Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-13

That policy, however, was not ndopted. The
probabiy had their In fuence upon the legislative
department. TO poapone decided measures for
making the greenbaeks equal 70 gold and silver.
ton and Congress together felt that TO leave this
great matter longer uncertain would not read well
In history; that 1t would involve National dishon-
or. They then set themselves about fixing he
inevitable day when this rich and powerful Ma
tion shoald theneeforth, like other honest debit
at par all over tho world.
IL the public shall become satisfied that this pur-
pose the Government will be carried out without
failure, or any shadow Of failure, the people and
like the Bank Of England in 1921, will, probably,
anticipate the day by paying specie before the
Jaw requires II. But, however that may be- trust
that the confidence Of the people and the country
may be so established in the purpose aud power
| of the Government that they will look forward to
the first day OF January, 1879, astronomers look
forward TO an eclipse or transit, which has boon
fOret old by infaible science; that they may hope
| for lt. ana expect 1t, as the happy day beyond
winch there viii be no moro deprecated cur
/ Tency; the day when grcenbacks will become, and
forever after remain, equal to coin--and when the
poor man shall receive as good money for his
! labor az the banker receives on his honds
! Gentlemen, am not so unreasonable as 10 claim
| that all Republicans should concur In what have
said of tho measures to be adopted for q return to
| a sound currency, But, as have no opinion on
| the subject which wish TO conceal, propose TO
| NIT the Republican party beyond ITS declaration
through its last Convention. find TINT men be-
oume very dogmatc IN matters Of finance ana cur
| rcncy. There Hre go many elements to he constd-
| cred in coming to any conclusion, ana some OF
them SO subtle, that the conclusions partake
rather of the character of faith than of actual
knowledge. The consequence il that men are very
positive in their Opinions, and sometimes quite in
tolerant. But, however else we Republicans may
differ, we agree in our opposition to Initiation Of
tho currency and IN favor Of ultimately restoring
hope the Republcan party abide.
The Democratic party, on the contrary, declare
by the eighth article OF their platform, THAT the
contraction of the currency heretofore made by
the Republican party, and the further contraction
proposed by 1t, with view to the forced resump-
tion of specie payment, have already brOught DIS
aser TO tho business of the country, aud threat
ened il with general bankruptcy and ruin. We
demand that this policy be Abandoned. and that
= the volume of currency be made ana kept equal
TO the wants OF trade, leaving the restoration of
legaltenders to par with gold to be brought about
by promoting the Industries OF the people and not
by destroying them"
Solomon said: surely in vain the net is spread
I'm the sight ol any bird" His idea that bird,
under such cirCnmsta nces, would use It's wings and
move or Dut Solomon had not seen this plat
e form spread in the sight of the hatd-money Dem
. honest voters, But senator Thurman wonld seem
to say that not willing TO be scared away they
out again after the election before their heads
are of.
That it is a snare will be obvious. trust to the
workngmCn, for whom II Is especially intended
They arc more vitality lnterestedin having sound
currency than any other portion OF the people
proposition means further degradation of the
National currency, in winch they are TO receive
hard to convince them that 1t is either honest or
polite to require them 10 receive poorer cur
for his interest, and TO continue so to do, without
hope or promise of relief.
The ASSUMPTIONS OF fact contained in this remark
able article, and the lnferences drawn from them
are unsupported by the financial history OF the
country. There has been no contraction OF the
currency which has caused or threatened disaster
to business; !s IL true that the volume of cur
rency" has net been made and kept equal to the
wants of trade"
II is not SO much the volume of currency that
I workingmen and business men want as It Is {
i ness, for which the Democratic party are contriv
t ing worse currency, without securing thereby
any more work any more business.
