The Morning herald., 1875-09-28

~ ItH
deserted no Democratic land mark. Our
policy, as . party, has ever been to protect
and guard the Industries Of the country.
We demand that the legal-tender issues be
made receivable for all dues to the gov
ernment-a policy that will speedily bring
them to par with gold and iatere Manageable
Herewith. ..-...--..-.-....-.. =
We denounced the system Of National
Banking. We did 40 for the reason that
the National Government pays the banks,
acting merely as her fiscal agents, over
twenty millions a year in coin. As the
government is responsible for the redemp-
tion of the notes they issue to those corpo-
rations, why pay them premium for cir
culation? Why not let the government
issue legal tenders in their place, and ap-
propriate the twenty millions of coin an
nually paid as interest upon banking
bonds, toward the relief of the people in
taxation. And we are sure the producers
of the country will be startled to be told,
for they are in reality the taxpayers of the
nation, that this bank note circulation has
in ten yeals, since the close of the war,
cost th"m over one hundred and fifty mil
lion dollars, which has been constantly
sold by the banks for purposes Of specula-
ton, affecting by its artificial and gam
bling quotations the prices, if not the
values, Of everything consumud in the
country" ,u'.. u.l
We have so frequently enunciated views
exactly similar to the above, that we can
not do otherwise than heartily commend
them to the consiiera :cn Of our readers.
Judge Pershing in his letter of accept
ance, interprets the Erie platform, in ac-
cordance with its true tenor Or meaning.
''The question Of the currency is attract
ing the attention Of the thoughtful minds
Of all parties. Its final settlement rests
with Congress and the President. TIE le-
gal tender issue has become incorporated
into the business of the county, and its
constitutionality has been affirmed by the
Supreme Court of the United States. i am
opposed in its true sense to imitation, and
initiation is not demanded by the Erie
platform. The platform stands opposed
to any further contraction of the currency
at this time Of financial distress, when our
workshops, mills and manufactures are
closed and thousands of men willing to
work are out of employment. To expand
me volume OF the currency when the peo-
pie are incurring debts, and to rapidly i;
contract it when the time for payment has
'ome will prove ruinous to every business
enterprise. The attempt to force the
country to a resumption of specie pay
nents, under the provisions of the act pas >
ed by the last Congress, will only intensi- 8
y the distress which now everywhere pre- !,
vails. We must cease exporting gold to u
'ay interest on our indebtedness abroad v
'efore specie payments can safely be re-
umed. l favor such volume of curren- d
y as the legitimate demands of business : :
md the revival of the industries of the II
ountry may require. Experience will T
,est determine this, and it is to be hoped .
hat an adequate standard, or test for reg .
latng the amount Of currency. may be "
BY our representatives in Con- 8 ,
ress. l will only add that l adhere to 4 4
he doctrine always held by the Demo- u
ratio. party that gold and silver consti- v
ute the true basis for bank-note circula- 7
ion. This presents question different Il
rom that of paper currency that il of it. u
elf made by the sovereign power legal .
ender, and therefore money" II
There can be no failure. with such a "
latform as that of Erie, and success must a
blow such courage and honesty, as can be h
ound in the declared opinions of the DEM
cratic leaders in Pennsylvania. =
We trust that the organs of the conGsca- t
lonists, will cease their ISLANDERS for a time, v
nd study the principles advocated by the s
nen, who are breasting the surging tide of !,
'rong-intended under the name of hon. n
sty to rob the entire debtor class, in 1873. 9
HE LATTER DAYS OF BORERT I
BRUCE.