, 1875-09-13
THE DEMOCRATIC HAILUc1nATroN

Tile Democratic party, from the time when
under Gen. JACKSON It distinctly antagonized
tho Wing party, was distinguished for its un-
compromising hostility to all forms Of Gov
Ornamental connection with or responsibility
for paper money. It owed its loug-continued
SUCCESS to the frmneRs with which it aemnnd-
ed that the people should have the right to
demand gold nud silver coin for thoir labor
md it's products, One of tho boldest, get
most sagacious, acts Of Gen. JACKSON was to
dissolve the slight connection existing be-
tween the United States Dank and the Gov
ernment Tho Government waa stockho1d-
CT in that bnnk. Tho country, with q sur
rrising ,,nanimity, sustained Old Hickory in
his declaration that the Government should
be responsible but for ona currency,-that
prescribed by the Constitution Of the United
States. To that policy the whole Democratic
party subscribed. It became fundamental
principle Of the Democratic party that gold
and silver coin nlone should be the
national currency, leaving paper money
to be issued or not. by banks
or individuals under local laws. In
1911, the Treasury, under tho Wing Admins
tration, issued Treasury notes and began to
nse them rs currency. EIr. BENTON, hear
ing OF this, Ind check in his favor in pay
ment Of which Treasury noteB were tonderel
formally protested for non-pnymcnt, and the
Democratic party rajsod such commotion
that tho notes had to bo withdrawn.
When the War broke out, tho Democratic
party in Congress protested against tho issue
Of greenbacks, md especially against making
them legal-tendcr. Conspicuous among those
voting against tho bill were PKspLEroS, Of
Ohio, VOORHEES,, Of Indiana, and RICHARD
soN, Of nlinois,-thc three great grcenback
advocates Of the present day. The Demo-
CRITIC vote whs unanimous against legal.ten-
der notes, ml taking tho ground that such q
law WAS unconstitutional /!
3Ir. PENDLEToN, having been defeated ~ a
candidate for Vice-Preaidcnt in 1861, pro.
pared to bo nominated for President in 1868
by proposing to issuo more legal-tenders and
pay of the whole public debt in greenbacka.
Unfortunately for him, the scheme failed, -
failed to got him the nomination, and led his
party TO disastrous defeat.
The entire advocacy of paper money was
revolving to minds educated in tho principles
and traditions Of tho Government, especially
OF the Democratic party. The Whig party
always had suffered under the designation Of
tue rag-mouey party.
There has always been strong and insur.
mountablo objection on tho part Of the great
body OF Democrats to any paper money
issued by the Government. This WIS shown
by the action Of tho party in Congress-, in
unanimously refusing, evou undor the press.
ure Of war and IN empty Treasury, to vota 10
issue legal-tendor notes. Mr.. Wa1our, who
presided ut tho recent Democratic Conyen.
tlon, declared TINT lie wns in Congresa when
tho Legal acts were passed, and had
voted and spoken against them because be
considered them unconstitutional On this
subject the Democratic party Is divided, ,-tha
Ohio Convention attempting to forcs q paper.
money policy for the party In 1876.
But this policy cannot be carried out with,
out vigorous resistance. The Democrats oi
Maine at their Convention daclarod In
tayor Of
soana currency, coin or III equivalent, eassntIa
sanl1t1 IN business aud restoration Of prosper.
lty ptsps towards speeia cavnents and mn stan hscr
ward.
Inc Domocrats Of Minnesota demand
return to gela ana 1Ils&s u baa.s Of tha eurrsn
| cy Of tho country, With psspAst.osy md sEsc,ay,
ueasufes to secure Asrssumpou Of spscis nayntnks
The Democrats in Maryland thus deaua
their position:
Nc pfot<at sgsinst any incress. of the creul.ttne
cus1ency but demand thai such msasures ha sdont.d
BY Con2rsss which will lead to tbs sesunpton Of np&