Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-24
HAT THE sorr-MoNsrY DrMocRA1s DEMAND.


in the Senate who voted against the resumption
act, not because they did not desire resump-
ton, but because they did not think the act
clear and effective enough. l myself criticised
it on account of some of its imperfections, but
voted for il 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 resnmp-
ton act, not because the convention was
against, but because, according to its declara-
ton, il 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, il 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: 'sFor 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
Now am able and ready to fulfill it. 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 ofthe country the safe foun
dation of sound currency, uniform and stable
in value, il harmony with the money of the
world. All | want is to be permitted to exc
cute the law, whereupon you, my Democratic
friends, answer, "Whether you be ever so
able and ready to do all this we say, Thou
shalt not do If, :" and then you proceed with a
number of propositions, zach and all of 7Uhfeh
are designed 10 take and Keep from tie Govern
ment us a6ihty 10 Perform IFS long dishonoyea
promise and to do the benefcent things it
stands now ready to do. The Government
says: 81 have now some $346, 600 900 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 e324,5oo, 600 of national
bank notes in circulation, which are
redeemable in greenbacks. This system
aids me powerfully in commencing
and maintaining redemption, inasmuch
as it relieves me of direct response
b'litv for about one-half of our paper currency,
value. Were / directly responsible for the
whole mass of paper money - S67o, ooo,-
ooo-my coin resources would not be sufficient
to resume specie payments" Whereupon you,
my Democratic friends, answer: 6 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 to
resume specie payments or not" The govern
ment says further "The resumption of spe-
Gle payments renders necessary 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. If
specie payments are assured, that source of
coin revenue may be dispensed WITH but only
then to enable me to accumulate reserve OF
coin it was necessary that ! be permitted to
purchase coin with bonds, and | was permitted
to do SO by law. If, by the substitution of
greenbacks for national bank currency, the
amount of paper currency, for which l am re-.
sponsible, be doubled, it will be all the more
necessary to maintain the payment Of duties
in Coli, s:..a = e on with the sale of bonds
tor coin, if we are ever to prepare for resump-
ton. Whereupon you, my Democratic
friends, promptly answer: "We demand that
duties on imports shall be paid in greenbacks,
and that the sale of bonds for the accumulation
OF coin reserve shall cease"
IT is THE PROGRAMME OF IRREDREMABLE PA
PER AND IMITATION.
Now need l tell any intelligent being what
the consequences will be if these Democratic
demands be enacted into laws? Not only to
prevent the resumption ofspece payment now,
but to render the resumption OF specie pay.
ments utterly impossible forever as long as such
laws exist. 1t is simply doubling the amount
OF paper MONEY! which the government will
have to redeem, and at the same time stripping
Inc government. c. every means 70 provide foI
that redemption. The sources from which the
government derived IFS coin for the payment oil
interest on the public debt being stopped, the
coin reserve now in the treasury will have to be
drawn upor. Ior sucG interest, and mat reserve
will soon vanish into nothing. How the
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 probably
go abroad, where II is in demand for such EN-
ployment, and we shall be further away from
specie resumption than ever before.
repeat, therefore, that a thoroughbred in
fiatonist should advocate this programme as
intelligible-it serves his purpose. But when
man who ever again desires to see specie
payments restored in this country adopts such
platform, what shall we think of his under
standing or his consciencep The defeat of re.
sumption will not be the only result; no sooner
is such policy inaugurated than the premium
on gold will again reappear and rise; the
value of the greenback, now within hairs
breadth of gold, will again be a subject Of
speculation and gambling This is inevitable
for everything will be thrown back into fluctua,
ton and uncertainty
i THE DISASTROUS CONSEQUENCES.
The step back from specie payments will
put even the good faith Of the nation in cues.
ton; confidence will be more shaken Than
ever. A black cloud of new doubt will hano
over every business interest, for when a policv
so insane as to run away from specie payments
can be adopted, every imaginable nonsense
will thenceforth appear possible. Then good
bye revlving prosperity; we shall be at sea
again the Lord only knows how long. Il
helped our Democratic friends very little to
put forth the fantastic promise "that the
amount OF paper issues shall be so regulated
by legislation or by organic laws as to give the
people assurance of stability in the volume of
the currency, and the consequent stability Of
value. . The idea was to establish bv con.
stitutional amendment to be assented to bv
three fourths of the States, that is by twenty.
4 tfrh f.te la.