Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1878-10-31
Tas Democratic Party and the Currency.


There is no more instructive chapter
in our history than that relating to the
trials and disasters 10 which the people
have been subjected on account of the
want OF proper and well-settled sys-
tenn Of money. Since the organization
Cf the Federal Government the mon
eyed interest Of the country has sought
10 control its monetary circulation. AT
the present time il is endeavoring,
through the instrumentaIity Of the Re-
publican party, to perpetuate the public
debt and render the National banking
system permanent, in order that per-
manent control may thus be secured
over the currency, and through that
over the political as well rs business af-
fairs OF the nation.
Every act Of Legislation since 1861
has been influenced or controlled by the
Money Power so as to work to its adj
vantage and to the disadvantage Of the
people at large. In most instances the
legislation procured was done 50 steal
thily-aotably in the case Of the demon
etIzation OF siIver-that The public did
not discern its object until its effects
were felt. During the present ) ear the
Republican party has endeavored TO ig-
more this vital issue until recently, when
its leaders, becoming alarmed at the
growing sentiment OF Indignation to-
wards II on account Of the vicious finan-
cial legislation which il has fastened
upon the country in the interests OF a
favored class and a gigantic monopoly,
have set up the cry Of "hard money"
and proclaimed themselves its cham
pions. This is a mere subterfuge. The
Republican party is not and never has
been "hard money" party, but always
has been the reverse, and now il only
preiends to be for hard money for the
purpose Of deluding the people in order
that it may permanently establish the
National banking system Of paper cur
rency. On the other hand, The Demo-
cratic party has everywhere met the is.
sue frankly and fearlessly, and nearly
every State platform is but a reiteration
Of the time-honored principles OF :he
party in favor of gold, silver, and the
United States Treasury note, and against
n paper currency issued by private cor
porations. The record Of the Demo-
cratic party upon these important ques-
tions will bear the closest scrutiny. An
examination of the records of Congress
and Of contemporaneou history, from
the organization Of the party down to
the present, will establish beyond the
power OF relutation the following facts:
/. That since its organization the
Democratic party has uniformly and
consistently advocated gold, silver and
the United States Treasury note as the
circulating medium of the Nation.
III. That the Democratic party orlgi-
mated the Treasurynote system Of money.
III. That the Democratic party has
uniformly and consistently opposed
paper currency issued by private COR
porations.
Nv. That the rebellion did NOT OPP
pose an issue of Treasury notes, as has
been repeatedly and falsely charged by
the sEators and writers of the Republi-
can party, but that it favored an issue
Of such notes in accordance with the
Democratic theory upon the subject in
q form that was entirely free from con-
stitutional objection.
v. That the Democratic party Of the
present day stands where the party has
always stood, an favor Of gold and silver
and Of substituting United States Treas
ury notes, receivable Tor all dues TO the
Government, for the paper currency of
private corporations. These PROPOSE
tions established, it must be manifest
that the people OF the United States can
hope to secure a sound and stable mons
etary system. free from the expansions
and contractions aud attendant money
panics, and commercial crashes which
characterize the bank currency system,
only through the success of the Demo-
cratic party.
|. zAe Democratic party originated
the Treasury note system Of moaey. In
1911 the charter Of the first United
States bank expired and was not re-
newed, the leading statesmen Of the
time opposing gitsre-charteron the ground
that it was unconstitutional, anti
American. and strictly British institu-
tion." 1t became necessary for the
Government to take some step that
would furnish means for Ifs support and
afford relief to the people. According
~ the Committee ct Ways and Means
Of the House, that met the incoming adj
of President Madison. re-
10 The House bill author
izang an issue of two glasses of Treasu-
ry notes: one Of over 500 bearing m
lerest, and the other Of notes OF dcnom-