The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-06-28

The financial issue is not between
hard money and soft, as many seem to
take for granted. No intelligent man
claims that the volume of gold and
silver coin is or can be made adequate
to the demands of business. The alb
solute necessity OF paper currency is
admitted. Who shall issue it, and up
on what shall it be based? If gold
aud silver are insufficient, then surely
paper issue based upon these metals
must be unreliable and fictitious-a
pyramid placed upon its apex, which
must tOPple over upon the least finan-
cial disturbance. The plea that the
gold and silver will not be called for
is begging the whole question. II is
an admission that the basis of the cir.
culating medium is confidence. and not
coin. Ii there is not gold or silver
dollar with which to redeem every
promise to pay dollar, the promise
is fiction, a cheat, fraud. If five
paper promises to pay a dollar arc in
circulation for every dollar of coin
held by the bank or the Government
which issues them, the notes are only
worth twenty cents each, and when
one is rede med the other four out
standing notes are worthless. The
value OF the five notes is made up of
twenty per cent. coin and eighty per
cent. confidence. When one is re-
deemed the ba 8 of the four outstand-
ing is-coin, nothing, confid ice, one
hundred percent!
The capi ii, then, of banks of issue
is not CON, but confidence. But our
National Bank notes are good any
where in { Ie Republic, not b. cause
q q rod h In in, k,,k ho
cause the Government credit is pledg-
ed to secure them. This b isis is more
stable aud reliable than gold and sill
yer, because these metals are liable at
any time to be Withdrawn; but the
credit of the Government is as endur-
ing as the Government itself. We
claim that the Government should is
sue the paper money, and not pay COR
pOrations bonus in the way of inter-
est to supply the circulation. Why
pay to banking institutions millions of
dollars annually for the privilege of
indOrsing their paper, which would
be worthless without such indorse-
ment? Let the whole people, in their
corporate capacity AS q Federal Gov
ernment, have the benefit of supplying
the instrument of exchange instead of
bestowing it upon a privileged few
If there must be interest-bearing bonds
behind this circulation to make it equal
to gold in its purchasing power, let
them be issued direct to those who
hold the greenbacks, recoverable in
to money when required. The supply
of money would then depend not up
on the whims or -caprices or the ava
rice of mOneyed corporations, but
upon the demands OF business. Strip
ped of all disguises and shams, the
controversy is whether the want of
paper currency shall be supplied by
the General Government, or whether
banking Corporations shall be clothed
with this function?
We declare in favor Of an exclusive
Government issue. The entire circu.
lating medium, whether metal or pa
per, shall bear the Government stamp
In the language of Jefferson, we say,
"Let banks exist If they will. but let
them discount on gold and silver or
Treasury notes." If the Democratic
party, in its approaching Conventions
will plainly and distinctly avow this
doctrine, and place upon its ticket
worthy men, who will boldly and
earnestly advocate it, victory is assur-
ed. There must be no evasion, no
skulkiDg, no attempt 10 conciliate the
advocates of a corporation money.
The times are too serious, and the con-
dition of the laboring aud business in
terests of the country too much in
volved to admit of trifling. The DEM
ocratic party is the party of the people
and to be successful next fall it must
Geserce the popular Endorsement. We
will bring more honest Republicans
TO the support of our ticket than we
will lose Of disaffected Democrats by
declaring in favor of an adequate sup
ply of honest mOney.-Enquirer.