The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-07-29

composed exclusively OF bank notesY
Z The Democratic party has again, in the
Ohio platform, for the thousandth tima,
declared against deprecated, irredeem-
able currency, and in favor Of sound
currency redeemable at par, convertible
at par, into every known article Of ne.
cessity or luxury or utility-whether gold
or iron, food or clothing, lands or houses,
debts or taxes-and in sufficient quantity
for the demands Of active trade and the
highest efforts of industry and invention.
/ speak for myself alone. | do not as
sumo to speak for the Democratic party
Its Convention has spoken for it, But |
believe interpret truly its opinion and
platform when say that we are in favor
of coin as the basis Of the currency; that
paper currency should be convertible
into coin at par; that we desire return
to specie payments as speedy as the in
terests of labor and business will permit;
that we would be glad to return immedi-
ately if honor and good faith and justice
would permit and it were possible. We
are not now nor never have been in favor
of an unlimited issue of greenbacks or
bank notes. We are not now and never
have been in favor of reputation in any
form; we do believe it is our highest
duty to fulfill all our country's obligations
according to the spirit and the letter of
our promises. We are not now and new
er have been in favor of a volume Of cur
rency, changing, fuctuating according to
the whims of parties, or the interests of
bankers, or the demands Of reckless spec
ulators; but sufficient for the easy, active,
economical, profitable interchange of
commodities, and as fixed and stable as
the nature of the case will allow; and so
long as we must have government pa
per currency, we prefer greenbacks,
which are sound and cheap and good, to
National Bank notes, which at the outset
cost the people six per cent, and are at
last only redeemable in greenbacks.
| do not conceal from myself the de-
fects and dangers of this coin-basis sys-
tenn. | do not conceal from myself that
the superstructure of paperis larger than
the foundation of coin, and that as the
superstructure grows higher, it grows
wider and larger. / do not fail to see
that as the coin foundation becomes
smaller by an unavoidable drain from
abroad the necessity for still larger su-
perstructure becomes more pressing; nor
do | fail to see that political science must
remove these defects or the system will
fail. Thoughtful men have suggested
remedies and other systems. This is not
the occasion for their discussion. shall
not discuss to-day the merits or value of
currency and paper currency and mixed
currency and mercantile currency. l shall
not stop now to inquire whether the best
possible system has been adopted. The
house is burning; let us put the fire out,
and then we may consider whether we
we shall repair the injuries or rebuild on
another plan,
| cannot foresee what truths investi-
cation may evolve in the future. For
the present, | repeat, lam a hard-money
man. believe return to specie pay
ments should be kept steadily in view
in our legislation and action, and that
wise craftsmanship will seek the means
of reconciling such return with the true
interests of labor and business, and JUS
tice to the debtor Resumption cannot
safely be forced. 1t must be the proper
outgrowth of surrounding healthy con-
ditions, or it will be neither beneficial
nor permanent. The gardener may cul-
tivate and stimulate the tree, but it is the
tree that produces the fruit, And if /
may do it without egotism, let me say |
was in Congress when the legal-tender
act was passed. | voted against it. l
beieved the law unconstitutional, and
the policy unwise. l have never changed
that opinion. But in spite of my efforts
the policy was adopted and became in
terwoven with our system of finance
and trade. will seek all the good l can
find in it. would not abandon specie
payments, because thought it unwise
and a great wrong to the creditor. l
will not rush recklessly back to specie
payments over the prostration of all
business and the utter ruin of the debtor
Specie payments are a means, not an
end. l find no mystery in our condition
or in the remedy. In 1861, when the
came into power, they found
gold and silver coin the only Govern
ment currency and the only legal-tender
A few Government notes were outstand-
ing, but only because they had not been
presented for payment. The sub-Treas-
ury system was in full operation. The
Democratic party had, after twenty years
of struggle, established the system, and
fixed it as they supposed firmly. The
ent received and paid nothing
but gold and silver coin. At that time
the coin currency was one hundred mil
lions, and the paper currency issued by
State banks was about four hundred and
fifty millions.
A Republican Congress passed the bond
act, the legal-tender act and the National
bank act. The effect was instantaneous.
Gold and silver ceased to circulate. The
obligation to pay interest in coin, and
the demand to pay customs duties in
coin, made the Government the only pur-
chaser for home uses and increased the
premium.
The various issues of paper-bank
notes, greenbacks, certificates and other
notes-some bearing interest others not,
but all serving as currency in one way
or another, either as circulation, surplus,
reserve, or otherwise, in the year 1865,
reached an enormous sum, stated by
some authorities to be more than twen-
ty-one hundred millions. The bonded
debt of the Government was tnen twen-
ty-five hundred millions of dollars. The
foating debt was fifteen hundred mil
ions. The totals were six hundred mil
ions.
The whole South was opened up to the
currency, which had been confined to the
North and West alone, and one million
Of men who, as soldiers, had been con-
sumers, were returned to the field of ac-
tive production.
Then commenced the Republican sys-
tenn of finance. 1t was plain and simple,
Contract the currency, and, if necessary,
to this end, increase the interest.paying
debt. And from that hour to this, with
occasional brief respites, there has been
steady, grinding contraction of the cur
rency. Down, down has come the cur
rency; and down, down, down, also, have
come the prosperity and happiness of
,he country, the fortunes and credit of