5 But this platform has four clauses to its finan
cial plank, or rather four panks on this subject
THAT the policy already initiated by the Rcpub
can party Of abolishing legal-tendera and giving
: National banks the power TO tHlneh all the cur
y rency, win Increase the power OF an already dan
o cerous monopoly and the enormous burdens nov
+ expressing the people without any compen satinf
I advantage; and that oppose 10 this policy the
C demand that all the National bank circulation b,
/ promptly and permanently retired, and legal
b tenders be issued IN their place"
J. Hele, as IN dhe eighth article the assumptlont
e has not proposed to abolish iegai-ienders, bG
Y has provided for their redemption in coin at tni
VIII of the holder, agreeably to the pledges Of th
1t Government, and the rights OF those who have ha,
3 TO take them for their labor, for the produce o
e their TaIms, or for their manuiactures. Every
holder of the greenbacks VIII know that If he pre-
I. scnls them 10 the Government, there is n mora
certainty that they will he redeemed in gold, ant
- that, If presented, they will he good gold
! The fair presumption is that the holders viii gen
= eIally ne satisfied 10 use them as money and no
70 the country may not fail To be "kept equal 10 III
d wants of trade new issues of currency redeGna
% bic in coin authorized under perfectly secur
system OF free banking,
Y By the tenth plank Of their platform they re
le proach the Republican, party for not having tn
8 customs paid in greeuoacks. and recommend 9Th
e payment OF at least one-hat the customs in legal
II tenders"
1f They would violate the faith of the Nation, upo
Is which all our bonds have been issuea lSee Act
"a sb9d he beid in for the o pny
p ment in coin OF the interest on the bonds; second
TO extineulsh one per cent OF the entire deot eael
" year; third, pay The balance into the Treasury
ne where IT might be used to protect the credit O
es the Government Tho interest on our eold-beal
r. ing bonds amounts not less than $780, 600
d nually The customs amount to about $l6O 900 00C
&c which, upon the Democratic plan Of collectn
Or Gnehalf in greenbaeks, would produce but $4,000
n OOO leaving deficiency of S2OOOO,OOO In coin I
pay the interest. what would become of the res
!. of the uust or OF the credit OF the United States
a seems not TO have entered into the calculations
e our Democratic tinanclers. OF one thing the
ss would be reasonably sure, that the GoverIuneI
O. would be thoroughly committed against resumI
" tion, or any possibility OF growing up to it, an
d thar greenDacks would be multiplied by the mi
/ lion.
i Again by the eleventh article of their platform
E and tho fourth Of their financial pianks, they ca
A for the extinction OF the National banks as
n monopoly, and the establishment or free stal
re- Bmt The state banks will be no more free tha
iy the National banks under the act OF 1875, whir
II, authorizes any person OF persons, ny placing
vi deposit with the Government the bonds OF III
t. United states, 10 issue National currency. en
bank on that security, according 10 the provision
n IN all these four financial planks there Is Il
l. provision for the redemption of paper issued,
al to be issued for any practical limitation on Il
in amount thereof No more unlimited system
% imitation could be asked by the widest speculate
IN There are 50 many stump speeches crowded I'M
he this four-fold financial plank as to obscure i
meaning. But the leading idea, and that vii
IN ! which the country has most concern at the pre-
H. ent time, is that the Government, instead OF pr
to vidlnG, as it has solemnlY promised to do for
On return To specie payments, shall proceed TO mai
in paper money more plenty by leaving the gree
III backs already Issued unprOvided for and issnr
Is new ones to meet the supposed wants OF trad
OF and leaving il TO trade TO take care of them.
1t. In other words, the Government in contempt
" its pledges, Is to create and continue paper none
IL irredeemable and meOnvertible, leaving, rs ;ht
sny, the restoration Of legal tenders 20 par vii
IN gold "tO he brought about by promoting the indu
10 tries OF the people," which Is precisely equVael
e. TO an Indefinite postponemehl.
We The issue Of e Greenbdcks eodS jastiR''e only
", Udr measure. III principle, there can be i
al justification for the issue OF mcoIiveriblo pap,
ed TO be used as currency In time OF peace when u
Il" credit OF the Nation is available abroad and
IT. home. Nothing but some supreme emergene
so like civil war could Justify resort to this exp
nd dent. At the time when the greenbaekS were
n sued the Rebellion had created in England and
In. ~ halt - ITs.Ha