Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-05

States Bank as an ally in the financial crusade of
dangerous influence upon Congress of COO national
banks. and terrify them into support OF the new
gospel currency. II spirits be capable OF utter
ance, viii not the indignant shade Of the old hard
money hero burst its eerements 10 rebuke the sac-
aegious use of his great nsmel That bank was
Snammoth institution with orreacning orancnss'
subject the central power National banks are in
dependent each from the other absolutely as are
the various industrial and commercial institutions
OF the country, carried on by associated capital.
They arise or expire as the of trade in differ
ent localities huctuate. Combinations between
Elstern and Western banks are as impossible and
jeelousies as fruitful as between Eastern and West
merchants and manufacturers. II attempted,
the absolute freedom OF banking would enable the
people to thwart them by the establishment OF other
Institutions.
But the objection that they will influence Con-
gress 70 perpetuae the debt is met and reiuted oy
the Senator himself When il IS urged against con
siitndng the government gigantic national bank,
% which the members of Congress shall be the
directors with power 10 issue, contract, expand
will. the money Of the people, upon the stability
oi which their industrial and commercial prosperity
depends and that their virtue might be subjected
to the corrupting power and influence OF the bull
and bear lob6ies Of Wall street. accordingly con-
traction or expansion be the more profitable ne
scouts it as assuming Congress hss neither sense
nor honesty. Is Congress likely TO exhibit less
and honesty in resisting the influence Of the
banks than in resisting the corrupt influence OF the
gigantic and concentrated money power OF wall
street? The banks now draw interest on their
bonds. Are they not interested in perpetuating
high rate of interest? Yet their influence has not
from reducing that rate. Of course can not youch
for the sense. honesty, or virtue OF Democratic
Congress.
lend on interest their own notes, or promises 10
pay is special privilege TO charge and receive in
ierest on what they owe not enjoyed by others tax
ing many millions from the pockets Of the people.
This objection is worthy of Gen. Cary or Dennis
Kearney. The new gospel does not propose to
abolish the banks. Gen. Ewing says they VIII re-
tain all their banking powers except that OF issuing
circulating notes. Legal tender notes are evidences
is spawned they will 10 into the banks. which will
lend them on interest as they now lend their own
notes. The people can not get them from the banks
except on payment Of interest. What difference
does il make 10 them whether they pay interest to
the banks what the banks owe on what the
qorer1l11ent owes? What difference does it make 10
them whether they pay interest into the banks.
either national or private on bank notes or legal
tender notes? The substitution of government notes
will not relieve them from the payment OF interest
The same many millions of interest will be taken
from their pockets then as now, unless they quit
borrowing.
Il is urged that substitution will work a saving
OF interest to the government This is only possible
10y the governments taking up a corresponding
amount Of it's interest bearing bonds in exchange
for its non-interest bearing due bills substituted.
Senators Thurman and Pendleton, would this be
honest? Between private citizens You know 1t
the extent OF the interest 1t would
stop? Would it not be the same as de-
claring that interest on the bonds shall cease
and that they shall hereafter be legal tender as
money? Why not do this at once and save the cost
of printing? The effect and the dishonor would not
be different Is there constitutional power TO do
either? You know there is not why then delude
the people with promises and hopes that can not be
reached except through broken faith. tarnished
promise will never be fulfilled. the hope never
realized and you dare not tell honest people that
you, as Senators. viii give yoIr vote TO DO it
SILVER REcoNAeE.
On the silver question the new Democracy has
enunciated thus:
1--WE demand the removal of all restrictions to the
coinage of silver and re-establishment OF silver
money metal the same as gold; the same as it was
before fraudulent decentralization"
Senator Thurman indorses and afirms this plat
form. The old silver dollar had been practically
coo of them had ever been coined. Not one in
thousand of the present generation ever saw one;
and if the people be deluded into sanctioning the
new dogma of permanently irredeemable currency,
not one in thousand will gold coin in cir
culation. 1t will continue to be practically demone-
tzed and excluded from circulation as il has been
BY the depreciation OF legal tenders since their ISSUE
Last year hinted that the charge of fraud was
reflection upon either the virtue. vigilance in
voted for the of 1873 by which the silver dollar
was legally demonetiZed. In his speech at Marion,
Senator Thurman did not deny that he had voted
for this law, but denied that demonetization was
effected by it. asserting that it accomplished in
1874 by the revised statutes But for the Senator's
well known candor this utteranee would raise
doubt of his virtue. The established and inexible
rule of statutory construction is, that law which
reyses the subject matter of prior law supersedes
prior 70 1873 declared that the silver coins of the
United States should be the dollar the half dollar
This was their subject matter Here is the coinage
act of 1873 for which the Senator admits he and all
his colleagues voted:
The silver coins of the United States-not some
of them, not part of them but the siIuer coin
Of the United States shall be trade
dollar half dollar or fifty cent piece,
dime or ten cent piece . . and said coins shall
lie legal tender, at their nominal value for any
amount not exceeding five dollars in any one pay
will the Senator, on his reputation as a jurist,
ssert that the words tne silver coins of the United
tates shall be- do not exclude every other coin ex-
ept those enumerated? VIII he assert their mean
ny to be that some other coins not enumerated
hall be ''silver coins of the United States" also?
VIII he that these words did not then consti
tute the coins therein enumerated to be the silver
and the only silver coins of the United States?
He can not. The old silver dollar was by this act
dropped and thereafter ceased to be silver coin of
the United States; and il ceased to exist il of
d Tho 70 p igi t t Coda com 9i t tne
utes of 1874 did nothing but recognize what the
statutes of 1873 had already DONE For this act the
Senator and his Democratic colleagues voted. With
what candor then does he charge that the thing
which he and they did the fraudulent act of the
Republican party?
The amount of silver required for the coinage of
dollar luctuates from IS 90 cents in gold. When
coined it becomes clothed with the legal tender
or debt paying power of hundred cents. The ex-
listing law requires the Treasurer purchase silver
bullion at its market value. coin it and issue it in
the payment OF bonds and the public debts thus
saving to the government this large profit and cor
respondingly relieving the people of the burden of
taxation. Democracy demands that this restriction
be removed, that coinage be made free, and that
every bullionist depositing bullion in the mint
shall, on payment OF the trifing expense, have it
coined into legal tender dollars of the debt paying
power OF hundred cents, thus giving the profit to
The bullion barnaele instead Of the government
Hundreds of millions of silver is held in foreign
countries ready to empty our mints If free COIN
age be permitted, and gather into foreign pockets
this immense profit. In what direction the interest
of the people lies is not difficult to see.
REPUBLIcANISM.
Republicanism. as understand it, seeks equality
in the rights of man. stability in the agencies and
instrumentalities on which is pilared success and
the prosperous immunity of industrial and COM
mercisl enterprise; and rest from unreasonng agi-
tation incompatible with confidence, co-op-
Grafton, and healthful repose Beliey-
ing that mans equality before the
law was his right II given; that equal suffrage
his srmor; it was bestowed; that constitutional
and judicial safeguards were his bulwark they
were guaranteed. Believing that stability ana uni
formity in the values of all forms of money which
* 10 life the of frada