Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1878-08-30

were no banks Until the lapse of that period the
debt will continue without the influence OF the
banks 70 perpetuate it. Is 1t not then little pre-
ing it2
The Senator resurTecs the ghost of the old United
States Bank Is an ally in the financial crusade o.
Democracy to alarm old Jackson Democrats az ths
dangerous influence UPON Congress OF lou naDona4
bsiiks, and terrfy them into support OF tRe new
ance will not the indignant shade Of the OLD baro
money hero burst its cerements ~ reOuke tne sacr
teEious use OF his great name2 That bank was q
mammoth institution. with outreachlng branches,
subject 70 the central power National banks are IN
dependent each from the other as absolutely as are
the VARIOUS industrial and commercial institutions
OF the country carried on by associated capital.
They arise or expire as the wants OF trade IN differ
ent localities 1nctuate. Combinations between
Eastern and Western banks are as impossible and
jeaouses as fruitful as between Eastern and West
ern merchants and manufacturers attempted,
the absolute freedom Of banking would enable the
people % thwart them BY the establishment OF other
institutions.
But the objection that they will influence Con-
Gress 70 perpetuate the debt is met and reuted by
the Senator himself When it is urged AGAINST con
stituting the government gigantic national bank,
Of which the members Of Congress enau oe tne
directors, with power to issue, CONTACT or e1IaiQ
ri vb5cb feiT j1snetrial and oTnrnerial prosperity
depends. and that their virtue might be subjected
TO the corrupting power and influence OF the bull
ond bear lob6ies Of Wall street, accordingly as con-
traction or expansion be the more profitable, ne
scouts f as assuming that Congress has neither sense
nor honesty. Is Congress likely to exhibit less
sense and honesty IN resisting the influence Of the
banks than in resisting the corrupt influence OF the
gigantic and concentrated money power Of Wall
street, The banks draw interest on their
bonds. Are they not interested in perpetuating
high nate of interest? Yet their influence has not
been sufficient to prevent q Republican Congress
from reducing that rste. OF course can not vouch
for the sense, honesty. or virtue OF Democranc
Congress
lend on interest their own notes, or promises To
pay, is special privilege to charge and receive IN
1erest what they owe. not enjoyed by others tax
rnfllfone from the Dnnknte of the UeOuie
This objection is worthy of Gen. Cary or Dennis
Keaney. The new gospel does not propose TO
abolish the banks. Gen. Ewing says they viii re-
tain all their banking powers except that of issuing
circulating notes Legal tender notes evidences
Of what the government owes. When the new issue
is spawned they will 20 into the banks which will
lend them On interest as they now lend their own
notes. The people can not get them from the banks
except on payment OF interest. What difference
does it make TO them whether they pay interest TO
the banks on what the banks owe or on what the
gousY7uent oWes2 What difference does it make to
them now whether they pay interest into the banks
either national private. on bank notes or legal
tender notes? The substitution of government notes
viii not relieve them from the payment CT interest
The same many millions" of interest viii be taken
from their pockets then as now, unless they quit
borrowing.
Il Is urged that substitution Will work a saving
OF interest to the government This is only possible
by the governments taking up corresponding
amount of its interest bearing bonds in exchange
for its noninterest bearing due bills substituted
Senators Thurman and Pendleton, would this be
honest7 Between private citizens you know it
h Wo1d e q not the interest Fss same it would ds
claring that interest on the bonds shall cease
and that they shall hereafter be legal tender as
money! Why not do this at once and save the cost
OF printing? The effect and the dishonor would not
be different Is there constitutional power TO do
either2 You know there is not. Why then delude
the people with promises and hopes that can not be
reached except through broken faith. tarnished
honor, and violated Constitution. You know the
promise win never be fulfilled the hope never
realized and you dare not tell honest people that
SeuatOrH- Will vote To do it
SILVER REcoNAeE.
