The morning star and Catholic messenger. [volume] (New Orleans [La.]) 1868-1881, 1875-09-12
The Pennsylvania Platform.

The financial resolutions In this produc- |
ton seem 70 be somewhat non-committal. |
They depTecate too sudden q return TO
specie currency, and recommend q volume
of paper currency equal 20 the demands Of
trade, but propose that greenbacks shall, as
q general thing, be reeeived by the Govern
meut for public dues. Such Q suggestion,
If carried ont, would probably tend TO
bring greenbacks to par with gold. They
are not at present redeemsble in specie
and, indeed, the Government has not and
could not get the gold TO redeem them
The estimation in which they are held by
che people depends, therefore, upon the
credit Of the Government which has emit
ted them. In proportion to the supposed
stability and honor Of that Government will
be the confidence reposed on its promises to
pay and in the ultimate fulHlment thereof
If il il understood that internal convulsions
render its existence preearious, its bills
sink very low in comparison with gold; If
permanence seems almost assured they rise
nearly to par with gold. The feeling OF
security could be 20 great that they would
rise entirely to par.
Bot the refusal of the General Govern
ment 20 receive them for many Of its dues
has bad effect on their credit. 1t IL 3
recognition by the Government Of itse"n
| weakness. The Pennsylvania Democratic
platform demands that they be received for
all public dues, "except where respect for
the obligation Of contracts requires pay
mens in gold" The ecruple about con-
tracts payable in gold seems rather delicate
when We reflect that the greenbscks them
selves are contracts payable in gold. But
granting that there are certain coupons
more binding on the conscience than other
debts, they could be paid in gold, though
greenbacks were received for all pnblic
dues. Government could buy gold like
any other commodity and pay for it in
currency just as 10 done now, while II
would escape the oppFobrium Of refusinG
TO receive payments in its own paper.
The fact is that the Western people
Democrats and RupublicanS-do not want
greenbacks to attain the par value. Thost
good people are in debt to the East and
would, in truth, be delighted to see gold a
200, 30 that they might pay or actual obi
cations with nominal money. It il to b.
hoped that with economy they viii in tw'
or three years be ont Of debt, as the SOutl
has gotten to be, and their hard none!
scare will then be oyer. In the meantim
politicians Of all parties find it necessary t.
humor them and hence the equivocal ton
of the Pennsylvania Platform.
! There can be no doubt that honesty re
quires the General Government to return
, specie payment Of its gresuback promises
, IL demanded, as coon as practicable. Br
l | it might produce disastrous convulsion
Q commercial affAiss to do SO preciPitstsl!
D In such matters existing interests ought
q be consulted, though originating in
!, vicious state of things, and th(equilibriuI
: that has adjusted itself ought not to
a abruptly disturbed. The Government cOul
{ very soon run greenbacks up to the Walt
of gold by raising taxation to such fgu
n as to call them in with more rapidity tbs
4 it would have to pay them out. Fifty mi
lions year collected by taxation in exec
II of expenditures, and scrupulOusly burn
:. would very speedily restore the credit
d the Government and it's paper currenc
Dub Iulo VRCAoI1 WIN ~ uSH hoAoSh
2, on debtors in two ways: first, it won
l. greatly increase the burthen of tsxatio
ii and secondly, it would force them to pi
l. debts in q more valuable currency.
" 1t is certainly bad moment now to ma
10 such move. Even honesty must som
times wait with patience for the moment
70 justify itself. The Democratic party "
n. certainly not give up its hard money prf
os ciples, but just now it does right to he
ma them in allegiance. That party in TAXI
he charge Of the country is falling heir to
"a. inheritance encumbered with the huDdT
"a fold mortgages of 9 corrupt and prodigI
n. predecessor. 1t can not and will not
Oh swayed by the haunting gibes of q social
n conservative press, accusing it of wanti
Ter hard money here and soft money there.
L