dispense with banks
entirely. Jackson proposed also to ban
ish all paper money under 500 notes.
Thomas H. Benton said, 81 would my
self Danish all paper money under $780,"
The Democratic ReUieU in 1888 proposed
to 'restrict all issues of bank bills below
$40 forthwith.
The Globe, March 20, 1884, edited by
F.P. Blair, was JacksQn's organ, and al
most the official voice of the Democratic
party. 1t said:
"Gold and silver coin is Jackson mon
''ey; notes with pictures on them, pro-
'mising to pay, the banks money"
At the same time General Harrison
and his partisans were "vociferous"
against an exclusive metallic currency"
which, so the General declared, destroy
ed generosity and nobleness of feeling
"by the great increase and necessary tol-
Grafton of usury."
Van Buren, was Hard-Money man,
and ran for the Presidency as such, and
as being in strict harmony with jack
sons views in his letter to Moses Daw-
son:
II am, and ever have been, opposed to
J "all kinds of government paper currency,
"let it be derived from the exchequer
"Or otherwise"
Van Buren, was accured of favoring
paper money, but what he really did pro-
nose was "a mixed currency, compos-
"ed Of q well balanced and harmon
'ious cooperation of the standard of val
''ue and its paper representative" In
other words; bank notes redeemable in
specie, the true currency the civilized
world.
James X. Polk was nominated by the
Baltimore Convention in 1874 upon his
Hard-Money record made in 1884, when
Chairman of the Committee of Ways and
Means.
Franklin Pierce was quite as much
Hard-Money man of the school of jack
son.
Buchanan's record we have already
given.
What the standard-bearers of the party
contended for, the other leaders "vocifer-
ated" strenuously in advocacy Of Will
liam Duane, Amos Kendall, Cornelius
and VIM. b. Iawrence were all recognize