National Republican. (Washington City (D.C.)) 1872-1888, 1875-08-09
OPP M0RTON's GAGE.
vs. Is "VH " HHh
fconfinHea froM Firsf Pars.A

could pe prepefea, witnout shock or injury. fof
resumption, and that. - the time approached,
say within two years, the value OF greenbacks
would gradually appreciate and be at par when
be o large demand to exchange them for coin.
The biliprovided that the greenbacks should not
be retired 90 as TO leave less than three hundred
they should continue TO be part OF the circula-
SSsiiS .1d bring tS.% Z par IaISs. and 4; var
iisysd that the period or fssunption was nsces.
T.. on ss Ssao
wss that which had been successfully employed
In England for more than . hundred years whom
crease Of the currency; and advised the Presi-
dent to pour into circulation the forty-four nil
Lions reserve Of green6aeks then in the Treasury.
isIation was BY the extension Of the national
banking system, and not BY further issue of
In . speech in the Senate on the 18th Of Jan.
II am not speaking Of Increasing the green
the forty.four millions Of reserve, but am speak
ing Of increasing the nstional-bank circulation
forty-four or nifty millions, 50 .: to make the
States equal, and requiring 1t to be redeemed In
greenbacks. That would not chespsn the green
backs; It would not affect the value Of our cur:
have TO be redeemed in greenbacks, and the num-
Der Of greenbacks would not be increased. sub
NIT, therefore, that increasing the national bank
enough, would not cheapsn the value Of green
backs, and would not increase the premium on
gold, would not interiors with the gradual return
to specie payment that hope for"
That the period has gone BY when any increase
Of the currency would 90 good in checking the
It's course until the times are relieved BY economy,
industry, and the operation Of general causes.
NEITHER CONTRACTION NOR EXPANSION.
The theory of the bill in another respect was,
that there should be neither contraction nor ex;
Be maintained as nearly a. possible At what it
then was. Banking was made free; that is, the
restriction as to the amount Of bank notes that
States, was repealed and the people left free to
organize new banks in any Of the States or Terri
currency from this source, It was provided that
for every 400 900 of bank notes issued the Score
greenbacks; which, added to the greenback re-
serve the new banks would be required to keep
in their vaults would maintain the volume Of cur.
rency in circulation about the same.
had something TO do with the preparation Of
this bill voted for 1t in good faith, and intend TO
that It Is imprassicsbis OF needs smsnamens It's
main feature, fixing day for resumption and
providing for It, had proposed to the Senate six
years before, and whether the time fixed Is
proper one or not, and I should have preferred u
year or two later, 1t is the method by which be-
lieve specie payments can and VIII be reached.
slow, gradual, but certain return to specie pay
ments, and no contraction or expansion Of the
currency until that time.
DEMOCRATIC PLATFORM.
The Columbus Democratic platform demands
immediate abolition of the national banking sys-
TEN, and the substitution for national bank notes
OF new issue Of greenbacks. A change so great
and vital would be attended BY the most disas-
trous consequences, the extent Of which no man
can now foresee. It would require the banks at
once to withdraw from the people nine hundred
and fifty millions in loans now outstanding, which
would undoubtedly result in the greatest distress
and the almost total suspension Of business The
greenback circulation would be suddenly in
lions to seven hundred and thirty millions, and
would invariably greatly depreciate. The value
Of greenbacks now is maintained by the ability of
the Government to pay them, and by the prospect
OF such payment at no remote time, and II the
amount was so increased that the Government
could not pay them, and the prospect Of payment
passed entirely away, they would at once lose the
principal part of their value. II, when there are
but $375 900 900 In circulation, and are within
demption, they are worth but s. cents on the dol.
lar, what would be their value II the amount was
increased to $780, 900 or Il 900 0OO0 900, with no
be redeemed? Let any man Of sommon sense
answer. But It is said that the legal-tender
quality, the fact that the debtor can compel the
preserve their value even II they are never to be
redeemed or paid. The simple answer to this is
that when the volume of greenbacks Is largely in
creased, and all prospect or pretense Of payment
is abandoned people will refuse to sell their prop
erty or labor upon credit, knowing that they
can be compelled to receive IN payment dspre-
ciated paper never to be redeemed.
AN UNAVAILABLE SECURITY.