On the silver question the new Democracy has
enunciated thus:
1--WE demand the removal Of all restrictions to the
coinage Of silver, and re-estabiShment OF silver
money metal the same as gold; the same as it was
before fraudulent demonstration"
Senator Thurman indorses and afirms this plat
form. The old silver dollar had been practically
demonetzed for forty years. No more than SSO00
600 of them had ever been coined. Not one in
thousand Of the present generation ever saw one;
and if the people be deluded into sanctonine the
new dogma of permanently iredeemable currency
not one in thousand will ever see gold coin in cir
culatiOn. Il will continue to be practically demone
tized and excluded from circulation as it has been
BY the depreciation OF legal tendesi their issue
Last year limited that the charge OF fraud was
reflection upon either the virtue or vigilance or in
teiligence OF Democratic Senators, all of whom had
voted for the act Of 1873 by which the silver dollar
was legcly demonetized. In his speech at Marion,
Senator Thurman did not deny that he had voted
for this law, but denied that demonstration was
effected by it, asserting that it accomplished in
1874 by the revised statutes But for the Senator's
well Known oaudor this utterance would raise =.
doubt OF his virtue. The established and in6exible
rule of statutory construction is that law which
revises the subject matter Of prior law supersedes
and repeals it BY necessary implication. Statutes
prior to 1873 declared that the silver coins Of the
United States should be the dollar, the half dollar
the quarter dollar, the dime, the half dime etc
This was their subject matter Here is the coinage
act of 1873 for which the Senator admits he and all
his colleagues voted:
The silver coins of the United states-not some
OF them, not part of them but the siluer coin
Of the United states Shall be trade
dollar q half dollar or fifty cent piece
a quarter dollar or twenty-five cent piece, and
dime, or ten cent piece and said coins shall
be a legal tender at their nominal value for euv
amount not exceeding five dollars in any one pay
wiz the Senator, on his reputation as a jurist,
ssert that the words the silver coins of the United
tates shall be- do not exclude every other coin ex-
ept those enumerated? VIII he assert their mean
ng 70 be that some other coins not enumerated
ball be silver coins OF the United States also7
VIII he assert that these words did not then eonsti
tute the coins therein enumerated to be the silver
COINS and the only silver coins OF the United Staes9
He can not The old silver dollar was by this act
dropped and thereafter ceased to be silver coin OF
The United States; and it ceased to exist it of
necessity ceased to be legal tender coin of the
United States. The compiers of the revised stat
utes Of 1874 did nothing but recognize what the
statutes of 1873 had already done For this act the
Senator and his Democratic colleagues voted. With
what candor then does he charge that the thing
which he and they did was the fraudulent of the
Republican party?
The amount OF silver required for the coinage Of a
dollar huStuates trom IS 70 90 cents in gold When
coined 1t becomes clothed with the legal tender
or debt paying power of hundred cents. The ex-
listing law requires the Treasurer 70 purchase silver
bullion at its market value. coin it and issue It in
the payment OF bonds and the public debts thus
saving TO the government this large profit and cor
respondingly relieving the people of the burden of
taxation Democracy demands that this restriction
be removed, that coinage be made FIRE, and that
every bullionist depoSiting bullion in the mint
SHALL on payment of the trifling expense have It
coined into legal tender dollars of the debt paying
power OF hundred cents thus giving the profit to
the bullion barnaele instead OF the government
Hundreds Of millions of silver is held in foreign
countries ready to empty on our mnts if free coin
this immense profit In what direction the Interest
OF the people lies is not difficult to see.
REPUBLIcAHIs1.
Republicznism. as I understand it. seeks equality
in the rights Of man. stability in the agencies and
instrumentalities on which is pillared success and
the prosperous immunity Of Industrial and com
mercia enterprise; and rest from unreasoning agi-
tftion incompatible with confidence, COOP
Grafton, and heRlthful repose Believ-
ing that mans equality before the
law was his right IL was given; that equal suffrage
his armor; 1t was bestowed that constitutional
and judicial safeguards were his bulwark, they
were guaranteed. Believing that stability ana uni
fofmity In the values Of all forms of money which
is the life current in the arteries of trade are essen
tal to the enduring prosperity Of human pursuits II
has labored TO bring them to a uniform and fixed
standard Believing that existing financial legisla
tion VIII. If steadily adhered to and faithfully en-
forced, secure the rewards Of labor through the
confidence OF capital, il demands rest from further