The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-19
tcnnr1nnrn rnoM 2Np pAaE.l


tutiOual prohibition"
He argues that there is no such prohl-
bition in the Constitution, and then fol.
lowing the line of argument expressed
bv the court, that the issue Of legal ten
der notes may be an appropriate means
to a legitimate end, he says, page 667 - =
"I do not say 1t is war power, or that IL
is only to be called into exercise IN Time
of war, for other public emergencies may
arise in the history of nation which
may make it expedient and imperative
to exercise it. But, of the occasions
when, and the time how long, it shall be
exercised and in force it is for the legls'
lative department of the government to
Judge" ,,.,o
Judge even sustaining the judgment is
not binding upon the court. In this case,
however the opinion is of a leading
member asserting TO the judgment, and
in full harmony with the views, the feel
ings, the arguments and the impulses of
the court. am aware also, that have
quoted at great length, and, perhaps,
have become tedious; but l desired to
prove to you, to prove beyond doubt to
our antagonists that there ia not one
word in that long opinion to sustain the
statement, so often made, that the Su'
preme Court has decided that War
GreenbaCks" are unconstitutional. l
trust have done 80.
The Democratic platform charges that
the industrial stagnation and consequent
depression and suffering in the country
are due to the pernicious legislation OF
the Republican party.
1t charges that it "enacted sweeping
change in the measure of value, wholly
in the interest Of the moneyed poverty
demonetizing silver, and decreeing the
destruction Of legal tender paper"
1t charges that by pursuing its mer.
ciless policy of contracting the paper and
holding the gold, it has increased con.
tinuously the value of money and seCur.
tiles that partake ofthe enhancement Of
money, and decreased the value of all
other property, and especially of capital
designed for productive use, and requir'
ed for the employment of labor, thus re-
pressing instead of fostering industry,
compelling idleness instead of sustaining
trade and commerce"
u6 dlub Va ApSVS
and of their effects. Are the facts true 7
Did the Republicans demonetize silver2
You know the law was passed in 1873,
when the Republicans had control OF
both houaes and the Presidency; that it's
contents were kept 80 hidden that not
twenty men in the country knew of
their existence till year afterward, and
the partial restoration of the silver cur.
renCy and coinage has only been accom-
plished by the united effort of all the De-
mocraCy with some Republicans, against
an adverse Senate and vetoing "Presi-
dent" Did the Republican party decree
the destruction of legal tender paper?
The resumption act of 1875 provided
for the resumption of all the greenbacks
in coin on their presentation to the
Treasury. This provided in law for their
destruction. 1t provided in fact for their
destruction. The gag was applied, de.
bate was prevented. The Chairman of
the Finance Committee, Mr.. Sherman,
refused to explain. The destructives
and anti.destructives came together, be-
lieving that they were cheating each
other. As usual, the party of the peo'
pie was wcrsted Secretary Bristow in
terpreted redemption to be destruction.
The party of inactive capital interpreted
it to be the same thing. A campaign
was fought on that Interpretation, and
no potential dissent was heard until the
exigences of the presidential canvass in
Ohio, in 1876, induced Secretary Sher-
man to announce different opinion.
He greatly shocked his Eastern asso'
ciates who believed this was heretiCal
concession to the "Ohio idea," and now
he conCiliates them by holding that
while he may not cancel and destroy, he
may withhold from circulation and hoard
30 great volume of greenbacks as In
his opinion may be necessary to taclli-
tate resumption purposes.
Is the party to-day pursuing the policy
of contracting the paper currency, and
to-day boarding gold? l will 60 only to
our opponents for proof.
Mr.. Sherman, in his Toledo speech, on
the 10 h of August, says the precise con-
dition of the Treasuryiwas this, that il
hand on hand in.
Gold coin, standard dollars, gold
bullion and silver bullion....." 5000 001 ,578 II
OF which there will be needed to
pay uBmatured calls for $50
bonds, coin certificates, princi.
pal and interest, estimated to
be due at that date.............." $40 100 OF
Excess S1234 563 Il
Leaving boarded, unused, idle, while
the outstanding bonds which purchased
it are bearing per cent and At per cent
interest, the enormous sum of 1928 000
600. Does not that make good the charge
of boarding gold?
Mr.. Garfield, always we'll informed and
accurate, says in his Massillon speech
that
The volume Of paper currency in
1873, just before the panic, was S7590O0, OK
In 1874 the Secretary of the Trea-
sury reissued in addtion,....... 26,OOOOOC
Making ng...........,,,,,..."..,,...... s7S5,OOOOO
And the official report shows on
June 3Oth, 1878, the volume Of
paper currency was............." S6S8000 O0C
Decrease eof.,....,.......,".."...... S97OOOOO(
That is to cay, there has been a steady
contraction for four years of more than
$2,000,000 month. Other gentlemen
have published official statements differ.
ing somewhat from these, but the results
vary in the least degree. Judge Thur
man, with his usual caution and indispo.
sition 10 err on the wrong side, puts it al
only $85 000000
Have not proved that the Republican
party is yet pursuing the policy of con-
traCtiOn2 1t is true that the law of last
winter forbade the reduction of the vol
ume of greenbacks below the amount o.
outstanding, about $347 100000. But the
Secretary has stated officially, publicly
that he has and will exercise the power
to hoard, to withhold from circulation
to keep idle in the Treasury-but not tC
canCel-the greenbacks required by this
Law to be outstanding.