Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1875-08-12

oana, Ohio, on Saturday. The follow I
ing is q partial report of his remarks on
the financial issue in the pending cam
paign,:
8 DEMOCRATIC PLATFORM. Il
The Columbus Democratic platform
demands immediate abolition OF the
national banking system, and the sub
stitution for national bank notes of
new issue of greenbacks. \ change so
great and vital would be attended by
the most disastrous consequences, the
extent of which no man can now fore,
see. 1t would require the banks al
once to withdraw from the people niLe
hundred and fifty millions in loans
now outstanding, which would un-
doubtedly result in the greatest distress
and the almost total suspension of buSi |
mess. The greenback circulation would |
be suddenly increased from three hun
dred and seventy-five millions to seven
hundred and thirty millions, and
would inevitably greatly depreciate.
The value of greenbacks now is main
tained by the ability of the Govern
lnlent to pay them, and by the prospect
of such payment at no remote time,
and if the amount was so increased
the Government could not pay them,
and the prospect Of payment passed en-
tirely away, they would at once lose
the principal part Of their value. If,
when there are out $375, 200, 600 in cir
lculation, and we are within three years
and q half of the time fixed for redemp-
ttion, they are worth but eighty-eight
! cents on the dollar, what would be
| their value if the amount was increased
to $500, ,000, GOO, with no hope, prospect
| or pretense that they would ever be re-
Isense answer. But it is said that the
legal tender quality, the fact that the
debtor can compel the creditor 10 take
them IN payment of debts, will preserve
! their value even if theyare never to be
redeemed Or paid. The simple answer
to this Is that when the volume of
greenbacks is largely increased, and all
prospect or pretense of payment Is
abandoned, people will not refuse to
isell their property or labor upon a
credit, knowing that they can be COM
PEELED to receive in payment depreci-
ated paper never TO be redeemed.
AN UNAVAILABLE SECURITY.
But We are told that any amount of
this paper Will float, because the faith,
lresOuIce and c. edit of the country are
lpledged for it. If there be no way to
lConvert the resources or credit of the
/ Government to the payment OF the
l notes, what does the security amount
to? If all the real estate in the Union
We're mOrtgaged for the payment of
l these notes, but there is no way to fore
close, to collect, 10 convert, what does
the mortgage amount to? Stripped of
all DISCUSSES and pretenseS, the subSti-
tuition of greenbacks for national bank
notes will be understood by the coun-
try as declaration that these notes
will never be redeemed,
1.-THE. DEAOCRATIC PARTY THE ENEMY
OF GREENBACKS.
! But | here unmask this whole fraud
and iInpOSture. The advocates of more
greenbackS 10 the place OF national
bank notes are the enemies Of the
greenbacks, as they have ever been.
, They are utterly opposed TO ii national
| currency III every form. When the
greenback currency was first proposed
III 1862, and was Indispensable to the
suppression of the rebellion and the
preservation OF the Union, the Demo
cratic leaders everywhere denounced
it as unconstitutional, did everything
in their power to make it worthless
and TO bring it into dishonor. This
: warfare against the cOnStitutiOnality oi
EreenDackS has never been relinquiShed
TO this hour. When ChiefJustice Chase,
with the majority of the Supreme
| "a - hn Of,
: backs during the War, under military
: necessity 10 preserve the life of the Ia.
ton, Was unconstitutional, the decision
was heTalded everywhere by the Dem.
1 ocratic party as the graudest triumph
2 OF constitutional principles known in
. our history, ana. when, afterwards,
daring the administration l0f General
= Grant, the membership Of that court
; having somewhat changed, the court
e decidtded by majority of one that the
' issue of greenbackS during the war, un.
, der pressure of national military neces-
: sity, WAS constitutional, the Democrat
r ic party, with one accord throughout
5 the United States, declared that the de-
clSiOn was corrupt, and that the court
7 had been packed by President Grant
f for that purpose And you will remem.
: Der that, during the canvass of 1872, the
5 charge OF having packed the Supreme
: CourG to procure a decision sustaining
3 greenbacks, in fragrant violation Of the
S Constitution, was the most persistent
f and ciam0rouS made against General
Grant and theERepublican party. Dem
: ocratic leaders have not changed theil
e opinions upon that. subject. Only the
q other day at GallipoiiS, Mr.. Pendleton
: assertedIn the strongest terms, that as
] d member of Congress he had opposed
.. the issue of greenbacks in 1862, because
: they were unconstitutional that he haO
never changed his opinion, and be.
: lieved that Congress had no such
D power. Mr.. Thurman, Mr.. Bayard
: and believe every Democratic mem
e ber Of the Senate, have from time tC
2 time denied the power of Congress tC
+. make greenbacksa a legal tender, chsrg.
] ed that the Supreme Court by which
). the decision went no further than hold
: ing that Congress had the power to pass
2 such law. IN time of war. If the
4 Democratic leaders. now believe that
: greenbacks are unconstitutional, how
S can we sufficiently condemn the hypOc.
riSy of the demand tor new issue OF
: hundreds of millions to take the place
of national bank notes? If they be,
lieve them to be constitutional, no con-
demnation cam be- severe enough fol
their conduct during the war, when
they denied their constitutionality and
! did all in their power todishOnor them.
\ at a. time when tbeN were necessary to
= preserve the liie,ofstffe nation.
Che question as to whether Treas
ury note can be made legal tender in
7 payment. of debts is purely a question
' of law, to be decided finally by the SUI
preme Court of the United States, and
there is not a respectable Democratic