The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-08-12

| mOttO WILL DC one mOucy lOI ~
81 eminent and people, debtor a,
9 creditor, buyer and seller, capital
II and operative, master and servant, produc
and consumer, and that money based on Il
!, faith and credit of the best government on Il
planet" They will bid the bankers seek q
other occupation or operate on greenbacks
" of yore they did upon gold. They will So
to bondholders "here is money for your int
est as good as the money of the governmel
which contracted the bonded debt and 6
: good as the money of the people who mul
pay the debt. We and our government are
, good as you are, and wha. is sauce for til
, popular goose must be sauce for the bono
holding gander." Borrowing little from th
Ohio Democratic platform, they will declare
l. That the contraction of the currency here
: tofore made by the Republican party, and tn
further contraction proposed by it with vie'
to the forced resumption of specie payment
, has already brought disaster to the bushes
of the country, and threatens it with genera
bankruptcy and ruin. We demand that thi
, policy be abandoned, and that the volume o
currency be made and kept equal to the want
of trade, leaving the restoration of lega
tenders to par with gold to be brought abou
by promoting the industries of the people
not by destroying them.
2. That the policy already initiated by the
Republican party, of abo!ishing legal tenders
and giving national banks the power to fur
nish all the currency, will increase the power
of an already dangerous monopoly and the
enormous burdens now expressing the peo-
pie, without any compromising advantage;
and that we oppose to this policy the demand
that all the national bank circulation be
promptly and permanently retired, and legal
| tenders be issued in their place.
3. The public interest demands that the
government should cease to discredit its own
currency, and should make its legal tenders
| receivable for all public dues, except where
| respect for the obligation Of contracts require
payment in coin; and that we favor the pay
ment of at least one half of the customs In
| legal tenders
4. The extinction of the present national
banks, and the establishment in their stead OF
system of free banks of discount aid deposit
only, under such regulations as the States
may respectively prescribe, and no paper cur
rency except such as may be issued directly
by and upon the faith of the General Govern
ment.
These declarations were received in the Co.
lumbus Convention with "cheer after cheer,
and the Detroit greenback association will
not hesitate to adopt them as their own. The
Democrats at Columbus did not want de-
crease, for they declared against contraction;
but they wanted a change; they wanted the
volume of the currency MADE AND KEPT EQUAL
TO THE WANTS OF TRADE, but no contraction.
"No further contraction, but give us all that
the wants Of trade demand p "Contraction
is ruinous, therefore give us all the currency
trade demands" contraction is the policy |
opposite side"
The soft money men at Detroit may reword |
the declaration of principles, but the sub
stance will be identical with that of Columbus.
There will be at the greenback convention
'ome old line Wings, whose memory runs
back to the days when mental giants
Numbered in our Senate and honest patriots
,eld public positions. Will such Wings re-
member how that great and good Wing, Il
Daniel Webster, denounced quack money
Will they remember the speech of March %.
S3S, against Calhoun, when he said in tones I
hat shook the Capitol:
81 abhor all irredeemable paper; all old
ashioned paper money; all deceptive prom {
ses; everything, indeed, in the shape of {
'aper issued for circulation, whether BY gov -,
rnment or individuals, which can not be
urned into gold and silver at the will of the q
older"
Unemployed money is abundant in this q
ountry, as well as in France and Great i
'ritain. There has been great fall in all Q
rices and trade has been checked. With L
ow business and low prices, less money is
eeded than when prices are high. Times c
re dull, trade is checked and money is c
ept idle. When needed again there Will be C
aough. Borrowers can get all they want Ii
ow on good security, but the property offered =
pledge must be rated at what it is worth, Il
ot in the eyes Of the owner, but in the est. G
alton of the banker, the broker and the d
Ipitalist. The Detroit Sanhedrim may 81
AXE the people believe that Congress makes
oney scarce, and that scarcity Of money n
axes hard times and low prices. ii
July l, the Democrats Of California, in an N
oquent set of declarations, condemned the I
adical party for sundry ofsnses, and among Il
hers for the course of inconvertible OF
per money" and this is the money which ia
g greenback men seek to perpetuate. The fl
'gislature Of New Hampshire, without dis re
ut or debate, declared with one voice in be
Vor of return to specie payments as soon ne
business interests will permit, instructing ell
majors ndrequesting Representatives to ad- VI
cate that policy. In Illinois they want no an
're paper than it is necessary to endure. go
lie leading journal of that State says:
SO 1t is distinctly understood that whatever pa
, Democrats of Ohio may resolve as to the rir
rrency, whether the resolution is the result tn
political heresy, or of a personal quarrel, !.
Democratic Congress will ever pass law 40
Issue more money. In short, whatever en-
gbody may say, the National Democratic de-