Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1875-09-02
The Weakest Point

Gen. Durbin Ward is a democrat
who cannot be beguiled by the dema-
goguery of Allen, Cary, Vance, Ale
shire & Co. into supporting the infia-
ton scheme. He sees in it not only
wide departure from democratic
principles, but only disaster and ruin
to the country, affecting the laborer
more disastrously than any other.
Here is an extract from his speech
worth reading and considering:
But some infiationists may say, why
not keep our money at home? Gold Is
forever being drained from us to pay in
tcrest on the public and corporate debt,
and while we are in debt, how can we
resume specie payments? Perhaps this
is the weakest point in the whole infla-
ton scheme. If we pay gold interest
abroad, does the "coupon cutter" eat the
gold as he would an orange? He has it
for sale, as every other man has. II 1t
is worth more in America than in Eu-
rope it will come here; if not it will go
like any other thing of value, where 1t
commands the highest price. If we
want it, let us sell our wheat, cotton, or
whatever else for it, instead of exchang-
ing them for silks, wines or foreign
gew-gaws which perish with the using,
and empoverish instead of enriching us.
If we prefer to have Chinese policy to
discourage commerce with foreign cOun-
tries, by having currency they cannot
fhn nanDltU Rnt IL
we want gold there is no country in the
world where it can be had more readily.
And it is i'm this very item of foreign
trade where our deprecated currency
hurts us most. All that we have to sell
abroad is measured by the worlds stand
ard, not ours. The foreign market,
therefore, fixes prices in this country
for all our exports. Wheat, provisions,
cotton, tobacco, wool, all species OF
manufactures, and indeed all articles the
surplus of which are exported, are ruled
in the prices they bear ut home by the
prices they command abroad. We only
export the surplus, but the price OF the
whole product is fixed abroad, and fixed
| in the gold standard. The farmer,
planter and manufacturer must, there
| fore, sell not only what he exports, but
what he sells at home, at the gold stand
ard i'm effect, while the cost of prOduc-
ton is at the standard of the inflated me-
dium of his own country. All his raw
material, expenses and taxes are on the
credit-mOney standard, and he is, there
fore, driven by the folly of his Govern,
ment to compete with the foreigner
weiy hted down by the discount of the
home currency. OF course capital is al
WAYS able to throw most of the bur-
then put upon it from its own shoulders
upon the shoulders of labor. Upon the
laborer, therefore, falls a great part al
least of this credit-currency tax. Capt.
tai can wait a time any how without
profit, but labor must constantly live OF
starye, and is therefore always more OIL
less at the mercy of capital. But ever
the capitalist feels sensibly this tax OF
his productions. He trades ut a disad
vantage, and every industry in thu
whole country feels directly or indirect
ly this currency burthen. The preteX
on which the system was adopted four
teen years ago was the necessities o.
war. And now, In time of peace, Il
is not only proposed to continue it, hu
to increase this currency and make i
the permanent monetary system OF thu
country. No statesman worthy of th'
name, in any age or country, till now
ever thought Of adopting in peace an
eXpedient never attempted to be justi
fled except to meet the pressure of war
and even under that pressure it was de
nounced as unconstitutional by th'
whole Democratic party. Tae Supreme
Court at first decided these "green
backs' unconstitutional, and that deci
sion was only reversed by creating new
Judges, appointed to make the reversal
and even then by majority of but one
The decision, as it now stands, wa
made solely ON the ground of the neces
sities of war. A new issue IN peace
would be declared unconstitutional by
the present Court on the very reasoning
on which they sustained the old one.