The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-09-27

CulJluR uOWu VI pApVhNsN'S" ~ 49,
SO great, If any cutting down has been
done beyond these 500 00O, 600, It seemt
to me 1t shows that under the Repnbli'
can administration a vast number OF sl'
pernumerary and extravagant expenses
have grown. up, and we hardly should
give that party the credit OF cutting down
expenditures when forced to do 1t by the
limited appropriations of the Democratic
Congress- -
Now, my friend has made a slight mis-
take in the general course and tenor o.
his argument in reply to what had tc
say on the silver dollar and the resump
ton question, and that mistake was n
assuming that his opinions were the pol
icy of the Republican party Laughter
He, in effect, says that he represents the
Administration on that subject, and goes
on to tell you H. at the greenbacks are moi
10 be destroyed when they are redeemed
but they are to be re issued, and silver it
to be made a legal tender for all these
bonds, and all that He quotes the law
and gives us legal argument to the ef'
feet that under the act OF 1858 a green
back redeemed under the Resumption
law may be issued by the Secretary Of
the Treasury, or new gieeLback issued
in place of It. Unfortunately for his ar
aument, the act of 1858 says that green
backs returned to the Treasury may be
re issued. Returned is not redeemed
TApplause. Returned is taken up fol
taxes. OF course they are paid out again
Who ever heard of public debt or prl-
yate debt being paid, and then the obli'
CATION reissued? Do they reissue the
bonds when they pay themP Do they
reissue the fractional currency when re-
deemed, under The same language of this
same law that provides for the redemp'
ton of greenbacks. Not bit Of it, Ev-
ery bit of the fractional currency is des-
troyed, and the very language is used in
that resumption law respecting the re-
demption Of fractional currency which is
used respecting the redemption of green.
backs, and if they destroy the fractional
currency under that law, why won't they
destroy the greenbacks underit? That's
business."7 And further, l can tell the
gentleman that John Sherman scouts his
Interpretation of the law. Applause l
refer to a former opinion of his upon the
question of issuinga paper that had been
redeemed, in which opinion he stated,
before this law was passed, that his opin-
ion was unChanged-that is, that the
greenback, when redeemed, must be des-
troyed. ...
Oh, but he says we are to have free
banking under this law. Certainly; free
banking with the condition that every
bank shall be ready on the FIRST day OF
January, 1879, with dollar for dollar OF
gold for every note that it issues. Who
in the West would be fool enough to start
a bank now and issue notes, knowing
that in sixteen months he must have
gold in his bank ready to redeem every
no,e he issuesP Banks are to be free, but
with the condition that they shall forfeit
their bonds if they don't have gold ready
in the Treasury to redeem every dollar
they issue in sixteen months from this
date. 1t is known that no new banks are
being formed, that was the bait on the
resumption hook that was thrown out by
Morton and his allies, and that same
hook is now fastin their throats. Laugh
ter
Why, the gentleman says the Demo-
Gratis are contractionists. Why? Because
they wantit SO that all the money, ,wheth-
er paper or coin, shall be issued by the
He says the consequence
is that the banks will have to take in
their circulation. Exactly; and what
have the Democrats in Ohio all along pro-
posed? It is to issue greenbaCks in
place of National bauk notes. That is it.
New Greenbacks. How will you get them
in circulation, is the puzzle to my friend
How can they be got at2 If it had not
been for tie swindle of the party in 1869,
they would have simply have got it by
buying these six per cent. bonds with
them at par. Applause
And as it stands they can be got at easy
enough by going into the market with
these greenbaCks and buying up those
bonds and burning them. Redeeming
hem, which means burning burning
hem. Why, he saysall this contraction
he won't at presentsay that $73, 100000
IS the exact amount or motifs done vol.
and in accordance with the
Democratic notion that money shall be
only equal to the wants of trade. Repeal
your law which tells the bankers that
hey shall forfeit their bonds on the first
If January, 1879, if they are not ready
% pay their gold for their bank notes,
md then voluntarily contraction could
iollow. This is the true principle for
banking law, and under such law the
banks will issue as much money as the
people will need.
But with this law-this fixing them
,rable requirement of gold resumption
IN the 1st of January, differentiation
)y surrender of bank paper is inevitable
or the purposes Of avoiding the enor-
nous penalties that are to be inflicted on
banks if they don't have gold enough on
hat day with which to pay their notes =
,old or greenbacks, for the greenback at
hat time will be simply an order on the
J cretary of the Treasury for gold.
He talks about it being all right to pay
,our debtors, to pay in the contracted
currency or in gold currency all debts
which they made in the full currency
payable in paper. Itis all right, because
hey may have been engaged in extrava-
,ant speculation. Fellow citizens, it is
lot all right. A change in the value Of
he circulating medium 80 as to make its
power, whether Of flabor or of
he products of the grove is a mere act
# robbery by the Government from ev-
ry man who owes debt How much
# such debts are there? $8,000,000,000 of
uch private debts-four times the sum
# our National debt. and all by this con-
raction of currency; by this shrinkage
md consequent shrinkage of the value of
and product and labor with
which debts can be paid.
This Republican party has already put
N the shoulders Of the debtors Of this
.ountry, l venture to say, as much more
% their original debt; has already added
o their debt $S,000,000,000 more, and
practically confscated the property of the
lebtors by an act of the Government
through this ingenious scheme ofshrink-
ng the volume of the currency, and con-
the value Of everything in
which debts are paid. " '"'.''
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