Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-13

Vlulhg TOT II, hnd proposed to tho Senate slK
years before, and whether tho time fixed fs q
proper ono or not, AMI should have proferred il
year or two later, II Is the method by which be-
establishes the policy OF free banking, the allow.
efnuiial nut certain return to specie payments,
aud no contraction or expansion OF tho currency
until that time.
DEMOCRATIC PLATFORM.
The Columbus Democratic platform demands
tenn, and the substitution for National bank
n0ues n,u,,,. OF q now issue ot gleenbaoks. a
he Intended by tho most disastrous conscquenoes.
the extent OF which no man can now foresoe. It
rom be9 peaSc 1s SKs az once d & S
in loans now outstanding, which would undoubt-
edly result In the greatest distress aud tho almost
total suspension of business; The greenbNck olr-
culatlon would be suddenly Increased from three
hundred and seyenty-ilve millions to seven hun.
dred and thirty mIllions, and would inevitably
greatly depreciate The value Of greenbnolIs new
is maintained by The ability of the Government to
al no remote tlme and Il lie amount was 40 In.
creased that the Government could not pay them,
away, they would at once lose the principal part
Of their value II when there are but sSI5,OO6OOO
and half OF the time fixed for redemption, they
are worth but elghty-cignt cents ON the dollar.
what would be their value II the
amount was Increased to $500 81 900 OOO
with no hope, prospect or pretonse that thoy
NOR sense answer But 1t is said that the legal
tender quality. the fact that the debtor can com
pei the creditor to take them in payment OF debts
VIII preserve their value, even II thcy are never
TO he redeemed or paid Theslmple answer TO this
IS that when the volume of greenbacks is largely
increased and all prospect or pretonse of payment
IS abandoned people Will refuse to sell their prop
erty or labor ppon credit, knowing that they can
be compelled to receive IN payment Deprecated
paper never TO be redeemed.
AN UNAVAILABLE SECURITY.
But we nre told that any amount of this paper
will doat. because the faith, resources and crent
of tho county are pledged for IL. II there ho
no way to convert the resources or crcdit OF tho
Government to the payment OF tho notes,
tbs fn1 oIl
the real estate in the Union were morteaged
for the payment Of these notes. but there is
way TO fOreclose, TO collect. to convert what dOes
the mortgage amount tot stripped OF all dis
euises and pretenses. the substitution OF green
backs for National bank notes will be unicrstood
by the country as u declaration that thess nutes
will never be redeemed.
THE DEMOCRATIC PARTY THE ENEMY OF GREEN
BACKS.
But here unmask this who.c fraud AL impOs-
tnre. The advocates OF moro groeHbacks IN tho
place of National bank notes nro tho eucmles OF
the Rreenbncks, as they have ever been They aro
utterly opposed to National currency in every
proposed in 1904 ard wa Indispensable to the sup
tno Union the DemocI attic icaaers oyory Where
denounced 1t as unconstitutional, ala everything
tn their power to make it worthless and to hrmg
+ INTO dlisaonor THIS warfare against
never been relSiqui7hel to this hOur.
When When Chief Justiee Chase, with tho ma
issue Of greenbacks during the war. under mili-
tary necessity toprcseryo the life OF tine Ration,
everywhere by the Democratic party as tho
grandest triumph of constitutional principles
ing the Administration OF General Grant, tito
membership of tnat Court having somewhat
changed, the Court decided by a majority of one.
that the issue of greenbacks during the war, un-
der pressure of National military necessity, was
constitutional, tho Democratic party with one
accord throughout the United States. declared
that the decision was corrupt, ana that the Court
had beon packed by President Grant for that pur-
pose. And you VIII remember that, during tho
canvass Of 1872. the charge or having packed the
Supreme Court to procure decision sustaining
greenbacks. in flaGrant violation OF the Cunsttu-
tlon, was the most persistent aud clam0rOu5 made
party Democratic leaders havo not changed
their opinions upon that subject. Only the Othor
day, at Galllpolls, Mr. Pendleton assorted in tho
strongest terms that as member OF Congress ho
had opposed the issue of gTeeubaeks in 1sC2 be-
cause they were unconstitutional. that ho had
neVcr changed MS opinion, aud believed that Con-
grcss had no such power. Mr.. Thurman. Mr. Bay
ard, and believe every Democratic member OF
power of Congress TO make groenbacks q legal
tender. and charged that the Supreme Court by
Wmch the decision was made was packed, al
though the decision went no further than holding
that Congress had the power to pass such q law in
time OF war III the Democratic leaders now be-
leye that RrecnDaCks are unconstitutional, how
can we sufficiently condemn the hypocrisy of the
demand for new issue of hundreds OF mi lliOns to
take the place OF National bank hottest II they be-
lieve them to be constitutional. no condemnation
can be severe enough for their conduct during the
war, when they denied their cOnstitutiOnality and
did all In their power TO dishOnOr them, at time
the Nation.
The question as to whether Treasury note can
be made a 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
the State OF Ohio who does not believe that new
Law, creating further issue OF greenbacks as =
substitute Tor national bank notes. or for any
other purpose, would be declared by that Court
unconstitutional and void.
RESTORATION OF STATE BANKS THE ULTrMGrUM.
This whole sche me OF further issue OF green-
backs In lieu OF National bank notes. arralgn
md eRnn liar IL
signed in the first place to effect the destruction
OF National banks, and then by their volu me, and
backs themselves. and pave the way for the res
toratton Of the old State bank system. The State
banks. A National currency, whether OF green
backs or bank notes. is hateful to that party which
aDhOrs the National idea, and declares that
there is not one Nation, but thirty-seven inde-
pendent and sovereign powers. The party which
eral assumption can never be the friend OF tho
Ereenback, which represents the highest form OF
ton has been broas6t forward in Congress to re-
peal tue law taxing the notes Of State banks,
the repeal Of which would again open up the
nood-gates for public and private robbery by tho
establishment Of innumera6le kting and worth
Thurman and every Democratic Senator voted
for proposition 20 repeal that law: which was
offered as an amendment 20 finance bill.
The restoration OF the State bank system means
as many systems OF banking as there are states.
violent expansions and contraeliOns, hundreds
OF broken banks, and millions OF bank
note trash dying In the hands of tho poo
pie. It, means the Western and Southern
States shall again pay millions. OF tribute 70
the Eastern States in the form of exchange. Is
means that the citizen of Oh.s can not pay his
hotel bills in New York Boston with Ohio
money without suffering a shave or buying
Eastern funds. 1t means that no man can receive
the price OF q horse without examining a counter
felt detectOr TO that the money is good, that
the bank is not broken. The old State bank sys-
tenn is necessary to the State rights Democracy,
The party that denies the Nation and hates every
thing National. turns with aversion from Ma
tiOnal currency. state sovereignty and State
banks are twin relics OF the times that We fondly
hope have passed away forever.
THE CENTENNIAL.
The celebr alton OF the centenary of the Deolara-
tion of Independence ON the Fourth OF July. 1876
Will be peculiarly grateful TO the members OF the
Republican party. That party had ITS origin and
development in the immortal principles
OF that instrument, aud 10 its hands,
under Divine Providence, was com
mltted ltheir final Accomplishment. Tho
declaration that all men are created equal that
tn eY are endowed by their Creator with certain
inaenablo rights; that among these are life, lib-
erty and the pursuit OF happiness; that to secure
these rights governments are instituted among
men, deriving their just powers from the consent