The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-02-21

OF these two dollars as they existed q
the date of the enactment of tie law
Now, because some
CODE
/ pre- vision forbidding the coinage o
the old silver dollar, can it be justly
said that we are deprived Of the op
ton of paying the bonds in that dol
lar when they mature twenty-five o.
r thirty years hence? We paid for The
option, and we have the right to it
ca voice, I'VE have IT'D Yes, VIZ
have it. and we will keep it. (Criet
of Good aud great applause) Sup
pose both our gold and silver dollar
had been demonetized by accident OF
design, and suppose that paper had
been created the only legal tender
what would the bondholder have then
said to the people? Why, he would
have said: L stand on my contract
it calls for either the gold or the silver
dollar, as it was established oD July
Ii, 1870. ask no more, and will take
no less. (Appiause.)
Fellow citizens: l feel that in dwell
ling on this subject am almost vast
ing your time, because the remone-
tiza:ion of the old silver dollar is al
ready foregone conclusion. (Ap-
plause) Outside this little corner OF
the United States the people are unan-
imeus for it. (Applause. A voice ::
Say that over!) More .hah two
thirds Of both Houses of Congress
have plainly indicated their purpose
to restore that dollar, veto or no veto,
Tremendous applause,) and it will not
BE SIXTY DAYS
until that dollar, which for eighty
years in this Republic was standard
of value, a legal tender for all debts,
public and private. will DE restored to
our coinage and currency, with its un-
dimmed monetary power. (Applsuse.)
But, fellOw-citizsns, fear that the
recoinage of the old dollar will disap-
point both it's friends and it's enemies.
(Voice: 'That's SO; hope it will
Laugh,er.) Well, can't say 1 hope
SO; but it will be so. AS 1 said be-
fore, the drive for the demonetization
of silver was made chiefly at the
United States. We produce sixty per
cent. of the silver and Great Britain
and her colonies sixty per cent. of the
gold Of the world. We being the
great debtor nation. the
AIM WAS TO HAM STRING US
aud make our vast public, corporate,
and private debts, held abroad, paya-
bic in a metal of which we have no
chief command. The restoration of
the silver coinage by the Latin Union
! was a mere defensive expedient to
prevent gold coin from going out and
the silver from taking its place in
those nations. Let us restore the ell,
yer dollar, aud Germany, who already
halts and hesitates over the question,
will probably restore it. The Latin
Union will probably remove its re-.
strictions, and silver will return to ita
old place as the common currency of
the world in every nation except Great
Britain. Reconciliation will bring
gold down and send silver up until
there is but little difference between
the two, and then nobody in the
country will be particularly hurt by
the restoration of the silver dollar.
What 1 am afraid of is that the great
massea of distressed people are not to
be Immediately helped by this restora-
ton. Demonstration did not bring
this great distress upon the country,
and reconciliation will not bring us
immediate relief. 1t will make the
payment of the public debt in the fu-
ture vastly easier. and in few years
add largely to our currency, but it will
not dispel the nightmare now oppress-
ing every industry IN the land. There
is but one thing that will do that, and
that is the
REPEAL OF THE RESUMPTION SCHEME.
(applause), which, by reason Of the
enormous contraction of our paper
currency, which its execution inevita-
bly, involves, ls shrinking and shrivel
ing up every value in this land except
that of the almighty dollar itself.
That Resumption Law had two OBJ
jects. One was The contraction OF the
currency 10 volume possible to be
held redeemable in gold by the 1ss OF
January, 1879, and the Consequent
shrinkage of the value of all land and
of all products of the field and shop,
and the consequent enormous Increase
of the purchasing power of money and
money securities. Its further object
was one much more lasting, though
not SO Immediately productive of dis
tress to the people-to take from the
peoples government all control over
the paper currency, which necessarily
must be the chief currency, and put
that control in the hands OF the money
power through confederated national
banks. These objects are not only OF
vast immediate effect, but they are far
reaching.
THEY STRIKE AT THE VERY FOUNDATION
of our republican system of govern
ment. These evils are apparent to the
minds of the people who dwell in the
great Mississippi Valley and the South
Atlantic States, tor there the press :.
free and open to the discussion of both
sides (app!ause) and they have aroused
great agitation in the heart of the
country, which is shaking up party
affiliations, reforming party lines, and
1 believe, is destined to make the
Democratic party in every State ihe