Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-09-18

specie payments, passcu III Jahu"ig :
1875, the vote in the Senate stood
For the bill-Democrats, Republicans, 80.
Against the bill-All the Democrats Republi-
cans, !.
In the House the vote was
For the bill-Democrats, 0 Republicans, 1886.
Against the bill-All the Democrats Repub-
licans, "a.
On the 23d of November, 1877, Il
bill to repeal the Resumption law
passed the House. The vote was:
For the bill-Democrats, lOl Republicans, 2s.
Against tho bill-Demoerais, ~ Republi-
cans, 92.
The bill was killed in the Senate by
the votes of Republicans.
Wenow turn TO the new thought
the doctrine of the National Green
back Labor party, as their platform
declares it.
1t is the exclusive function Of the General
Government to coin and create money and regu-
late its value all bank issues desgned to circu-
late as money should be suppressed, The crcu-
ating medium, whether of metal or paper, should
be issued by the Governmot and made full legal
tender for all debts, duties and taxes in the Uni
ted States at Its stamped value.
1t is undoubtedly true that the Fed
eral government has exclusive power
to coin money and regulate its value.
1t is sound policy until our debt is paid
to substitute treasury notes for national
bank notes, and by utilizing the credit
Of the government in the issue of all
the circulating medium, save the inter
est upon the aggregate thereof to the
people. But | cannot agree that we
have either the right or the power to
add one dollar to the volume of legal
tender money that was created during
the war; nor do | assent to the doc.
trine that the stamp Of the United
States upon a piece Of paper makes
that paper money, which all are bound
to receive at its stamped value.
The two propositions here stated to
which | dissent are
First. That thep ,,or exists to make
paper money legal tender.
Second, That the mere stamp OF
the government gives potency to pa
per, and equalizes it with money of
intrinsic value
LEGAL TENDER PAPER LAWFUL.
We combated the proposition to
make paper legal-tender with all our
power We denied the right of Con.
gress to compel the people to accept
anything but coin in payment of debts.
The theory we held then is the theory
| hold now. No constitutional power
exists TO add to the volume of legal.
tender paper created for the purposes
of the war. The only way in which
such power can be obtained is by an
amendment to the Constitution. But
as to the volume that now exists, the
last interpreter of the law has decar-
ed them of binding force and obliga-
tion as legal-tender The Supreme
Court of the United States declares
their creation the exercise Of a power
vested in the government under the
exigencies and necessities that existed
when they were issued They were
the creatures of necessity an exercise
Of the war power; an unwisc one, but
a stubborn fact. We yielded our opin-
ions to the law thus declared, and as
the exigency has passed that coerced
our obedience, we are logically forced
to our former conclusions.
IRREDEEMABLE PAPER WOULD INTENSE
FY EVILS.
Is there such thing as money sep
arate from value 1t is the measure
of value. As the measure of weight
must have weight, so the measure of
value must have value. 1t is not vital
that il should be intrinsic value, but it
must be reducible to intrinsic value,
readily and promptly. Gold and sill
yer have intrinsic value and make just
measures of value. Paper redeema-
bic paper, the maker of which can pay
it on demand, paper in quantity, com
mensurate with the resources of the
maker, and convertible at will into
taxes, debts or coin may also be made
the measure ofvalue. Irredeomable pa
per, notes that the maker cannot pay
and does not promise to pay, or paper
in unlimited quantity, and beyond the
command Of thercsources ofthe maker,
are not and cannot be Just measures,
for they hutuate and vary in value,
and a measure that is longer one day
than it is the next, is not safe meas
ure either of length or of value. The
stamp of the government may give
potency to paper, and may equaize it
with money of intrinsic value, but the
quantity must be limited by our abili-
ty to promptly meet il; it must have
the confidence OF the people and must
be issued to supply an actual necessi-
ty Of commerce The policy of the
new organization that would issue
largo quantities of irredeemable paper
in payment Of bonds to save interest
thereon, would intensity the evils we
have. 1t is as much too far in the d.
rection of imitation and error, as is the
doctrine OF the Republicans that all
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Of 1,a. redncino y % ,ho yolnme M @ Of lesoI ,sDJsrs
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THE POSITION of THE DhMoV"AOf'
The platform Of the Democracy
adopted at Pittsburg gives no uncer-
,a'n sounu upon 'no n'a"c"' ques''on'
70 ,'r', NV IS 20
tad states Legal tender notes i up~i.s aoa M mn.
necessary. They should be received for customs
duties and reissuod as ,,, las, as received
no,e, az osr % ,b,rsw,S % % sro iast ss,e. for oaps'
circulation.
"a close connection Of the Federal aoyernmenl
WIZ .as pusahe nI S. ,nI.',aS s1S p,oP'e .a.I
nation, hut. IN changing the system, uni
formliy of notes, security to the note holder, and
protection oil the capital invested, hnOuld 20 pro-