The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-08-15

cial privilege, take large slice In the shape OF
interest upon their own indebtedness. In the
case of our National Banks, this slice, as we have
seen, amounts to twenty'one millions every year
Now, II there can be nosound paper currency but
bank notes then there Is nothing left for us but
to bear this burlhen or try TO reduce the amount
Of the exaetlon. But If the greenback Is as good
as the bank note, and nobody denies that II is
why should IL not be substituted for the bank
note and an end put to the exactIon2
And, consider further, that for every greenbaCk
II has issued. the Government has received value
That greenbaCk has paid for services rendered
or materials furnished, orlt has discharged por.
ton Of the interest bearing public debt There Is
thus saving to the Government, or to the people,
Of an amount equal TO interest upon the outstand.
ing gTeenback clrCulatiOn for, had the greenbaclS
not been Issued the Government would have had
to raise the money, by loan Of taxation, 10 meet
It's expenditures III raised II by loan II would,
OF course, have to pay interest upon the loan, II
u raised II by taxation, the tax payers lose the
Interest their money would have earned had
they not been compelled to give 1t TO the Govern.
ment.
The greenbacks now outstanding amount to
1916 6ol,Ol6, Computing interest upon this sum
at the lowest rate at which the Government can
borrow money, per cent, and we have an annu-
al saving to the people, resulting from the use OF
the greenback of Sl3,S67 240 But II greenbaCkg
were substituted for the 800 900 900 of national
bank notes now outstanding, there would be a
further saving to the people OF per cent annu.
ally on that sum, namely, Sl2 SSS O0O-makng a
total annual saving by the use of the greenback
of S26,H7AO From this, however, deduct the
taxes on their circulation paid by the banks,
amounting to about three millions annually, and
the net saving would be about twenty.thIee and
three quarter millions Perhaps in strictness,
this deduction for taxes ought not to be made for
1t Is probable that he banks throw the bnrthen
of the taxation upon their customers, who in turn
shift 1t to the shoulders of those with whom they
deal, until ike all other taxation II finally falls
upon the great body of consumers, the people.
have thus given you, fellOw-Citizens some rea.
sons In favor Of substituting greenbaCks for bank
notes. l now proceed TO consider the only Objec-
ton to the substitution that seems to have much
weight. 1t is said that If greenbacks were TO con
stltute our only paper currency Its volume WOd
depend upon the action OF Congress, and not up
on The natural laws of trade and that as Congress
is liable to be influenced by popular feeling on
the one hand or the arts and appliances of spe
cial interests on the other the currency would be
subject to Initiation or contraction as either iuilu
ence might prevail, to degree that would be ru
tnous TO bushes and prosperity.
In answer TO this objection, and admitting that
1t is not without force have to say In the first
place. that 1t is equally potent whether our paper
be greenbacks exclusively or bank
notes exclusively for let II be the one or the 9TH
er Congress would have the pOt0er to expand It or
contract 1t at will. For instance were CONGRESS
70 repeal the tax on State bank circulation,
multitude Of banks would apring up under State
laws, and great initiation Of the currency would
take place. On the other hand, should Congress
retain that tax and retire the greenbacks as the
Republican tinanciers demand, frightful con-
traction would result In brief, II Congress shO'd
nave neither sense nor honesty 1t might for the
ime being, ruin the country; but to assume that
IL would 90 30 would be TO condemn our form Of
government.
'. But our platform squarely meets this difficulty.
y condemns contraction on the one hand or
'kitng" on the other, It demands that "the
amount OF such issues (greenbacks) be so regula.
ed oy legislation or organic law as to give the
people an assurance Of stability in volume Of cur
rency and consequent stability Of value" and, In
lnmstakable terms, 1t opposes the demonetiza-
lon, or disuse, OF the precious metals. Gould any
hing, appeal TO you, be more conservative than
mis-, II conservatism means to conserve the inter-
9ss OF the people at large and not those Of par
icular claAsH Can any intelligent man reasona-
ply object to policy that preserves gold and sill
yer from destruction and demands stability in
he volume and value of the currency greater than
las ever yet been attained?
