Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-10-12
THE SIGNIFICANCE OF THE ELEC-
TIONE.

THE Sl6N1FlCANCE OF THE ELEC-
TIONS.
Much>though the unfriendly press may
seek to belittle the results accomplished by
the October elections, the fact remains that
splendid triumph of Democratic ideas has
been achieved. The issues between the
two parties were we'll understood by the
voters, for they were clearly enunciated in
the platforms of the several parties, explain
ed at length by the newspapers. and public
speakers, and placed before the people by
every means that could be suggested by the
most experienced of politicians. On the
question of finances the Democratic party
assumed the ground that the government
possesses the full power, legal and constitu-
tional, to create all money for circulation
among tie people; that the money created
by it should be the only circulating medium,
and that it should be full legal tender for
the payment of all debts, whether public or
private. They held that the paper currency
of the government should be recognized at
its face value by the government, and not
degraded by being made legal tender for
one class of debts, its circulation being COM
pulsory, and worthless in payment of debts
OF another class. They held that the guar
antee of the government upon the face of a
note gave it a specific and definite value,
just as the endorsement of an individual: of
known financial responsibility gives def
mite value to bill of exchange or note of
hand. They further held that but one
form OF paper currency should be
permitted to circulate, and to that end the
national bank notes should be Withdrawn
and greenbacks issued by the government
substituted. They held that sufficient
volume of currency should be maintained in
circulation to meet all the legitimate require
ments of trade, and that that volume should
not be subject to contraction at the caprice
OF the secretary of the treasury. Holding
that the best way to give value to the cur
rency IS for the government to accept its
own notes at their face value in payment of
debts, they insisted that the government
notes should be received at their face valne
by the bondholder and by the government as
we'll as by the farmer and laboring man. Be-
devlng taat the forced resumption of specie
payments at the present time was ill advised.
calculated to stimulate speculation in the
precious metals, maintain premium on
gold, and unsettle values on all manner IF
products and property, they demanded the
repeal of the resumption act, and that the
ruinous policy of contraction pursued bv
the secretary of the treasury to facilitate re-.
sumption be instantly stopped.
These were the main issues of the cam.
paign just closed by the elections in Ohio.
Indiana and Iowa. The Democrats noni-
mated candidates for Congress pledged to
enforce policy outlined by these ideas.
while the Republicans took issue with them
on every point. Insisting that the greenback
possesses no value unless redeemable at will
IN gold, the Republicans desired their retire
ment from circulation and the creation Of
gold as the sole standard of values. Thev
proposed to turn the issue of all the naper
money of the country over to the ma
tlonal bank monopoly and to double the tax
the t,eople now have to lear for their main
ten ance. They insisted that RESUMPTION
should be begun at once, whether the ma
terial interests of the country suffered there
by or not. AS between the two policies the
people were called to decide. They have de-
cided by repudiating the Republican policy
most emphatically by increasing tie Demo
cratic representation in the next. Congress
by eight members, or little over twenty
one per cent. of the who.e number, They
have also elected Democratic legislature in
for the first time in many years, de-
spite an apportionment almost insurmount-
able.
He who says these results are insignificant
writes himself down an ass. They are of
the utmost Importance as revealing the de-
[iberate opinion of a majority of the people.
They are q protest against the present ruin
ous policy of the Republican party, and
demand for better craftsmanship, greater
economy, purer government. The people
have to great extent ignored all other save
the financial issue, and have cast their
votes where they would do the most good.
They have sacrificed local interests to send
to Congress men who should be potent To
change the financial policy of tn. govern
ment. This is the meaning of the Democrat
ic victory. That the confidence of the neo-
pie will not be betrayed we feel every surety.
tsa |ft 81 - r. II 4, & u j u