Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-03-31

iehes counterfoitug; It regulates the banking
currency and trade in their relations take care of
themselves. That is sound Democratic and also
sense Of tho word. T'lerc the Government is re-
duced TO its proper functions.
But how ~ u wnere an irredeemaDte paper
money preynilsi There the volume OF currency
Is not regnlated by the Gircumsstsanecs o. trade.
try that value which specie possesses, u does not
Tye e te % ~ tpe ne p sSs bavs &
termned by the arbitrary Will of the Government
AN AWFUL POWER.
This is a power of awful extent and significance.
1t IL not disputed that the value the purchasing
power OF an irredeemable paper currency, is
affected by the Quantity in circulation, and that
other circumstances, such as the confidence of the
people and solyency Of the government, remain-
ing the same, an appreclable expansion Of the
and vice Vcrsa. But as the currency
0nanges onsv v.,nn IN os nj eI power the the
have TO buy or to self changes also; so that the
% OF e ba1 sbd 70 @ ~ she iap
virtually equivalent to the power, by Its own ar
value OF all private property in tie land; in other
words, the private fortune Of every citizen is
pleasure. You can not venture upon any bust
ness enterprise, you can not sell or buy lot OF
not make . contract involving the outlay or pay
ment OF money, but the Government Will have
the power to determine whether 1t will be TO your
profit or loss. and perhaps 10 extreme
whether 1t win make you rich or bankrupt.
, intrusted with the oiiico Of making and keeping
the volume Of currency equal to the wants OF
trade" You may ask Can not the Congress-
Of the United States be depended upon TO exercise
such power with wisdom and discretionl The
Lord preserve usl The wlsest assembly OF fuau-
ciers in the world would be unable to discover any
other means to make and keep the volume OF cur
by return to specie basis where sg trade a1d ana
currency may adjust themselves But COngressl
Give us the most honest and intelligent Congress
we can ever expect to be blessed with, and the
adaptation OF the volume of irredeemable pa
per currency to tho ever-changing wants of trade
by annual legislation viii be found an utter i'm
possibility. But now imagine Congress con-
trolled by statesmen like Governor Allen, VINO
think that more and more currency must be
issued until the money of the country stays out
ring Of interruptions and adroit financial sharp
ers, and such Congress welding the tremen-
value Of every dollar and every dollars worth Of
property you have,-does not your head SWIM at
by any Government, intelligent or idioIic, honest
or raseally, which is charged with the Office of
paper money equal to the wants of trade"
WHO DID TT
You, my Democratic friends, say that IL was
Government by the creation of the irredeemable
paper money. That Is true enough. 1t done
the civil war by Republicans. But does that
change the question: Previous to that civil war
of the Republic scarcely single one who would
/ have admitted the consttutionaHty of an act of
coin a legal tender know well that the Supreme
Court, after the war, did consider such an act jus
now the National dangeris over. Weure at peace
J The North and the South have shaken hands in
renewed friendship. No foreign enemy threatens
our shores. All National danger, with what justi-
fcation it might afford Of exceptional measures,
And now you, Democrats of Ohio, propose to
continue that awful power of the Government in
separable from an irredeemable paper money sys-
; purposei Not TO defend the life of the Republic
effects upon the business of the country. You not
: only admit that power OF the National Govern
country, dispose of the private fortune of every
citizen at its arbitrary pleasure-n in the face
OF the efforts or others TO strip the Government OF
discretion so despOtic, you insist that that power
shall be exercised by what you euphoniously
equal to the wants of trpde5," by III the ! interfer
ence Of Government Andyoa stlll call yourselves
by your fidelity to the great principle that popu-
lar liberty and free institutions must be secured
by a strict Limitation of the powers of govern
menti
WHEN THE DEMOCRATS APPLAUDED.
| When President Grant trlaed with the war
making power in the San Domingo case, with
others denounced hIs action "A transgression CT
his constitutional authority, and you appauded,
When the Ku-KluH Act was passed, when an act
or usurpauOn setting up an Illegal government in
Louisiana was couptenancsd and aided by the Ad
minlstratiOn, when the Federal military invaded
the legislative hall of that State was among
tional assumptions of authority. Step by step We
| fought against what appeared as an advance OF
dangerous Capitalization. And you applauded.
THE OLD DEMOCRATIC LEADERS.
But now 1 declare, those unconstitutional as
sumptions and those centraliZlng attempts appear
as mere tTifIes compared with the arbitrary des-
potc Character of that power TO kick the fortune
OF every citizen about as the football OF its whims
platform, not only recognize as belonging to the the
| Government, but attempt to fix upon the
It's abotiop as spDV mSossiSe SS1 1naHInS yoS
! insist that such power SHALL be actively
treat you. trhe longer with the intelligence Of
| the people by pretending that n strict limitation
liberty rnDuhlpnn III
tutiOns is an article of your creed. II the great
fonnders % -" and 1pSsIes Of vo partg the sTe
whose recorded opinions on this mOmentOus ques-
silas wight, Benton could rise from T f6er
graves and hear the Ohio platform called a true
would kindie with scorn at the bareiaced imposi.
the bastard ofFsnfingI"so much for IMITATION as
the source Of an arbitrary, despOtlc power, incOm-
pati0le With free government; 50 much for the
by the Democrats who advocate 1t.
INITIATION AND CORRUPTION.
Now, word about imitation the source OF
corruption and profigacy. You, my Democratic
honest, pure government SO do I. Is there a
| single candid man among you who sincerely be-
lleyes that frngallty, economy, honesty, purity
| OF government can be promoted by an expansion !
| OF our 1rredeemahle currency, or is even in any
Let us look at plain. practical side of the ques-
| ton. 1t has frequently been asked: How
backs anoatl The query seems to have caused
some embarrassment, and the answer has usually |
been; On, we shall get it out somehow But there |
Is no need Of indefiDiteness. The matter is capa-
Bile of precise statement. Obviously, there are
two ways to set additional currency afioat. One |
is by buying up United States gold bearing bonds |
In the market, or by buying gold TO pay off bonds
as they fall due.
THE RESULT OF NEW GREENBACKs.
| But 1t is certain that this method will answer |
only in very limited measure, for this simple rea-
son: As you put out new greenbacks. with the pros
pect OF large emission, tho greenbacks viii rapid
~ depIeclate as TO gold and as the bonds are pay
able principal and interest in gold, they will |
MAINTAIN their gold value, and their price III paper
money Will t4sreby become so high that the |
method OF puthng out greenbacks by purchasing
bonds Will soon become very unpopular and be
| dropped Or, II you mean to repudlate The bonds
of which. as l understand, there IS AT present no
declared purpose, then, OF course, You will simply
rcpudiate them, and not buy them up at all.
But there Is another way to put ahOat new Is
sues or greenbacks; 1t is by carrying the penses
| Of the Government beyond its revenues, aud this
have no doubt, will be resOrted as the favOrte
method. Do you know what that meansl
| Imagine a Congress making appropriations OF
money for tue aVOwed purpose Of getting out,
DuttiuR afiOaf. amending n aa