The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1875-08-26
THE FINANCIAL ISSUE.
From the N. 0. Democrat. !


A iewy years ago ifa Democrat ventured
to suggest that the government paper
money was doubtful expedient, he was
called traitor, but now every Republi-
can editor calls it q worthless rag baby,
and the proposition to substitute green
backs for National Bank notes, "move-
ment against credit" Against whose
credit Certainly not the credit Of the
government. 1t is the Republican lead
ers and the bankers who are moving
against the credit of the govergment, by
sneeringly' calling greenbacks worthless
irredeemable trash, Would it not ruin
the credit of any business man, to get a
report in general circulation that his
notes were worthless trash? Is not this
precisely what the Republican papers are
saying about the paper of the govern
ment? Are the bonds redeemable? If
greenbacks are substituted for bon Is, is
the debt increased, or the ability Of the
government toredeem them diminished?
IF the bonds are good, and there market
price indicates the confidence of the peO-
pie of all countries in their value, will
not greenbacks substituted for portion
withdrawn, be as good as bonds? There
is not an intelligent person in the country,
who is deluded enough to suppose that
the paper of the government is to be is
sued for anything except the payment of
its Indebtedness, and the mere change Of
the form of Indebtedness cannot weaken
the credit of government or lessen its
ability to pay the national debt, The
efforts to injure the credit Of the govern
ment to secure to the National Banks an
exclusive money monopoly, will not re-
ceive the sanction of the people if the
real object of the assault upon the gov
ernment paper is understood. The at
tack on greenbacks, and the effort to
drive them from the circulation is ma g
in the interest of the most danger 8
combination against all on" industrial n
terests tn. ever secured foot-hold in
this country. 1t is the n tional Ba IS,
united, acting by command and in pla-
lanx, against trade, commerce and Il 'or,
and eating out the substance of the peo-
pie, that are making the outcry about The
country being flooded with au irredeema-
BILE currency, if the Democrats are sue
Cessful in the eletions. Who that has
common sense believes that the National
Banks desire the currency to be SO ad-
iusted as to lessen the profits of banking
by reducing the rate of interests? 1t is
the apprehension of bankers that the is
suing of greenbacks will strip their mo-
nopoly of large proportion of their i'm
mense profits, that makes them so fierceIy
opposed to the relief of the country from
the present depression proposed by the
Ohio Democratic platform. The people,
admOnished by the fearful lessons Of the
past, will not permit the money monopo-
iy tC destroy them by contracting the
currency and running all the business in
terests Of the country. When labor is
employed and well paid, the country is
always prosperous aud no amount OF
financial theorizing can satisfy the peo-
pie against the teachings of expert
enCe and their own practical knowledge
that it will aid their prosperity to reduce
the currency. When good honest men,
mechanics, are seeking for employment,
willing to perform common labor and
cannot get work, it is prepOsterous to tell
them that if we can contract the curren-
cy to specie basis, the money will be
better and buy more for the same amount
than they can purchase with the present
money. If it be true that contraction
will increase the value of money, will it
not be more difficult to obtain than it is
now? Ifit is hard to to get hold ofnOw,
uhot will ha tho condition of thp work.
ing man, if the price of labor is lowered
by decreasing the currency, and, as is
claimed, increase in its value? We were
prompted to write the concluding SEN
tences of this article by the application
to us while we were writing, of3a me-
chanic from Manhattan, who has been
thrown out of employment for aid to Sc
cure work He said he would work with
a shovel to get bread for his family, if he
could not get work at his trade, and that
he had tried for week to secure en-
ployment.