New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-06-19

the Sinking FUND, PROVIDED tnab tno cuSVVmo
duties on imports should DO paid in gold. and
that the coin coming into the Treasury from
this source should be devoted, ~ to the pay
ment of interest on the bonds OF the United
States, and (2) to the purchase Of one per cent
of the entire principal-Of the Public Debt for
the Sinking Fund. If the interest on the
Public Debt is to be paid in. coin, there is no
better way of getting the gold than the one
which has worked so successfully for the last
thirteen years. The imports themselves are
paid for in gold, and it seems MT improper
that the taxes ON them should also be paid in
coin. Perhaps the real objection which the
Ohio Democrats have to the payment of duties
in coin is that the faith of the Nation is
pledged to that kind Of payment In 1874
their illumination against this use of coin was
framed in these words
Resolred That sound policy and Justice require that
not less than onehaf Of the customs duties should be
payable in the legal tender notes Of the United States
currency called greenbacks.
In 1875 the resolution reads thus:
Resolred, That tho public Interest demands that the
Government should cease to dscrcdt its currency
md should make its legal tenders receivable for all pub
lie dues except where respect for the obligations of con
tracts requires payment in coin and that favor the
payment Of at least onehalf OF the customs In legal
tenders.
According to Webster, the only currency
which our Government has q constitutional
right to issue is gold and silver coin. The
true source of the discredit in which the legal
tender currency is held is that it has been for
more than thirteen years cut off from all con-
nection with gold, in which it processes to be
payable. Last year the Ohio Democratic plat
g., rx,ifh nf
declared that "a sound currency was indis-
"pensable to the welfare of country" and
that "its volume should be regulated by the ne
"cessties Of business Nevertheless, it did
not appear that they recognized that any coa-
nection of the currency with gold or silver
was necessary OF even desirable, or that any
regulation of it would be expedient other than
such increases of it as 1.-the business interests
"of the country may from time to time re-
"quire." This year they have been Mortified
at the discovery that Secretary Brstow has
actually burned up five million dollars worth
of greenbacks, the smoke whereof has nearly
s,lffocated the business interests of the country.
Upon this terrible outrage on ga sound cur
"rency" the platform gives vent to the fol-
lowing indignant Outbursi:
Resolced That fho contraction Of the cur. hey hereto
fore made by the Republican party and the further con
traction proposed by IT, with view to the forced fesinp
ton of specie payment has already brought disaster to
the business OF the comfy and threatens genera bank
riptcy. We demand that this policy bc abandoned ana
that the volume Of currency he made ana kept equal 10
the wants Of trade. leaving the restoration OF legal
tenders 10 par with gold to bo brought about by promot
ing the Industries Of the people and not by destroying
them.
In the opinion of the Ohio Democracy. in
convention assembled, nothing would promote
the business interests Of the country and the
general welfare of the people much as the
utter cxtirpation of the two thousand National
banks. On this topic the platform makers are
particularly eloquent and decided. Last year.
indeed, they expressed themselves with some
little doubt and reserve. Ii might tie Impru-
dent, they thought, to take violent measures
without warning to the banks. Their IAN
guage was then as follows:
Resoircd That the power of the National banks 10 ssuo
and loan their notes upon interest h power 10 ORA" IN
ercst upon their debts. while the people pay interest
upon what they That this special ana unequal
privilege ought not to exist unless is manifest that ~
10 other way q sound paper currency ho .upphcd
Relieving that better system can be devised, aud ~
that will from unjust privileges W are in favor
aboshng tn" franchise of the National banks |" issue
paIcr currency the same can lie safely ana
prdrntly DONE and that the notes Withdrawn by the
banks he sub.itdt'd by the Government with IL legal
tender currency
But this year they discharge no fewer than
two brOadsdes into the National Ianks-those
pirates who prey on the busines, interests of
the country and actually have the impudlence
to issue notes while drawing interest in gold
on their own property in United States bonds :
The resolutions of 1875 are in these words:
Resoyred, That the policy already initiated by the Re-
publican party Of aboisiug legal tenders and giving The
National banks the power to furnish all the currency will
increase the power Of an already dangerous monopoly
and the enormous burdens depressing the people.
without compromising advantage, and that we OPP
pose the policy and demand that ell the National bank
circulation he promptly and permanently retired and
legal tenders he issued in their place.
PesoIred That the extinction o In. present National
banks. and the establishment III the ,icad of system
Of free banks Of discount AMI deposit IN icg such gaia
tons rs the states may respectively cri'e. and no
paper currency except such may br iiued directly 10y
and upon the faith Of tho General Government
After finishing great cannon ct steel 1t Is
the custom to load it TO the mu2zle with gun
powder, glycerine ana solid iron and fire it
of. for the purpose of ascertainlne whether II
is of sound construction and safe against c2-
plosion under ordinary circumstances. If the
financial principles Of the Ohio Democracy
were put in operation in this country, what
ever business or credit might survive would at
least have sustained similar ordeal. ami
have proved itself AN equally safr reliance.
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TIE VEST.
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