Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-09-26

the wealth of the country upon which your Cat
money Il based. OF oourss I cannot give you what
Now you begin 70 perceive that the forty or city
thousand millions worth ofprepTty in the country
may 90 magnificent security to base fat money
upon, but you cannot foreclose the mortgage upon
single blade Of grass. That may queer 10 you.
But it is the peculiar beauty of fiat money based
upon the whole wealth Of the country.
There is nothing ridiculous than to hear
these natinoney doctors pretend to have made
great original discovery and to parade it before
az the most progressive idea of the age Why, it is
story thoIs md years old They had such money
in China In the ninth century of this They had
it in Persia toward the close of the thirteenth
ry. They had it in the American colonies in the
seventeenth century in the shape OF bead and clam
shell currency. They had it in France at the be-
ginning Of the sixteenth century under the manage
ment OF the great progressive Scotch fnancier, John
Law. They had it in France during the great
luton in the shape of the assgnats.
They had it in this country again during the
| of Independence in the shape OF the continental
money. always In all essential features virtually the
same. paper money based in some indefinite way
upon on indefinite Something In some Cases without
it. in cases issued under the stress of eli cum
stances, in for financial speculation; and
Whenever an Imitation of paper money was either
part OF the scheme forced by necessity, the final
result is always the same-deprecition of the
money. that depreciation leaung 10 new issues the
new ISSUES bringing forth more depreciation and
body believing himself rich for time. until
finally the whole airy fabric broke down general
confusion. bankruptcy and ruin. When il became
| apparent that the grand indefinite something upon
which the paper money was based the power OF the
Emperor of China or the wealth of the country,
practically amounted to nothing mortgage Sc
curity, and uniformly in the break down the poor
people the labo,ng classes suffered the greatest DIS
ress. and in every issue after the great collapse peo
pie came painfully to the old conclusion again. that
alter ALL the precious metals were the only safe basis
| OF money system, and they gathered up the few
coins they could lay their hands on, and upon the
ruins Of their foolish hopes and windy
! once more, in y cautious and prudent way. And
| now the old scheme exploded again
and again. with thousand years history its back
fu OF rum aud disaster. is dished up to again
brand new discovery. and as the great progressive
| idea OF the century.
think may take leave Of fat money and TURF to
our Democratic friends who possessed with the
| Ohio idea" Ii L understand correctly the newest
phase of the Ohio idea" put forth by the Demo
cratic convention OF this State and several cOnven
tons i'll other parts of the country. it is follows
Inc resumption act is to be repealed all reduction OF
legal tender for duties IMPORTS all restrictions to
the unlimited coinage OF silver to be removed; the
national bank notes are to De Withdrawn and green
backs issued in their stead the sale of bonds for the
purchase OF coin resumption purposes is to be
stoppcd the volume of the greenback currency is TO
| be determined upon by legislation constitutional
amendments 80 TO insure the STABILITY of their
value as well as volume" think have stated il
| fairly.
That man thoroughly welded to the irredeema-
| bic paper mania should make such platform his
own. can understand. Iu fact. it there is any logic
in this programme it means the permanent establish
ment of rredeemable paper money with all its disas
| trous Influences.
FIrst-rhey demand the prompt repeal of tho re-
sumption act remember Democrats the
Senate who voted against the resumption act not be-
cause they did not desire resumption but because
tney did not think the act clear and effective enough
myself criticised it on account OF some of its imper
fections, but voted for 1t because was determined
| to support any step in that direction. L have
since been glad that did vote for the resumption
xcL in spite Ut it's impetectiOns has proved far
1 effective than many supposed it would. In 1876
| tie Democratic national convention demanded the
repeal OF the resumption act not because the con.
~' il Was earnestly ior and b
| cause as was pretended the resumption act was an
obstacle to resumption. thing which have never
| been able to understand And now your Democratic
| convention and many others demand the repeal OF
| the resumption act not because it
| is obstacle TO resumption, but because
| it has brought Il on And indeed unless they hurry
up that repeal quickly, it will appear like the repeal
| of last years almanac Now. what is the meaning
of this demand for the repeal Of the resumption actf
Here stands the government aud says, For sixteen
years have promised to redeem these treasury
n0tes demand dollar for d0llara dollar In coin
for dollar in paper For sixteen years that prom
to fulfill it. am abs and ready to make and keep
| The pensioners and the laborers dollar, the mer-
chants and the manufacturers dollar good as the
| bondhOlders dollar. l am able and willing to give
the business OF the country the safe foundation of
| sound currency, uniform and stable in value. in
| harmony with the money Of the world. All want
is be permitted to execute the law" The
government says, Il have some $346. 600, 600
III greenbacks to take care Of With the coin have
redemption of all OF that quantity that
are likely to be presented for redemption. There
are 1924, SOC. 900 OF national bank
notes in circulation, hich are reedemabie In green
backs This system aids me powerfully in commend
ing and maintaining redemption, inasinuch ~ it re
neves OF direct responsibility for about onehalf
| If our paper currency, while all Of it will maintain
| the same current value Were Idirectly responsible
| for the whole mass OF paper money, $3.50 OU0 600.
my coin resources would not De sthncient 10 resume
friends. answer I'VE demand That the national bank
currency be Withdrawn, and gresnbaeks for which
the government is directly responsible, put in its
place. This we demand, whether it renders YOU
| unable to resume specie payments Or not
Now, need l tell any intelligent being what the
be enacted into iawss Not only to prevent the re-
sumption Of specie payments now, but to render the
resumption of specie payments utterly impossible as
1t helped cur Democratic friends very little to put
| forth the fantastic promise that the amount Of
orsanS aws ss he psops Of
stability in the volume OF the currency aud the con-
| sequent stability of its value" The idea to es.
tablish by constitutional amendment to be assented
to by threeourths of the States that is by twenty
| eight State Legislatures. how much money the
country is to have-and when the amount so fixed is
DuAd too large or too small that 1t should not be
| found possible to change il unit; the assent OF
| twenty-eight State Legislatures be again obtained
for the change that idsa is ehldshy prepoetereus
that must wonder how serious could ever
have entertained IT,
The other proposition that Congress- by legisla-
ton is to be the permanent authority to regulate the
volume of the currency, and consequently the value
scarcely less astonishing coming as 1t does from
Democrats who pretend 20 be SO faithful to their
| time-honored principles. Have you considered, my
| Democratic friends, what aw al power you thus
propose perpetuate in the Congress of the United
Sates You yourselves admit that the value OF your
| irredeemable paper currency will depend upon its
| volume. Congress Is to fix that volume and by IN
creasing diminishing it. Congress is therefore to
determine what every dollar IN the land shall be
worth The value OF every piece of property ofsvery
article OF merchandise OF every private fortune. OF
every chance the contractor has in his contract OF
| every dollar the laboring man has in the savings
bank the merchant on deposit will be at the
mercy of the Congress of the United States No man
can make an investment no merchant can sell or buy
lot of goods time. manufacturer can accept
ORDER contractor make contract for O
railroad or building without Congress having it in
it's power determine their profit loss by regu-
ating the volume and consequently the value, of the
currency, up or down.
| 1t Is not only question of congressional wis
dom. The very fact that Congress is to dispose