Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-10-02

the management g.! HE .fcIt ~ a..f--.Nc NttfiNh
financler John Law; I'D tEey HHd Il IN Trance
during the great Tvolstion tho shape OF The as
sisnats. They had 81 ia this coan;ry again duri <
the OF independence ia the shape oa tie CON
tiaeHiai money. Always in all essential ieatATsS
virtually the sauc-a PAPER money btSrG III some
idrfnis way upon indefinite something -Iu some
,es viii. the rfumiS. OF resumption Of real money:
ia wtthOa1 az lu snHur cases
issded under tie stFess OF circumstance;
in snme eases for financial speculation Aud
whenever iufatiou ~ paper money was either =
part OF the scheme, or forced hy Iiece>siiy. the
nnal result was always Tie sane-depreciati0a ~
the paper money: that depreciation leading 70 new
issues. Ihc Issues Spf.ngiu- forth more depfe-
eiGtiou and so on. everybody believing hiseii rcn
for time, until ar@ily the whole any iabilc hr""e
down n general cOufusion- bankruptcy and rum.
when IL became appareu, thai the grand indefinite
something upon which the PAPER Hcuey was basets.
be IL the power of the EIEii-Iur Of China or the
wealth OF tie country practically amounted 70 aothnS
as mortgage security aud uniformly IN tine break
down the puOr people, the laboriEg people. suffered
the greatest distress After the great cuilarse people
oin- painfully To the old conclusion again. that after
ALL the precious metals were the only safe basis on
money system. and they gathered lat ie1v coins
they could lay their hands and nron the ruins %;
their foolish kores-a cautions aud prudent way.
And Row the same old scheme explode' again aud
again, with , history on iis bacS fuli c: ruin and
distress. Is dish=d up 70 Us again as a brand ne~
discovery aud as ;he great progressive idea ~ tue
ccntnry. Why. gentlemen - she Hat money per
sus,!on, the Chinese thousand years ago were Just
as wise sGd progressive a you are now, aud vh-n
they had got through with their great progressive
fiat money experience. they were sreat dea wiser.
IL Is a matter Of wonder as well as regret that
at this day there should re many
good people, and Uiterly condemned
by the painfG. and repeated experience of mankind.
QUE DEMOCRATIC FRIENDS AND The OHIO IDEA.
think may take leave Of fat money aud turn
10 democratic friends who poSS.ssd With the
Ohio idea /: understand correctly the newest
phase Of the Ohio idea, put forth by Tie Demo-
cratic Convention of this state and several Conven
tions in oihe parts Of the country, it is follovs
The Resumption Act is 20 be repealed. All reduc-
tion of the papcr curreacv l. 20 cease GTeenbacks
al % 4 te.tll tender duties imfs4rlS.
restrictions 10 the ugliMlted coinage OF silver
TO be removed. The National Bank notes are to
bs Withdrawn and greeubacGs issued ia their stesd.
The sale OF bonds tOr the purchase OF cola
for resumption purposes Is 20 be stopped The
volume OF the 6reenta \ currency + t0 be deter
mined upon by legislation or Constitutional amend
ment, insure the stability Of their value
veil volume. l think / have stated IL fairly.
That man thoroughly welded TO the irredseuable
paper mania shOald msSe a platform. can UNDER
st=ud but how a man WHO thinks the resumption 0f
specie payments at all desiIable can ad0pt IL.
T. inconpreheusibr. Whai Is the meaning cf
this demand FOR the repeal OF the Resumption act2
Here stand. the GOV rnmens and sayS: .sFor
sixteen years We have prO.ui-ed 70 releem these
Treasury notes on demand. dollar for dollar.
dollar IN coin for dollar Ia PAPER For sixteen
years tlat promise has stood disrouored. Now l
able aud ready fudI IL. | am
able and ready MAKE aud Keep the pen. iguer's
and the ia5oFeT's dollaI- the merchants aud the
manufacturer dollar, rs good as the bohdh"ideT's
dollar. am able and ready TO give TO the business
OF the country the sale foundation %
sound currency, uniform and stable ia value, In
harmony with the money Of the world. All
want is 10 be permitted 10 execute the law. The
Government says, II have aow some $50. 500. COO
In sreen5acks o. take care Of. With the coin have
L Feel strong enough 10 commence TO meet all that
presented for redemption. There are now
SEA, so, zoo OF National bank notes in circulation
i-ieealAole III sIeeHlacNS- ms system aus hle
powerfully In commencing aud maintaining re-
dempton. inas.nuch a. it relieves me Of direct
responsibility FOR about ore half OF our paper
currency. while all Of It will maintain the
Tenty.iue We're directly responsible for the whole
mass OF paper inOneE-s6su. VVu ovuy coin resources
would be sufficient specie pay
mrnIs-r Whereupon. you, INV Democratic friends.
answer: 1--WE demand that the National Bank cur
I.ney he withdravn and greeabaeks, for which the
tiUverume!t J. directly responsible. lie In its
place This we demand, whether II renders you
unable TO resume specie payments or net The
i Government saws further: The resumption of
specie paymen renue-S necessary considerable
reserve OF coin i The Treasury gold
through the duties on Imports which, however.
