The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-08-29

bploHulu IOfLunebI anu WAS worry tOyH
The money power knew, as everybody
knows that the gold value of irredeem-
able paper depends upon the relative
amount of each in circulation, and the
relative demand for each; the greater
the disproportion between gold and ire
de0mable paper, and the greater the de.
inand for gold, the less will be the gold
value of the paper; or, in other words, the
greater its depreciation, and still more
will be its depreciation, in circumstances
weakening the national credit. The
Secretary of the Treasury says (message
and documents 1864, rage 208: "But
"whatever success might attend any eff
"fort to check speculation in coin, or to
"CounteraCt its injurious effect, 1t is still
"obyious that 30 long as there remains
"great necessity for its use, and a 6mtted
"Supply, IL WiH command price cOmmeaSlt-
'TGte Oitb The necessity, and difficulty of OBJ.
'tdining IT, This necessity arises from
"the demand for custom duties, and for in
"ttre8t on the public debt" So, these loyal
vultures smelling the harvest in bonds
and speculation when the greenbacks
were proposed, contrived the law to ac-
Complish their purpose, the law of Feb.
%, 1862, the law making two kinds of
money, one for the people and the other
for the money power.
Authorized greenbaCks, but stamped
them with dishonor before their birth,
and lessened the demand and use of
them by refusing to receive them for du-
ties, or pay them for interest on bonds;
and created demand or necessity for
coin by demandingit it for duties and pay
ing it for interest on bonds. But the
sweetest kernel in the nut was making
it imperative on the treasury to receive
the greenbacks, however deprecated, at
par for bonds!
Then was commenced the operations
related by the Secretary in the above
quotation, the great demand for coin and
the dishonor of the greenback, caused
the greenbaCk to depreCiate, until it was
So Cents. Then these loyal vampires for
$35 got hundred dollar bond, and not
being taxed, received interest at the rate
of 20 per cent for their investment, and
were entitled to receive back as princi-
pal nearly three times the amount in.
vested; and on the other side the govern
ment had to pay three prices for all it
needed to carry on the warl
But this did not even satisfy these very
loyal vultures. They saw another bo-
nanza. Congress passed a highly protec-
tive tariff, bonanza of itself for the loyal
Eastern manufacturing States, at the eT-
penSe of the great West. The bonds were
good thing; manufacturing was a good
thing; each so good that they could not
decide between them. They were too
loyal for that, especially the New Eng
land States. They were exceedingly
loyal, always had been, especially in
1912, when their gushing loyalty stopped
over in the Hartford convention, and
from that time to the rebellion, they
were always noted for their loyalty in
denouncing the "accursed" Union, and
advocating, and sending petitions to
Congress for the disunion of the "league
with the DEVIL" and even in the last war
many were too loyal to 60 to war, and
hired niggers to take their place
Well, they thought that for their 10y
atty they ought to have government
bonds for nothing, so that they retain
their money for the manufacturing bo-
nanza. So the national banks were cre-
ated for the benefit of these loyal New
England States. The law provided that
the Secretary should distribute one.half
according to population, but the distri-
button of the other half was left to the
discretion of the Secretary, for the ben
eft of loyal New England. And the
bank notes were made receivable for all
dues by government, 30 as to further les
sen the use or need of greenbacks, and
thereby cause their further depreciation
all for loyal New England. The gov
ernment now generously took into keep.
ing the bonds of New England, and gave
them back 80 per cent of their bonds in
bank notes to run their manufactures,
and paid them their gold interest pune
tually besidesl
The report of the comptroller of the
currency tells the tale (message and doc
uments 1867, page 81, Maine, New
Hampshire, Vermont, Connecticut, Mas
saChusetts and Rhode Island, with pop
ulation Census 1S70) of 8, ,487, ,724 had on
Oct. 1st, 1885, received $l03, 100000 of
National Bank notes; while the West,
Ohio, Indiana, Illinois, Iowa, Michigan,
Wisconsin, Minnesota, Kansas, Missouri,
Nebraska, Colorado, Utah and Oregon,
having population of 13, 1856 ,502, at the
same time had received only $53, 900, 900.
The New England States receiving bo-
nus Of $90,000,000 more than her share
in proportion to population. New York
also received vastly in excess of her share
$67000,000. Pennsylvania was favored
to the tune of 3S,000,000. And these
favored States reaped their harvest in
manufacturing, at the expense of the
West!
This monstrous iniquity of the Repub.
liCan party more than doubled the ex-
pense of the war, and transferred this
extra one-half of the cost of the war
from the pockets of the people into the
hands of the money power, ald from
the west came nine tenths of it!
And these men, who three years ago
shouted themselves hoarse in denouncing
the rag baby" and whilst Confessing
their guilt of this monstrous iniquity,
now dare to reproaCh Democrats for not
assisting them in their conspiracy for the
ruin of the country. And not satisfied
with this, these men are now going
around, with the Democratic platform
staring them in the face, trying to de-
ceive the people, and make them be-
lieve that the Democrats Of Ohio are in
favor of an imitation of the currency.
And of all these men, Mckinley seems
to be the most unscrupulous. But he
will find out that the peOple are not to
be satisfied by mere assertion. Come to
the front, Mckinley, and show your
proof; cite the words Of the platform, or
of the speakers or papers, or stand con-
ViCted demagogue.