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

| THE DEMOCRATIC POSITION.
The solution OF great legal problems often subjects
the judicial mind TO the labor of plodding through
| volumes OF conflicting opinions to find the weight
OF authority. search for the true financial doc
trine OF Democracy encounters like embarrassment.
Sectional differences mar its creed. and individual
| selves.
In New York. in 1873 Gov Tilden officially rec
commended, induced the passage OF, and approved a
law declaring that on and after January l. 1873 moth
ing'but gold should be receivable in payment of pub
| lie and private dues in that State.
This IS the creed of Gen Ewing's gold barnacles.
Ihe National Democracy. in 1872. resolved, that
speedy return to specie payments is demanded alike
by the highest ofcommercial morality
we denounce the failure for all these eleven years
10 make good the promise of the legal tender notes.
which are changing standard OF value in the hands
| OF the people, and the nOnpayment of which is a
disregard OF the plighted faith of the Nation This
is the authoritative teaching Of the National Demo-
cratic conclaye which Senator Thurman. at Mans
field said infaiable to restrain and correct the
| soft money heresies OF State platforms.
Last year Gen Ewing was clamOrous to make
greenbacks receivable for customs duties, and con-
verti6le into government bonds bearing low rate of
interest This year Senator Thurman boasts that he
was was instrumental in carrying through the Senate
bill making greenbacks receivable for customs, du
ties, and convertible into government bonds bear
ing low rate OF interest which Gen. Ewing boasts
he defeated IN the House.
FINANCIAL EUNUCH.
The Ohio Democracy, forgetting the hard money
son, Benton, ard Silas Wright. scout the Republican
idea that the country needs repoSe, refuse to ac-
qulesce IN the situation, demand continuance of
agltauon and the acceptance OF an unfedged tnan-
cal eunuch as the only and true God. Here is the
mOnstToSity:
I'VE demand the gradual substitution of legal ten
der paper for national bank notes. and its permanent
establishment as the sole paper money of the coun-
try; receivable for all dues to the government and
OF equal tender with coin: the amount of such is
sues 10 be regulated by legislation or organic law
as TO give the people assurance of stability in the
volume of the currency and consequent stability of
value"
Is this goodly man child? Let its reputed father
speak. On the 9th inst, Gen. Ewing ancient blum
derbuss shot of its annual discharge of bankruptcy
con nt-action, wage labor money power, starvation
aching hearts, desolate homes, misery forced idle
ness. gold barnacles. and tramps. This is the pow
der with which he frghtenS innocents into the
snip OF his new born emasculate; but like Uncle
Gaoes gun, it has bin done shot afo." Hear from
the parent what kind of child it is. He says:
"A government paper currency, full legal tender
except Tor pre-exstins contracts, redeemable only
by receivability for public dues fixed in amount by
constitutional provision-dS suggested IN the Ohio
Democratic pIdf0rH-and increased each year in a
ratio equal 10 the annual per cent OF increase OF
ouslness-would be a far more stable measurer and
eAcnanger OF values than any currency which uctu
ates in quantity with the ftful ebb and flow of gold
and osses the business of the country up and down
IN seesaw OF alternate prosperity and panic"
That is it, fiat money! new form of paper cur
rency OF permanent Duration inconvertible payable
10 nobody redeemabl lie in nothing And this is be
made legal tender by force OF legislation
or constitutional amendment Can the Jug
glery OF words deceive us? Read the platform
again: The gradual substitution of United States
legal tender paper" What kinda paper exchange
able for or redeemable in coin? No. for the Secretary
Is forbidden to hoard keep coin in the Treasury
t en Ulcn 70 MAKE exchange or redemption posi-
ble VI equal value with coin? No; for that would
make 1t depend on the itful ebb and flow of coin.'
