The Portland daily press., 1875-08-03
The Republicans and the Curr encx

Democratic papers are fond of charging
the Republican party with the initiation OF
irredeemable currency, and they ask, sneer-
ingly, why it should disparage its own pro-
duction. 1t is true that the Republican
party is responsible for our present currency
Systora but IL doos no. .,soau to be responsi-
BILE for the continuance of it. The response
bility for that must rest elsewhere. When the
people entrusted the administration of affairs
to the Republicans we were sconfronted by a
great rebellion which it taxed our utmost
efforts to subdue. The party in power
raised mighty armies and collected large
stores of war. To support these armies, to
place them upon war footing, to support
them, it was compelled to effect loans and
create a credit currency. These were war
measures, necessary to be taken. The gov
ernment created a currency as it created
an army, for the purpose of subduing the
rebellion. The necessity for both has now
ceased. o.
The notes which the government then
issued were regarded as debts to be paid, as
promises to be redeemed. There was no
misunderstanding, no differences of opinion
then in regard to that. There were differ
ences of opinion as to the financial policy to
be adopted, it is true. But we chose the one
we now have, and we must abide by it. We
issued our notes, and the time has come to
pay those which are due.
The Republican party believed the curren-
cy expedent necessary as war measure for
the preservation of the union. That party
saw the dangers of the system. but it had to
be adopted, as towns and cities had to run in
to debt to sustain our armies and to suppress
the rebellion. 1t proposed then to pay the
debt as soon as possible That is its position
now, and it thinks the time is approaching.
The people sustained it in incurring the debt,
and it believes the people will sustain it in
paying the debt. 1t is useless now to talk of
the policy or impolicy of the loans. They
were made, what are we to do with them?
The Republican party advocates, clearly and
Enthusiastically, the payment of them. If its
position was ever in doubt it is so no longer
Every Republican convention held this year
has declared against imitation and for the pol
icy which looks steadily to resumption.
Statements that the Republican party is the
party of initiation are absurd in the extreme.
The Ohio Democrats charge it with practc-
ing contraction. Gen. Ewing says: ''The
Ohio Democracy has called halt in the
march of the Republican administration to
the equality of currency with gold." Gen.
Ewing expresses the situation exactly. The
question at issue between the two parties is
resumption. The Republicans favor resura-
ton. The Democrats are, to put it in the
most charitable way, divided, with growing
inclination to imitation. No amount of soph-
istry can obscure this plain issue.
The Republicans are taunted with saying
that the present currency is the best we ever
had. 1t is the best paper currency we ever
had. II is free from the evils of the old bank
currency, it is uniform, and it is secured by
the government. 1t only needs converti-
bility, for that VIII give it what it now lacks,
stability. The Republicans propose to cor
rect this defect. The Democrats wish to
nernntuat and aporavafe tho OWL