The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-09-01
THE GREAT PROBLEM TO BE
SOLVED IN 1876.

the present financial system OF the
country. which is gold for the bond
holder. and national bank notes at
Is per cent per annum for the toll
ing millions, is pointing to financial
ruin for the whole country and the
ultimate AFFECT slavery of the masses.
as steadily as the needle is pointing
to the pole.
This policy so long and so persist
emily pursued has brought about the
scraping together in money centres
of all the surplus money of the coun-
try, for the purpose of investment
either in bonds for the sake of the
gold interest, or as national banking
capital for the sake of the exorbitant
interest to be realized. It has re-
duced the price of lands, and all
other property, to the impoverish-
ment Of the masses, and the enrich
ment of the monied few. It has
paralysed every branch of industry.
for the simple reason that capital
pays better at Is or "a per cent.
compounded every so or 80 days.
than in any other way it can be in
vested. Then such is the working
of the system that the farmer or me-
cEanic cannot borrow even at these
figures and on this short time, upon
anything he has to offer as security.
Money is scarcely loaned upon any
other security than bond collaterals,
for the reason that the limit placed
upon the amount of currency is so
small, that it is all absorbed and
used by the class who handle aud
hold such securities as these.
This system cannot-must not be
continued. 1t may be very desirable
to reach a specie basis; but we
would better have a greenback cur
rency for an hundred years to come,
than that the masses of the people
should all be ruined in the effort to
reach that basis.
The s, 9, 10 and IL. articles of the
platform of the Ohio Democracy
which we republish below, we be-
lieve furnish the solution of the
problem for 1876, and contain the |
financial principles on which the
country will ultimately be brought
back from its present depressed con-
dition to its normal prosperity,
Here is what the Ohio Democrats
say about this matter;
8. That the contraction of the cur
rency heretofore made by the Re
publican party and the further con-
traction proposed by it with view
to the forced resumption of specie
has already been. disas-
trous to the business OF the country,
and threatens it with general bank
ruptcy and ruin. We demand that
this policy be abandoned. and the
of currency be kept equal
TO the wants of the trade, leaving
the restoration of legal tenders TO
be brought out by promoting the
Industries of the people and not by
destroying them.
8. That the policy already Initial
I'd by the Republican party of abol-
shing legal tenders, and giving
National banks power to furnish all
lie currency will increase the power
If an already dangerous monopoly,
md the enormous burdens now OPP
pressing the people without any
advantage; and that
We oppose to this policy the demand
hat all the National bank circnla-
ion be promptly and permanently
'etired and legal tenders be issued
n their place.
10. That the public interest de-
hands that the Government should
tease to discredit its own currency,
md should make its legal tenders
eceivable for all public dues except
or the obligation ofcontracts requires
in coin, and that we favor
he payment of at least one-half the
customs in legal tenders.
IL. The extinction of the present
banks, and the establish.
nent in their stead Of a system of
rec banks of discount and deposit.
My under such regulations as the
states may respectively prescribe.
nd no paper currency except as
nay be issued directly by. and upon
he faith Of the General Govern
nent. vf a-.a.ue.. I.
The idea expressed in the 9th
rtiele is the leading one. Let ''the
olume of currency be kept equal to
he wants of trade" Let the ma.
ions obligations be converted from
old bearing bonds, to greenback' s.
sgal tenders. Let this be done till
here shall cease to be competition
mong borrowers. and until competi-
ion among lenders shall reduce the
ate Of interest to something like
he profits made upon capital invest
Il in trade and the industries OF the
ountry.
If this were the condition of things
o-tlay, monied men would be found
ven in our midst, who would invest
4 manufacturing enterprises. and
i've employment to hundreds of our
eople who are idle because no
ian hireth" them.
When this State of affairs is
roucht about. many pocket-book.