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

when no emergency OF war and suspended credit
existed, 1t would have been appropriate and
sound; but the Republican majority who voted
that issue regarded II az temporary expedient, |
and intended that the day Of reckoning should in |
fact come before any long delay. They were jus
tined IN resorting TO what would be
eumstances. They intended, however that when
the circumstances passed away which made
the experiment necessary, the experiment should,
in reasonable time also end. And this they In
tended, because they were determined that.what-
ever else might happen reputation should
This ARGUMENT Is 40 pertinent to the present
Democratic platform that | take the liberty Of
giving two important quotations no makes, one
from Mr.. Madison and the other from Mr.. Web
ster That from Mr.. Madison was written about
eight years after the close OF the Revolutionary
war, and was contained in the foyty-fourth num-
Der Of the Fcderalst, as follows, viz;
"rhe loss which America has sustained since TIE
peace from the pcstilent effects OF paper money on
the necessary confidence the public councils, on
character OF republican government, constitute
an enormous debt against the States ohargeable
with this unadvised measure, which must long re-
main unsatisfed; rather an accumulation of
g'tat. which can he expiated no otherwise than by
voluntary sacrifice on the altar Of Justice, OF the
power which has been the instrument OF it."
Mr.. Pendleton then quotes Mr.. Webster, as fol-
;" Mr.. Webster has painted most felicitousy the
disastrous results to follow from thus same course
Of conduct:
tical evils II undermines the virtues Tor
Ie S ee SScla ia Ssa T pre-
inonsty frugality and ecOnomy and fosters the evil
trgaqoes {or cheating hs lgbortn0 elsses o mggknd
e & gs pape s o odpSry vqappy g tS
excessive ts2ston, these bear Ghty on he hoppnsss
faudueRi curTences and the robbefies committed by
deprecated paper Our own history has recorded Tor
demOralzing tendency, the injustice and the intoer
degraded paper currency, authorized by law, in
way countcnanced by Government"
This is sound doctrine we'll expressed in Lam
guage precisely applicable to the question OF
greenback imitation, as now presented by the two
great parties in their present platforms.
Mr. Pendleton then proceeds to ask: "Can we
not learn something from the early experience of
our own countryR" Can we not learn something
| from the overthrow OF the revolutionary Govern
ment Of France by their over-is1ue of deprecated
paperf Can we not learn something from those
throes which the society OF England endured dur
| ing the long suspension OF, and its return TO
specie currency in 1921 Can we not now rise to q
without plunging it into that gulf from
which there is with honor and safety, no recov-
can not say what answer others may give
to these pregnant questions, but think we can do
1t. We can learn something from our own expe-
rienee in continental money. and something fr,m
the assgnats in France, and something from the
long suspension in England. l think that the peO-
pie Of the United States have derived knowledge
from these historical events already. and trust
that we shall rise to that wisdom which is here
so eloquently recommended
have quoted these passages from Mr.. Pendle.
in an inconsistency, but because they contain a
clear and forcible statement of the argument In
and silver. There were other speeches by Demo-
cratic leaders of the House against the blll but
have quoted from that OF Mr.. PendletOn because
regard 1t as the best, and because he is now per-
haps the most influential advocate of imitation
by the further issue of Rreenbaeks. He has ac-
quired the title of young Greenbac1s' in con-
tradistinetioni to Mr.. Chase who was called "old
His argument taken as against the present
scheme OF imitation, is unanswerable. HIS
policy contain no valid answer TO It, and no an
swer TO 1t, venture to say, car be found any
ton from time of fiaSrant civil war involving a
suspension OF national credit, to the present time
and it becomes conclusive. 1t can be answered
neither by Its author nor by any other Democrat
II we adopt the proposed policy Of initiation, il
viii, in the language Of Mr. Madison, be IAN accu
There is no excuse now to force a new loan by the
power of the Federal Government.
J The panic TdS not caused dy contraction of The
currency
There was a financial panic in 1873 and there is
o stagnatiOn in several kinds OF business now
The soft-money Democrats look upon this as Their
opportunity. They say. "Behold. the
wicked Republicans have been contracting the
; currency" They assume IN their platform THAT
the contraction of the currency, heretofore made
} by the Republican party, and the further CON
: traction proposed by 1t, with view to forced re-
sumption of specie payment. have already brought
disaster to the business of the country and threaten
IL with ruin"
In their speeches they also assume that since
the close OF the war in 1865 there has been, "wtf
/ occasional brief respites, grinding contraction
OF the currency"
, Now, we think there is no want Of currency, bu
an evident redundancy. ms Is established oF tht
faet that the rate OF interest in the market is unu
Q suay low, both in New York and the East gener
ally, and IN the west. Interest in New York TO
loans with Government securities Is quoted at
rate OF less than two per cent. per annum. II i
not so low IN the West, but Is as much lower thal
a usual in Cincinnati as it Is in New York. Tn
reason ls, that there is an unusually large surplu
Z OF lule currency ID tne panks wnlcn they can no
my ~ ~" tbr heeO oO io1 @ - th ,,,
inote srrnocy Of the couUtr T, VI nUnt urU
M @ @ ~ O1tb ~ H 9aeS III s-ot ano m1 taa t
ISrE - ~ ,,t fo Fr,, Sgsa Noo ooo of'oO'Voo' '
0D' In this naraannv fhe opo|or ~ b,o, IN ,se-
ond arta5ant ,d sboyv ho,y tb sos ~ u oto ~ oo
finn Of The cuTTncv caTre aboSt TSol bopin " ~
,1 o ~ IL "a L. hnfnca th oS ,n u q
bS @ S'S ha uSaS, a, no d t VI nns wa
n ayary FORM ng tamnnTa.t ioa,' ~ yb;h tha 60
ernn95ant had T ~ nyyin" ths a. p "S I . wv
ei"'"0"' A" iSs '' ui"s '"0 WAL 'N'
. Greenbacks and fractional currency. s4b4 Ol
State and National Bank notes. 2iOOOoO
Ffveper-cent legal, tenders 330o0,el
ThIee-peT-cent eertincates ot Indebtedness Sso0og
so0N ~ ~
. omnonpd interest notes IsS9SS ~
n 1850 -,9
i
uu...o 49,. A.. a - .s r,.r..a, 1,4- ~. -,
4 - - q
i