But we are told that any amount Of this paper
will float because the faith, resources and credit
of the country are pledged for 1t. If there be no
way to convert the resources or credit Of the Gov.
the security amount To- 1fall the real estate in
the Union were mortgaged for the payment Of
these notes-but there Is no way to foreclose, to
noll anf fn hat ha nnrfo
amount tot Stripped of all disguises' and pre-
lenses the substitution of greenbacks for national
bank notes will be understood by the country as
declaration that these notes will never be re-
deemed.
THE DEMOCRATIC PARTY THE ENEMY OF GREEN.
BACKS.
But here unmask this whole fraud and impos-
ture. The advocates of more greenbacks In the
the greenbacks, as they have ever been. They
are utterly opposed to national currency In every
form. When the greenback currency was first
proposed in 1852 and was Indispensable to the
Suppression Of the rebellion and the preservation
ofthe Union, the Democratic leaders everywhere
denounced it as unconstitutional, did everything
in their power to make 1t worthless, and to bring
1t into dishonor. This warfare against the con-
stituticnality of greenbaeks has never been relin
pushed to this hour. When Chief Justice Chase,
with the majority of the Supreme Court, decided
that the issue Of Rreenbacks during the war,
under military necessity to preserve the life Of
5S
party as the grandest triumph Of constitu-
tional principles known in our history, and
Of General Grant, the membership Of that court
having somewhat changed, the court decided, by
Q majority Of one, that the issue Of greenbacks
taTy necessity, was constitutional, the Democratic
party, with one accord throughout the United
States, declared that the decision was corrupt,
Grant for that purpose. And you will remember
that, during the canvass Of 1872, the charge Of
having packed the supreme Court to procure
decision sustaining greenbaeks, in fragrant viola
ton of the Constitution, was the most persistent
and clamorous made against General Grant and
the Republican party: Democratic leaders have
not changed their opinions upon that subject.
Only the other day, at Gsllipolis, Mr.. PendIetoa
asserted, in the strongest terms. that as q men,
Der Of Congress he had opposed the issue Of green
that he had never changed his opinion, and be-
Heyed that Congress had no such power. Mr..
cratic member ofthe Senate, have from time to time
denied the power Of Congress to make greenbacks
legal tender, charged that the supreme Court by
the decision went no further than holding that
Congress had the power to pass such law in
time of war. II the Democratic leaders now be-
neve that greenbacks are unconstitutional, how
can we sufficiently condemn the hypocrisy Of the
demand for new issue Of hundreds Of millions to
take the place Of national bank notesf If they
believe them to be constitutional, no condemns
ton can be severe enough for their conduct dur
ing the war, when they denied their constitu-
tiouality and did all IN their power 70 dishonor
them, at time when they we're necessary to pre-
serve the life of the nation.
The question as to whether Treasury note can
be made legal tender in payment Of debts is
purely question Of law, to Be decided finally by
the Supreme Court of the United States, and
there Is not Q respectable Democratic lawyer now
in the State Of Ohio who does not believe that q
new law creating further issue Of greenDacks as
o substitute FOR national bank notes, or for any
other purpose. would be declared BY that court
unconstitutional and void.
RESTORATION OF STATE BANKs THE ULTIMATUM.
This whole scheme OF further issue Of green
backs, in lieu of national bank notes, arraign
here to-day as hypocritical and treacherous, de-
signed In the first place 70 effect the destruction
OF national banks, and then BY their volume, and
then BY the decision of the courts to destroy the
restoration of the old State bank system. The
State sovereignty party will never stop short Of
State banks. national currency, whether Of
greenbacks bank notes, Is hateful TO that party
which abhors the national idea and declares that
there is not one nation, but thirty.seven indie
pendent and sovereign powers. The party which
clamors constantly about Capitalization and fede-
raj assumption can never be the friend Of the
greenback, which represents the highest form Of
national sovereignty. Every year the PROPOSE.
tion has been brought forward In Congress to re-
peal the law taxing the notes OF State banks,
which drove those banks out Of existence, and the
repeal Of which would again open up the food
gates for public and private robbery BY the estab
lishment Of innumerable kit.ng and worthless
banks in all the States. Only last year Mr.. Thur
proposition to repeal that law, which was offered
as an amandma IN n finance hill