Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-06


But what good do'they hope for2 They wouldAsave
the interest on the notes issued by the banks,
suing notes for circulation. In gaining this they
would violates the public faith, they would lose all the
taxes now received from the national banks, aud ut.
torly destroy all ideas OF fixed values. The
profits on this circulation by the banks is
greatly exaggerated, 30 much that more circu-
nttng notes are being retired by banthan are issued
to them This privilege is open to all, and yet It
is not taken If the the sole aud
exclusive privilege of issuing these notes. IT not
engage in the business by which alone the prvi
lege can be made profitable and the business public
would lose the benefit Of discounts aud loans.
But the real motive lies back of ali this. These
want more money, more money. Not real money, but
deprecated paper money-cheap money becoming
cheaper and cheaper rs more is issued, making IL
easier to pay debts. But will this money buy what
money will now2 viii dollar of this money buy
paper money will now buy2 We know it will not. 1t
viii dePreciate even in greater proportion as its
volume Increases. Your grain your iron, Sand cOni,
may bring you more money than you receive now,
but the money you receive will buy less than now,
ana you will be constantly cheated by false weight
ana talse standard How strange 1t is that human
experience often repeated does not stamp upon the
mind Of every human being the truth proclaimed by
webster, acted upon by Jefferson and Jackson, and
which lies at the foundation of the of currency
thaio all the contriyances for cheating tho laboring
classes OF mankind none has been eectual than
that which deludes them with deprecated paper
money. Ordinary tyranny, OPPRESSION excessive tax
ationthese bear lightly on the happiness the mass
OF the community compared with fraudulent cur
reney and the robberies committed by deprecated
paper.
NATIONAL BANKS AGAIN.
Now feow-citizens to return again to the national
banks which the Ohio Democrats propose pro mptly
10 destroy / need not remind you that next TO Mr..
Chase then Secretary Oi the Treasury, had much
TO do with the passage OF the national bank
one, and yet | regarded it az experiment, and
chiefly supported it a means OF driving out of
istence the heterogeneous multitude of State banks
that during the war threatened to overwhem
with paper money of limited circulation and no Sc
curity. The national banking SYSTEM has proved
the whole great success. Mr.. McCulloch, in hls re-
port as Secretary of the Treasury, in 1867, carefully
he " nd nnnh nc
Democratic friends to that report for wholesome
reading Since he wrote the banking system has been
improved by making 1t Tree, and by providing for
the prompt redemption of its notes by each bank in
the Treasury o. the United States. They have
YET to bear tIe test of coin redemption. When the
United States notes shall have advanced to par in
gold, they must redeem their notes par in gold If,
then, experience shall show that this system will fur
nish to the people through local banks, circulating
notes in connection with greenbaciSs and gold, all
freely convertible into each other then the Republic
can party wili stand by It,. II not, that party will
modify II dispense with it. And in dealing with
this question trust the Republican party will do it
mas done with other great problems OF human govern
ment that 1t has successfully solved IL will act with
moderation and wise craftsmanship, relying upon the
intelligence OF an educated people and not upon the
spiritof blind demagogueism that plainly led to the
adoption Of this ninth resolution.
PROPOSED REPUTATION.
There is one other financial plank in the Demo-
cratic platform that is easily disposed Of will read
it:
"Tenth-That the public interest demand that the
government should dscredit its own curren-
cy and should make its lega-teuders receivable for
all public dues, except where respect for the obligation
of contracts requires payment in con aud that IA
the payment Of at least onehalf of the customs
legal tenders"
This resolution, apparently plausible not ouly in
wolves grave errors but is ridiculous in its logic They
say that the government should discredt its
own currency and yet they don't propose pay it.
