The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-06-21

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"public interest demands that the govern
ment should cease to discredit it's own
currency, and should make its legal ten
ders receivable for all public dues, ex-
" cept where respect for the Obligations of
contracts requires payment in coin, and
that we favor the payment of at least
g ne.half of the customs in legal tenders.
There seems to be two propositions involv-
ed in this resolve first, the substitution ct
treasury notes for specie, and, second, par
tial or entire Reputation of the public debt.
The demand for treasury notes IN place of
specie is plain enough and requires no elu
cidation. They have come to be the advo-
Gates of an irredeemable currency TO the
exclusion of specic-and, after this exhi-
bition, who can say that the democrats are
any longer "Bourbons" learning nothing
and forgetting nothing for although they
may learn nothing they have evidently for
gotten all they knew in reference to the
finances.
But as to reputation. Does it not lurk
IN this resolution Is the resolution any
thing but mild way of stating the Pende-
tonian proposition that the principal and in
terest of the public debt must be paid only
10 greenbacks Not word is said relative
to keeping the public faith in the payment
of the public debt, but an absolute requisi-
ton that the government should not "dis-
credit its own currency" by refusing to re-
ceive or pay it out-except they may refuse
TO receice IL "where respect for the obliga-
tons of contracts requires payment in
COIN" What contract, that court would
respect, or be bound to respect, in the face
of an express law, requires any payment to
be made to the government in coin This
resolution gives emphasis to the demand of
the national democratic convention that
there should be one currency for the gov
eminent and the people, for the bondhold-
err and the producer-and declares that that
currency should be paper, not specie. If
this is not reputation in disguise, we know
not what It is.
That the people might not be left In
doubt as to the kind of money demanded
by the democracy, they further resolve
That the contraction of the currency
heretofore made by the republican party,
and the further contraction proposed by
at, with view to the forced resumption
cot specie payment, has already brought
60 6ieaatpr IN tho hi,c;paop Of tha ,o,,try
land threatens general bankruptcy. We
demand that this policy be abandoned,
and that the volume of currency be made
land fept equal to the wants of trade,
leaving the restoration of legal tenders
"to par with gold to be brought about by
promoting the industries of the people
and not by destroying them" This needs
no Interpretation. Although it is based on
the "falsc fact" that contraction of the cur
rency caused the commercial disasters of
18731S74, the demand is for initiation, for
more paper money, for an irredeemable
currency. With all the talk about the cor
ruption of the general government, and the
mismanagement of the treasury department
by Bristows predecessors, the democracy
of Ohio propose to intrust to future secre-
taries of the treasury, for all time, the dan
gerous power of Initiating OF contracting
the currency at will Could a more perni-
clous doctrine be advanced Could any
policy be adopted tending more certainly
to general bankruptcy? Would not repu-
diation be rendered easy? Would not the
country be forced to it We have thought
that the republican party did not make
haste fast enough toward a resumption of
specie payments, but they have advanced
slowly, and the prospect of complete re-
turn thereto is held out TO lis. The de-
mocracy, on the other hand, denounce all
contraction, all legislation, all efforts for a
return to specie payments. They postpone
its consideration, even, to that indefinite
time when every man shall confess that he
has money enough. That time will never
come, and the democracy are pledged to
irredeemable promises to pay. The issue
between the republicans and democracy of
Ohio is distinctly made, and there ought to
be no hesitation as to the question, on
which side shall the people array them
selves.