Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1878-11-06

WHAT THE SOFT MONEY DEMOCRATS DEMAND.
They demand the prompt repeal of the re-
sumption act. | remeAber some Democrats
in the Senate who voted against the resuu,pton
act, not because they ID not desire resump-
ton, but because they did not think the act
clear and effective enough. myself criticised
It on account of some OF lis imperfections, but
voted for it because l VA determined to sup
port any step in that direction. | have ever
since been glad that l ID 50 vote, for the re-
sumption act, in spite oil imperfections, has
proved far more effective than many supposed
it would. In 1876 the Democratic national
convention demanded tRrepeal Of the resump-
ton act, not because the convention was
against, but because, according to its declara-
ton, it was earnestly for resumption, and be-
cause, as was pretended, the resumption act
was an OBJ tacle to resumption, thing which
l had never been able to understand. And
now your Democratic Convention and many
Others demand the repeal of the same re-
sumption act, not because it is an obstacle to
resumption, but because it has brought it on.
And, indeed, unless they hurry up that repeal
quickly, it will appear like the repeal of last
years almanac.
Now what is the meaning Of this demand
,
stands the Government and says: "For sixteen
years we have promised to redeem these treas
! ury notes on demand, dollar for dollar,--a
dollar in coin for dollar in paper For six
, teen years that promise has stood dishonored.
Now l am able and ready to fulfill it. l am
able and ready to make and keep the pension
sioners' and the laborers dollar, the merchants
|, and the manufacturer dollar as good as the
4 bondholders' dollar. l am able and ready to
give to the business ofthe country the safe foun-
> daticn of a sound currency, uniform and stable
/ in value, i. harmony with the money of the
world. All want is to be permitted to exc
d cute the law, whereupon you, my Democratic
e friends, answer, whether you be ever SO
J. able and ready to do all this, we say, Thou
e shalt not do it," and then you proceed with
# number of propositions, each and all Of zOaieA
o are designed to take ami Keep from the Govern
II ment ITS ability to PERFORM its long dishono,ed
Re promise and to do the benehcent things it
l. stands now ready to do. The Government
,e says: 81 have now some $346, 600 900 in
o greenbacks to take care of. With the coin
Is have l feel strong enough to commence and
1. maintain the redemption of all Of that guam
r tity that are likely to be presented for redemp
VI ton. There are now s324, soc, 900 of national
ID bank notes in circulation, which are
&c redeemable in greenbacks. This system
ID aids me powerfully in commencing
D. and maintaining redemption, inasmuch
,e as it relieves me of direct response
4. N'i.v for about One-haf of our paper currency,
to while all of it will maintain the same current
value. Were l directly responsible for the
Or whole mass Of paper money - SOTO, ooo,-
in ooo-my coin resources would not be sufficient
to resume specie payments" Whereupon you,
j. my Democratic friends answer: Is We demand
y that the national bank currency be Withdrawn,
and greenbacks, for which the government is
directly responsible. b. put in its place. This
er we demand whether il renders you unable to
Al resume specie payments or not" The govern
ne ment says further: "The resumption OF spe-
Gle payments renders necessary considerable
reserve of coin in the treasury. used to re-
ceive gold through the duties on imports.
~ which, however, was mostly needed for the
,s payment OF interest on national bonds. II
IA specie payments are assured, that source OF
No coin revenue may be dispensed with, but only
4 then to enable me to accumulate a reserve OF
n coin it was necessary that l be permitted to
ia purchase coin with bonds, and l was permitted
' TO do SO by law. II, by the substitution OF
4. greenbacks for national bank currency, the
ID amount OF paper currency, for which am re-
% sponsible, be doubled, it will be all the more
err necessary to maintain the payment Of duties
Tor com, IT we are ever to prepare for resump
ton" Whereupon YOU, \my Democratic
D. friends, promptly answer: &C We demand that
duties on imports shall be paid in greenbacks,
lie and that the sale Of bonds for the accumulation
n. OF coin reserve shall case
a. 1T Is THE PROGRAMME OF IRREDEEMABLE PA
a PER AND IMITATION.
&c Now need l tell any intelligent being what
"a the consequences will be if these Democratic
A. demands be enacted into laws? Not only to
IT prevent the resumption ofspecie payment now,
Il but to render the resumption OF specie pay
- ments utterly impossible forever as long as such
laws exist. 1t is simply doubling the amount
- Of pape- monev which the government will
Il nave to redeem, and at the same time stripping
v me sovs,a;nen. OF :y.-y means 70 provide tor
that redemption The sources from which the
# government derived its coin for the payment OF
e interest on The public debt being stopped, the
# com reserve now in the treasury will have to he
= drawn aror Ior SUCH nieress, an0 mat fesefse
will soon vanish into nothing How the
government is then to get coin even for the pay
ment OF interest on the public debt, our Demo-
crauc trends fall to tell us. Finding no en-
: ployment as currency here, gold will probably
60 abroad, where it is in demand for such EN-
y ployment, and we shall be further away from
n specie resumption than ever before.
e repeat. therefore, that thoroughbred in
' fiationist should advocate this programme as
I lntelliglble-it serves his purpose, But when
h man who ever again desires to see specie
payments restored in this country adopts such
t platform, what shall we think of his under
| standing or his conscience2 The defeat OF re-
sumption will not be the only result; no sooner
Is such policy inaugurated than the premium
, on gold will again reappear and rise; the
value of the greenback, now within hairs
breadth Of gold, will again be a subject Of
speculation and gambling This is inevitable,
for everything will he thrown back into Auctua-
ton and uncertainty.
THE DISASTROUS CONSEQUENCES.
The step back from specie payments will
put even the good faith Of the nation in ques.
ton; confidence will be more shaken than
ever. A black cloud of new doubt will hang
over every business interest," for when a policy
so insane as to run away from specie payments
Iva adj tod 49, Ia