The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-10-31

| holder i9 better protected, ana tne ClrCu'
lation of the notes at uniform value over
the whole country, is better effected than
under any former system. This currency
is not legal tender. Its value depends
primarily on the capacity Of the bank to
redeem It's notes in legal tender. II is
issued by two thousand National banks,
under the supervision of one officer APP
pointed by the Administration in being
holding in his hands the thread OF "a sys'
tenn contrling directly five hundred mil
lions, aud indirectly billions of capital,
and touching the peCuniary interests of
hundreds Of thousands of the people
The affiliation is close, and the combina.
ton is powerful. The chord ofa common
interest unites them, and the shock Is
uniform and electrical
There are three hundred and twenty
two millions Of these notes in circulation
They are secured by more than three
hundred 'and fifty millions of United
Slater bonds. The amountin circulation,
our Republican friends love to tell US, is
fxee under the free banking law by the
real, true wants of trade. Therefore, 30
much currency in addition to the out
standing greenback-three hundred and
forty seven milions-can be maintained
without initiation, which 30 alarms them,
and without disturbance of values.
The three hundred and fifty millions
of bonds bear an average Of 43 per cent.
interest. The banks, therefore draw
from the government-that lie, from the
taxes paid by the people-ncarly sixteen
millions of dollars on the banking capital
used in circulation. The banks pay taxes
on their circulation to an amount less
than three millions. The direct moneyed
cost, therefore, to the people of the bank
currency is thirteen millions Of dollars a
year.
The Democratic party says: "With-
draw this bank circulation, issue United |
States notes in their stead. Do it gradu !
ally, 80 as to produce no shock do it
carefully, so as to sacrifice no interests or
rights Buy up with these notes United |
States bonds at their market value and |
cancel them, and save to the people au
nually the interest. This produces no
shock, works no injustice, provides a bet
ter currency, produces no initiation, les
sens the taxes Of the people and gives
them the money benefit of the credit of
their government, which, after all, is the
only support of the bank currency"
The argument is cogent-why should /
it not prevail? 1t is admitted that we
must have, and that it is great positive
benefit that we should have $3.50 600 900
OF United States notes outstanding. Why
not have all our paper money of the same
kind, especially if it is more economical
for the people? Will it be less valuable,
less free of Circulation2 Will it be more
Onerous to the Government? Will it be
more fruitful of private disaster or of
public decentralization, or of unsouud po,
lihCal influence? Nobody pretends it.
Again, l ask, why should it not prevail d?
Somebody saws, as if in answer, "Why
stopat 1922, 1000 900 why tissue enough
notes to pay the whole public debt, and
save all the interestW
Stop! stop my friends You are play.
ing with edged tools; that argument may
be pressed so vigorously by suffering in.
dustry and starving men that you will
not make it the subject of a fippant joke.
For the present, we hold you to the posi-.
ton. Wedo not intend to let you escape
on any fegned issue. We do not intend
to let you alarm sensitive souls by any
false cry of initiation or reputation. The
is to substitute greenbacks for
bank notes without increasing the cur.
rency or sacrificing rights.
Time enough for all other questions
afterward. Are you in favor of it? If this
is your only answer, it is both eyasiye
and weak.
THE POWER TO REGULATE CURRENCY.
1t is said that Congress cannot be
trusted to regulate the volume of cur
renCy. Why not2 Congress may make /
war, and pass a oonscriptOn act to take
your sons and husbands and fathers to
fight the battles Congress may borrow
money and through it's taxing power may
pledge your entire fortunes. Congress
nay make peace. even by dsmember.
nent of the territory. Congress levies
axes, arranges tariff duties, afixes the d
eath penalty, and yet Congress, entrust. d
ID with these great governmental powers, 6
an not be trusted with the power of fix
ng the amount of paper currency, lest in Il
ines of great suffering and distress it :,
houId yield to popular demand and issue Sc
few millions of dollars more than some 81
roker or banker or Shylock thinks the e.
eople ought to have. al
The Secretary of the Treasury has said a.
ne bank currency system is an aid to the al
of specie payments. How ? al
nly by compelling the banks to redeem
l greenbacks, and for this purpose COM
elIing them to keep on hand a reserve -
ind of greenbacks. That is to say the
-overnment will cut this thing very 6ne;
ill compel the banks to keep greenbsck
sserve; will compel the banks to hoard q
lem; will thus keep them out of Circula. 81 81
on; will thus prevent their circulation Dc
II redemption in coin; will call this an g
d to resumption ofspecie payments,a and
i'll then boast to the country and the tn
orld that it has redeemed a long broken ii
rOmise and resumed the paymentin coin 81
all its paper What's schemel tits to ie
lyenta plan under the name of National 81
anks by which to compel the boarding of vi
ne.quarter or one.thrd of the green
lCks-to prevent absolutely the demand
r their redemption and call that re.
lmption.
Let me suggest an Improvement. In
ent several plans, under various attrac-
We names, to keep out the whole volume
greenbacks, to prevent absolutely the of
-esentation of any, and then call It re. al
lmption, because you do not resume at 10
j. You do not resume, because there is S,
demand; there is no demand, because
Y law, you prevent it, You get rid of a eo ta
shonored promise, as you are fond of BE-
LIling it, but you get rid of all greenbaCk pI tIt
lrrency also. "You make desert and on
III it peace" Does not this jnstify the sil sii
9ry worst which its enemies have said 70
resumption-that its resumption is ca ca
,ntraction. ex
tn
THE VALUE OF SPECIE RESUMPTION. III
/ do not undervalue the resumption of "
'ecie payments, if by that is meant the z, n