The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-09-11
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: The soft money heresy in the Democratic
( party grows formidable. When manifested il
, the Ohio State Convention it was received
with surprise and regret, which there was NJ
effort made to conceal Leading Democrat
, and representative journals uttered their opin
, ions upon it without reserve, sometimes
coupled with the hope that the election il
that State might result in the defeat Of ths
Democratic candidates rather than that the
party at large should seem to sanction the
policy announced in the Columbus resolu-
tons. Nothing in the chronicles of the party
among the Democrats Of New York has
caused so much distrust and apprehension.
1t was hoped that something wiser, more
simple and more unmistakably democratic
would be heard from the Democra of Penn
sylvania. 1t was hoped that they would utter
some emphatic declaration against the inter-
meddling by the Federal government with
the finances, and against the exercise of the
usurped power to make anything but coined
money legal tender in the payment of
question would be SO treated as to leave
Democrats to an honest and natural difference
of opinion upon great issue more fit for the
halls Of Congress than for the popular arena
It was not polite or right to narrow the plat
form of universal democracy by any such
declaration as they have made, for they have
followed in the lame and staggering foot
steps Of the greenback faction Of Ohio.
That nearly half of their large committee
on platform disapproved the Columbus
schedule OF paper money dogmas was in itself
enough to show them that the Convention
and the party could not unite upon it or act
in harmony in its support. They had the
disheartening experience Of the Ohio cam
paign before them. They knew that the
larger part of our party are not willing to be
committed to any such financial scheme; that
with the finances of the country
is condemned by all the tenets and traditions
OF Democrats from the beginning; that the
men highest in esteem and foremost in inf1u-
were bullionists and resolute
opponents of irredeemable paper; that all |
thinking Democrats desire to restrict Congress
to the exercise of those powers conceded in
The fundamental law among which that of |
making money out of paper and making it
abundant or scarce according to caprice,
chance or impulse, is not found.
The declaration against undue contraction
md forced or hasty resumption Of specie
payments was well, but it was not well in
ohio, nor will it prove to be in Pennsylvania,
o couple that with another dogma, that the
federal Government shall make the volume
f money large or small, as it may see fit, and
$ changeable policy may dictate. Even to
he preference given to greenbacks over the
of the national banks there might
ave been but little objection, had it not been
oined with a scheme of State banking
n the Federal paper money which is to con.
titute the only money Of the people. Whence
ONES the Federal power to forbid banks of
'sue in the States What wisdom is there /
] propounding as an article of party faith
anking scheme which can not be enforced ?
tates can not coin money nor regulate the !
alue of domestic or foreign coins, but States ,
IN charter corporations with power to issue t
leir promissory notes, nor can this right of
le States be taken away otherwise than by a +
aange of the Constitution. I
The Democrats of Pennsylvania are plow-
g up wide area of new ground, and we !
UGH fear that they will discover in the
'urse of sixty days that they are somewhat
We have never known good to
suit from an attempt to ornament the plain
'ctrine of Democracy with strange varia-
ons.
1t is to be hoped that the convention of the n
emocrats Of all the States will meet early in
9 coming year and give quietus to all
csc uneasy schemers in finance by declaring
9 purpose of the party to divorce the Fed
al Government from the meretricious sys- Il
M of paper money to which it is joined by
ldical sanction in an unholy wedlock.