Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1878-10-17

any intelligent mind will see at a x ance !!
that its execution will render resumption
absolutely impossible, and perpetuate the
regime of irredecmable papercurrency foran
logic in this programme, it means the per
n.uncnt establishment of irredeemable
paper money, with all its disastrous conse-
4uences.
First-They demand the prompt repeal of
the resumption act. | remember some
Democrats in the senate who voted against
the resumption act, not because they did
not desire resumption, but because they al"
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 support any step in that
direction have ever since been glad that
did SO vote, for the resumption act, in
spite Of its imperfcctions, has proved far
more effective than many supposed itwould.
In 1876 the Democratic national convention
demanded the repeal of the resumption act,
not because the convention was against. but
because, according to its declaration, it WAS
earnestly for resumption, and because, as
! was pretended, the resumption act WAS an
obstacle to resumption,-a thing which
have never been able to understand. And
now your Democratic convention and
many others demand the repeal Of the
same resumption act, not because 1t
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 year almanac
Now what is the meaning of this demand for
the repeal Of the resumption act? Here
stauds the government and says: "For six
teen years we have promised to redeem
these treasury notes Oh demand, dollar for
doliar,-a dollar in coin Tor dollar in
paper. For sixteen years that promise has
stood dishonored. Now | am able and
ready 10 fulfill it. am able and ready 70
make and keep the pensioners and the la
borcrs' dollar, the merchants and the manu-.
fac1urers' dollar as good as the bondholders'
dollar am able and ready to give to the
business Of the country the safe foundation
of a sound currency, uniform and stable i'll
value, in harmony with the money Of the
world. All ] want is to be permitted to
execute the law, whereupon you, my Demo
cratic friends, answer, Whether you be
ever so able and ready to do all this, We
proceed with a number Of propositions,
each and all Of which are designed to take
and keep from the government its ability TO
perform it's long-dishonored promise and to
do the beneicent things it stands now ready
to do. The government says: have now
some S346, 900, 600 in greenbacks to take care
Of. With the coin I have feel strong
enough to commence and maintain the re-
demption of all of that quantity that are
There are now 1924 100000 of ma
tioual bank notes i'll circulation
which are redeemable in greeubacks.
This system aids me powerfully in com
mencing and maintaining redemption mas
much as it relieves me Of direct RESPONSE
bilitg for about one-half Of our paper cur
rency, while all of it will maintain the same
current value. Were / directly responsible
for the whole mass of paper money-$67O,
600. ooo-my coin resources would not DC
sufioieLt to resume specie payments
Whereupon you, my Democratic friends
answer, Eve demand that the natioual
bank currency be withdrawn and green
. backs, for which the government is directly
responsible, b. put in its place. This We
, demand whether it renders you unable tc
resume specie payments or not" The gov
J eminent says further: "The resumption o.
specie payments renders necessary con
, siderable reserve of coin in the treasury
| used to receive gold through the duties
| on imports, which, however, was mostly
, needed for the payment of interest on ma
tional bonds. Ifspece payments are assured
, that source of coin revenue may be dis
! pensed with, but only then to enable me Il
accumulate a reserve OF coin 1t was neces
sary that 7 be permitted TO purchase coin
3 with bonds aud WAS permitted to do SO b.
e law. Ii, by the substitution OF greenDack
for national bank currency, the amount o
e paper currency, for which l am responsible
E be doubled, it will be all the more necessar,
3 10 maintain the payment Of duties in coiu
/. and to 90 on with the sale of bonds for coin
I If we are ever TO prepare for resumption
4 Whereupon YOU, my Democratic friends
$ promptly answer: owe demand tina
J.. duties on imports shall be paid in greer
g b:cks, and that the sale Of bonds for tn
i accumulation Of coin reserve sha
O cease.
:, Now need l tell any intelligent bein
d what the consequences will be if thes
K Democratic demands be enacted into laws
a Not only to prevent the resumption {
s specie payment now, but to reuder the RI
r sumption of specie payments utterly in
a possible forever as long as such laws exis
!; 1t is simply doubling the am unit OF pap
d money which the government will have t
IS redeem, and at toe same time stripping tn
l. government of every means to provide 10
s. that redemption. The sources irotn whic
o the government derived its coin for the pay
l. ment OF interest on the public DEBT bein
n stopped, the coin reserve now in tn
If treasury will have to be drawn upon 70
y such interest, and that reserve will 500
6 vanish into nothing. How the government
1t Is then to get coin even for the payment 9
Il interest on the public debt, our Democrat
n friends fail to tell u.s. Finding no employ
4. ment as currency here, gold Will probabl
70 90 abroad, where it is in demand for sue
u employment, and we shall be further ava
y from specie resumption than ever before.
" I repeat, therefore, that athorOls hbre
. inlationist should advocate this programm
as intell,gible-it serves his purpose. BIZ
e when man who ever again desires to Sc
h specie payments restored in this countr
- adopts such a platform, what shall we thin
- of his understanding or his conscience
q The defeat of resumption will no be tn
r only result; no sooner is such policy IL
l. augurated than the premium on gold wi
It again reappear and rse; the value Of tn
greenback, now within hairs breadth {
> gold, will again be subject of speculatio
y and gambling.
~ This is inevitable, tor everything will b
s thrown back into fuctuation and unce
d tainty. The step back from cpecie pa.
Il ments will put even the good faith OF tn
r nation in question; confidence will be NOR
= shaken than ever. A black cloud Of ne
e doubt will hang over every business int
- est, for when a policy so insane as to ru
= away I'M specie payments can be adopted
every Imaginable nonsense will thencetort
e appear possible. Then goodbye revivin
s. vi osperity; we shall be at sea again til
j. Lord only knows how long.
r hoped our Democratic 1rlenuS very 1ttA
s to pat forth the fantastic promise "ths
70 the amount of paper issues shall b
o so regulated by legislation or by organi
II law as to give the people assurance of st.
bility in the volume of the currency, as tn
1t consequentstability of the value The ide
,. was TO establish by constitutional ament
v n,ent to be assented to by three-fourths c
n the States, that is by twen,y-eight Stat
It Legislatures, how much money the countr
;. is to have,-and when the amount SO ixe
+ is found too large or too small, that
t should not be found possible to change
t until the assent of twenty-eight State Les
+ islatures be again obtained for the change
t That idea is SO childishly prepostereus tina
u we must wonder how serious men coul
s ever have entertained 1t.
g The other proposition that congress, b
!. legislation, is to..be the permanent authori'
/. to regulate the volume Of the currency. ar,
10 consequently the value, is scarcely less as
G tonisLing, coming as it does from Demo
0 Gratis, who pretend to be so faithful to thel
/ time.honored principles. Have you consid
t cred, my Democratic friends, what an awful
=. power you thus propose to perpetnate in tn