The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-10-24
WHAT THE sorr-MoNEY DEMOCRATS DEMAND.


in the Senate who voted against the resumption
ton, but because they did not think the act
clear and effective enough. myself criticised
it on account of some Of its imperfections, but
voted for it because was determined to sup
port any step in that direction. / have ever
since been glad that | did SO vote, for the re-
sumption act, in spite of its imperfections, has
proved far more effective than many supposed
it would. In 1876 the Democratic national
convention demanded the repeal of the resump-
ton act, not because the convention was
against, but because, according to its declara
ton, it was earnestly for resumption, and be-
cause, as was pretended, the resumption act
was an obstacle to resumption thing which
had never been able to, understand. And
now your Democratic convention and many
Others demand the repeal of the same re-
sumption act, not because it is an obstacle to
resumption, but because it has brought it on.
And, indeed, unless they hurry up that repeal
quickly, it will appear like the repeal of last
years almanac.
| Now what is the meaning of this demand
for the repeal of the resumption act? Here
stands the Government and says: ssFor sixteen
years we have promised to redeem these treas
ury notes on demand, dollar for dollar,--a
dollar in coin for dollar in paper. For six
teen years that promise has stood dishonored.
Now am able and ready to fulfill it. I am
able and ready to make and keep the pension
sioners' and the laborers' dollar, the merchants
and the manufacturers dollar as good as the
bondholders' dollar. am able and ready to
give to the business of the country the safe foun-
daton of sound currency, uniform and stable
in value, i. harmony with the money of the
world. All | want is to be permitted to exc,
cute the law, whereupon you, my Democratic
friends, answer, s'Whether you be ever SO
able and ready to do all this, we say, Thou
shalt not do it," and then you proceed with a
number of propositions, each and all Of 7Ohlclz
are assigned to take and keep from the Govern
meet IT'S ability to fey7ozns its long aasAosoyea
promise and to do the benefcent things i,
stands now ready to do. The Government
says: 81 have now some 1916 Goo, 900 in
greenbacks to take care Of. With the coin
have feel strong enough to commence and
maintain the redemption of all of that guam
tity that are likely to be presented for redemp
ton: There are now 1924, soc, 900 Of national
bank notes in circulation, which are
redeemable in greenbacks. This system
aids me powerfully in commencing
and maintaining redemption, inasmucf
as it relieves me of direct response
bilitv for about one-half of our paper currency
while all Of it will maintain the same current
value. Were I directly responsible for the
whole mass of paper money - 500, 900,
ooo-my coin resources would not be sufficient
to resume specie payments" Whereupon you
my Democratic friends, answer: g We demand
that the national bank currency be Withdrawn
and greenbacks, for which the government is
directly responsible, be put in its place. This
we demand whether it renders you unable te
resume specie payments or not" The govern
ment says further: "The resumption of spe
Gle payments renders necessary a considerable
reserve of coin in the treasury. used to re
ceive gold through the duties on imports
which, however, was mostly needed for the
payment of interest on national bonds.
specie payments are assured, that source O
coin revenue may be dispensed with, but onl,
: then to enable me to accumulate reserve o
coin it was necessary that I be permitted t.
purchase coin with bonds, and | was permitted
to do SO by law. If by the substitution o
greenbacks for national bank currency, tn,
amount of paper currency, for which I am re
sponsible, be doubled, it will be all the NOR
necessary to maintain the payment Of dutie
in Coin, and e &c on with the sale of bond
for coin, if we are ever to prepare for resump
tlon." Whereupon you, my Democrat
friends, promptly answer: awe demand tina
duties on imports shall be paid in greenbacks
and that the sale of bonds for the accumulation
of coin reserve shall cease"
PER AND INITIATION.
Now need tell any intelligent being wha
the consequences will be if these Democrat
demands be enacted into laws? Not only t
prevent the resumption ofspecie payment now
but to render the resumption of specie pay
ments utterly impossible forever as long as sue
: laws exist. 1t is simply doubling the amour
OF paper money which the government vii
Z have to redeem, and at the same time stripping
the government Of every means to provide fo
that redemption. The sources from which tn
government derived its coin for the payment c
interest on the public debt being stopped, tn
6 coin reserve now in the treasury will have to b
, drawn upon Ior sucn interest, anc ihat fesefv
will soon vanish into nothing. How tn
government is then to get coin even for the pay
ment of interest on the public debt, our Demo
cratic friends fail to tell us. Finding no EN-
: ployment as currency here, gold will probabl
60 abroad, where it is in demand for such EN-
ployment, and we shall be further away from
specie resumption IMAM ever before.
: repeat, therefore, that thoroughbred in
, fationist should advocate this programme a
r ineligible serves his purpose But whel
/ man who ever again desires to see speci
payments restored in this country adopts suc]
platform, what shall we think of his under
standing or his conscience? The defeat of re
sumption will not be the only result; no soone
5 is such policy inaugurated than the premium
: on gold will again reappear and rise; tn
value Of the greenback now within hair
breadth of gold, will again be a subject 9
, speculation and gambling This is inevitable
; for everything will be thrown back into fuctua
ton and uncertainty
THE DISASTROUS CONSEQUENCES.
The step back from specie payments will
put even the good faith of the nation in ques
ton; confidence will be more shaken tina,
ever. A black cloud of new doubt will han,
over every business interest, for when polio,
SO insane as to run away from specie payment
can be adopted, every imaginable nonsens,
will thenceforth appear possible. Then good
bye revivlng prosperity; we shall be at Sc;
again the Lord only knows how long. I
helped our Democratic friends very little t.
put forth the fantastic promise "that tn.
amount OF paper issues shall be so regulated
by legislation or by organic laws as to give the
people assurance of Stability in tha x,oI,r,a :,