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

country which had otherwise bee1- doomed to
inevitable overthrow, IS like holding the authorities
OF city responsible for incurrng necessary expen-
ditures in defending il against the mob 1t exorer-
ates the thieves and marauders, and eliminates the
authorities. It was hardly candid in the Senator
Nor does his denunciariOn OF it because the balance
OF trade was then a hundred millions of dollars
against us accord with the denunciatiOn of it by
Cen Ewlng, because the balance OF trade IS n0lg
$3.50 100000 in fduOr. The Senator saw in this
unfavorable and adverse balance only a symptom of
wicked policy. Gen. Ewing. the other hand. secs
IN the present favorable balance only the evidence
OF sin and imbecility. It is only a difference OF
opinion under different political exigeneies. But
money ring of the old Jackson Democracy, and show
that he was always in favor of rags, and only
opinions
But he STANDS squarely upon the platform. 1t de-
mands the SUBSTITUTION Of nat paper currency for
nauonA bank notes. How does he pro-
pose to accomplish this? Either bv
employing this currency in the purchase of coin
with which to take up the bonds held bv the banks:
or in the direct purchase Of these bonds from The
banks; or by compelling the banks to accept it in
payment and discharge of their bonds The first
Gus premiums. A thousand millions Of this money
would not purchase coin sufficient to take up the
bonds: and the attempt to DO so would revive gold
gambling and perpetual Black Friday. The third
is impractcable withouta breach OF public faith and
national honor
Judge Thurman, you, and Mr.. Pendleton are SEN
ators of Ohio. Your constituents have a right to
know what, in your places in the Senate you will
do or not do viii you, either of yOu as Senator'S
creditors in violation Of pledged faith and pighted
honor to accept its nOninterest bearing promises
never to nay in exchange for its interest bearing
cuTltles payable IN coin at liked time? They do
not want for answer that it would be nice thing,
or that it would work great saving of interest to
the government. That would be the jugglery of the
politician. They want the answer OF practical
DO it?
Why mock and deceive the people with alluring
theories and fascinating possibilities. The S OOO
600 of bank notes can not be substituted by United
States legal tender currency without law authorZ-
ing It's issue. Mr.. PendletOn, IN 1852. denied the
constitutional power to issue the present green packs
even in the exigency OF war, and at GallPolis, in
1873, said:
4 thought that law unconstitutional then-I
think so RolD"
Its eonstitutionality was affirmed only on the
ground that it was a war necessity by majority
OF the Supreme Court, which the Democracy every
where charged to have been packed for that pur-
pose; every Democratic Judge dissenting. The Su-
preme Court held the old United States bank to be
constitutional. When Congress passed a law crea-
ting new charter of the bank, President Jackson
was urged 70 approve II on the ground that this de-
eisOn settled its constitutOnality. But he replied:
Il, as President have TO support the Consti-
tuition as understand it. thought the old charter
unconstitutional and the decision of the Supreme
Court did not change my opinion I was bound by
1t so far as executing the old law was concerned.
ter. Believing as do that it is unconstitutional,
and called upon under the obligation of my official
oath to approve or disapproye the new law, l can
not and by the eternal will not approve it"
Senators Thurman and Pendleton, will you, or
either of YOU in the Senate, because a packed Su-
preme Court held a particular law constitutional,
propose or vote for a similar law which in YOUR
conscience, you believe TO be unconstitutional?
VIII you, or either of YOU in the Senate, assert the
existence OF constitutional power to issue, in time OF
peace United States legal tender currency either of
the kind now in circulation, or of the permanently
platform? Will you, either OF you, as Senators,
vote for law authorizing further issue of either
class of such currency in excess of the $500 OO0OO0
Limitation now fixed by law? You have time and
opportunity to answer these questions, and your
constituents demand to know what you will do as
Senator'S not to be mOcSed and deluded by the gilt
erng and impracticable theories Of platform litera
ture.
GENERALIZATION.
