Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-09-18

burdens of the people. They save them
from the payment of interest upon an
equal amount of bonded debt The
volume the war gave US is justified by
supreme law. They are tho equal Of
coin now, save for the refusal TO honor
them at the Custom House, We have
stopped their contraction now we pro
pose to mako them honored in the seat
of Customs. Necessity gave us the
legal tender note necessity gave us a
debt from which VIC arc learning ter
rible lessons; necessity impcls us to
pay this debt necessity calls for the
aid of the legal.tender note in the vol
ume authorised to help us to pay the
debt. The need is that of the people.
The debt is that of the people. These
legal-tender notes at par with coin are,
for ease of the burdens Of the people to
run parallel with the debt of which
they are part and only when the last
bond is paid ought the last legal-tender
note be cancelled. Help rs 10 initiate
and to perpetuate this policy. New
burdens to the people bring new duties
to those who rule. Constitutional OBJ
legations are the only limits to our ad-
vance in this direction.
We are practically atspecie payment
now. Throw down the barrier to the
entrance of legal-tenders at the Custom
House and they will stand equal with
gold or silver. Do this and the fatal
policy Of buying gold, and boarding it
may be stopped. The Republican po-
Icy of Mr.. Sherman adds daily to our
interest bearing debt to accumulate a
fund to redeem notes that will com
mand a premium if he will himself re.
ceive them. We meant what we said
at Pittsburg when we declared that
"gold, silver and U. S. legaltender
notes at par ttereicih are just bases for
paper circulation Is this soft money!
Is this reputation Is this wrong in
principle 2 1t is against contraction.
1t saves the interest upon 347 million
of legal-tenders to the people, and it
enables us TO add to our stock of coin
year by year all that VIC can accumu-
late from our surplus earnings. We
welcome all the initiation that can come
from this process Tor initiation in the
metals is always healthy for business.
We propose no violent change in the
national banking system, but change
must come. Its tendency is vicious,
and only vicious. The Democracy de-
clare that the capital invested should be
protected, and the security Of the note
holder and the uniformity OF the note
preserved. Whatever change comes,
these are to be essentialparts of the new
system. Whatever Of good is in the
system should be preserved and the evil
eliminated. We propose no return to
state banks. Until our debt is paid our
path lies in a different direction. Every
agency that can be, with safety to the
people and justice TO the capital invest
cd, should be, utilized to aid in its pay
ment and reduce the enormous weight OF
its pressure. Thissystem OF natl banks
can be and should be thus utilized. "a
close connection of the Federal govern
ment with the business interests OF the
people through national banks, tends to
monopoly and Capitalization" When
the Federal officials pipe, the national
banks must dance. Their tendency to
concentrate at theTreasuryall control of
the banks and their business is so unmis-
taxable that the banks themselves com
plain of it. Glance at the figures
shown by general results since Grant
came to power in 1869 Legal-tender
notes reached their lowest quantity
then and stood at s355,000,000. The
loans OF the national banks stood then
at 1852, 900, 900 and their circulation at
s296, 100000 The Federal government
released the pressure and from 1869 to
1875 the quantity of oflegal-tender notes.
gradually increased TO S3S2,000, 900
whilst the loans OF the national banks
IN the same period swellcd from S6S2,
000, 900 to S9Sl, 600, 900 and their circu-
lation had increased from S296, 1000, 900
to S320,000,000. Then came the re-
sumption Act of 1875 and the pressure
was again put on. Legal.tenders ran
down from $685., 900, 900 in 10 to $780,
100000 on lst Jan. 1878. Loans of the
National Banks ran down from 1894,
900, 900 TO 1891 100000 on Oct LIST,
1877, and their circulation in the same
period from 1920, 900, 900 to s292,000,-
900 The power here displayed puts
every business interest IN the country
at the power of the federal officials
who control the treasury and dictate
its policy. In this respect amendment
OF the law is impcrativcly demanded.
TREASURY NOTES MUST suPPLANT BANK
NOTES.
We oppose National Bank notes as
a currency, and propose to substitute
Treasury notes for them. This too, is
in the interest Of the people and to save
them the interest paid TO the National
Banks upon the bonds deposited for
their circulation. II can be done with
out Injury to the people, the banks or
their customers. and also preserve the
uniformity of the note and the security
of the note holder, whilst we violate
no constitutional principle and obtain
will nossess the FIJI confidence of the
neonIe, We cover this thourbtin these
words OF the platform
n0,s, s"Sa - 70 sAS" Ss ,St p@ opnu
which the credit Of the government can be given
to paper currency.
Treasury notes, grecnbacks, bills OF
credit-calI them what you will--any-
thing but lcgal.tender in payment Of