Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1878-08-22

tion. Several years ago 1 drew a
resolution for otir State convention
favoring the gradual substitution Of
greenbcks for national bank notes,
and that resolution, injudiciously
amended, as [ believed every ot1e
now admits, was passed by the con
vention. | was one of the first to
propose in the Senate that green
backs should be receivable for Gus
tom duties. and at the last session l
voted Tor the bill making them thus
receivable. l have been the ad-
vocate of a stable curren
and your platform demands stabili-
ty. | have contende6 that the
precions metals ought not to be de,
monetized and the platform asserts
the same doctrine. / have spoken
and voted against an increase of
our bonded debt. l have advocated,
to the best Of my ability, strict
economy, reduction of expenditures,
and a retenne tariff. My course,
therefore, has been perfectly consis,
tent with the platform of our con-
vention, as the journals and de-
bates OF the Senate will show
And [ beg leave to add that have
given vote in the nine years
have sat in the Senate, to which ex>
ception was taken by the Dcmocra.
cy of Ohio, so far as know, OF
have ever heard.
} Now, fellow-citizens, I trust that
. 1 have not offended propriety or
} good taste by making these few re-
marks about myself. You are a
portion of my constituents and have
. right to know whether ] have
represented you correctly or other
wise. If | have a reputation worth
preserving, it is for tour interest as
we'll as mine that it shall not be I'M
Justly tarnished. But enough upon
this theme.
When the currency part of the
platform is carefully scrutinized, il
will be found that its principal fca-
ture is the proposed substitution OF
greenbacks for national banknotes
] think that / do them no injustice
when ] say that the leaders of the
Republican party are in favor oi
directly the opposite course-tha
is to say, they would retire all the
greenbacks in order that their places
might be filled with national bank
, notes. Let either course be taken
t and the metallic money of the coun
, try remains the sattie. Use eithel
/ kind of paper and the amount O
coin in actual circulation, apar
from the small coins used for change
will be comparatively small, so Ion;
as one, two and five dollar note
q are freely issued, for such notes al
q WAYS drive coin out of circulation
And whenever conversion into coil
n is practicable and desirable, it vii
9 be just as easy to convert green
4 backs as to convert bank-notcs.-
The question then is narrowe,
i down to this, shall our paper none
be national bank notes or green
a backs For several reasons, that
will briefly state, think the latte
!. are preferable.
o 1. In the first place, a nationa
g bank currency means the indefinit
Is perpetuation of the national deb
: The national banks; so far as thei
: circulatian is concerned, are founde
? on that debt. 1t is the security tc
r their notes and whenever tn
C debt be paid the banks must retir
= their circulation and cease to issu
l. notes. In order. therefore, to per
4 petuate their privilege Of isauin
lie notes, they must strive to perpetu
as ate the national debt. And yo
n; may rest assured that they will &
I'd so !; and the influence of more tlla
II. two thousand such institution
mt spread all over the country, will |
er very powerful indeed.
a Now, am not one of those who b
It, lieye that such a debt is nation
he blessing. l believe that the rever:
O. of this is true, and that such debt
Nv national curse. To say nothing
of its corrupting influences; its drain
=. the resources of the people to pay i
- terest is fearfully oppressive. esp
ne cially when large portion of t
ne debt is held abroad. In a compar
OF lively brief period the amount of
or terest paid exceeds the principal
d. the debt, while the drain continues
bit, undiminlshed force. Hea7y taxati
* is the necessary result, and ey cry o
h who has studied the subject kno
no that oppressive taxation is one of I
- worst foes to the industry and pro
i"i perity of q country. 1t is true IL
'"' tue national debt cannot be speed
me paid, but We ought not to put unne
t l essary obstacles in the way of its p:
ars ment. The national bank notes 3:
hat such ON obstacle and for that reas
ci- are Objectionable. Your plato
on wisely advocates ''the gradual exit
ra- ton of the public debt" l. thus
tod vors its honest rayment, and oppo
~" sfc ip6nGnifn .oti nd