Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1877-08-24

moss and commerce can not compel What mebhOo
shall the Government a5OpTf
II has been urTed that It should palze q further
issue of egaIiender notes, and Ieinhate their eE-
listing volume The objections to this are insuper-
able The point TO be reached is coin values. We
have almost achieved the descent IRON Rooy
height OF imitation. The marvel o. nnancaers sS =
ont moro serious Consequences. To reinnale Is
but TO again force up the bal0on-to hazard, II
Ne shall have returned 10 where We are. nothing
will have been GaIDod; Tor 1nterconFerboluty
vii be as distant then as now, l, ,,.o,
desirable It Is impossible Nothing is clearer IN
the fundamental law than the dental 10 Govern
ment OF tue constitutional power to make ITS due
bills q substitute for eealtender money except a.
a MEASURE Of defense in the emergency OF war.
The present iegai-tender notes were held eOnsti-
TutIOnaI BY q divided Court on this ground alone
We therefore ought not to deceive ourselves
ought not to DECISIVE the people INTO demanding
This diEposes Of the equally impossible PROPOSE
ton TO retire the National banking cuIreacY by
taking mp and discharEinK the bonds held "a col
Tue public securities held BY the banks are as IN
violable a. those held 6y individu-
with The he lsgsi.teader IN notes " Of any issue
without violating the faith and honor Of the Na-
ton, originally and repeatedly pledeed 70 tneIr
70 do 90 would be unwIse. The present system OF
free banking, a. authorized by existing iavs, Is
TO specie payment, enable the banks TO make their
notes intereOnveribe with coin at the pleasure OF
the holder and they win constitute an ageney Io
comparably superior to the centralized ponticai
power at Washington for regulating the volume
Of currency according to the wants OF traae- II
furnishes to business interests and to the business
men or every locality, who know its wants by per
sonal contact with them. facilities and power 70
supply these wants as they may arise. It recog-
niEes the principle Of home rule in furnishing and
regulating the volume OF currency.
Another financial school insists that the inter
coDveTJibiiity OF coin and paper money can better
be effected by the arbitrary contraction and retire
meEt OF the legal-tender notes until their value
shall be brought to par with coin. This implies y
diseretIon IN the Contracting power at Washing
ton that might not always be influenced By virtue.
II is power that can be much more safely exer-
eised by the people at home through the ordinary
chan nels Of business than by q central junfa Of
poIincians piled by the ball and bear lobby or
Il is the last straw that breaks down the camel;
the last turn Of the that causes the fracture
The existing strain upon Western interests and
Western capital BY the shrinkSge Of values with
out shTinkage of liebllitIes makes return to in
teroonvertibility through contraction alone simply
Suicidal Augmentlng the value by sheer fOrce OF
making money scarce, would doubly intensity the
strain-Wcpld indeed break down the camel, would
cause the final fracture For these reasOnsit would
seem the dictate Of common sense that stability OF
volume, insensible appreciation OF paper money
and the gradual approach to coin values. are the
things to be united If possible, in any plan OF re-
sumption; and hence, that either forced imitation
or forced coDIracflon Of the existing volume by
the exerlon Of arbitrary power, Is alike hazardous
and unwise. The existing volume OF currency
embraces portion Of gold ooin. The gradual
replacement OF legRltender notes with coin money
tain cOnstanoy of volume and mseDsibly but
surely bring about inteTconvsrtlbilty without
shock or disaster Tins might readily ee accom-;
plished BY the substitution OF an additional and
sufficient amount Of gold coinage. II II were prae-
ticaSle to command It; but at present It Is mes.
Can it be done through the
RECONCILIATION OF snvERI
The Cleveland Convention supposed It could,
and therefore
aReuolved Tnnt we are IN Eavor Of both silver and
Foi ~ money; that both shall be legal tender pay
menf o. al debts except where otherwise specially
assd thar oar people shan NOT be placed cisaTsn-
% s m b 81 - IN. IN iSeSjsison - ne mopV of he
Nation as contemplated tn the Consultation, and We
therefore demand the rsmonetizatlO1 OF silver"
What plan Of remonstlzation shall be adopted
Rress pFeferr1ng 10 leave details to that body;
did the Democrats Convention, which
"RssOlved ina. We dsnOupce ss an outrage upe9 the
measure aemonettEinK silver, and demand the passage
q szw which shall restore 20 silver It's pOHetaIy
DenounoinE as q Republican fraud a measure
for which every Democrauc Senator and nearly
every Democratic Representative in Congress
voted Is q neaecEion on their Intelligence. their
vigilance. or their Virtne.
