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

volumes of conflicting opinions to find the weight
OF authority. A search for the true financial doc
trine of Democracy encounters like embarrassment
Sectional differences its creed, and individual
opinionsare not continuously consistent with Them
selves.
In New York, in 1875, Gov Tilden officially rec
commended, induced the passage OF, and approved a
law declaring that and after January l. 1873 moth
lngbut gold should be receivable il payment OF pub
lie and private dues in that State.
his is the creed of Gen Ewing's gold barnacleS' v
The National Democracy, in 1S72 resolved, that a
speedy return to specie payments is demanded alike
by the highest considerations of commercial morality
and honest government" And again in 1876, THAT
we denounce the failure for all these eleven years
to make good the promise of the legal tender notes.
which are changing standard of value in the hands
OF the people, and the non-payment of which is a
disregard OF the plighted faith OF the Nation. This
Is the authoritative teaching of the National Demo-
cratic concave which Senator Thurman, at Mans
field said was infalliabe to restrain and correct the
soft money heresies of State platforms.
Last year Gen. Ewing was clamorous to make
greenbacks receivable for customs duties and con-
Yeruole into government bonds bearing low rate OF
interest This year Senator Thurman boasts that he
was instrumental in carrying through the Senate a
Dill making greenbacks receivable for customs du-
ing low rate of interest which Gen. Ewing boasts
he defeated in the House.
A FINANCIAL EUNUcH.
The Ohio Democracy forgetting the hard money
traditions of the fathers and the teachings of Jack
son. Benton, ard Sias Wright. scout the Republican
IDEA tnat the country needs repOSe, refuse to ac-
quiesce in the situation, demand continuance Of
agitation and the acceptance OF an untledged fnan-
elal eunuch as the only and true God. Here is the
I've demand the gradual substitution of legal ten
der paper for national bank notes and its permanent
establishment as the sole paper money Of the eoun-
try; receivable for all dues to the government and
OF equal tender with coin: the amount of such is
sues to be so regulated by legislation organic law
as 70 give the people an assurance OF stability in the
volume OF the currency and consequent stability of
value"
Is this goodly man child? Let its reputed father
speak. On the 9Th inst, Gen. Ewing ancient blum
derbuss shot off its annual discharge of bankruptcy
contraction, wage labor, money power, starvation
achlng hearts, deSOlate homes, misery, forced idle
ness, gold barnaeles, and tramps. This is the pow
der with which he frightens innoeents into the
ship OF his new born emasculate; but like Uncle
Gabe's gun, it ''has bin done shot afO." Hear from
the parent what kind of child it is. He says:
"A government paper currency, full legal tender.
except for pre-existing contracts, redeemable only
by recevability for public dues fixed in amount by
constitutional provsion-dS suggested IN the Ohio
Democratic pLdttOrna-and increased each year in q
ratio equal 10 the annual per cent of increase Of
business-would be a far more stable measurer and
exchanger of values than any currency which uetu-
ates in quantity with the tful ebb and flow of gold
and tosses the business of the country up and down
in seesaw of alternate prosperity and panic"
That is it; "fat money! new form of paper cur
rency of permanent Duration ncOnvertible. payable
to nobody redeemable in nothing And this is 10 be
made legal tender by force of legislation
or constitutional amendment Can the jug
Slery OF words deceive us? Read the platform
again: THE gradual substitution of United States
legal tender paper" What kinda paper exchange
aoIe I0r or redeeaoe IN cOln2 NO. Tor the Secretary
is 1orbldden TO hoard or Keep coin in the Treasury
with which to make exchange or redemption posi-
Bile. OF equal value with coin? No; for that would
make 1t depend on the ntful ebb and flow of coin.
1t shall be of equal tender with coin This is all
that is declared. Convertbility into coin is not
limited. How is 1t to be redeemable? Onlyin re-
ceivabiity for all dues to the Government What is
10 give it value? The fat of the Government in
making it legal tender and receivable for public
dues; not convertibility into coin.
Will its legal tender quality give it a fixed value?
Greenbacks have always had that quality yet their
value has huctuated between par and %
per cent What is the legal tender quality OF money?
