The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1876-03-09
From the independently
Democracy and the Public Credit.

The Democratic party, speaking
through its National Convention, in 1868,
declared that where the obligations of
the Government do not expressly state
upon their face or the law under which
they were issued does not provide that
they shall be paid in coin they ought in
right and in justice TO be paid in the law
full money of the United States" The
contrast here made between coin and
lawful money" shows that legaltender
notes were meant by the latter. And,
inasmuch as q very considerable portion
of the public debt was made payable in
dollars, without any specification Of coin,
the doctrine Of Democracy was that this
portion could be honestly paid in legal
tender notes. The American people, in
the Presidential election of that year,
treated this doctrine as a bold and
shameless effort at Reputation, and re-
pudiated both the doctrine and the
party.
To place this question beyond all con-
troversy, Congress- in the Public Credit
Act Of March, 1869, declared that the
faith of the United States is solemnly
pledged to the payment in coin or its
equivalent" "of all Understanding obli-
cations of'th United States, except in
cases where the law authorizing the issue
Of any such obligation has expressly pro-
vided that the same may be paid in law
full money or other currency than gold
and silver" 1t also declared in the same
Act that the Government would make
provision at the earliest practicable pc
riod for the redemption Of the United
States notes in coin" This Act has
since been repeatedly denounced by
Democrats in the platforms OF their state
conventions. Democracy in Ohio, Indi-
ana, Missouri, and Tennessee has openly
repudiated the doctrine of the Public
Credit Act in respect to the bonded debt
of the Government, and, with very few
exceptions, it has nowhere placed itself
on record as endorsing the doctrine.
Last week Mr.. Jones, Democrat from
Kentucky, submitted in the House Of
Representatives resolution reciting as
follows:
That the Act of March 18th, 1869 to
strengthen the public credit and provid-
ing for the payment in coin of interest
on the ive-twenties was virtually a vio-
lation of the various acts under which
these bonds were issued and at variance
with the platforms of the Democratic
and Republican parties in 1868; that
such Act Of 1869 was passed without con-
sideration, and was therefore repealable
at the will of any subsequent Congress;
that il was unjust, unequal, and oppres-
sive legislation, greatly increasing the
amount to be paid by the Government
and inuring to the benefit of the bond
holders and capitalists and to the posi-
tive detriment OF the people; therefore,
resolved, that the Act of the 18th of
March, 1869, be repealed"
The proposition OF Mr.. Jones is exact
ly in accordance with the general record
of the Democratic party on this subject
and there is no doubt that Southern
Democracy would sustain it with scarce
ly a dissenting voice. III Democracy
shall win at the next presidential cleo
ton, at least two-thirds of the votes Sc
curing the victory will be given by the
former slave States. In the aggregate
they will cast one hundred and thirty
eight electoral votes; and, with the ex-
ception of the seven electoral votes of
South Carolina, il now seems probable
that all of these States will cast their
votes for the Democratic candidates for
President and Vice President. II the
party should come into power, Southern
Democracy, as was the fact before the
war, will be the ruling element; and in
this event the proposition of Mr.. Jones
would, in all probability, be adopted and
the doctrine OF the National Democratic
Convention Of 1868 be put into practice.
The public debt was contracted to con-
quer O Democratic Southern rebellion
and if Southern Democrats should OBJ
tain the control OF the Government they
would not be scrupulous about paying a
debt that was contracted for their con-
quest
We have no disposition to rake up by
cones; yet we say frankly to our readers
that the public credit will be seriously
imperiled by the triumph of the Democ-
racy at the next election. The record of
the party shows this and the large South
ern element to which the victory would
be due would make it almost certain.
The Republican party has not yet done
ITS entire work, and will not have done
it until all the questions growing out Of
the war, including the currency and the
payment of the public debt, shall be so
settled as to admit of no reversal