The daily gazette., 1877-11-28
WHAT THE PEOPLE SAY
r tFor the Delaware Gazette.]
GoElp ASD SILVER CURRENCY.

currency probably forget that American
gold coins are ten per cent less pure than
English sovereigns. Yet English sover-
eigns are not pure gold. But II English
sovereigns are debased, (and they certain
ly are; not being pure gold,l how very de-
based must American Eagles be, which
are ten per cent. worse than English sover-
eigns. And yet both of these coins make
use them make no disturbance over the
fact of their "debasement."
Now silver is not debased metal. II is
not so apt to be debased as gold. 1t is
harder substance; 1t is not so readily melt
ed it can be used with much less alloy as
coin. Its most noticeable relation to gold
is that 1t is not worth as much per pound.
And If, after certain definite relation be-
tween silver and gold has been ascertain
ed, tn at relation being departed from. that
one of the two becoming cheap is to be de-
clared "debased )" then in our recent men,
ory gold has been debased; because during
many years Mexican silver dollars was at
premium over gold dollars; the Spanish
silver being very pure and adjusted TO the
pure gold coinage used in Europe.
The use of silver as medium of ex-
change and of paying debts Is a Democrat
ic doctrine. The vigor and life of Democ-
racy is its reliance upon the power and
wealth of the nation. The Democracy
have always believed that the people had
but to use their resources to prosper.
Hence our faith in the extension OF terri
tory by which we made the magnificent
acquisitions of Louisiana and Texas !;
xuh hnr odrN nj icf raf q n
Dem ocracy no territory was ever acquired
by the United States except that ridiculous
ice-heap called Alaska. Hence, too, our
faith In free trade, which would at any
time double our exports and imports If we
could be allowed TO put the system in npe-
ration. The comprehensive and far-reach-
ing spirit of the Democracy sees that If we
are permitted to use all our metallic
wealth we shall grasp prosperity by the
double handful; whereas If we are Obliged
to fOregO the use of one-half of what we
own, we shall become as swimmers de-
pending upon one arm, or runners depend
ing upon one leg. We are young, we need
all our capital in free use; we need all our
gold, all our silver, all our cotton. all our
wheat. all our pork and beef, all our rice
| and sugar. We can dispense with no ad-
vantages, and the people, arising TO a sense
| of their power and urged into action by the
cruel pains of four years OF unnecessary
idleness and deprivation. have at last de-
| termined to avail themselves of all their
\ superb resources, even though it may not
| wholly suit the whims OF knot of Ger
man bankers, or New York manipulators
| of national banks, who prefer to see their
rag money, costing the people thirteen per
| cent. interest, circulating from hand to
hand. rather than silver dollars, which
C )st the people only dollar to start with,
| and then circulate for many long years at
no cost of interest whatever.
Few of us realize the immense tax which
the present national bank paper currency
brings to bear upon the people, and how
l AANRN t4nf IN @ no ~ 1a6
Brown, with 100000 in U. s. bonds, sends
1t to Washington and gets $50 900 of paper
| currency for 1t in the name of his bank,
| cay the ist national of Brownsville. The
| bonds are held by the government for him,
| the coupons are cut off every six months,
and the proceeds are sent him, and SO he
| draws his interest without any trouble.
| Meantime he has 800, 900 in money besides.
Here we see that a man may eat his cake
and have his cake; because Brown GER
tainly enjoys the use of 100000, drawing
interest regularly, and untaxed and he
certainly has in his hands 800 900 OF money
on which he pays no interest, which he can
lend at clear profit of all he can get for
it. And he does lend It, A borrower ap-
pears with q note backed by u. s. bond.
Brown consents to lend at par on 1t, less
interest at 6 or per cent. But, says the
borrower, "you borrow on the same secu-
rity from the government and pay MOTH
per cent. year?" Sometimes Brown &C.
cepts per cent when he cannot do better
and even this makes eleven per cent. that
he draws ON his money, without risk. But
as q general rule all national banks COM
pei the people of the United States to pay
thirteen per cent. for money, and often
more. We know personally of one bank
in OHIO that made "a per cent out OF its
borrowers between July 1876 and 1877.
You pay directly to the bank only six oil
seven per cent. 1t Is true; but on the bonds
they own you pay five or six more. You
pay this constant, eternal, never dying tax
| IN nrta nj mi N xTnt m
cigar you smoke, in every yard of silk OF
broadcloth you wear, in nearly every arbi
Gle of foreign growth or manufacture you
consume. We are thus cut off from the
wealth and uses of the world a world
given by the Supreme Being to the whole
world for the whole worlds enjoyment, in
order to enable national bankers to draw
10 per cent on their capital without risk
We can certainly be engaged in better bus
mess than this.
The national banks dread silver because
its free use by the people kills the small
currency heretofore furnished by banks
When the paper currency goes out of use
as 1t must where silver is a currency, lwit-
ness England, France, Spain, parts OF Italy
and Northern Germany until 1859 then
the national banks can no longer draw Il
per cent. on their capital, but must bt
satisfied with or7. This prospect does
not suit them; hence their unanimous op-
patriotic ~ o1tcry against ..debased cur
rency" But there Is plenty for our useful
banks to do yet, besides drawing 10 pei
cent-this latter act being, to speak in al
soberness, a shameful robbery of the peo
pie, and anti Democratic in the last degree
Democrats must closely examine intt
the merits of this great question; for {
great question 1t is, however hastily people
, may strive to sum it up in few hasty
! phrases such as "repudiaJion," "debaseo
currency" &c. obsta prtactpiis. Rests
: the insidious approaches of evil law
which the aristocratic enemies of free gov
ernment constantly seek to impose upoi
, you All tyranny, all national wrongs
, poured out upon patient people by leglsla
: tion; therefore keep legislation in you
own hands, and keep it pure. Choose care
fully your representatives and let then
2 know your minds. The Democrats. to day
OF this superb nation, who are the bon'
: and muscle of the people, and large par
of the brain, too, choose currency of tn
i precious metals, scientifically adjusted, II
preference to rag money at home and golt
for foreigners. A sense of justice to our
selves brings us to this choice and we q
3 not intend to deprive ourselves OF what W
< fbelieve TO be our rights, Should the Pres
ident interpose to thwart the Will OF In
people, which we think he has too muc
, St nse to do, he will be as surely cohdemr
: ed by history as George III. of England, {
2 Philip IL. OF Spain.
I JOHN BLACKBRIDGE.
For the Gazette.