The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-10-03
(FoR THE DEaOcRAT)
SHERMAN AND GAlNFlELD
DoN,r AGREE ON REsUM9TioN'
sherman Says National Banks will Redeem Win
Ereenbacks-Garileld says They Must heueem
in Specie After ReSumptlOn--Ihese Learn
ed Mountebank FlnanCiers Don't Agree

"But he (Thurman) torgets 10 slate
that the bank notes are payable in green
hacks and not in coin, and that they are
n he redeemed by the banks at their
risk and expense, and not by the Uniteu
states. No coin reserve is needed oy
tl,em for such redemption. The issue OF
these notes aid in maintaining the u D.
notes at par with coin, instead OF op'
structing it."
"The whole burden now resting upon
the Government is to maintain resump,,
ton upon the amount OF u g notes,anu
this confessedly can be done by com
reserve of from 30 to 40 per cent, when
we have on hand, while, if the whole
amount of circulation was in U. B. notes
no coin reserve that could be reasonably
aecnred and maintained would be suttl'
cient for the purpose Of redemption
Shermdn's Toledo speech. ,,
snow. there are the National baDk
notes, $4,000 600 of them out. Ihey
are compelled to march abreast oil us In
the work of the resumption OF specie
pavments. The 1000 National banks are
ali harnessed to the car of resumption,
and when we resume, they must resume.
l am glad they are to help ahead that
work" -GGrfcLd'S Boston speech.
Here Sherman fatty gives the lie to
GarAeld's statement, that "the banks are
compelled TO march abreast Of us in the
work of resumption" and when we re-
sumo they must resume" Garheld's
words are the mere tricks Of the dema.
gogue, and are simply wholesale lie
from beginning to end. AS long as green
backs are a legal tender and in circula-
ton, the banks can redeem their notes
in them, as Sherman says in the above
paragraph. .
Here we have shining example OF
Republican demagogues. Here are two
great leaders, one, Sherman, says, the
banks should be retained because they
need not redeem their notes in coin, and
the other, Garfield, says, they shoulq be
retained because they must redeem their
notes in coin They both say the banks
will be an aid to resumption; the one
because they can redeem in greenbacks,
the other, because they must redeem il
coin Was there ever such adeplorable
instance Of demogoguism as this? We
repeat. Gar6eld's statement is either
wholesale lie, or else it is prediCated upon
the theory that every dollar of green
hacks is to be permanently withdrawn
from circulation. If Garfield is honest
in his statement he intends to destroy
the greenback, for as long as greenbacks
exist and are legal tender, the banks
can redeem in them.
Oh, the infamy of these men is beyond
measure! They treat the people as if
they we're 80 many brutes, devoid Of in.
teDipence. Whom shall the people be-
lieve? Shall they believe Sherman, when
he saws qreenbdckS are TO be retained, and
that the banks can redeem in them; or
shall they believe Garfield, when he
saws that the banks must resume in coin
and thereby admits that greenback8 are to
be retired from circulation. Let every
friend of the gleenback ponder over
Garfeld's words, and remember, on
election day, that this leader, if honest
-, in his statement, intends to destroy the
Mckinley has not yet dared to state that
he is in favor of keeping The greenback per-
mGnsntly as the currency Of the land.
When Sherman made the above state
ment he should have hung his head in
shame and humiliation. After all the
talk about resumption we are not going
according to Sherman-going to have re-
sumption after ALL The treasury is to be
turned into vast brokers' shop, to fur
nish gold to spectators, but the National
banks are not to resume! And this, for
sooth, is called resumption! The banks
to redeem their promises to pay" by
other promises to pay" and them ina
tional lies" as our Republicans call the
greenbacks. This is the boasted Repub-
fican resumption. Whoever before heard
of resumption with the entire banking
system of country redeeming in paper2
Whoever before would dared to have
stultify himself, and insult the intelli.
gence Of the people by calling this re.
sumptionH
From the report of the Secretary (mes-
sage and documents 1879 7, p. 1907, we
learn that the whole interest bearing
debt on July lst, 1875, was 81, ia 208, ,204
This includes every security bearing in
terest, coin and paper, and the "called"
debt upon which interest had ceased.
How is it to-day? By the monthly debt
statement, published in the Leader and
Gazette on Sept. 3, 1873, we find it stated
at ST., ,844 ,644 $50, an increase of $780,
946, caused by selling per bonds for
gold, gold not to be used in paying the 6
per cent bonds, but to be boarded for the
financial jugglery, to commence January
next
On the other hand, to the eternal in
fanny of the Republican party, these pet
ted monopolies, the national banks, who
have for the last fifteen years received
yearly from the Government an average
of$21 100000 as interest on their bonds
a total of $3l5, 900, 600 solid gold, are not
now, (according to Sherman) to bear any
of the burden of resumption. Are not
in Garfeld's pompous language, to be
"harnessed to the car of resumption at
all" but are to resume specie payments
by redeeming their notes in other notesl
Could there be more convincing proof
of the utter subserviency of the Republi.
can party to the money power, and of its
utter disregard to the interests of the
people2
An increase of the national debt of
$130 100000, widespread ruin and disas-
ter running riot over the land, and after
all no resumption
And what is to be the upshot on Jan.
uary next, when the spectators carry
their loads of greenbacks to the treasu.
ry, and the treasurer is shoveling out
the gold at one door, will he be heaping
up the debt by selling bonds at another
door to keep up the supply Of goldP And
what will he then do with the accumu-
lated greenbacks2 The treasury will
then, as now, be receiving in payment of
internal revenue, and through the post.
Office, enough currency to pay the run
ming expenses of the government. What
then will the treasurer do with the load
ofgreenbacks redeemed with gold2 They
kal1 IL ruOr11d ha ronudiatioY1 IN nou