Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-02-17


5isteBcy Oi The Democratic record, in
opposing legai-tenders in the time OF
our greatest need, and in turning about
TO oppose restoration to a sound cur
rency in time of peace. The critical
condition of the finances Of the coun-
try is then referred 10, as growing out
pf our financial situation. The Nation
al Bank system is supported as follows:
do not doubt that as we 90 forward
We may find many points in " hich
the system can be improved. But this
am bold TO maintain, that, contrasted
With any other system of banking this
country has ever had, il is immeasura-
bly, superior; ana whoever asks, as
some Democrats now do, for lis aboli-
ZION. With view of getting back TO
any system of State banks, is a blind
leader; and a very deep ditch of dis0r-
der and disaster awaits the followers,
if the people should ever be 80 blinded
as to take that fatal step.
The Democratic plan OF letting the
Government do the banking of the
country, is very forcibly antagonized
in an argument worthy of universal at
tentiOn:
The great, and, to my mind, unan-
5werable objection to this scheme is
that 1t places the currency in the pow
er and under the direction OF Congress
always has been and always will be
governed By partisan majority, rep
lesenting one of the political parties of
the country; and the proposition, there
fore, reduces itself TO this, that the cir
culating medium, instead Of having a
| fixed, determinate character, shall be
shifted, and changed, anu manipulated
according to the supposed needs of
the party ] profess, Mr.. Chairman,
to have some knowledge of the Ameri-
can Congress. its general character, its
perSoneL, its scope, its limit, its power.
1 think, on the whole, it is far more
patriotic, intelligent and upright body
of men than il generally gets credit
for in the country; but at the same
time | can possibly conceive of no as-
5emblage of respectable gentlemen in
the United States more utterly untitled
to determine from time to time the
amount of circulation reguiI ed by the
| NdntS VI tEdUc. Dui, lliuttO, lID DO-
dy of men could be entrusted with that
power. Even lift were possible to trust
their discretion, their integrity would
be constantly under suspicion. If they
performed their duties with the purity
OF an angel of light, they could not sue.
ceSsiully repel those charges Which al
ways follow where the temptation t.
do wrong is powerful and tle way ca
~. Experience would very soon dem
unstrate that no more corrupt or cor.
rupting device, no wilder or more Wis.
iOnary project, ever entered the brain
of The schemer or:the empiric.
If the people of the United States
were fully awake and aroused to theil
interests, and could see things as they
are, instead of increasing the power o
4 Congress over the currency, they
would, by the shortest practicable pro.
cess, divorce the two completely and
forever. And this can only only be-
done finally, nffectuaIly, irreversibly,
by the resumption of apecie payment
Why, Mr.. Chairmrn, it is hardly an
eXsggeration TO say that ever since the
Govern ment was compelled to resort
To irredeemable currency during the
war, the assembling of Congress and
its continuance in session nave been
the most disturbing elements in the
business of the country. It is literally
true that no man can tell what day
may bring forth. One large interest
looks hopefully 10 contraction and the
lowering of the gold premium; anoth'
er is ruined unless there is such n
movement toward expansion As will
send gold up. Each side, of course
endeavors to Influence and convince
Congress. Both sides, naturally, have
their sympathizing sdvocateS on thi.
fl Rand hence the substantial huSi
ress interests of the country are KEEP
in ieverish, doubtful, speculative
state. Mems minds are turned from
honest industry to schemes Of financia
gambling, the public morals suffer, old
fashioned interity is forgotten, and
solid, enduring prosperity, with honest
gains and quiet contentruent, is rem
dered impossible. We have suffered
thus far in perhaps as light degree
as could be expected under the circum
stances-but once adopt the insane idea
that all currency shall be. issued direct
iy by the Government, and that Con
gresS shall be the judge of the amount
demanded by the wants Of trade, and
you have this coustry adrilt, rudder
less, on a sea of troubles, shorelesS and
Stundless.
The wisdom of not forcing return
to specie payments in the past ten year:
Is sustained. Solong as The business O
the country was progressing reasonably
well, deliberate steps liz that direction
were neither advisable nor possible.
| But now the case is changed. Over
trading, the wild spirit of speculation
the undue expansion of credits, enor
nIous Investments in premature enter
prisps, have worked out their legiti
mate and inevitable results, and with
IA fall volume OF paper money the crash
came; prices have fallen, settling day
has arrived, painful liquidation pro,
ceeds, and the whole commercial and
financial fabric is settling down on a
solid foundation. Experience cOnvinc.
eS where precept falls only on deaf ears,
land to-day we have men by the thOus-
and longing aud asking for return OF
specie, who, three years ago, would
have violently opposed it. TO attempt
now 10 build up business by further in,
flatl0n OF the currency !nVolVera theory
50 wild aud destructive that it requires
Il man of great nerve, Or of great ignOr-
ance, TO propose it. Indeed, the shock
to confidence by the panic of 1873 was
so great that many commodities, and
especially many fabrics, are below
their normal price, and firm, clear,
decisive step in the direction Ola sound
redeeInahle currency, impartiDg stabil-
iity to our financial system and conf
deBce to the people, would, in the
+! Judgment of our best merchants and
manufactures, he followed by rise in
l.rices, by quick and widespread de-
mand for labor. and by generous and
general revival of trade and business
throughout the country.
As to tue means toward resumption,
here is his only affirmative suggestion :