Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-04-02

men are ready 90 follow any movement
which PROMISES them rcljef,-u0J waiting
to consider. Ike Hamlet, whether it Is no
bier 10
-..1cs~ the-, us wc have,
Taan O.. to o.a,is ;hss we know not o..'
The effects Of the disastrous times are
not felt by the poor alone; the capital
which communist orators SO eloquentIy
jeuolnce has yielded such scant returns
Us the men who pretend to dictate the
scale OF adequate wages for labor would
regard with disdain. So the poor and a
certain class Of the rich are alike looking
l-r an improved condition of affairs thro
the operations Of the new party Is the
lew movement directed by serious, right
minded men, bent on improving the cou-
ii.iJu Of the aboring classes, aud on pro-
te,tiug capital which is but the accumu-
.auon of labor p This question can be
best answered by examining the recorded
declarations Of these leaders. The new
gospel can be found in the platform adopt
ed three weeks ago BY the convention Of
the "Natioua. Grecnback' party at Tole-
DO. and also in the text Of the new inan-
cia. bin lately reported to the House by
tie Banking and Currency Committee
The bin designs the retiring OF the circu-
.atiug note, OF National Banks IL pro-
yides that after the passage Of the act the
Secretary Of the Treasury shall cause to
be prepared an Issue OF treasury notes
equal TO the amount Of National Bank
circulation on the lst OF February, ISIS,
being the sum Of S322,OIy,SlO, which
notes shall be q certificate tina, the United
States are indebted to the holders in the
sum Of the face Of the notes. They shall
be receivable IN payment OF all taxes, ex-
sises, debts. and demands Of every kind
due the United States, except for obIga-
tious made payable in coin by existing
laws. and shall be received by the Secre-
tary Of the Treasury at par for four per
cent, United States bonds
10 the Toledo platform, sitter a great
deal Of wind and fury, 1t was resolved
lei. ,hs exclusive function ct he general gov
JrUutlt 90 coin ard create money Aul rcsuli, is
value. A bank ISSUES designed o. circulate u.s.
money should ht suppressed. TIE circulating
medium, whether '' metal of paper, SHAH Doe i--
sued tg tte s.sr ..a.n- l-i made ia.t lrfti trul-
90 ..r 40 debts. .lt..- 4lt taxes lu the luLv.
State 90 ..- stamped value.
There shall r, uo privileged class of creditors.
t-.r.4. salaries, pensions. bonds, and all other
debts and o1. CATION, pao.i. AMI private. sa4 De-
discharged n thc l,sai-rtuIgr mouey oi iLe Jait.
90 -.s..-. ,-.-' 'i H- Co iae -ip-lit1as oi
tht laws under which tlc, ~e-v contracted
Received thlt td. cH.ul-C ut -l.scr ut placed or
tht lwe footing as tast Jf gold.
tuL.r.ss shall prov. lc SAID money adequate t0
tu' lul cmi .olmcui oi labor. the iuit-i-e dl7.r
button .t u- products and tlc re uircIntat- ol bus
mess. HIKING q minimum amount FER capiA On tlC
reputation as near -- may br and otherwise rfsu'
.a.re ..- volume lF I-e and equitable prov. ions
o. .aV, -1 -aA- ,lc rA.- III interest wall secure Sd
labor its just reward.
Well, it may not be very Objectionable
to substitute greenbacks for national bank
notes, If there were no imitation Of the vol
umc Of the currency, nor infringement OF
its value. There are two thousand two
hundred national banks with a capital OF
some 1860, 900, 900 or more these banks
issus their notes at the expense Of the
Government, aud 10 make good their cir
cu.ation the Government pays from fifteen
10 twenty millions Of dollar, In interest on
the bonds deposited with the Secretary OF
the Treasury, to make good any loss which
the people may sustain by the bad man-
a.tmclJ, etc., VI the bank directors. This
banking system Is an expensive one, but
lis advantage Is that 1t sucurer the quail
It's Of elasticity In our currency,-thc
amour: q, circulating medium varies with
the demands Of business, but it Is always
on a sound basis. The Greenback party
propose not only to substitute greenbacks
for national bank notes, but it goes far
beyond this point, aud proposes the issue
OF an irredeemab.e, inelastic token curren-
cy, whose amount Is never TO vary with
mercantile wants, and which would there
fore be subject 70 the defects of alternative
redundancy aud scarcity. The Green
back party would authorize a token
money not an actual money having an
intrinsic value in itself, like gold and sill
vel, but mere paper tokens, having an arti-
fetal value, but Of no real value at all
This sort OF money Is not to be redeemed
in gold and silyer,-the only money which
Is real. These tokens are not to be even
promises to pay real money ike the pres
cut greeubacks The inscription on them
Is to be; The United States of Ameri-
ca are indebted 10 the bearer in the sum
Cf-dol.ars" That Is all The words
are uuinteiligib.e They 10 not accord
with recognized facts. The word dollars"
means certain gold and silver coins. But
these new greenbacks are not such coins,
nor are they redeemable in such coins.
They acknowledge on their face debt
never 10 be paid, for the bill makes no
provision whatever for paying the notes
with actual dollars, nor for converting
them into interest-bearing bonds. The on
ly value the new notes are to have is an
artificial one, impaired to them in these
words They shall be receivable III pay
ment Of ali taxes, customs, excuses, debts,
and demands against the United States
except for obligations made payable IL