The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1875-08-31
The Currency Question.
Hon, George III. PendletOn lat Gal
lipOlts, OOiO,

Hon, George III. PendletOn, lat Gal
lipOlts, ODiO,
Newspapers and public men, able, in
duential, and generally candid, under
stood to be generally truthful, not given
to lying for lying's sake, denounced this
platform in terms whose bitterness is
equalled only by their falsity. 1t would
be charity to believe they had never
read it. Their choice lies between ig
norance and malice, unless they should
take refuge in blind prejudice and big
otry which does greater injustice to their
intelligence than either .'Rag money!"
'.Infnite in6a,ion!' Paper maniacs !"
sRepudiation Indeed In behalf of
two hundred and fifty thousand Demo
Gratis of Ohio, denounce the falsehood !
resent the aspersion! Gentlemen, we
are entitled to truth but if that be i'm
possible with them, we are entitled at
least to decent exaggeration. In any
event, however, we remember that the
clip of truth shall be established forever; ;
a lying tongue is but for a moment:" y
Whenever they coudescend to reason at
all on the sub hject they tell us that the
Government should not interfere at all
with the currency: but Government does
now, has always, under our present civ
ilization, must interfere with the quanti-
ty of currency. 1t declares what shall
be legal tender, stamps the coin, pre-
scribes its weight and fineness, regulates
the number of banks, prescribes the Sc
curity for circulation and Furnishes coun
terfeiting, and these ohjectors approve
the legislation. 80 a.
They raise cry of holy horror at the
| words: I'VE demand that the volume Of
currency he made and kept equal to the
wants Of trade" Well, gentlemen, if
the wants Of trade are not a fitting meas
ure for the volume of currency, pray tell
us what amount would you have? A.
volume less than the wants of trade de
mand ? A volume greater than the wants
of trade demandP If you will have the
volume Of currency neither greater than
the wants Of trade, nor less than the
wants of trade, nor equal to the wants
Of trade, perhaps you would like to re-
verse the proposition, and say that the
volume of trade shah be made and kept
equal to the wants fthe c rrency9
The craftsmanship of the. civilized
world has always been directed to this
very point 1t has recognized the nc:
! cessits and ability Of currency only as
an instrument OF trade,and its incessant,
un2agging effort has been to ''make and
keep" the amount equal to the wants Of
trade: Every issue of Government pa
per, whether the legal-tender or not
every restricted banking system-has
been an effort to make and keep cur
rency equal, according to the judgment
of the Gopernment,to the wants OF trade.
Every free banking system has been an
effort to make and keep currency equal
to the wants of trade according to the
Judgment of trade itself. The founda-
tion idea of free banking system is
that circulation will be expanded or con-
tracted as the uses OF trade will increase
or diminish its value. The Republican
platform of 1874 declared that "banking
should be made free, so that the circula-
ting medium may be expanded or con;
tracted according to the demands of
commerce and trade" And Amasa
Walker, the hardest of hard money men,
speaks of the natural volume of curren.
cy, and the volume of currency regula
ted by the laws of trade. Away, then,
| with this folly that the wants of trade
are not the true measure of just and
useful value of sound currency; and can
didly admit that the objection is not to
the rule, but to the power which shall
apply the rule. You fear to commit the
application of the rule to Congress, lest
the temptation to make "good times
and plenty of money" may induce Con
gress to make and keep the volume of
currency greater than the wants Of trade
demand! / admit there is danger in the
temptation. But would the danger be
less if confined to two thousand Nation
al Banks2
Point out a power better fitted to exc
ecute this trust,and / will adopt it. The
Democratic party, am sure, will adopt
| it. Whenever they leave the realms and
vocabulary OF "rag money" "Confede-
rate currency. "repudiation," they say
the Democrats favor "depreciated cur
rency." This is not true. There is nei-
ther in the Ohio creed, nor any other
Democratic creed,a word or policy coun-
Itenancing the charge. Are greenbacks
a deprecated currency as compared with
bank notes? Does it depreciate the cur
rency for Government to receive it for
all duesp Does it argue desire for a de.
IpreciaIed, irredeemable paper, to insist
that all the paper money of the country
shall have as the guaranty of its value
the faith of the Government and the en-
tire wealth of the country, rather than
the faith and property of any five men
who may set up bank? Is currency.
! composed Of greenbacks exclusively
more redundant than a currency of ex.
actly equal volume, composed exclusive
lily of bank notes?
i The Democratic party has again, in
the Ohio platform, for the thousandth
time, declared against deprecated, ir.
redeemable currency, and in favor of 8
sound currency redeemable at par, con
vertible at par into every known article
of necessity or luxury or utility-wheth
er gold or iron, food Or clothing, lands
or houses, debts or taxes-and in suffi
cient quantity for the demands of trade
and the highest efforts of industry ani
invention.
speak for myself alone / do no
assume to speak for the Democratic par
ty. Its Convention has spoken for it =
But l believe l interpret truly its opin
q ion and platform when / say that we ar,
in favor of coin as the basis of the cur
rency; that paper currency should b
convertible into coin at par; that we de