suppose the most discrsdt that eau be put any
currency or any promise is TO refuse TO redeem it. The
platform that thus reproaches for dscrediting
our currency, proposes to issue $50 millions more OF it,
when every note is broken promise, aud every ad-
dtionll issue is further depreciation. But consis-
lency can scarcely be expected ia Democratic plat-
form Ihe substance OF the resolution is to reduce
duties on imported goods just Onehaf OF the discount
OF our paper money, when compared with gold, at
tins time about per cent Now. as a revenue meas
this is certainly bad QUE when revenues are
barely sufficient to meet expenditures. But
a snll graver objection exists 20 this resol ution
By the law as 1t now stauds, passed in bruary
1862 and upon which every bond Of the United States
now outstanding was issued, the very fOundat ion OF
our public credit 1t was provided:
SIC D. That all duties on imported goods shall be
paid IN coin, ~ and the coin 40 paid shall be
set apart as special Tund, and shall be applied fol-
lows:
"First-To the payment in coin of the interest on
the bonds and notes OF the United States
"Second-To the purchase and pa yment of one per
ceutum Of the entire debt OF the United States to be
made within each fiscal year after 1862, which is be
set apart sinking iund, aud tho interest of which
shall in like manner 50 to the purchase or payment of
the public debt
Third-The residue thereof 70 be paid into the Treas
ury of .he United State5.'
Now, fellow-citizens under this law the
United States has acted, and are compelled TO
der it ali duties on imported roods
paid in gold, and these duties yield US 4 revenue
OF about 100 millions Of dollars in gold. This
money is mortgnged to the public creditors and
dare not violate that pledge except upon the PEN
alties OF national dishonor OF this money something
100 millions year is required pay the interest
public debt Over 50 millions is required
what is called the sinking fund.- for the gradual re-
dempton Of the debt. We have other expenditures
which must be paid in god such foreign inter-
course and our navy when abroad; This will leave per-
hap5 70 10 80 millions of gold, which is paid into the
treasury and is sold for Unted States and used
for current expenditures. Now this resolution de-
mands that this gold thus sacredly pledged shall be
Inverted, in violation OF your public faith
AMI for what? To reduce the duties or taxes
on foreign goods per cent No language is strong
enough to denounce such policy. small portion OF
this fund, about % millions, may be used
for any proper purpose OF expenditure and there
tore Judge Thurman last winter proposed receive
Onehth of the customs duties ia currency; but even
this was opposed ON the ground that it would impair
the trust fund, and as against public policy Senator
Bayard, of Delaware leading Democrat, too strong
ground against it, and it was overwhelming gly de-
render oDe-ha OF our gold revenue 10 dishOn
pledges and drive the Secretary OF the Treasury into
the gold market to buy gold to pay the interest," aud
all to lower the duties that yield and pro-
tect your industries.
The eleven4h resolution in this platform is only
important in that Il promises you in place of your
tOnal banks system Of free banks Of discount and de-
posit; in other words, broker shops No doubt they
are great blessing, but think we have now enough
of them AT all events we have now in every state
the right go INTO the brokerage business free from
all restraints, aud We need not put the Democratic
~
THE TARIFF.
The only other financial plank in this platform is
very brief
"rwellth-A tariff for the sole purpose OF revenue'
This resolution is blow at that system of tariff laws
which had their origin in Washington's adninistra-
tion and have continued SINCE varied in degree
but strengthened and improved by the Republican
party, and which, while looking TO Imported goods as
the chief of Federal revenue also regards the
fostering and protection of domestic industry asia
national object incident to ali revenue laws and de-
serving the most consderate and favorable care. Ii
that be the meaning, accept the issue promptly.
We do seek, while eyying taxes, not only to make
their operation light and just possible but also to
advance our own industry without impairng the
sources OF revenue In this for the protec-
tion OF American industry, and proudly point the
vast development OF home manufactures rs the re-
suit of Republican policy. do not think il necces-
sary, before you, enter into the common arguments
that have been made upon this subject for | know
you familiar with them. have always regarded
tariff law as subject not of political dispute
but for the application of good common in the
adjustment Of the details applying the higher duties
10 articles OF luxury, lair average duties articles
tnat come inlo competition with industries,
and low duties, or none at ALL On articles of
necessity, that can not economically be produced here
that enter articles into domestic man
ufacures In passing such a tariff we do look TO