The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-11-25

| the value OF the currency by ueoasllB
the coin, multiplying the number OF
printed irredeemable promises, or evad-
ing in any way the prompt and faithful
payment of honest debts. With the in
auguration Of any Of these dishonest
schemes there comes brief period OF
wild speculation, foolish extravaganza
and general decentralization, to be follow
ed quickly and invariably by a long
night OF Bankruptcy, desolation and de-
spair. 'lHu .'I l2..l' @
| q EyJH-That the Federal Government
is one of limited and specified powers,
that all encroachments Of it upon the
rights reserved to the States respectively
or to the people should be watched with
Jealous care, are not with Southern men
unmeaning phrasesl Denying to it the
exercise Of no delegated powers, they
look with anxious soliCitude upon the
exercise of others sanctioned by usage
or openly usurped tending to increase
the central influence, and corruption Of
the Federal' Administration. In the
whole range of possible legislation there
is not one subject so sweeping in its
character, so dangerous in its probable
results, or SO fruitful Of corruption in
every department of the Government as
the absolute control of the currency Of
the country, 1l .5.r.s.L.rt
With these fundamental principles
generally admitted and with these expe
riences it is not likely that the people Of
the South will support any of the various
schemes of initiation which have attract,
ed more or less of public attention. 1t is
still more improbable theywill follow the
lead of the champions Of these schemes
General Butler, Wendell Phillips and
| Judge Kelley. When the question is fairly
presented there can be little doubt that
they will be found sustaining the tradi-
tional and time.honored principles of the
Democratic party The desire, think |
may say, is universal to return to Specie
Payments as early as practicable, to re-
peal the Legal-T Tender law (which is no
| iawl, and let the Government interfere
no more forever with the currency, ex-
| cept to coin money, and collect and dis
burse its revenues. bsdn'. -u"9IIu. ya.
Upon two other points there seems to
be some apprehension and some misun-
derstanding: First, What is resumption
of Specie Payments? Second. When
can it be accomplished
Fiyst-During the war the United
States Government found itself without
money and without credit In this ne
cessity itissued $500 100000 of due bills
| known as greenbacks, which were given
in exchange for material Of war or per-
sonal service. To give them currency
the Government solemnly promised that
this issue should never be increased, and
compelled people to take them by max
ing them a legal tender The whole
amount became forced loan levied up
on the country and so remains to this
day. The promise to pay which each
bill has upon its face has been a false
hood and asnare for thirteen years. Not
one dollar of principal or interest has
been paid to this day, Resumption
means that the Government shall hon
estly meet its obligation and pay now, in
the time of its prosperity, what it took by
force in the hour of its necessity 1t does
not follow that people will be distressed
or commerce deranged by this act of
Justice and common honesty. The
means ought long since to have been
provided by retrenchment and proper
economy, and can soon be by these
means or by loan, and every bill re-
deemed without diminishing by one dol
lar the volume of the currency. When
the Government shall pay its debts in
coin, banks and people can do SO with
out inconvenience or loss. H.n
.Sec0nG-When can the Government
resume? Congress, at its last session,
fixed the Ist of January, 1879. 1t may
or may not be prepared to do so. Sew
enteen years from the creation of debt
would seem to be long enough for the
debtor to begin to pay principal or in
terest. No debt was ever paid until the
determination to do so had been formed,
and some time for payment beforehand
resolved upon but if the condition of
the country in 1877 or 1873 be such
as to make impossible the fulfill
mert of this virtuous promise, it will be
time enough then to change the law and
ask for further indulgence. Let not the
Democratic party, now assume the con-
troll of the destinies Of the country, take
a step backward until the necessity for it
is demonstrated.
Ihave already trespassed too long up
on your indulgence, but cannot forbear
to one other aspect of this question.
Judge Kelley, in his speech in this city a
Short time since, expressly disclaimed
any intention to repudiate the obliga-
tions of the Government. The vastly
increased amount of greenbacks which
he seeks to have issued he proposes new
er to redeem, but leave them as an ire
deemable, non-exportable currency for
ever; but the bonds, he left his hearers
to infer, were in some mysterious way
ultimately to be paid. 1t was easy to
see, however, that the adoption of his
wild schemes led directly and necessa-
rily to the non.payment of the entire
public debt. 1t was a tempting appeal
to the prejudices Of Southern audience;
i L i.