Senator Thurman comedies that yielding to Con-
gress exclusive authority to supply and regulate the
currency of the country vests in that body danger
Gus and disturbing power. Il converts the govern
ment into a great banking house, the danger of
which can not be oyerestmated. II is the Of
the absolute and uncontrolled au-
thority Of the central government over the entire
wealth and business of the people, through the ab-
solute and uncontrolled power over the entire
money of the people; contracting or expanding its
volume as the wisdom, interest, or stupidity OF a
political Iunta may dictate Its exercise OF such
power the labor, business. or property OF the
people, contracting, expanding controlling them
at viii, would not be tolerated by other tnan na-
ton of serfs or slaves. If it were, should we not
expect sad state of affairs to result confusion
be cOnfOunded and corruption run riot2 What
then can be expected when Congress shall perIna-
nently control the volume OF currency, undeF the
pretense of making and keeping it equal TO the
wants OF trade embracing ana affecting as II does all
otner interests, VOtnS II up or VOllhS II uOWn aS
political fortune or partisan purpose or the Wall
street lobby shall dictate or the mammoth
speculative and gambling interest concentrated at
the great commercial center shall demand? Are the
modern virtues which gather in Congress Hall su-
periOr TO these influences? They are not, if half
which is said OF the purchase OF Democratic nomlna-
tiOns be true.
1t is essentially a disturbing power. Is not its
alleged wrongful exercise for the last hIeen years
by corrupt and "mercilesS contraction" the chief
count in the present Democratic Indictment the
principal ground for the embittered warfare against
Republican ascendancy2 And IS II supposed That II
can or will be exercised intelligeutly less
under a different ascendency; that il will
not continue to evoke the same bitter examinations
and recriminations?
It is a power which Congress, however honestly
can not intelhgenty exercise Business
wants arc local The direct power Of Congress over
the currency must, if exercised, be in its nature
general, and affect the entire country. What would
propuce plethOrain one locality might leave scarcity
in another, The volume OF currency must ebb and
flow according to the laws OF supply and demand like
other forms OF commercial wealth. What the wants
OF business require in any particular section or DIS
body assembled from the four quarters of the conti
nent nteligently understand or correctly judge, or
judiciOuSly relieve these local wants How can the
sugar fields of Louisiana or the rice swamps OF Caro-
lima appreciate the iron wants OF Pennsylvania, or
the lumber wants Of Michigan?
NATIONAL BANKS.
I am not and never was directly indirectly iu-
tereSted in any bank. am not and never was cl-
rectly or indirectly the holder OF government
bond neither the destruction of the one nor the re-
of the other would affect 70 the extent OF
] barleycOrn my personal interests. What say OF
them is from conviction of right.
Business interests best flourish when free TO the
control of business wants aSceItained and deter
mined by business men. Capital will invest in the
industries of any locality whose wants demand ii;
If improvidently invested, the demand ceases, It
will withdraw. Is there any reason why the cur
rency like every other interest will not be best sub
served by q system OF institutions free 10 all,
similar to the existing banks II better can
not be devised. as far removed from political
influence as possible, and under which the volume
Of currency in any district or locality viii expand or
contract according to the business wants as deter
mined by the business interests and the business
men of such district locality? If more De needed
il will be set afOat II less, il will be Withdrawn,
not as determined by the judgment caprice or him
)f a political Congress, 10 whom the wants OF the
ocality can not be known, but by the judgment OF
he men who know and determine what these wants
demand from personal contact with them. A cur
ency under such system. convertible AZ pleasure
ntO coin. secured by the pledge Of government Sc
,uritieS and backed by the credit of the nation can
fail to be the best paper currency paper in the
world of uniform value throughout the nation, IN
'oume sufficient for the wants of every commu-
lity and in purchasing power equal to, because
convertible into coin. Under il the wants OF busi-
less. as the standard Of volume has practical sig
lificanee; contraction and expansion never result
ne in any shock 10 or sudden disturbance OF the az
,regate. II places within the reach of every COM
nunity, whatever volume of currency its wants may
iemaud or willingness create. II it lack, II is itself
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