The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-09-19

ton. 1t was all that n Democratic
House, with a small numerical majori-
| ty, has been able to wiring from Re
publican Senate.
If the financial question is disposed
of, what is to he the currency of the iu-
ture? The entire amount of gold coin
and bullion i'm the country is, accord
| ing to the best estimation, i'm round
numbers, 500, ,000, 900, silver coin and
and bullion S65, ,OOO, 900, greenhacks to
! be kept in circulation SSH 900 900, Ma
| tionai bank notes $500, 600, ,O00 and we
will assume that the resumption act
authorized an unlimited issue of them,
restrained only by the requirement
that the banks shall redeem them in
| specie on demand.
! What assurance have we that tins
| amount OF coin can be kept IN the
country? Our bonds are held abroad as
admitted by the Secretary of the Treas
ury in his examination defOre the Conn
mittce on Banking and Currency, to
tie amount of S60D, ,00O, 900. Should the
holders of these bonds return them for
sale they can ut any time exhaust the
country of coin. There is also u large
amount of railroad and other corpora
ton indebtedness held abroad, liable
To he returned for sale at any time. Is
IL not in the power of foreign b0ndhOld-
ers, by forming IA ring to the extent or
S.s0U, ,0OO. 900 and sending their bonds
here for sale, to break the treasury at
any time:'
What means have we then to keep
no even this amount of coin? The ag-
gregate product of our mines in gold
aud silver, amount annually to but
about SS5 900 900, about One-half of
which is annually exported, and por-
ton of the residue consumed in arts
and manufactures. But we are told the
balance of trade is now in our favor,
and that as result of this, gold will
flow into the country. 1t is said our
imnorts have fallen off largely and our
exports are largely increased. The ex-
cess of our export over our imports
since 1874 is stated by the Secretary of
the Treasury, in his Toledo speech, at
S5O7. .459, ,l37. Yet our export of gold
coin and bullion exceeded our imports,
during the same period, S121, ISIS, 1877.
During the three preceding years, when
the balance OF trade was against us, the
exports of specie were but $161 ,436, 9Sl.
This suggests the problem, II with a
balance Of trade to that amount in our
favor, the exports of coin and bullion
amount to $127 ,1SS, 7S9 over our i'm
ports of the same articles, what must
be the balance in our favor before there
will be an influx of gold or bullion? L
con fess myself unequal to the solution.
Rut are the statistics of our imports re-
liable? Will not all calculations based
upon them prove delusive? Is there to-
day any real balance of trade III our IA
vor? Oris the apparent balance but the
measure of the extent to which import
ers elude tie payment of duties by un-
der valuation and false invoices? If, on
the other hand, the amount of coin III
the country should be reduced by cir
cumstances beyond the control OF Con-
gress, it can only be supplied by the is
sue and sale of bonds abroad, thus in
definitely increasing the interest bear
ing debt of the government.
But it will be found impossible to
float s6i7 ,000, 600 of paper money with
only 1865, ,0OO.0 of specie in the cOun-
try. Gen. Garfield, in his speech at
M:.ssil!un admits the impracticability
of it, il tie paper is all issued by the
Government. He uses this language:
"By an additional issue of S32l ,O0O,-
600 of grecnbackS, they make the treas
| ury responsible for maintaining at par
| $67o UOo, 900 of paper. Every lntelli-
| gent man knows that the treasury can
not keep so large u volume at par"
VIII it not he found equally imprac-
,icable if One-l,aif of the paper is issu-
ed by the banks?
And it is under this disposition of
| the question that - Capital is expected
10 seek investment. and industries are
expected to revive!" Capital under
this settlement of the question, will see
nothing in the future but further con-
traction and shrinkage of values, and
will continue to be hOarded, and in
| dustry continue paralyZed.
Under this settlement of the question
| the COU NTRY NEEDS REPOsE. How did
| these gentlemen ascertain the fact?
! No petitions have been presented to
Congress praying for this repOse. They
do not infer il rom the multitudes that
are abandoning the ranks ot their own
party and tiocking to the standard of
other political organizations. They do
not iuier il from the rapid growth of
the National and Greenback parties in
those States where the platforms of the
old parties favor forced resumption, or
s.eak in uncertain tones. Secretary
| Sherman found no confirmation of the
| idea in the reception he received at
Toledo the other night. Gen. Garfield
eX hibited no sublime faith in il when,
the other evening nj Nlassil!on, he ar
gu2d with such desperate eloqnence in
favor of Il large standing army to sup
| press disturbances that he eapprehended
may follow in the wake of this settle
! j
not the country that needs repOse. 1T
is the authors of the policy of forced
| resumption and their followers in Con-
gress who are seeking to perpetuate it
who need the repOse. And the public
will see that some of them enjoy it af-
| ter the expiration of the present Con-
gress.
But the Republican party do not
consider the financial question dispos-
ed Of In his Massillon speech, Gen.
Garfield says: While I do not be-
lieve in the government turning bank
er and becoming Il permanent issuer of
currency, I am willing, for the pres
ent, at least, to maintain as many
rrecnbackS in circulation as can be
kept At par with coin, and no more"
Gen. Garfield is undoubtedly the
leader of his party in the House. He
is certain of reelection, l presume.
Should his party have a majority in
the next House, you have, in these few
lines. foreshadowed the policy of the
party on the question of currency.
The Democratic party propose the
aboiishment of the National Bank sys-
tenn as banks of issue, and the substitu-
ton of legal tender notes III their stead.
The direct advantage resulting to the
government in this would be saving
to the government of interest OH about
$500 0O0, 900 of government bonds,
amounting to about Sis, ,OOO, 900 annu-
ally if applied To the redemption of six
per cent. bonds. 1t would also have
The be neiit of the loss and destruction
OF The currency that occurs in it's cir
cuiation. TO this it is objected that
the National Banks have paid in taxes,
State and National, during the past ten
years, S1ST ,000, ,06O Il sum about equal
to he animal saving to the govern
iIieaL, but about one-lialf of that is
State taxes.
70 this / answer, that these taxes are
! not taxes on INSTRUMENTATION exclusive
Iy They az. also rs savings banks and
banks OF deposit: their deposits are
tn xed, and their capita! not invested in
bonds is taxed, and their bank shares
, are taxed Tor State purposes. These
/ banks wnula still continue to exist as