The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-09-16

x
of the publicservice II eclipses all Demo-
cratic Administrations, and that as Pres
ident has come out of the office clearer
than General Grant. If so, it is plain
that no change should be made. In their
State platform they declare to you that
because of the distinguished success OF
his Administration, President Grant is
entitled to the gratitude Of his country
men. If, indeed, that is sincerely stated,
and you really regard his Administration
as separated from all others by its supe-
rior qualities and extraordinary excel
lence, then, as true men, you want no
change in the conduct of public affairs,
butyou desire that as this Administration
is, 80 its successors shall be-
REPUBLICAN FINANCIAL, POLICY.
But before striking a blow al Governor
Allen only to perpetuate the present
conductand policies, viii you not care
| fully consider the same, and decide
whether that be your real judgment 2
Upon finance, what do you want your
vote tomean? Do yOuwish it to be an
approval and endorsement Of the policy
OF the Republican party on that subject?
That policy is founded in the act of the
! 18th of last January. Governor Morton
informed the people Of Ohio that it was
the result Of copsultation and compro,
mise, and that every Republican Senator
save one voted for it, as did all the Re-
| publicans in the House, except few
| from the Eastern States No Democrat
in the Sena voted for it, and | am not
aware that it received any Demo
cratic support in the house. In the
speechat Marion, Mr. Senator Sherman
declared that he reported the measure,
! advocated and voted for it, and heartily
defends and approves it; that it was the
result of the most careful deIibefation;
that il definitely declaresa public policy
and that it is the fixed policy Of the Re
publican party, "and no step baekward.'
| And now as that act declares the delib-
crate purpose and fixed policy of that
party upon a most import tant question,
! it should be accurately and generally un-
dersto0d The first section provides for
the substitution Of silver coin for the
fractional currency The silver is not in
the Treasury and must be purchased
The special dispatch to the Cincinnati
| Commercial OF the l4lh, last month, says
that the Secretary Of the Treasury will
be obliged to sell between thirty and
forty millions Of five per cent bonds for
that purpose The direct effect is to in
crease our interest-bearing debt about
forty millions; in other words, it is the
conversion Of domestic debt, which
bears no interest, into q foreign debt,
bearing interest The silver coin, when
issued, will not be legal tender beyond
five dollars, and its depreciation below
gold will be nearly, if not quite, as great
as that Of the currency which it is to
displaCe, The second section repeals the
law which allows q charge for coming
bullion, and is proper. The third and
remaining section removes legal restric-
tions and limitations, so as to allow free
banking, 1t also prOYides that upon the
issue of bank bills to the banks the Sec
retary Of the Treasury Shall redeem legal
tender Treasury notes to the extent Of
eighty per cent of the bank bills so is.
sued, until the volume of tie legal tender
Treasury notes outstanding shall be re-
duced to three hundred million dollars,
The effect of that provision is to sub
stitule National Bank paper for legal
tender notes to the extent of about eighty
two million dollars of the latter The |
section then provides that "on and after
The first day of January, A. D, 1879, the |
Secretary Of the Treasury shall redeem
in coin the United States legal tender
notes than outstanding, on their presen-
tation for redemption at the Office Of the |
Assistant Treasurer Of the United States,
in the city New York, in sums of not
less than fifty dollars Thje, by the
process Of redemption and substitution,
all the legal tender notes are to be taken
from circulation, and the currency.of the
country il TO be coin and bank bills. In
other words, it was intended TO give the
National Banks the entire field, notwith-
standing the same Congress, in the
month of June before, had given the
country assurance that the legal tender
circulation should remain at three hund-
red and eighty-twO millions. Such was
the construction given to the act Of June,
1874, while it was pending the Senate
/ have given you the language of that
provision Of the act requiring the Secre-
targ of the Treasury on the first day of
January, 1879, and thereafter, to redeem
the legal tender notes "then outstahd.
ing because it had been stated to the
people of Ohio that {" the bill provided
the greenbacksshould not be retired 30
as to leave less than three hundred mil
lions in circulation" From the lang
uage Of the law you perceive that all the
legal tender notes that are not displaced
by bank bills are to be redeemed and
taken out of circulation. Do you wish
your vote to approve this measure and
iasten it upon the country? / was called
upon to preside over the Democratic
Of Indiana last year. In my
address to that body upon this subject
said Our paper currency consists of
Treasury notes declared by Congress to
be lawful money and National Bank
notes. / am not in favor of the policy {
that prOproses to retire the Treasury
notes t, make room for an increase Of
National Banks and their paper. The
Treasury notes are the cheaper currency |
20 the people and command public CON {
idence. They are. not lrredeemable.
For their value they rest upon the pledge
md conscience of the country. The re- c
alton between holder and the Govern
nent is direct. The people are not re. +
luired to pay interest upon National
jonds deposited as the basis of their Sc Z
,urity and value, as in the case of bank .v
lotes. Passing everywhere, and without r
question, they are the fayonte and pop L
liar currency II
ask your very careful consideration b
# the last provision of the act. 1t would Il
lave been idle, as well as vicious, for a
congress to direct the Secretary of the b
treasury to redeem the legal tenders in a
DIN without making provision for the q
ame To meet the necessity, the act 81
,royides: "And to enable the Secretary n
f the Treasury to prepare and provide 81
or the redemption in this act authorized i,
r required, he is authorized to use any y
urplus revenus from time to time in the b
not otherwise appropriated, ii
nd to issue, sell and dispose Of at not il