The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1876-07-27

being worth ten per cen, moro tlnln.
the standard silver dollar and ten per
cent. less than gold. Neithtr party
seeks repudiation or inilaNoiS The
conflicts ip policy involved III the
struggle for the repeal Of those laifs
are: SIX ~
First, ore policy is designed 70 iIi-,
crease and multiply the National
Banks, and give them complete and
perpetual control Of the issue of cur
rency and consequent aggrandie-
ment in wealth and political power,
The other is intended to deprive the
banks Of the power and have the
General Government alone issue all
tho currency.
Second; one policy is designed to
increase the burden4Of the National
debt by changes in the mode Of pays
ment favorable TO the bondholdcrss
The other TO tighten. the burden As
! faras possible cons Cent with sNlls
A. ilti, on OiIey N lteiil!s 8, !,
seontraction, to confiscate the proper.
ty of debtors and of producers-ahdex-
changers of values generally, and
build an their wrecked fortunes a
powerful money aristocracy. The
other intends to reach resumption in
gold or silver without sacrificing the
fortunes or business of the people.
The fact that there is some divis-
ion in both parties indicates that
these issues are so potent that in GER
tain States and Districts both parties
bow to the dominant interests, but
that does not alter the fact that in
substance and effect the Republican
party represents the Money Power
and the Democratic party the people.
This is not only true now, but has
been true throughout the manage
ment of the war debt and currency.
Though the Democratic party oppos-
ed the creation of legal-tenders, yet
it has steadily sustained that curren-
cy since their establishment. On the
bill of 1869, which annulled the con-
tract by which the bonds were paya-
Bile in grcenbacks every Democrat in
the House but one voted against it.
On Morgan's bill in 1870 to make
greenbacks receivable for customs,
thirty-four out of forty-three Demo
Gratis voted in its fovor. In the same
year the Democrats voted almost
unanimously against Sherman's bill
to increase the bank circulation, and
in favor of Randall's andsubsequent-
ly Neely's bill to substitute legal ten
ders for bank notes, and in favor of
Morgan's bill to wholly abolish the
National Bank system. In short,
every feature of the Republicans
system of finance which the Demo
Gratis of Ohio oppose, has been and is
now steadily opposed by an over
whelming majority of the party in
the House of Representatives, and
the two most conspicuous measures
of relief proposed by us, to wit; The
substitution of legal tenders for bank
notes and the receipt of them for
customs have been sustained by our
party in Congress
The ultimate issue between the
two conflicting policies on this ques-
ton is whether we are to have Ma
tional Bank notes or Treasury notes
as the paper currency of the country.
On that issue the Democratic party
cannot take the side Of the banks
without qualification and recrcancy
TO its traditions and its trust. JEFF
ferson, the immortal founder of the
party, advocated Treasury notes as a
currency and demanded the suppress
sion of bank paper. Every Demo-
cratic administration from jackson
to Buchanan recommended, approx
ed and executed laws for the issue of
Treasury notes, which were receiva-
Bile for all public dues and which cir
culatcd as money. No Democratic
administration ever recommended,
but everyone strenuously opposed,
bank issues authorized by the Gene
ral government.
/ do not ignore the fact that there
arc strong influences at work, and
with u large measure Of success, to
make the Democratic party acqui-
csce in the Republican money poll
cy, and even to break its promise to
repeal the Resumption clause. But
| do not believe they can turn the
party from its lifetime loyalty to the
people. am sure they cannot if the
people themselves prove true to the
men who are fighting their battle in
the House, Weare in the beginning
of conflict over the debt and the
currency, which involves the fortunes
and the liberties of the people, The
genius and spirit of the Democratic
party, its every act from its birth till
now, proclaim it the peoples champ
ion in this fight. 1t is a mighty or
ganization, the growth of three-quar-
ters of century, rooted in the
hearts of the people, and able to cope
with their great adversary, 1t has
never forgotten, what the Republi-