The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-12

ble 10 ascertain the amount Jhey nave
Maid ont as dividends. was in hope
the Secretary of the Treasury would
have enlightened us on the subject in
his Toledo speech, but he did not. Ihey
have. however, paid semi-annual diVl'
dends of from three to twelve per cent
/ see by the examination before the
Committee on Banking and currency,
that their aggregate capital is about $4OO'
100000. and that they have on hand sur.
plus undivided profits to the amount OF
$173 900 900, equal to nearly two'tiths OF
their capital, over and above all divl'
dends. This, during the fourteen years
that other enterprises have been suffer-
ing, and financial ruin and wreck pre-"
yailing on every hand. 1t is idle TO DIS
cuss the value of the privileges conferred
by their charter in the light OF such a
showing, and foolish to assume that
their political power will not be consoll-
dated and be inimiCal to the interests of
the masses of the people.
The Democratic party propose that the
entire paper currency be issued directly
by the Government, and that there be
"stability in the volume of it, and con-
seuuently stability in its value"
do not understand by this that vol
ume be kept at fixed amount, regard
less of the increase of population and de-
yelopment of the resources of the count
nv, but that the volume shall keep pace
with its growth and development. Nor
do | understand that its stability shall
depend upon its Convertibility into spe'
Gle on demand Thiswould require that
the volume should be regulated by the
amount of specie in the country, which
is q matter beyond the control OF Congress
This would require that the volume ex-
pand or contract, according to the acci-
cidents and vicissitudes ofCommerCe, or
the interest of any rings that might be
formed, powerful enough to control the
volume of specie.
It is to be q stability in value conse'
uuent upon its stability in volume. 1t
recognizes the fact that the volume OF
currency regulates the prices of COM
modities, and so long as the ratio between
them is preserved, and 30 long as the
income of the government would exceed
its expenses, 80 long as the Government
received it for all dues there would be
stability in value, and no more general
shrinkage in prices of commodities. Are
we then opposed to the use of gold and
silver as a currenCyP Certainly not.
When it shall become abundant in ac.
CordanCe with the laws of trade, it will
circulate. When Government finds it
flowing into the treasury let it pay out.
But we would not issue bonds to buy it
for the purpose of putting it in circula-
ton. II is not correct to say that ire
deemable paper is necessarily unstable
in value 1t NAV be 80 with banks and
private corporations, whose liabilities
and resources are unknown to the pub.
lie. 1t is not the case with the paper OF
a government whose resources and LA
bilities are known to the world. Intrin-
sic value is not the true measure of the
purchasing power OF currency To-day
the trade dollar that contains APO grains
silver has a purchasing power 10 pr cent
less than the legal tender silver dollar
that contains aut 412 grains.
But it is claimed the Supreme Court
has decided such an issue of greenbacks
unconstitutional. This is mistake. The
question was never before the Court. Ii
could not be, from the fact that no such
issue has yet been made. The Court
might have held greenbaCks issued in
time Of war, when the expenses of the
Government exceeded all possible in
come, and when not made receivable for
all dues to the Government unconstltu.
tional, and yet sustain the issue proposed
to be made now.
In his Massillon speech, Major Nc
Kinley accuses the Democratic party OF
hostility to greenbacks. He says:
"The Republican party sought at the
last session of Congress to remove the
only barrier to absolute equality by
making Greenbacks receivable for GUS
tom duties after Oct. 1st, and receivable
in payment of the four per cent. bonds
upon the same terms as coin. This
passed Republican Senate and was de-
feated in Democratic House. Every
Democratic Congressman from Ohio vot-
ing against it,"
should think they would. So would
every friend of a GreenbaCk currency
So would every opponent Of contraction
of the currency. That bill ought to have
been entitled "a bill to enable the Secre-
tary of the Treasury to contract and ex-
pand the volume of the currency at plea.
sure" Such would have been the effect
of it. Whenever the amount of coin in
the country became diminished, and gold
rose above par in Greenbacks, the Secre-
tary would sell bonds and lock up the
Greenbacks in the Treasury until their
scarcity should again bring them to par
with gold. 1t was but another cunning.
ly devised scheme to force the resump-
ton of specie payments by contraction of
the volume of paper currency.
REBEL CLAIMS.
There appear to be grave apprehen-
sions in the minds of the public on the
subject of the payment of Rebel claims.
1t is right that you should understand
my position on that subject. 1t is true
~ that payment for slaves emancipated in
the prosecution of the war, and for debts
contracted in aid of the rebellion are pro-
hibited by Constitutional amendment
But there is large class of claims for
property seized and damages inflicted by
the army in the prosecution of the war.
According to the laws and usages of ma
tions, the government was not bound to
pay for any property so seized or DANA.
ges 80 inflicted upon citizens of the
States in rebellion, whether such citizens
were loyal to our government or not:-
AS an act of military policy, however,
during the prosecution of the war, the
Government directed that for all stores
of forage or subsistence seized by the
officers Of the army for its use certificates
should be given to be paid on proof Of
loyalty. To the extent that these
pledges or certificates had been given,
such claims should have been paid to ali
loyal citizens. But the Republican par
tyhave gone further and paid and pro-
vided for the payment of many millions
of dollars of other claims where no such
pledges or certificates had been given,
providing the claimant gave satisfactory
proof of his loyalty. To all such legisla.
ton l am opposed. It offers a premium