was mostly neel-i foF thr payment OF interest
National bonds. II specie syni-tts are assured that
source ot coin revenue may tr dispensed with: but
I only thea 10 enable 10 accumulate reserve
Of coin IL necessary thst De p-r5alt:ed par
chase coin with bonds and was permitted To- do 20
by law. IT, by the substitution OF Ereeuback for
National bank currency, the amount paper money
for which am responsible be doubled. X WI! ~ al
| the more necessary 10 maintain The paymeuUt Of
duties In cuin anu to 60 with the sale Of bonus
for coin. Ii We ever To prepare Tor resumption
Wher-upon you, my Democratic friends promptly
I answer: I'VE demand that duties imports slilll
be paid in greeubacks and that sale uouds for
the accumulation Of coin reserve shall cease. -
Bur when VII" ever again desires 10 specie
payments restored Ia this cUuhtry adopts such plat
fOrBi- what shall thiuk 81 Eis understanding
his cOu>cirnte. The defeat OF resumption VIII not
I he the only result. The BacE FROM specie paw
viii DaI the s,zd iaiIh % the Nation
QUESTION Couhdrn will 5e shaken than ever.
/ When policy INSANE ~ 10 run away from specie
payments can be adopted, every lu..sgiuaile nuu-
I sclse will heHcr."r'h appear possible.
/ little TO put forth the fantastic promise
Z '..hat the amount OF paper issues shall he
50 regulated bs lesisiail"h' or ~ organic iA"' aS
to give the people assurance OF stability IN tie vol
/ unis o. currency and The cUnSeq Geut stability Of
value Tne idea 10 estsb i,E by Cons;itu. iDnal
amendment, 10 be aSsente'i 10 by three-fOurJhs OF
tie >Ia.eS, how much money the uuJry 10 have,
and when the amount fxrt! Is found large
small that II should not be POSSIBLE L. cai:sc IL
until the assent uf tw-uty-eisht safe Lsg>latres
De again Ubs4lned fpr the ChauSr-thst .t.-a - -
/ eAildishly pFeuOsteIous ta4t We must wou4eF now
serious E-n could ever have entertained It.
TIE CHEF QUESTION OF Tue HOUR
The other proposition. that Congress by legislation
Is 10 be the permaneut authority 20 regulate the
volume Of the currency. and consequently the value
is scarcely less astonishing coming. II does from
/ Democrats vino pretend To be so faithful 10 their
e-honored principles. Have you considered, my
I Democratic friends. what aa awful power sou thus
propose IeTpstuae Ia tie COugress Of the Uuited
states. But IL j. not TIE only question whether
sucu a power IS likely be exercised wisely
Tie question Is wh-,her any t'O,erum-nt
should be entrusted witn 80 tremendous 50
far reschiHg. - tyrIaicai Al aIsEority
Oh. nv Democratic friends. who pretend % Je
Jealous OF the power u the general ,ioy ernrent,
how you fallen from th- hlgh estate 81 ycur
give that general Government JEe power 10 dis
p'se OF every citizeu's private fOr.u4e- No ton-
Fress knows how much money tbe business o!
the country needs. but business Itself feels amt
dsieuniues II with certainty. when specie pay
prevail aud there Is more coin il circulation
than business needs IL will dow ont aud where II
finds more profitable employ mcnt. When there
. Is less coin in circulation than business
. requires IL will becusEe dear and flow it
fr,n countries where II has less profitable cuplOy-
meat. The same rule applies 20 we!l-rrsu suiaIei
system ot bak issues based upon specie. Local and
Temporary disturbances occasional pSnIes or srcl
, tiye prrio4S. wEch. under no money Sy>te-n- can
be entirely prevented. may sometimes Interfere
wiki ths Seif-llu lusting nsriacry, but On Tic Wh0s
The ru.e hoigs go.-d. The Government has nothing
It's miutS b- Of the prescribed standard Ci yAil-.
II prevents aud pGL!snes COuu' er:ei.t.-. tc-u'
lstes tue banking system. and makes 10 SAFE. aud
then IL lets currency aul Trade, IN th-lr re-
lsIiuus. take 0f themselves, without assuming
any arbitrary control over volume and value. fhc>'
the principles ot a sound money >ys;em. w
told that cdutr. elton, with an iIS cOEc,initdr
evils. iuf-riiai effects @: the kcSUrp p
tiOn Act. II is rru-. tEat Usdrr the Ersurs ptioE
Act. since Is1S. the currvacy uas b.en CONTACTED
bar 10 ! thaj sAis contra ion has nos Ia,
least depressing etccr upon the business of tu'
country, and easily prove il. Il cuutTac-iua Lac
crsHlet the business interests. % cUaii easily haN
had remedy Barking made free by lh..; veEl
Resumption act. Not have Js-eI Jhi~ 0pFortuai.
conclusive proof that business does not V@Et uur
currency, bur that II has even more tlln il cal
pTOEtabiy employ The contraction Tnat mas iaSel
place therefore. not the TcsaiI ot iorcrd "P
e..Iion, JUI = natural process.
ANuTFIFE FOOLISH cotton