Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-05

ditures in defending ii against the mob 1t exoner-
ates the thieves and marauders and eliminates the
authorltes. 1t was hardly candid in the Senator.
Nor does his denunciation OF il because the balance
OF trade was then hundred millions OF dollars
against us accord with the denunciation of it by
| Gen Ewing. because the balance of trade is noio
S2bOOOOOOO IN our fdrOT- The Senator saw in this
uniavorable and GdrerSe balance only symptom of
wicked policy. Gen. Ewing. on the other hand sees
in the present. Favorable balance only the evidence
OF sin and imbeclity. 1t is only difference OF
opinion under different political exigencieS. But
| the words of the Senator have in them the hard
money ring OF the old Jackson Democracy and show
| that he was always in favor of rags, and only
| RAGS and has never apostatized or changed his
opinions
But ne STANDS squarely upon the platform. 1t de-
mands the substitution of fat paper currency for
| national bank notes. How does he pro-
pose to accomplish this? Either by
| employing this currency in the purchase of coin
with which to take up the bonds held BY the banks:
or in the direct purchase of these bonds from the
banks; or by compelling the banks to accept it in
| payment and discharge of their bonds The first
and second modes will involve the payment of ruin
Gus premiums. A thousand millions of this money
| would not purchase coin sufficient to take up the
bonds: and the attempt TO do would revive gold
gambling and perpetual Black Friday. The third
is lmpractcable without breach OF public faith and
national honor.
Judge Thurman, you and Mr. Pendleton are Sem
ators OF Ohio. Your constituents have right to
| know what in YOUR places in the Senate YOU will
do or not do. VIII you or either OF you as Senator'S
| propose or support law compelling the natiOuis
creditors, in violation of pledged faith and pghted
honor, to accept It's nOninterest bearing promises
never to pay in exchange for its interest bearing Sc
| curites payable in coin at a fixed time? They do
not want for answer that it would be nice thing
or that it would work a great saving of Interest 10
| the government. That would be the juggary of the
| politician. They want the answer OF practical
staesinanshlp VIII you, in your Senatorial places,
| DO it?
| Why mock and deceive the people with aIluriug
theories and fascinating mpoSsibilities The S2 Co.,
700 OF bank notes can not be substituted by United
States legal tender currency without law authoriz-
| ing its issue. Mr.. Pendleton, in 1862 denied the
constitutional power to issue the present grenoacks
even in the exigency of war, and at Gallipolis in
| 1919, said:
Il thought that law unconstitutional them
Its constitutionality was affirmed only on the
ground that 1t was war necessity by majority
OF the Supreme Court, which the Democracy every
| where charged to have been packed for that pur-
pose; every Democratic Judge dissenting The Su-
preme Court held the old United States bank to be
constitutional. When Congress passed a law crea-
ting new charter of the bank, President Jackson
was urged to approve 1t on the ground that this de-
clSlOn settled its conStiutionality. But he replied
L. as President, have to support the Consti-
tuition as understand it. thought the old charter
unconstitutional, and the decision of the Supreme
court dld not change my opinion Twas bound by
1t SO tar as executing the old law was concerned.
am not bound by it in the creation of a new char
ter Believing as do that it is unconstitutional,
and called upon under the obligation of my official
oath to approve or disapprove the new law, can
not, and BY the eternal will not approve it,
Senators Thurman and Pendleton, will you,
either of you in the Senate, because packed Su-
preme Court held particular law constitutional.
propose or vote for similar law, which. in YOUR
conscience, you believe to be unconstitutional?
viii you, either of yOu in the Senate, assert the
existence of constitutional power TO issue in time of
peace United States legal tender currency either of
the kind now in circulation, or OF the permanently
inconvertible kind proposed by the Democratic
platform? Will you, or either of you, as Senator'S
vote for law authorizing further issue of either
Limitation now fixed by law? You have time and
opportunity to answer these questions, and your
constituents demand to know what you will do as
Senator'S not to be Knocked and deuded by the gilt
terng and impracticable theories of platform tera
ture
GENERALIZATION.
Senator Thurman comedies that yielding to Con-
greSs exclusive authority to supply and regulate the
currency OF the country vests in that body danger
GUS and disturbing power. l. converts the govern
ment into great banking house. the danger of
which can not be overestimated II is the excess of
Capitalization; the absolute and uncontrolled au-
thority of the central government over the entire
wealth and business of the people, through the ab
solute and uncontrolled power over the entire
money OF the people; contracting or expanding its
volume as the wisdom, interest or stupidity OF
political Junta may dictate Its exercise OF such
power over the labor, business or property OF the
people, contracting expanding, controlling them
at will, would not be tolerated by other than
ton OF serfS or slaves. Ii II were, should we not
expect sad state of affairs TO result confusion
be confounded and corruption run riot? What,
then, can be expected when Congress shall perma-
nenty control the volume of currency, under the
pretense of making and keeping 1t equal to the
wants of trade embracing and affecting as it does all
other interests, voting it up voting it down. as
political fortune or partisan purpose or the Wall
street lobby shall dictate, or the mammoth
the great commercial center shall demand? Are the
modern virtues which gather in Congress Hall su-
which is said OF the purchase OF Democratic nomina-
tionS be true.
1t is essentially disturbing power. Is not its
alleged wrongful exercise for the last fifteen years
by corrupt and 'mercilesS contraction - the chief
count IN the present Democratic Indictment, the
principal ground for the embtered warfare against
Republican ascendancy? And is it supposed Ihati it
can or will be exercised more intellgently or less
corrupty under different ascendency that it will
not continue to evoke the same bitter examinations
and recrminations?
1t is power which Congress, however honestly
wants are local. The direct power OF Congress
the currency must, if exercised, be in its nature
general, and affect the entire country What would
propuce plethora in one locality might leave scarcity
in another The volume of currency must ebb and
flow according the laws of supply and demand like
other forms OF commercial wealth. What the wants
OF business require in any particular section or dis
body assembled from the four quarters of the eonti
nent inteiigenty understand or correctly judge, or
sugar fields OF Louisiana the rice swamps OF Caro-
lima, appreciate the iron wants of Pennsylvania,
the lumber wants OF Michigan?
NATIONAL BANKS
1 am not and never was directly or indirectly in
terested in any bank. am not, and never was, Gi-
rectly or indirectly the holder of government
bond neither the destruction OF the one nor the re-
pudatiOn of the other would affect the extent OF
a barleyeorn my personal interests What l say of
them is from conviction of right
Business interests best flourish when free to the
control of business wants as asceItained and deter
industries of any locality whose wants demand it;
if improvidenty invested, the demand ceases, 1t
will withdraw. Is there any reason why the cur
rency like every other interest will not be best sub
served by system of institutions free to all,
similar to the existing banks if better can
not be devised far removed from political
influence as possible and under which the volume
Of currency in any district locality will expand
contract according to the business wants deter
mined by the business interests and the business
men OF such district or locality? If needed
1t will be set afoat. If less it will be withdrawn,
not as determined by the judgment, caprice or whim
Of a political Congress, 10 whom the wants of the
locality can not be known. but by the judgment OF
The men who know and determine what these wants
demand from personal contact with them A cur
-ency under such system, convertible at pleasure
nto coin. secured by the pledge of government
,urities and backed by the credit of the nation,
not fail to be the best paper currency paper in the
world, of uniform value throughout the nation, in
1oume sufficient for the wants of every commu-
lity. and in purchasing power equal to, because
convertible into, COIN Under il the wants OF busi-
less. the standard of volume. has practicalsig-
contraction and expansion never result
ng in any shock to sudden disturbance OF the ag-