The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-02-21

| NOftne1at6fn democrats tdat tue pax I
was departing from the old faithin th
matter (cries of Belmont! and sTan
many Hall!) and quoted from Jeffel
son and jackson in refutation.
ANALYZING THE VOTE.
Look at the vote in the House o
the repeal of the resumption scheme
lOl Democrats from those States sout
and west of New Jersey, sweepip
along the Atlantic and Gulf coast, an,
westward to the Rocky Mountains
lOl Democratic votes for the repeal Q
the scheme, and only SIX against re
peal. Taking the whole country a
represented by that vote in the House
and four-fifths of the Democratic par
ty declared for the repeal of tn
scheme, and bnt oue-fifth against it
while thrce-fourths of the Republican
party voted to MAINTAIN the Resump
ton Act, and only one fourth TO repea
it. This is not an agitation OF da,
or an hour. Our press and public
men throughout the West and Sou,i
have been discussing this resumption
scheme before the people for over
three years, and these votes i'll Con
gress represented the fixed purpose O
their constituencies.
AN AFT COMPARISON.
am told by some Of my Eastern
brethren that the mass of ihe Demo.
cratic party, in taking this position
have departed from the old faith. They
forget that we are not living now in
the days of Jackson, The small and
sluggish business OF that day might
well have been done almost entirely
by coin. But this is the era of paper
money the world over. We had p!en.
ty ofcoin then, compared with oul
relative supply now. We were not
in debt abroad and were not compel.
ed TO send the whole coin OF the
country to Europe, as now; and the
attempt to measures our business ne-
cessities by the business necessities oi
that day is as absprd as to expect the
canal boat and stage coach of our sires
to do the business which lightning and
steam do for their sons. (Applausa.)
But is the Democratic party depart
ing from its ancient faith? No; JEFF
ferson, the father OF the party, main
.ained repeatedly that bank currency
should be suppressed. and the circula-
ton restored TO the nation, to whom
it belongs. Jackson, in his first mes
sage to Congress in 1929, talking
against the re charter of the National
Bank, maintained that it was against
the liberties aud prosperity of the peo-
pie to give the control of the currency
TO any private corporation, and that il
paper money was needed it should be
isseed by the Government.
And now we have in this resump.
ton scheme the same principle to be
fought over the same question
Whether the greenback money shall
be destroyed and the people remitted
to national bark money as the only
paper currency of the country, or
whether the bank paper shall be sup
planted by Treasury notes, and the
Government alone hold the power OF
issue.
RIGHT IN PRINCIPLE.
The Democratic party is not only
adhering to the faith of the fathers,
but, better than that, it is ht in prin-
ciple. Why should the power to issne
be given to any individual. 1t
is sovereign junction and has been
so treated throughout the worlds his
tory, and well it may be. How vast a
power it Is. There is no law of polit-
ical economy more generally recog-
nize than that the rise or decline OF
values is regulated by the expansion
or contraction OF the currency. Sup
pose there be $5O0OO0,O0 Of paper
money and that its issue lis controlled
by private corporations. There are
about fifty billions of other property
in the country, all measured by this
petty sum of money. BY increasing
that $500, 100000 OF money 10 the ex,
tent of one-fi!th, they increase the sell!
ing price of the property i'll the country
$40 100000. 600. ana by contracting the
volume of The currency one fifth they
decrease the value OF the property i'll
the same proportion. Aud with that
power in the possession Of any con-
fsaerate corporations they can make
hard TINES aud good times at their
pleasure and
ROB THE MASSES AT EVERY CHANGE OF
VALUES.
Hence, if this plan Tor resumption
could be eAecutcd without any imme-
date danger to the business 0: the
country, it would be an immense evil
for the future. 1t cannot be carried
into effect without not only endanser
ing bat massacreing the business OF
the people. Why? Because it inev
itably involves a contraction OF the
currency 10 one-;hird or one fourth OF
its pre:cn; volume. aud consequently
involves the shrinkage Of all Values
" neither land or prod ucts Or labor-in
the proportion OF the
currency. That has been dem monstrated
over and oyer again in our own h:sto
~. Every period OF COLI
traction of the currency has been g
period OF decline liz values, and eve
~ period of expansion has witnessed
! continuous rise in values.
Now, why must we have such a large
OF the currency to reach
resumption Because the amount Of
paper money that we can keep atloat,
r ,deeinable in coin, depends Oh the
amOunt of coin we can get and keen