Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1875-07-03
DEMOCRACY Asa FINANCE.

fnefatf F
J. The resolutions of the Ohio Demo-
Gratis, followed by those OF Iewa, seem
to have defined the financial issue in
the elections this year as well as the
next. Outside of New England and
the other money centres, the doc
1rine will readily be accepted, that
a return to specie payment will be
sound fancial condition; still. with the
welcomed as an evidence of return to
exception Of the points indicated, there
is no State Inwise enough to endorse
policy which must bring with it a con-
traction of currency ruinous to the
commercial interests Of the West and
South. Those resolutions, however,
aonot stop at opposition TO contrac-
ton, but insist that the paper currency
be issued directly from the Treasury,
aud that the tive Thousand banks used
as intermediate agencies. at cost of
so. 0O0, 600, be abolished. The Object
Of their creation was the centraliZa-
ton of capital. togiye support TO other
rings and build up a monied power
strong enough to keep the Radical
party in power and reduce the millions
TO conditiop OF serfaom under an
aristocracy Of ILL., gotten wealth. Where
do the miscalled National banks get the
money they issueg From the treasury.
Who is responsible for that currency
and ior the solvency of the banks ?
The treasury. Where do the 20,O00,-
900 of bonus come from? Out Of the
treasury-the pocket of the people.
If these things be true, the banks are
mere middle men between the
treasury aud the people and, like other
middle men, absorb a poEtion of the
substance of productive labor without
returningany equivalentwhatever. The
advocates Of the present system of
finance know that the banks are infu
entisl party agencies and indispensa-
Bile in that work Of concentration and
contraction Of capital. whereby the
masses are to be straitened and impov-
crushed, whilst the corrupt aud ambi-
tious few are to become lords "of all
they survey"
But suppose the people to be short
sighted enough to precipitate the re-
sumption of specie payment, are they
ignorant Of the fact that there is not
sufficient amount of gold and silver in
the country to supply the demands OF
commerce and 10 stimulate the varied
branches of trade between and within |
the States !? This fact amounts to
nothing in the estimation of those who |
want specie basis with an expanded
paper representation, but they seem to
forget that the money rings can mo-
nopolize the specie of the entire coun-
try and so manipulate it as to expand 1
or contract, at will, the market value
OF whatever paper currency may be |
put IN circulation, thus destroying all
stability in trade and forcing unlimit-
ed opportunities for multiplying their
wealth at the cost. of every industrial
and productive interest. All parties
that are working for resumption-if
We except those who are the dupes of
lnavery-see their opportunity in the
contraction which must follow, as
well as their ability to reap a harvest
of wealth from the unsettled financial
condition inseparable from so great a
blunder. The whole scheme of early
resumption originated with the admin
istration aad the rings that control it,
and this fact alone should convince the
opposition that there is nothing but
mischief in the movement. But there
can be no evasion Of the issue in the
coming elections, and we believe the
Democracy of every State will stand
upon the financial plank of the Ohio
platform, But unaninnity is impossible
within the pale of the party. because
there are thousands in the East who, |
while protesting to be Democrats, are
in full sympathy with the money rings,
and when principle and interest are
brought in conflict, the balance is
rarely right adjusted and in these de- |
generate days principle will kick the |
beam in ninty mine out of hundred |
cases. eas-a fi -