The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-02-28

40 they contemplate the present and look
toward the future? heparty thatseeks
to continue in power should answer that
question. What answer can be made
Have the special enactments and the
general policy been for the few and
against the many? The contract between
the United States and the public Credi-
tors has been changed, and the change
has been againot the people. The cur
renCy has been changed, but It has been
by contractions, TO the hurt of the debt
or classes. The Resumption Act was
adopted by party vote in Congress, and
to serve party purposes, The great con.
test for its repeal was in Ohio, in the fall
of 1875. Governor Allen led the move
ment. His defeat by Governor Hayes
was the defeat of repeal. The ST. Louis
Convention declared in favor of the re.
peal of the resumption clause, and the
Democratic House, then in session, made
the pledge of our party good and true by
passing bill for such repeal. The SEN
ate was Republican and refused to con-
cur. That body accepted Governor All.
EMS defeat as popular Endorsement OF
resumption. Since the inauguration OF
President Hayes have regarded repeal
as hopeless. He was pledged to resump-
tion. Every vote for him was for re-
sumption. Secretary John Sherman, at
the head of the Treasury, holds the posi-
tion. He will enforce the sternest and
hardest execution of the law. And it is
understood that any bill to repeal the
clause will now be vetoed. Ihave here
toiore said that ''in my belief, the Re.
sumption Law has been the source of the
greatest calamity to the business inter-
ests and prosperity of the country. It
has had the effect of causing men to
hoard greenbaCks and the banks to with
hold and to withdraw circulation, in the
fear of being crushed by forced resump'
ton in gold"
A favorable foreign trade has promoted
a return to specie payments, and if the
balances shall continue in our favor ex-
peCt soon to see our paper money at par
with gold at an early day. Will the re-
storation of silver money mitigate the
evils of contraction caused by the Re-
sumption LawP That is now the hope
of the business men Of Indiana. tits not
as cheap money that the people demand
its restoration, but as a legal tender and
coin contemplated by the Constitution,
When restored it will become again a
standard and measure of value. Before
its demonetization silver was of par value
with gold, and when restored / think it
will rise again to the same level. need
hardly say to you that the value of any
class or description Of property greatly
depends upon theimportant uses to which
it may be applied. Silver was money,
They stripped it of that, its most impor-
tant use, and now say it is worth per
cent. less than before, and therefore 1t
cannot be good money. Is that fair ar
gumentP AS material for the manu-
facture of ware silver will have only the
value which that use can give it, but
when stamped with the quality of money
and made legal tender for the payment
of all classes Of Indebtedness, it becomes
the active agent of trade and commerce
measures values and discharges debts
and in such use becomes correspondingly
more important to society and more val
liable. Were gold stripped Of the quality
of money what would be the effect upon
its value? In do not believe the penny
weight of gold in the beautiful wine cup
is as useful to society nor as valuable as
the same WEIGHT of gold in the stamped
coin which does its busy work in the
channels Of trade and the demonetiza'
ton of gold would demonstrate that fact
l have heretofore said that "Silver has
become an importont product of this
country, and inasmuch as the world rec
ognizes it as money medium of ex'
change, | cannot see why we should not
utilize our large product Of that metal to
the greatest extent that may be found
practicable. Its value as money to this
country is too great to be thrown away
Should experience prove that, because
of the increased production of silver
there will be permanent and important
difference between silver and gold, Con-
gress is clothed with ample power tC
provide the proper and adequate rem
edy.
It is objected to the restoration of sill
yer money that it will be in bad faith to.
ward the public creditors. If l thought
that possible | would not favor restora'
ton, however important to our interests ]
might esteem it. My judgment is 80 en-
tirely satisfied that l have no anxiety
upon that question. The question is set.
tied by the fair reading of the Public
Credit Act of 1859 and the Refunding Act
of 1870. At the date of the former act il
was lawful to pay the five-twenty bonds
written out in Treasury notes. But it was
contended that because ofthe cirCumstan.
Ces attending the creation of the debt, il
would not be proper to so Construe the
laws, and that payment ought not to be
made in paper. To remove doubt and
settle all controversy the act was passed
1t pledged the faith of the United States
to payment in coin. opposed the
measure in the Senate, and
said that it's effect would be to make the
law to read that the debt shall be paid in
coin. The bill passed and became law,
Thereupon the debt became payable only
in coin, not in gold coin alone, but in sill
yer coin as well, for the silver dollar was
then part of the coin of the country,
as honored in law and commerce as
gold.
Next came the law of July IA, 1870, to
refund the National debt. That act pro-
vided for the issue of new bonds to the
amount of $1.500.000.000, bearing 4, Al
and 5 per cent. interest. The bondsso to
be issued were to be exchanged for the
outstanding fve-twenty bonds, "par for
par" or sold for coin, and the proceeds
were to be used in redeeming five.twenty
bonds. In the first section of the law it
was provided that the new bonds should
be made "redeemable in coin at the pres
ent standard of value" Thatlaw gentle
men, had no uncertain meaning. The
new bonds were to be substituted for all
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