It's debt paying power, nothing more Does not this
determine its money value? No. The value OF
money is its purchasing power-its power TO
purchase goods, labor, and produces 1t wholly
differs from its legal tender or debt paying power
When the greenback was worth only forty cents it
could purchase but forty cents worth of labor. or
bread and vet could discharge 100 cents of debt.
Why this difference? It is because purchase and
sale is the exercise of individual discretion retain
or part with property labor at will: il is not
thing of compulsion. Men do not voluntarily give
100 cents worth of their valuables for forty cents
worth OF money. Its purchasing power, therefore,
depends on the value which men in their business
transactions voluntarily give it But it is not so
with its debt paying power This is given TO il by
the government Wnlch mas power to declare what
the creditor shall receive from the debter in the dis
charge of his debt for, the creditor can COM
pei payment otherwise than through the judicial
tribunals of the government it has power 70 say to
legal tender he shall not have judicial inter
vention or legal process to aid him. 1t
accept, as dollars OF the value OF
100 cents each. iwhat il stamps as dollars
whether they be of that value or less he shall not
have anything by legal process. This is legal tender.
But the government has not power to compel the
citizen to part with 100 cents worth of his prop
erty or labor in exchange for nominal dollar OF less
commercial value than a 100 cents. Thus
while the legal tender function of money. its debt
paying power, is compulsory and may be arbitrarily
sovereignty, its purchasing power is voluntary de-
pending on its commercial value, and not on the
fiat of government. Government can not compel
citizen to sell or part with the same amount of Ia
Dor property fora paper dollar he is willing to
sell part with for coin dollar: and he will not
do it unless the paper dollar is of equal commercial
But the new gospel of Ohio proposes to revoIu-
tionize the laws of nature, and sub
for the inexorable will of eommerce; to
establish, as the permanent circulation, form of in
convertible and permanently irredeemable paper
currency OF equal legal tender or debt paying power
with coin, which shall also have equal purchas-
ing power with coin. Is it sincere? Look again at
the jugglery of its words:
by pursuing its merciless power of contracting
the paper currency and boarding gold, the Repub-
icar party has increased continuously the value of
lutte repeal of the resumption act, and the lawful
liberation of the coin hoarded in the Treasury"
For what reasons? Only two are pOSsible-one
that legal tender notes will never be redeemabe in
coin the other, that their value shall not become
equal to coin Is not this so? Why else should they
arraign the Republican party for endeavOring 10
make them equal in value TO- and exchaDgeable
for, con by merciless contraction and boarding of
coin? There can be no redemption without coin in
the Treasury with which to redeem; none will ever
come into the Treasury if a currency of less
value than coin is made receivable for all pub
lie dues. The Secretary of the Treasury can never
pay coin in the redemption of currency without
the authority OF law, and the repeal of the only law
authorizing it is demanded.
Without authority to redeem, without coin with
which to redeem, and the only means Of obtaining
coin abrogated. will it be insisted that the new
tangled currency proposed to be substituted is in
tended to be exchangable for, redeemable in or of
equal value with coin? What will tend to make or
keep it so? Nothing but It's receivablity for public
dues. Can this float and keep at par seven hundred
millions OF paDer money? There were but S375, ,0O0,
900 of legal tender notes in 1870 They have always
been receivable for all public dues except customs
duties. The nearApprOach OF their REDEMPTION in
coin has been settled conviction in the public
mind. Yet these two Influences were insufficient to
bring them to par. Only the power Of merciless
contraction and the boarding of gold, says the
gospel, has caused their appreciation. The annual
customs duties does not exceed Sl50O00,000.
Make them receivable in currency and the demand
for il will be augmented by that sum. II rectiv-
ability for all other public dues, united with their
legal tender power and the conviction Of their Rp
preaching redemption, was powerleSs 10 bring $780,
900 of legal tender notes TO par without cOntrac
ton aud boarding how receivability for public
dues alone bring and maintain S700,0O0000 of in
and permanently irredeemabie paper
to par? II can not; it is not intended.
What will be the form of this new tangled illegal
tender" paper, whose permanent establishment as
the sole paper money of the country" is demanded
II