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

wrong they auGnoflhbu Jno ISSUE vi now
bonds, which on their face should be
payabie in coin, and with the proceeds OF
their sale took up the bonds which Lad
thus been originally payable in legal
tender. Perhaps they have succeeded
perhaps no remedy can be applied with
cut breach OF faith but the memory
Of this great crime should never die.
DEM 1NEMzArIoN OF SILVER.
The next step followed logically. By
two acts of Congress, one passed in 1873,
before the great panic, and one passed IN
1874 silver was demonetiSed and It's coin
age arrested. Silver had been money
among the nations since Abraham bought
the cave of Mackpelah as burying place
for Sarah for four hundred shekels of
silver, current money Of the merchant ~
1t had been the money of the United
States from the adoption OF the Consti
tuition, 1t is produced in greater quan
Mites by the mines of the United States
than by the mines of any other country,
vet at a time of great distress, when the
Treasury Department issued S26 100000
Of legal al'telder paper to stay the panic,
these acts of Congress, secretly, unknown
TO the members generally and to the peo-
ule, demonetized this one of the precious
metals, and thereby enhanced the value
Of the other The partial remonetiza'
tion of last winter was accomplished By
the united Democrats and individual Re-
publicans, against an opposing Senate
and vetoing President.
THE DESTRUCTION OF TIE GREBNBAoK CUR.
RENCY.
The next step in this policy was the
decree for the destruction of the legal
tender paper money. say the decree
for the destruction. In 1875 the Re.
sumption act was passed. 1t provided
Chat the Secretary of the Treasury should
redeem in coin all legal tender notes,
which should be presented after January
], 1879. Redemption meant destruction
In the language of common use. When
one of you redeems a note, he cancels
and destroys it or he lays it away as evi
denCe of past transaction. When one
Of you redeens the Obligation of bond
the bond is MULTI is dvad-it is useless.
When the bill was presented to the SEN
ate, the question whether redemption
meant destruction was asked--it was not
answered all debate was forbidden fhe
destructives and the anti destruCtives
were induced to vote for the bill, each
believing they would get their own in
depreciation. But no sooner was the bill
enacted into law, than the Secretary of
the Treasury announced that redemption
did mean destruction, and no potential
dissent was heard, until Senator Sher.
man, fearing that Ohio, suffering under
it's effects, might cast its electoral vote for
Mr. Tilden, announced in that State in
1876, that possibly redemption might be
held to allow reissue.
At the time of the passage of the Re-
sumption act, Mr.. sayler Of Ohio, secured |
the passage OF resolution requiring the |
Secretary to report to the House of Rep.
resentatives the amount of coin in the |
Treasury. The Secretary responded that |
there were thirteen millions of dollars |! ! |
Thiateen millions of coin with which to
redeem three hundred and fifty.six mil.
lions of paper /!
There is no way given under heaven
by which Treasury having thirteen
millions of coin can meet a forced re-
sumption of three hundred and fifty
millions Of paper except only by hoard
ing coin or contracting the paper. The
Secretary has done both.
ooIN IN THE TREASURY.
On the 10th day of August 1873, the
coin and bullion in the treasury over and
beyond all claims then matured amount.
ed to $l29 485 563 l5. Think oft! The
enormous SUN of one hundred and twen-
ty.nine millions of dollars of gold and
silver boarded in the treasury, unused,
idle, of no avail to any man or class or
bought with the bonds of the
United States upon which the depressed
Industries and starving labor of the coun.
try pays to-day an average interest of
four and half or Eve per cent. Nor is
this all. In 1874 the paper circulation !
amounted to $785 100000. In 1873 the ..
paper circulation amounted to 1888 000.
100 contraction Of $97 900 900. A con.
traction of two millions of fdollars in each !.
md every one of the forty. eight months -.
Intervening between the summer of 1874 !
md the summer of 1873 And this very =
lay the Secretary of the Treasury is !:
lsing every device to lock up in the =
FAULTS of the government, and to compel -
he banks to hoard and withdraw from :,
circulation the largest possible amount ;,
# legal tender notes, so that they may 7
lot be presented for redemption. !.
Mark this policy-reCall its steady and y
egular progression. l have made no mis- =
axe. | have stated only history. 1t is q,
,nown of all men. u
HrSt-Paying war debt on low prices . "
nd contracted currency. y
SeCOnd-ConVerting a currency debt !"
ntO coin debt
Third -Demonetizing silver and rails.
ng the value of gold
Fourth --Decreeing the destruction of y
reenbacks. u
Hth-Hoarding in four years one hun. u u
Ired and twenty-nine millions of gold 81
nd silver.
Sisth--Contracting in four years one o.
hundred millions Of paper currency. v
| need not argue before this audience u
hat if the qauntity of any article in gem U
raj demand is diminished, the value of ?
be remainder is increased, and that this 4
1le applies to currency as well as to ev- y
rything else, Nor need point out the =
Inevitable result of this policy. Z" He =
nat runs may read" Every act in it has !
ended to increase the value of money II
nd the value Of the indebtedness Of the .,
Ountry. y
FRUITS OF CURRENCY CONTRACTION. "
The President of the United States, in il
is speech at Pittsburgh, and more elab- n
rately in his speech at St. Paul, congrat- "
lates the country that if the volume of "
le paper currency is less than it was in "
1855, or 1873. the value of the remainder q,
greater, Certainly. The volume has ~ n
cen contracted at the rate of two mil.
ons month, and the value of what re- III
lains has risen. If the volume had been 10 10
at the rate Of ten millions a n