The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-26

| is to condemn our form OF government /!
Suppose Congress were so senseless and
dishonest, it would soon be said that
Congress ought not to exist, and that we
should resort to some other form Of gov
ernment? | think that there is more
fear upon this subject than the facts
justify.
HISTORICAL REFERENCES.
But again, it is said in support Of this
objection that all history shows that if a
Government issues paper money the is-
sue always runs into excess, and that
statement is repeated again and again.
And people refer eto the Continental
money, to the French assignat, and to the
Confederate currency during the late
civil war. Why, gentlemen, those are
not fortunate references for the objector.
Every one of them were cases when the
country was at war, and this very CONT
mental currency, which became utterly
worthless in the end, was, according to
the solemn declaration of DR.. Franklin
and others, the very thing that achieved
our independence. And so, too, | say
this very greenback was, in the unani-
nous opinion Of the United States Su-
preme Court, believe the unanimous
opinion of both the Judges who agreed
to the decision and those who disagreed,
the most potent agency which existed in
saving this nation from destruction in the
late civil war. When was it the French
assignat was issued When did it attain
that immense volume which rendered it
wholly valueless in the end2 1t did it,
my friends, when nearly all Europe was
marching upon France; when five hos
tile armies were crossing her borders,
and although it was miserable Curren-
Cy, and ultimately came to naught, it
gave to France the means of saving her
self from ruin, and preserving her inde-
pendence But let them point out case
where the issue ran to excess in times of
peace. In time Of war the necessity of
the case will break down the barriers to
excess, as it did in our Southern States
in thel civil war, and in the Northern
States, too, for we ran up our paper of one
kind and another to about So 100000, ,000
Not that many greenbaCks, but counting
all kinds of paper that composed cur
notes. In war that will always take
place. 1t cannot be helped; but IN time
of peace want to know where is case
of this excessive issue of Government
paper money that is said to be the uni.
versal experience of mankind. There
may be few such, but they are not the
general Caae.
THE DIFFICULTY NET.
But our platform squarely meets this
difficulty. Our platform denounces con-
traction on the one hand, and kiting on
the other. 1t requires that by legislation,
or, if that would not be sufficient, then
by organic law-that is, by an amend
mont to the Constitutional-the volume
of our currency shall be stable in value,
so as to guard against this very thing
We meet the objection fairly. We say
this objection should be considered, and,
if necessary, that we shall add an
amendment to the Constitution that
shall prevent the Government from run
ming to the excess which you say marks
the experience of Governments in iss1-
ing paper money.
INSTABILITY OF A BANK NOTE CURRENCY.
Now, my friends, hasten to consider
some other objections, and 1 must do 1t
very briefly. But before l proceed to the
other objection made to greenbacks,
made by our antagonists, l want to say
one thing further, that the currency they
adVocate-a National bank paper curren.
cy-never was stable in this country and
never will be; and until they can show
that bank paper currency will be more
stable than greenbacks and less subject
to fuctuation, they have not met my ar
gument against it. If there is anything
established in regard to currency, as pro-
ven by our own experience, is a curren-
cy that necessarily has been the most
unstable of all things in the United
States.
In the celebrated report of the Secre-
tary of the Treasury, Mr.. Woodbury., he
showed that the Government of the
United States, and the people of the
United States, had lost between three
hundred millions of dollars by broken
banks, and that without reference to the
losses produced by the fuctuation Of
that currency.
Mr.. Gouge, in his work on banking,
shows the same thing, and shows the
immense losses produced by fuctuationt
and even 80 late as a few years ago,
Amasa Waller, celebrated writer on po'
litical economy and on banking himself
banker for many years-has demon.
strated as conclusiTely as any problem
in Euclid can be demonstrated that it is
impossible under bank note system tt
maintain stable and uniform currency
and have perfect standard value.
But now, my friends, ! come to thu
next objection to greenbacks, which MAJ
be stated in these words, that Congress