The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1875-09-16
REPUBLICAN DOCTRINE IN 1867
AND 1875,

The Republican Convention of Pre-
BILE county on the 10th day Of Aug,
1867, Geo. D. Hendricks, President,
by its Chairman on resolutions, An
drew Cofman, reported the following
on finance:
"ResolUed, That we are in favor of
paying the National Debt in legal
tender notes, to be issued by Con-
greSs in sufficient amounts to enable
the people to pay the assessments of
the government as now levied and
speedily liquidate the debt; believ-
ing that such a policy would stimu-
late labor, encourage industry, and
develop the resources of the coun-
try"
Upon this resolution the Eaton
Register (see vol. %, No. 33) made
the following comment:
1.-THE Union party propose to keep
up the circulation as high as it has
been, by an additional issue of green
backs, Or any other currency, up, say
to 5000, 100000 until the great debt
is lifted from the shoulders of the
people, not by denying it, nor plead
ing the bankrupt act, not by the old
Democratic Mississippi dodge of say
ing we won't pay, but by paying eu-
cry cent IN the amt currency as that
IN which the debt . made. This
can easily be done, pork and wheat,
every article of manufacture the labor
of the artisan and other labor will
bear a good price, every body will
prosper, the country will flourish,
and even while we pay the debt, we
shall feel that it is no burden to bear.
By one policy re would repudiate
the debt and grow poor; by the 9TH
er we shall pay it and grow rich. Let
the people choose"
This resolution passed the Con-
vention unanimously, and was sub
stantially copied in the Republican
State Platforms of Ohio, Indiana, Ill
inois and Wisconsin. 1t was then
the cherished doctrine of the Repub-
lican party, and especially commend
ed the support of Senators Sherman
and Morton as its strict expounders
But in process of time these Sena.
tors went back on their own avow.
ais, SO eminently in the then interest
of the people, and attached them
selves to the financial policy of the
bondholders and the money chang
ers of Wall Street. It still remains
a mystery what induced them and
many other members of Congress tc
thus betray the people and ally
themselves with the bondholders but
one thing is certain, that within 8
few years they all turned out to be
millfonaires. Whether guided by
honest or sinister motives, the fatal
policy of retiring the legal-tenders
and curtailing the currency was a.
dopted, which has been steadily pur.
sued until the volume now is circu.
lation is insufficient to accommodate
the legitimate business of the nation.
In the meantime, the Gold Bill and
National Bank Charter was adopted,
which gives the bondholders a monop,
oily Of the currency, more than dou,
bled the national debt in point OF
value, and so having the finance OF
the nation in their own hands they
now insist upon a forced return to q
specie basis which will bankrupt the
nation. This end they propose to
reach by selling gold interest bear.
ing bonds, and with the proceeds
purchase coin, and thus converting a
non-interest bearing debt into larg,
er one bearing interest payable half
yearly in gold. This policy is now
adopted and has been in operation
for several years to the prostration
of all business pursuits of the nation.
Under this policy nothing is now
profitable but cutting coupons and
dealing in money, all other enter.
prises are PROSTATE and the indus.
tries of the nation are within the con,
troll and grasp of the bondholders.
l NonA 80 A. ao.z IL. Ill.