The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1876-09-14

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and increased that OF gold in tht
money market, and the matter was
little thought ofin the absence of coin
circul.tion. till the Republican policy
of resumption began to be publicly
discussed. Then the trick was uncev-
ered Now the demand should be
universal for the recoinage of /" the
dollar of the Fathers" and its festora-
tion as a legal tender. The debt was
contracted in it, why should it not be
paid in it? The agreement was to
pay so many pounds in weight, Cfor
thatiis what l"dollaas" means) of gold
or silver COIN, or either, at the option
of the Government. Let the contract
be kept in its letter aud spirit. If a
man contracts to deliver so many tons
of iron or copper, at n fixed price on
a given day, is he absolved from his
contract because the iron or the cop
per goes up or down in the market
Clearly not. And whom two metallic
curyencies exist in about equal values
if you demonetize either, have you
not enhanced the value of the other ?
And if debts were contracted while
both were legal tender. would it not
increase the weight of the obligation
and make payment more onerous il
you destroy half the volume Of mon
ey? By the .plainest reasoning 1T
would. There are two kind. of wheat
red aud white. Suppose both are in
the market for shipment to Europe,
and suddenly, for whatever cause,
Europe ceases to take white wheat, but
is eager for red. Would not red
wheat advance and white decline in
our home market? We all know that
1t would. And so when white money
is expelled from circulation red money
becomes more valuable. Red money
alone pays the bonds, and the Repub-
lican. silver fraud has not only in
creased the public debt hundreds of
millions, but has thrown, an, Atlas
weight upon the shoulders of the al
ready groanlng private debtors all
over the land. Will the American
people submit in patience to this in
justice The Democracy denounce
this legislation and demand its repeal.
The Republican leaders defend 1t and
demand It's enforcement. The surcst,
safest and speediest road to resump-
ton ia to double the volume OF the
metallic money. Our mountains are
full OF silver, and the country is fnll
of men seeking labor. Let them be
put to producing silver and turning
it into money and we will be on the
high road to prosperity at once, and
in due time will reach resumption OF
specie payments without a panic or
the disturbance of business. is,..-
aH % aai RESUMPTION. -soi aai Ia
When greeubscks were issued it was
universally understood to be u tenn
pOrary expedient. Without stopping
to discuss either the cOMstitutionalit,
or the wisdom of the measure, if the
Government, as soon rs the war was
over, had taken sagacious steps for
their speedy retirement aud the res
toratil Of the constitutional currency
Of gold and silver,our monetary troub-
les would have been long since at an
end. Every day has made it harder to
begin. McCullOch did begin, but was
stopped by the ill-advised action of
Congress III 1868. Then the currency
wa. allowed 10 drift at the pleasure OF
the money-clangcrs, aud the National
Banking system to take firmer hold
than it had before. AT last the Re
publicans protested to desire resuinp-
tiou, and in 1875 arbitrarily fixed a
day but made no such preparation AS
rendered specie payments pOssiblc,-
Already they had robbed us Of half
the means by expeliing silver from
our coinage, as though it were easier
to pay a debt with one dollar than
with two. Aud in the Resumption
Act itself no means whatever are pro-
vided. 1t was only sham. aud has
never been defended in the press or
on the hustings, even by the Republi-
can party. Every one knew it was in-
defensible.. The Democrats opposed
the law on in passage, resolved against
it in the Ohio and st. Louis platforms
and our candidates both place them-
selves square against it in their letters
ofaccepIance. This Republican quack
scheme must die the death, and the
sooner the better. But let it not be
SAID we oppose resumption Not 80.
We favor it. But we recognize that
the measures which lead to it must be
cautious aud well-lnatured. We must
first of all get rid of the present law.
Then we must rehabilitate silver as
money. Aud then, by cutting down
expenses, by equalizing and tightening
the burdens OF taxes, by putting All
end to corruption and thievery in Of
flee, by lifting the arm of oppression
off the PROSTATE South, we, must re-
vive business and trade and accumu-
late the means wherewith TO resume.
1t need not take long where wisdom
and official integrity control the Gov
ernment, and the reign of brotherly
kindness gives peace to every section.
NATIONAL BANKS. 5.-...
AS a part of this currency system
we can not omit to notice the National
Banks. They are less an issue now
Still thew are involved now. They are
ers of the Republican party. No banks
cilable to Democratic ideas. They are
handmaids OF monopoly and can new
er be permanently tolerated. They
place currency under the control of
selfish aud special Interests, instead of
leaving it free to ebb and flow at the
demand of business. Besides great
ramified system like that now existing
is capable of having undue control
OverGovernMlent and political parties.
The Constitution confers on the Fed.
eral Government, properly enough,
the exclusive right to coin money!
Even Govhrnment does not make
money it only coiis it. Money, when
the Constitution was adopted, had
consisted, in all civilized countries for
many ayes, of gold and silver. This
is the only true constitutional money,
Neither the States nor the Federal
Government have, in my Judgment.
any right to issue or authorize the is-
suancc of bank notes as money. Banks
of exchange, of deposit, aud discount
ought to be free, aud are very useful.
They are merchants iu money, and are
as much needed as any other ncr.
chants. But they should never he al
lowed to make money. 1t may be
asked, Is paper mouey TO be abolish
ed? No. 1t must be issued by the