Fellow citizens, our platform has been de-
bounced by men who never read 1t, and by 9th
,rs whose interests or prejudices incline them to
1t; and now the answer make to
hem is to ask you TO read and to study IT, II is
n vain for Its enemies 10 say that 1t means what
t does not express. Its language is too plain to
)e misunderstood by candid man and the char
.cter of the committee that reported, and the con-
lention that adopted 1t, is sufficient to shield it
rom the charge of deception. 1t is an honest
platform and meant just what 1t says. 1t means
opposition to monopoly, opposition to special
privileges opposition to contraction Of the cur
ency, opposition to the demonstration Of the
aetals, opposition to wastetul expenditure and
opposition to never ending public debt. And 1t
means equal rights and privileges an honest and
table currency, strict economy and lighter
axes and faithful payment of the public debt.
I gives no sanction t0irreligiOn and communism;
ut 1t fully recognizes the dignity Of labor and
lncerely sympathises with the laDoring man in
lis toll and privation. 1t asserts the principles
non which the Government was founded and
,hich are essential to It's usefulness and perpetu-
w. It promotes fraternal feeling throughout the
sngth and breadth Of the Republic and con.
emns sectionalism as the worst foe OF the Union.
n a word, 1t is an honest platform Of honest men,
patriotic platform for patriots to stand upon.
FelloW.citizens If am not in error In what
ave said, have given you sufficient reason
Thy there should be change In our Federal ad.
Illustration. If our financial policy is correct,
nat Of the Republican party, or at least of those
Tho shape its legislation is wrong. II this be so,
len as soon as the forms OF the Constitution will
ernit that party should cease to rule.
But there are other reasons why there should
Q q change, and to some Of them wish briefly
call your attention.
its rule necessarily involves an inquiry into its
olicy and government in the past. II Its past
lie has been vicious or unwise, prudence ObVi- |
lsly dictates that an end, for the time being at
ast, should be put to Its dominion.
Now has the rule Of the Republican party since |
le close of the civil war; thirteen years ago, been
Use and benehCent? | think that this question |
lust be answered In the negative. 1t IL not nec-
Isary to go into detailed examination of all its |
easures nor could that be done in the limit of |
,eeCh, or indeed OF many speeches. Nor Is It |
eCesBary to assert that all It's measures have been
I'D and injurious 1t is sufficient to look at the |
eneral result, and see whether that is good gov |
'nment and prosperity or the reverse. Now, GER |
inly no one will deny that this country has for |
le last hve years suffered as perhaps no other |
)untry ever did suffer, from depression In every |
ranch Of business, In every industrial oCcupa.
on, The entire body Of the producing classes
npl0yers, employees and middle men. have been |
fected. Bankruptcies are numbered by tens If |
Dt by hundreds of thousands, and the aggregate |
losses almost defes computation. The number
labOrers thrown out OF employment or reduced |
half time and diminished wages has been esti'
ated by millions, and however exaggerated the
timate may be, the extent of the evil has no
arallel in the history Of this II indeed II has In
10 history Of any people. Startling Is the fact,
nd at first view almost incOmprehensible that
q country whose population averages but
even persOnst0 the square mile there have been,
single interest-the moneyed interest - has
punished and yet hOurishes, and that, 1t Is to be
is precisely that interest that has re-
lived the fostering care of Republican legisla.
on. Now, my friends so far as this deplorable
ate of things is the result of vicious legislation
Of the omission Of wise legislation, the Repub-
can party, or at least those who have controlled
are responsible From the 4th day Of March,
81, TO the first Monday In December 1875, more
an fourteen years. that party had uncontrolled
,wer In every department of the Federal Gov.
nment, and since then 1t has continued to hold
q Senate and the Presidency, and TO have the
nsequent power to negative any measure Of re.
II Democratic House Of Representatives might
oppose.
Is there, then, any injustice in calling that par
to account for the evils the country has suffer.
and yet suffers2 Can II with truth be said that
ese evils could not be foreseen, or, If foreseen,
uld not have been avoided or diminished2 He
Ould be bold man who would make that asser.
N. For, although no government ever was, or
III be- Omniseient and omnipOtent, although dis
ters have happened that no rulers, however
se could have foreseen or averted; yet the dis.
ters Of which | am speaking are not Of that
aracter and which have been foreseen and, to
yreat extent, prevented. II is but justice then,
say to our Republican rulers, you have had ev-
Y opportunity TO do good and avert evil, and
IL have failed to do either, You have had OPP
runites such as no other party ever enjoyed
benefit your country, and you have, by want