Whefher the passage Of the act was effected
through fraud, ignorance, or honest conviction is
Of no slgnfaeanee now. 1t demonetized silver In
fact, the legal effect ana after consequence of
motive The living present must look at things as
they are, must deal with fHefs as they exist, and
leave the dead past to bury its dead.
Beth conventions having declared forremonetiza-
ton, the discussion OF itB expectancy becomes
superfucGs- Neither having declared what, IN its
opinion. shoald be the weight and fnsness Of the
ne dollar this would seem an equally barren Issue.
But the Cleveland Convention having favored re-
storing to silver ttu full lega[tender power as
money, except where restricted By contract, I
should be unjust 10 myself, unworthy my position,
not to devote some consideration 10 the subject.
What are tie varied interests which SemonetiEa-
ten would necessarily Rfecta In view Of the prob
able effect on these interests what restrictions
shall be imposed Can 1t be made an aid 70 re-
safnptiani Shall the old silver dollar be rein
stated, and nothing mOFei
The value Of the old dollar recently dropped as
far below that OF the legal tender note aB the lat
ter was below the value OF gold. II it bad con-
nnue ed q legal OF the country, might IL, thus
depreciated be now employed in discharging the
public securities and private Indebtedness without
d1sbonUr or breach Of contract I answer, yes; on
the same principle that the holder of an obligation
Is bound to aoeept it. discharge of his Obiigau0n,
whatever change its value may have undergone
ehanged. The ductuatien Of value by the operation
Of natural laws Is at the risKof him who holds the
obligation Further, think lt would be no breach
OF honor fath or contract obligation TO discharge
any debt contracted while the old silver dollar ex-
/ fsted, by payment IN the restored dollar OF like
weight and fineuess; for, although it may have
been contracted with Immediate reference to pay
nlent in legal tender notes, yet, as they were
redeenabfe in the old dollar, if must have been
| contracted with reference to possible payment in
that coinage also, and as the value of legal
tender eOnId never rise above the value OF the coin
much ft should deprecIate, substantial injustice
can be wrought TO such contracts by discharginE
/ them in the dollar contemplated.
But mary millions Of existing private Indebted
ness have been contracted during the four years
elapsed since decentralization. This Indebtedness
4 has been entered into with reference to payment
IN legal tenders, the value OF which then has
been regulated by that OF gold coin alone. OF this
the evidence Il the decline in value OF the old sill
/ yer dollar below that Of legaltendef notes. which
l could not have occurred II these had continued to
be redeemabie in that dollar; hence, compulsory
\ payment Of such recent Indebtedness IN a newly
issued dollar, of less value and purchasing power
Than the legal tender shah have at the time when
payment shall be made, can not fail to work iH-
Justice, whatever may be the legal right and aa-
thority for the exerIton Of such power.
Again, about seven bundled millions OF legal
l tender and bank notes are outstanding. which be-
4 ing interconvernble. Of equal value. Make
them redeemahie IN coin dollars Of value and pur-
| chasing power less than they possess and they
l wiz Immediately drop 70 the same lower level
Consequently the effect OF reissuing the cid dollar
any other, the value OF which at the time shall
be less than that of the tender, win have the
effect 70 sDnihiiRte portion OF the existing
wealth Of the country equal 70 this percent
age OF difference IN values. II that differ
ence shall be ten per cent. then ten per cent
OF its value will be stricken from the legal tender
| OF other paper money which every man may have
and from the accounts and credits which NAV be
due him, whether he be laboFer, mechanic, farmer
merchant or millionaire.
No plan Of remonetizRtiUn ran regard these IN
terests rs Insignificant, OF regard them with i'm
purity. Far better that the whole Government,
and through Il the people, bear ratRbly the loss,