The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1875-09-09
RANDOM THOUGHTS
By THE EDITOR.

i am not consistent-that L formerly Ia
vored plenty of currency So do yet
Have ] not almost alone, defended the
system Of National Banks, which gives US
the best currency the people ever had?
This false and senseless cry against Ma
tional Banks is war against plenty of
good currency, and the clamor for more
irredeemable greenbacks is the old howl
for Reputation, in a new form.
l have shown from actual figures that
there has been no contraction of the
currency, and that the Republican party
proposes no contraction, while the Dem
ocratic party. by its war upon National
Banks proposes destruction of the cur
rency. The Republican platform says:
2 That policy of finance should be
steadily pursued which without unneces-
sary shock to business or trade will ulti-
mately equalize the purchasing capacity
of the coin and paper dollar.
The man who objects to that is a fool
or a knaYe, or more likely both. Every
man who is not a rascal, admits that the
Government bonds must be paid in gold.
The laboring man is as good as such
democratic bondholders as II. L. Chap
man, David Armstrong, Peter Pickrel,
John Sanders, and others, who now get
their interest in gold, and will ultimate
ly get the principal of their bonds in
gold. While the Republican party
would not swindle the bondholder, it is
proposed to make the purchasing capa-
1 al. III - kl III 70
that of the dollar paid to the bondholder.
| But the Democrats object to this and
want to increase the inequality now so
much in his favor. That is why your
Democratic bondholding banker will sit
quietly and listen to the abuse heaped
upon him by your Sham Cary's and Dew
iltricks, and yet continue to act with
such party. 1t is all strategy my boy. =
Neither Mr.. Bundy, nor l, nor any
other Republican, ever favored an issue
of greenbacks over the limit of S400, ,000,-
000 To do so would be square repudia-
ton and rascality.
A short time ago Iwas talking to an
esteemed Democratic friend-an honest,
intelligent man, but one who had been
fearfully mIsled. He said that the Re-
publican Congress had passed law to
compel specie payments in 1879, and OF
course that would cause a fearful con-
traction of the currency. OF course it
will do no such thing. There appears to
be an idea prevalent, even among intel
ligent persons, that if there were specie
payments, there could be no paper mon,
ey, and the only currency would be less
than two hundred millions of gold and
silver.
Now let US look at this fearful specie
payment act of the Republican Congress,
and see Just how much it contracts the
currency. Here is the terrible thing:
AN ACT TO PROVIDE FOR THE RESUMPTION OF
SPECIE PAYMENTS
4 Be it enacted By the Senate and Houss !
Representatives. of the United States of Ameri
ca in Congress assembled, That the Secreta
ry of the Treasury is hereby authorized
and required, as rapidly as practicable
to cause to be coined at the mints of the
United States, silver coins of the demon
nations of ten, twenty-five and fifty
cents, of standard value and to issue
them in redemption of an equal number
and amount of fractional currency of sim
liar denominations or, at his discretion
he may issue such silver coins through
the mints, the subtreasuries, public de
positaries and post-ofhces of the United
States; and, upon such issue, he is here
by authorized and required to redeem al
equal amount of such fractional currency
until the whole amount of such fraction
81 han ha
ed.
SEC. 2 That so much of section thre
thousand five hundred and twenty-fou
of the Revised Statutes of the Unite'
States as provides for charge of one
; fifth of one per centum for convertin
3 standard gold bullion into coin is hereb
| repealed, and hereafter no charge shal
be made for that service
: Sec 3. That section five thousand on
hundred and seventy-seven of the Revi
: ed Statutes of the United States, limitin
e the aggregate amount of circulatin
= notes of national banking associations b.
and is hereby, repealed; and each exis
ing banking association may increase il
l. circulating notes in accordance with e.
g isting law without respect to said aggr
i .gate limit; and the provisions of law fc
the withdrawal and redistribution of n
tional bank currency among the sewers
IS States and Territories are hereby repea
ed. And whenever, and so often, as ci
culating notes shall be Issued to an
such banking association, so increasir
its capital or circulating notes, or so ney
?, ly organized as aforesaid, it shall be til
=, duty of the Secretary of the Treasury
redeem the legaLtender United Stat
notes in excess only of three hundre
e millions of dollars, to the amount
1 <Nfk kl,fc rNfK1
v bank notes so issued to any such bankir
association as aforesaid, and to continI
such redemption as such circulatir
notes are issued until there shall be ou
4 standing the sum of three hundred mi
g ion dollars of such legal-tender Unite
+ States notes, and no more. And on al
after the first day of January, ammo DoI
ini eighteen hundred and seventy-nin
N the Secretary of the Treasury shall /
le deem, in coin. the United States leg;
,e tender notes then outstanding on the
presentation for redemption, at Ne
io York, in sums of not less than fifty d.
lars /And to enable the Secretary of Il
Treasury to prepare and provide for T.
ID redemption in this act authorized or
w quired, he is authorized to use any ST
- plus revenues, from time to time, in t
Treasury not otherwise appropriate
te and issue. sell and dispose of, at not le
than par, in coin, either of the descr
III tions of bonds of the United States d.
~ cribed in the act of Congress approv'
= July fourteenth, eighteen hundred al
e. seventy, entitled, IAN act to authori
the refunding of the national debt, wi
re like qualities, privileges and exemption
"a to the extent necessary to carry this 8
- into full effect, and to use the procee
lie thereof for the purposes aforesaid. A
lie all provisions of law inconsistent vi
III the provisions of this act are hereby