The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-03


depseciated money. you will be greatly
misled.
EVILS OF mREDERNABLE MONEY HERE.
ToFoRE.
All the great men Of our country,
our revolutionary fathers aud their de-
scendants in the war Of 1912, and the
statesmen OF the days OF Gen. Jack
son, deeply felt the evils of irredeema-
BILE paper money, aud experience led
them TO the conviction that gold and
silver, or paper money well secured and
convertible into gold and silver coin.
was'the best for all classes and for all
industries.
In these general views in favor of re-
sumption adopted by the Republican
party we have had the sympathy aud
concurrence of a certain portion of the
Democratic party, who, though they
always by instinct and habit voted
agaiest every measure of the Republi-
can party from the beginning of the
war TO this time, even in the darkest
hour OF the war. always professed to
be in favor, and talked in favor, of
good money redeemable in coin. This
class OF Democrats, though they op-
posed the resumption act, did q be-
cause they declared il to be hind
rance to resumption, aud denounced
US because we did not resume sooner.
This was the position Of the last Ma
tional Democratic Convention.
SENATOR THURMAN IN ACCORD WITH RE-
PUBLICAN POLICY.
Senator Thurman, my colleague for
many years in the Senate, was one of
this class Of Democrats, and, although
our financial measures did not exactly
please him, and he generally voted
against them, yet he freely said, like
Mr.. Bayard aud others, he desired re-
sumption, aud stood with the old Jack
son Democracy in favor of hard mou-
ey. The exigencies Of party tactics
have led him recently To make a speech
to which, with entire respect for him,
i desire briefly TO reply. So far as he
seeks to show his consistency and con-
currence with his fellow Democrats, il
ia n domestic matter. and will not in
terfere, but some Of the positions ta-
ken by him i must contenst. He says:
81 think / do them no injustice
when / say that the leaders of the Re-
publican party are in iavor Of directly
the opposite course-that is TO say,
they would retire all the greenbacks In
order that their places might be filed
with national bank notes.
SENATOR THURNrAS's ASSERTION EMPHAT-
IcALLY DENIED.
Senator Thurman is greatly mistaken
in this position. As | have already
shown, the Republican party is not in
favor OF retiring the greenbacks in or
der that their place might be filed with
national bank notes.
No doubt some Republicans, like
some Democrats, are in favor of the
United States Withdrawing from the
business Of issuing paper money; but
the Republican party has never taken
such position, and now distinctly
maintains the right and duty of the
Government TO keep In circulation
such an amount Of United States notes
as can be readily maintained at par
with coin.
In every law authorizing these notes
there is a limit fixed To their amount.
During the war the guarantee was
made, aud never has been violated,
that the amount should no. exceed
500, 000 900, and no authority has ever
been conferred upon any officer of the
Government to reduce the amount be-
low $500 900, 600: but now the mini
mum limit is fixed, as have already
stated, at 1916, 6Sl, ,0lG.
sESNToR THURMAN WANTS NATIONAL
BANKS ABOLISHED.
fRRrIhiHn fRRr IhiHn sRssSb at uHRSs@ailtoni senato.gg
the amount of United States notes out
standing from 1864, 900, 600 10 $685.
600 600 by issuing United States notes
in place of the national bank notes out
standing. He declares that the princi-
pie feature Of the Democratic platform
is the proposed substitution OF green
backs for national bank notes. He
would thus render specie payments i'm
possible during this, aud perhaps, the
next generation, and this at time
when specie resumption, which he has
so strongly favored, is on the eve of
success.
THE POSITION OF THE REPUBLICAN PAKTY
DEFINED.
The position of the Republican party
is in favor OF greenbacks restored TO
the normal condition OF paper money,
equal to coin and redeemable in coin
on the demand OF the holder, while the
position of the Democratic party, a.
stated by Judge Thurman, is favor OF
the issue and maintenance In circula-
tion oi S66s, ,000, 900 of the United
States notes without any provision
whatever for their redemption or con-
version into coin. This issue is dis
tinctly made. and for one / distinctly
accept IL. We favor paper money re-
deemable in coin, and the largest am-
ount that can be maintained at par
with coin, while he favors an amount
of paper issued directly by the Gov
ernment, not convertible into coin,
with no provision for its redemption,
aud 10 an amount that no one has
claimed can be maintained at par with
coin.
He says il is just as easy TO maintain
S66S, 900, 900 greenbacks at par with
coin as il is 10 maintain S3i6, 900. 900
greenbacks and 1898. 100000 national
bank notes al par with com.
BANK NOTES PAYABLE IN GREESBACKs,
NOT N COIN
But he forgot TO state that the bank
notes are payable in ghenbacks and
not in coin, and that tiey are 10 be
redeemed by the banks, ut their risk
and expense. and not by the United
States. No coin reserve is needed by
them for such redemption. The issue
of these notes aid in maintaining the
United States notes at par with coin.
/ instead Of obstructing it.
The banks are required to keep In
their vlults and IN the Treasury
Of the United States an am
pie reserve Of United States notes 10
redeem their notes, and thus gives to
/ the United States notes use which
tendt to maintain THIN at par with
coin. The whole burCen now resting
upon the Goyernmentto maintain re-
sumption upon the amount Of United
/ States notes, and this confessdly can
/ be done by coin reserve OF from 30 to
40 per cent which we have on hand,
while, IL the whole AMOUNT OF circula-
ton was in United States notes, no
coin reserve that couh be reasonably
secured and maintained would be suf-
ficient for the purpos, of redemption.
BANK NOTES NOT GOVERNMENT NOTES.
The bank notes arenot in any sense
the notes Of the Government. They
are the notes Of private corporations
amply secured. redeemed by them,
maintained ty them. or il they fail to
redeem them, the security can at once
be applied 10 their redemption. This