The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1875-10-07
The Bubble Punctured.
"And the winds blew and the floods came ana
beat upon that house and itfell."

beat upon that house and itfell."
To the Editur of the Standard:
| have read your reply to. my commu-
nication, and think your argument de-
cidedly thin. do not think we trans
cend our Republican friends in the use
of slang phrases.
was not acting with the Democratic
party fifty years ago" and do not care
about going back to the dead past. The
living present is what we have to deal
with now You say, "this great nation
is not swindler, and when it promised
to pay man one Thousand dollars, with
interest, it did not propose to pay by is
suing another promise, etc"
That certainly is in bad taste, coming,
as it does, from the party which inaugu-
rated the principle of forcing the credi-
tor to take his pay in promises. You, of
course, hold that paper currency is not
money, but a promise to pay money.
Yet, your party made the greenbacks le-
gal tenders. Creditors, who expected to
greenbacks by the action of your party.
Soldiers, whom the government had
promised to pay, were paid in green
backs, /. e., promises. They get their
pension in these same promises, and no
one thinks of paying them in gold. If
you were to give note of hand, payable
only in gold, the law of your party
would, to-day, compel your creditor to
receive greenbacks or nothing. Yet you
say it would be fiat repudiation. The
bondholders debt is no more sacred than
other debts. The public debt is no more
sacred than private debts, and the money
(or promises) which were good enough
to pay one kind of debt are good
- o11 L
and also right, Bro Mackley p Now if
we are repudiators for desiring to pay
the public debt in the same kind of
money that you made a Legal tender; in
the same kind of money that paid the
soldiers and officers, and bought the sup
plies in the same kind of money that
pays the pensions of our crippled sol
diers; if we are repudiators for desiring
to continue that which you have been
doing for twelve years, then you were
repudiators before US.
We are willing that, in cases wherein
express provisions were made to pay in
gold, to fulfill the contract. But where
it was not expressly provided for pay
ment in gold, it should be paid in the
same kind of money that pays you and
me. You say in one place that the Dem
ocratic party is the party of contraction,
tied issue of paper currency How can
you reconcile those statements?
We desire that the volume of the cur
rency should be kept equal to the de-
mands of trade. You say that you have
amply provided for that. The only diff
ference then is, we prefer legal tenders,
and you prefer bank notes.
Legal tenders are as safe as paper cur
rency can we'll be, and cost the people
less than bank notes.
Your statement about the taxes paid
by the First National Bank, is decidedly
thin. Of course every one knows that
it does not pay taxes on the bonds. It
pays on its bank issue, Cor the security
which it holds for it) $500, and those
who hold its circulation pays the balance
and not the banks as you have it. Then
it gets interest on 100 per cent. of its
property, and pays taxes on 80 per cent.
only. 1t gets the use of 90 per cent. of
its capital and pays taxes on that the
same as you and other honest men. 1t
gets interest on 100 per cent. of its capi-
tai, and pays no tax thereon. Then its
500, 900 cost the people, besides the inter-
est it pays the banker, and which is all
it should cost, $1,000, then if the banker
gets s per cent. the circulation costs the
people little more than Is per cent.
annually, besides exempting 10 per cent.
of the bankers property from taxation.
| The individual stockholder is not to
blame for this, but the Republican adj
ministration. Of course Jackson derives
a local advantage from said bank, and
for my own part l do not see what ad
vantage would be gained by destroying
the banks and leaving the bonds unpaid.
Then it would certainly be wise policy
to pay off the bonds at the earliest pos
sible moment, and stop the interest. If
the bonds mustsbe paid in gold, pay them
in gold as far as possible. The difference
between gold and greenbacks will not
equal three years interest Yet your
party proposes to pay the non-interest
bearing debt first. An individual who
would act thus would be called "green,"
and need guardian, and that is what
your party needs. Tie amount of specie
in the country will not exceed three
hundred million, yet with that you pro-
pose to pay debt of nearly ten times
| its magnitude. How is it to be donef
Before your party passed its specie
payment act. you did not think it prac-
ticable, and spoke in contemptuous
terms of certain Republican who desir-
ed that your party should adopt specie
| payment platform. Here is what you
said do not these lions or lionesses, or
| lying asses know that the two parties are
divided right in the middle on this ques-
ton p Many Republicans do not ap-
prove of that plank of your party, but
their masters have cracked the party
whip, and many of them fall into ranks,
and vote as their masters dictate
The Geghan Bill was passed for the
benefit of the inmates of the institutions
therein named and not the Catholic
priesthood. Yet because some hot-head-
ed Catholic may have went to extremes,
you would have revenge at the expense
of the unfortunate ones in said institu-
tions We should still remember the
Golden Rule. We should, in all cases,
permit man to have all the spiritual
consolation his religion affords, and In
his dying hours, if we can ease his pas
sage across the dreaded stream, it surely
is our duty to do SO. Who will say that
because the priesthood had done wrong;
dying man shall be denied that spirit
ual advice which he believes is necessary
to secure his souls salvation
see nothing wrong in l. I. Monahans
communication. From the fuss that was
made about it feared there was some
thing wrong, but will go further, and
say: That whenever our schools are to
be run in the interest of any particular
party or sect, it will be a glorious day
when the system is "shivered to pieces.
Yet hope that day will never come.
There was much truth in Taft's speech,
yet it is not all true. The Democratic
party Isl at least, as good friend to the
school system as Taft.
JOSEPH MILLER.