II snail be OF equal tender with COIN" This is all
that is declared. Convertibility into coin is not
limited. How is it to be redeemabe? Only in re-
ceivability for all dues to the Government What is
TO give it value? The fiat of the Government in
81 tpnH or md 40 1f1
dues; not convertibilty into coin.
Will its legal tender quality give it fixed value?
Greenbacks have always had that quality vet their
value has fiuctuated between par and IS
per cent What is the legal tender quality OF money?
us debt paying power. nothing more. Does not this
determine its money value? No. The value of
money is its purchasing power-its power to
purchase goods, labor, and products 1t wholly
differs from its legal tender or debt paving power
When the greenback was worth only forty cents it
could purchase but forty cents worth of labor or
bread. and yet could discharge 100 cents of debt.
sale is the exercise of individual discretion to retain
or part with property or labor at will; it is not
thing OF compulsion. Men do not voluntarily give
lO0 cents worth OF their valuableS for forty cents
worth OF money. Its purchasing power, therefore
depends on the value which men in their business
transactions voluntarily give it But it is not so
with Its debt paying power. This is given to it by
the government which has power to declare what
the creditor shall receive from the debter in the dis
pei payment otherwise than through the judicial
tribunals of the government it has power to say to
MN tnat unless ne accept what it declares to be
legal tender he shall not have judicial inter
can therefore say to him that unless he
100 cents each. what it stamps m as A'%S dollars
whether they be of that value or less he shall not
have anything by iegdlproceSS. This is legal tender
citizen to part with 100 cents worth of his prop
erty or labor in exchange for nominal dollar of less
while the legal tender function of money its debt
paying power, is compulsory and may be arbitrarily
prescribed whether right or wrong by
sovereignty, its purchasing power is voluntary de-
pending on its commercial value, and not on the
fiat of government Government can not compel |
citizen to sell part with the same amount Of la
Dor or property fora paper dollar he is willing to
sell or part with for coin dollar; and he will not
do it unless the paper dollar is OF equal commercial
But the new gospel of Ohio proposes to revolu-
tonize the laws of nature, and sub |
stitue the arbitrary fiat of government
as the permanent circulation a form of in
and permanently irredeemable paper |
currency of equal legal tender debt paying power
with coin, which shall also have an co aal purchas
ing power with coin. Is it sincere? Look again at
the jugglery of its words:
by pursuing its merciless power of CONTRACTING
the paper currency and boarding gold, the Repub-
icaE party has increased continuously the value of
lutte repeal of the resumption act and the lawful |
liberation of the coin hoarded in the Treasury"
For what reasons? Only two are possible-one
that legal tender notes will be redeemable in
coin; the other, that their value shall not become
equal to coin. Is this so? Why else should they
arraign the Republican party for endeavoring to
make them equal in value to, and exchangeable
for, coin, by mercless contraction and boarding of
coin? There can be no redemption without coin in |
the Treasury with which to redeem: none will ever
come into the Treasury if a currency of less
value than coin is made receivable for ali pub
lie dues. The Secretary of the Treasury can never
pay out coin in the redemption of currency without
The authority of law and the repeal OF the only law
it is demanded.
Without authority to redeem, without coin with
which to redeem, and the only means of obtaining
,oin abrogated. will il be insisted that the new
angled currency proposed to be substituted is in
ended to be eXchangable for, redeemable in or of
,qual value with coin? What will tend to make or
leep it so? Nothing but Its recevability for public
iues. Can this float and keep at par seven hundred
Millions OF paper money? There were but S375 O0O-
100 of legal tender notes in 1879. They have always
een receivable for all public dues except customs
iuties. The near approach OF their REDEMPTION in
DIN has been a settled conviction in the public
mind. Yet these two influences were insufficient to
,ring them to par Only the power of merciless
and the boarding of gold says the new
ospel, has caused their appreciation. The annual
ustoms duties does not exceed S150, 100000.
Make them receivable in currency and the demand
or it will be augmented by that sum. If receiv-
bility for all other public dues united with their
,s1o-r