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

ored in the eyes Of all Nations, would rise In their
honor, and re.establsh The credit of the country.
Like the scheme OF John Law and the famous
South Sea bubble, this more dishonest aud dishon-
Orable scheme would at length be denounced with
All attempts in modern times to supplant com |
by Irredeemable paper as a permanent currency |
have proved ahortive and robbed the people, |
To Win Ie t pIont TO tne SoTernment I1e ~ od eHr
aud silver and convertible into them at the pleas
ure OF the holder, fails under an entirely dlnerent
principle. The representative is more convenient |
TO use IN effeoung the exchanges Of business than
the ponderous coins which 1t represents But the |
value OF the paper is measured by the coin which
Il represents and into which u is convertible. |
But as soon as il ceases - be convertible it de
This is very plain to the unsophsticated under !
standing, ana would not seem TO admit of sut-
hclent dispute to Justify argument i'll its support.
Undoubtedly, the authority OF the Government
may compel the receipt of ITS notes as legal ten
nd intrinsic value, and in all our intercourse with
foreign nations Its artificial value as legal ten
tender is useless. Tue result s that It's value at
home also depends upon the prospect OF speedy
payment IN com well upon its receivabllity
Governor Allen aud General Cary concede that
gold and silver would mako a respectable cur.
Cary says that "Gold aud silver are valuable as
commodities with which TO settle balances with
foreign Nations, but wholly inadequate for the
purposes of internal traffic as money"
Governor Allen saws; suppose that instead OF
n bar of silver or gold the Government of the
United States takes piece of paper called green
back ana says this shall be legal tender in re-
and In ali transactions Of the people. Suppose
tho Governments to be in good standing and sound
This dollar thus stamped Ike piece Of metal, is
to all iutents and purposes, equivalent TO silver
dollar"
Burns says:
"a King can make oelted Knight
a Marquis Duke ana a. that
But an honest mans abOOD his might"
To make out OF uncOnvertible paper dollar "to
al mtents and purposes" equivalent to silver
dollar, is "aboon the might" Of any Government.
I 1 "a -tpUfpr, authority
does not reach beyond its own people. The rest
| ly as the rising tide of the ocean disre-
! garded the command Of Canute. The experiment
OF paper money was, PERHAPS, never tried under
issues of our greenbacks. But they fell far below
The par of gold; and what has saved them
| Government that it would soon resume specie
payments, agreeably to the promise which the
| greenOacks bear on their face, that "the United
States will pay the bearer"
! But adopt the policy of the Democratic platform,
! flood the country with new issues of paper money,
and that reliance in the good faith Of the Govern
ment will meet with a fatal shock.
tor. For, although 1t has abundant ability to pay
al its obligations, it has power, also, not 10 pay.
face it can he sued, can be put into bankruptcy,
and can be driven out of business
BlH This. Democratic p0L{CH OF initiation decefpes
and diSdppoiatS he to oohom ii is intended to
| appeal. The key note Of its song is that by more
and that the rich are the only gamers by "a sound
currency. But this Is not true, nor anything like
! inc UGtn' lnese pollcIans
| Keep the word of promise to the ear
And break it to the hope"
There is no part Of the community who suffer so
much by deprecated currency as the laborers
The Government pays all Its bondhoders in gold
while the laborers and all who make or raise any
currency which is afoat. What benefit can it pos
sibly be to the workingmen to get their pay
To fss moFS OF But d6or a6or is heK he
thing to rise on an imitation OF prices. II by in
gets higher prices for his labor and the
farmer for his products, the paper will
Ro feaPsP mqf in GSS% the nhe St t S
and the bankers who do business upon the bonds,
all the While al rGceye S h their pay in currency lust
farmer and the mechanic, as gold is better than
this deprecated paper.
Of thiugs3 and why take measures to make II
worsel All such tampering with the currency in
stances and not the rich and The dealers in money.
Those who have wealth can by skillful choice OF
investments avoid the losses by depreciation.
But working-men ard farmers have no such OPP
portuuities. When they work, or when they are
ready for the markets with their productions,
they have no choice but to take their pay in the
paper which is current. A sound currency is the
only guaranty the industrious can ever have
of fun and falr pay for the products OF his indus
Nor arc we TO complain of tine bondholders. It
would have been folly in the Government TO sell
its bonds by the standard of greenbacks, when 1t
intended "at the earliest practicable period to pay
its notes in coin" There can he no doubt of the
right of the holder Of bonds TO receive coin. The
= Democratic platform of the present year admits
that, as ii admits the correctness OF nearly all the
! great measures OF the Republican party in time
) How long then, shall this discrimination against
labor and the products of industry continuei The
only way to put an end TO IL is by returning TO a
sound and uniform currency.
e When II was proposed in Congress that the Gov
: ernment should Issue its own notes as currency
opposedit The leaders of the party argued it OF
6 principle, and their arguments, though out
weighed by tho necessities and peril0us condition
( OF the country at the time, are well worthy
: of beng remembered by us and by them in this
strange canvass of 1875, when iii profound peace
5 these same Democratic leaders propose not to pay
but 10 multiply without regard to payment the
greenbacks whose issue in 1862, 6S and 64 they Sc
? bitterly opposed.
The arguments they then used are now applca
ble and the most singular phenomenon OF theii
case s, that they have remembered to forget
Q them In the present canvass.
ing for Issuing sfO0, o,o0O United States notes
Hon. George II. Pendleton, then a leading and in
+ an able and very important speech, from which
, propose to quote some passages, He said;
: "These notes are TO be made lawful money. ant
legal te nder in discharge Of all pecuniarY Obi,
. gations either by the Government or by individu
ale, q CHARACTERISTIC winch has never been giveI
I% psssea s 'O'O the oH''oO '''0' O' ""' ID" 0F0
1--WE are about to launch ourselves with sails all
3 set upon an ocean Of experiment, upon which thu
t wise men who administered the Government he
4 fore came into power, warned by the example
y of other Nations, would not permit 1t even L
: enter"
T. He proceeded: 'T believe that this Government
: has reached crisis in its history. 1 believe that
/ 1t is approaching period in the history of it.
4 Legislation which may determine the question o
g its continuance BY wisdom IL may overcome the
6 evils of seoessoni by its great powers and re
l. sources it may be able TO defend itself against
those in arms against 1t; but firmly believe tina
), il not maintain itself against the shock OF TIT
s accumulated aud manifold dangers which follow
t inevitably closely in the wake Of an Illegal, un
n sound and deprecated government paper eur
c renPy."i
After quoting from the proceedings OF the Con
ven on that framed the Constitution Of the UniteI
4 States, as reported in the Madison papers, Rn'
o after quoting from the Federaist, and from Nh
o Webster and from Mr.. Calhoun, he said:
}, "Sir IL seems 10 me, that II the language of th
Q Constitution and the weight OF authority can set
+ tie any proposition, it is that Congress has no
L the power to do that which IL is proposed shall b
s done by the provisions of this bill"
Q Such were The arguments urged by the Demo
cratic party against the resort to the United State
notes, green backs, as they fainllary called
n those Same ereenbaeks which they would nOV
G perpeuate and multiply, In time of peace, wnei
u our credit is strong aud available at home anC
t abroad
r The speech proceeds IN manner so applicabl
n to the question it now stands before the peOpl
o of Ohio aud the United States, that L will Civ
n fnpfh axfp