The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1876-08-05

doing nothing.
What said the Democrats on the SAINT
subject?
Reform is necessary to establish sound
currency, restore the public credit and main
tain the national honor.
We denounee the failure for all these eleven
years Of peace TO make good the promise OIL
the legal-tender notes, which are a changing
standard of value in the hands of the people
and the non-payment of which is disregard
Of the plighted faith Of the nation.
We denounce the improvidence which in
eleven years Of peace has taken from the
people in Federal taxes thirteen times the
whole amount Of the legal-tender notes, and
sqnandered four times their sum in useless
expense without aeeumulating any reserve for
their redemption.
We denounce the financial imbeclity and
immortality of that party, which, during eleven
years Of peace, has made no advance toward
resumption, no preparation for resumption,
but instead has obstrneted resumption, by
wasting our resources and exbausting all our
surplus income and while annually profess
sing to intend speedy return to specie pay
ments, has annually enacted fresh hinderan.
ees thereto. As such intolerance we de-
nounce the Resumption day clause of the act
|
We demand judicious system Of prepai.l.
ton by public economies, by official retrench-
ments, and by wise finance, which shall enable
the nation soon TO assure the whole world OF
ITS perfect readiness to meet any Of its prom
ises at the call of the creditor entitled to
payment.
We believe such system, well defined,
and, above all, intrasted to competent hands
for execution, creating at no time an artificial
scarcity OF currency, and at no time alarming
the public mind into q withdrawal of that
vaster machinery Of credit by which 95 per
cent of all business transactions are perform
ed-a system open, public and inspiring gen
al confidence, would from the day Of its adop-
ton bring healing on its wings to all our
harrassed industries, set IN motion the wheels
OF commerce, manufactures and the mechanic
arts, restore employment to labor, and renew
IN all its natural sources the prosperity Of the
people.
1t is proper TO recall before we scrutinize
the scope and meaning of these phrases that
were stoutly opposed, both in committee and
convention, by theinAationst leaders. What.
ever their real purport, these men saw in
them fiat contradiction Of their own schemes.
Gen. Ewing and Mr.. Voorhees, who spoke
for the minority, denounced them as com.
plete surrender to the hard-money theorists
The former, in order to obtain partial recog
milton of his ways Of thinking, moved sub.
stitute proposing repeal of the whole Re.
sumption act forthwith Mr.. Dorsheimer
of the majority of the Committe refused to
aeeede to it, saying: ~ propose right here
to make a straight issue between hard and
soft money. By that we stand or fall" He
was sustained by the Convention, and the
substitute rejected by vote of more than two
and half to one-550 to 2l9. The result
was regarded as a decisive victory for the
advocates of the sounder doctrines.
| cannot doubt that such is the right inter.
probation of the result; for | discover that
these resolves are mainly a summary Of the
teachings of Gov. Tilden, to be found in his
luminous messages to the New York Legisla-
ture, wherein he speaks in no ambiguous
language. Gov. Tilden was originally op.
posed to the issue of irredeemable notes, and
counseled Secretary Chase against the expe.
dent, which he averred would greatly enhance
the cost of the war, and lead to the embar.
easements and disasters we have since expe.
rienced. When they were once issued he
insisted that they should be held redeemable
at all times in the interest bearing obligations
of the Government, which Mr.. Spaulding, the
author ofthe Legal Tenderact, tie lis us was the
original intention of its trainers. Attic close
of the war, one of his grounds Of quarrel with |
the party in power was that it did not at once |
engage actively and efficiently in preparations
for their redemption. The process, as he |
showed at great length in his messages. was
easy and practicable, provided it should be |
persistently pursued. Demonstrating with
the clearest perception of the fundamental |
principles of currency that even after the |
reaction of 1872 began moderate issue of
grecnbacks would do no good or have no Of.
feet toward arresting it, while an indefinite
issue would provoke additional disaster. he
advised in the first place tn at the revenues of
the Government be increased SO as to produce
surplus without resorting to new taxation
secondly. that a suiIiciency of GOLD sbonld be
amassed in the treasury. from our outaow;no
streams or from markets abroad IN form an
ADEQUATE reserve to meet the demand for az.
portation. and IN assure tho naon,e Tho, ,bs
supply wonld not he exhausted. and ,b;ralv
that the LEGAL tenders he converted ;nto inter.
est.hayino Investments on term. Tho boldor.
would accent, and in such WAYS nc would
keen the aggregate amount Of the currency
dnripo all the nrocess w;tbou,
creating nm artificial scarcity. and w;,bou,
disturbing the natural operations Of business
Now. in the light of this brief exnos;,;op
it will be seen that there il a wide d;aarence
in the treatment of the currcncv onest;on hv /
the two platforms. The one simnlv eyaaes
Il by n barren generality. the other rasts !,
with wise practical suggestions. The ono |
,imply saws that we are 10 oe. al Tho a,d. ,ha ,
Of speeie payments some ,;me ~ !
other. in some way or other not disclosed. :
ha o,har ,ba, 90 ~. "a, aL.,. !. I