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

numerical majority, has been able TO
wiring from Republican Senate.
If the financial question is disposed OF
what is to be the currency OF the future?
The entire amount of gold coin and bull
lion in the country is, according to the
best estimation, in round numbers 500
100000, silver coin and bullion 500 600
600, greenbacks to be kept in circulation
$347 100000, National bank notes $500
00,O00, and we will assume that the re.
sumption act authorizes an unlimited
issue of them, restrained only by the re-
quirement that the banks shall redeem
them in specie on demand.
What assurance have we that the
amount of coin can be kept in the count
ry? Our bonds are held abroad, as ad'
mitted by the Secretary Of the Treasury
in his examination before the Commit.
tee on Banking and Currency, to the
amount of 5000 100000, Should the
holders of these bonds return them for
SALE they can at any time exhaust the
country of coin. There is also large
amount of railroad and other corpora
ton Indebtedness held abroad, liable to
be returned for sale at any time. Is it
not in the power of foreign bondholders
by forming ring to the extent of 5000
100000, and sending their bonds here
for sale, to break the treasury at any
timer
What means have we then to keep up
even this amount of coin2 The aggre-
gate products of our mines in gold and
silver, amount annually to but about
$S5,000,000, about one.half OF which is
annually exported, and portion of the
residue consumed in arts and manufac'
lures. But we are told the balance Of
trade is in our favor now, and as result
of this, gold will flow into the country.
1t is said our imports have fallen off
largely and our exports largely increased
The excess of our exports over our i'm
ports since 1874 is stated by the SeCre-
tary of the Treasury in his Toledospeech,
at S507 7459,l97. Yet our export of gold
coin and bullion exceeded our imports,
during the same period, Sl27,lSS,707.
During the three preceding years, when
the balance of trade was against us, the
exports of specie were but Sl67 436 9Sl,
This suggests the problem, If with bal
ance of trade to that amount in our IA
vor, the exports of coin and bullion was
Sl27 1888 797 over our imports of the same
articles, what must be the balance in our
favor before there will be an influx of
gold or bullion? | confess myself une-
qual to the solution. But are the statis-
tics of our imports reliable. Will not all
calculations based upon them prove de-
lusive2 Is there to-day any real balance
of trade in our favor? Or is the appar-
ent balance but the measure of the ex-
tent to which importers elude the pay
ment of duties by under valuation and
false invoices? If, on the other hand,
the amount of coinin the country should
be reduced by circumstances beyond the
control of Congress, it can only be sup.
piled by the issue and sale Of bonds
abroad, thus indefinitely increasing the
interest bearing debt Of the Government
But it will be found impossible to float
$647 900 600 of paper money with only
$265,0OO,O0O of specie in the country.
Gen. Garfield in his Massillon speech ad-
mits the impraCtiCability of it, if the pa.
per is all issued by the Government. He
says
'By an additional issue of$324, 100000
of greenbacks, they make the treasury
responsible for maintaining at par $500
100000 of paper. Every intelligent man
knows that the treasury cannot keep so
large volume at par"
Will it not be found equally impractic.
able if one half of the paper is issued by
the banksP And it is under this disposi-
ton of the question that capital is ex'
pected to seek investment, and indust-
ries are expected to revive" Capital un.
der this settlement of the question will
see nothing in the future but further con-
traction and shrinkage of values, and
will continue to be boarded, and indus
try continue paralyzed
Under this settlement of the question
the country needs repose. How did these
gentlemen ascertain this fact? No petit
tions have been presented to Congress
praying for this repose. They do not in
fer it from the multitudes that are aban.
doning the ranks of the old parties and
forming new ones. They do not infer
it from the rapid growth of the National
and GreenbaCk parties in those States
where the platforms of the old parties
favor forced resumption, or speak in un-
certain tones. Secretary Sherman found
no confirmation of this in his reception
at Toledo the other night. Gen, Gar
field exhibited no sublime faith in it,
when, the other evening at Massillon, he
argued with such desperate eloquence in
favor of large standing army to sup
press disturbances that he apprehended
may follow in the wake of this settle
ment. No, it is not disposed of, 1t is
not the country that needs repose. 1t is
the authors Of the policy of forced re-
sumption and their followers in Congress
who are seeking to perpetuate it who
need the repose. And the public will
see that some of them enjoy it after the
expiration of the present Congress.
But the Republican party do not con-
slider the financial question disposed Of
In his MassilIon speech Gen, Garfield
says: "While 1 do not believe in the
Government turning banker and beCom.
ing a permanent issuer of currency, l
am willing, for the present at least, to
maintain as many greenbacks in CirCula-
ton as can be kept at par with coin, and
no more"
Gen. Garfield is undoubtedly the lead
er of his party in the House. He is Ger.
tain of re election, | presume. Should
his party have majority in the next
House, you have in these few lines fore
shadOwed the policy of the party on the
currency question.
The Democratic party propose the
abolition of the National Bank system as
banks of issue, and the substitution of
legal tender notes instead. The direct
resulting to the government
in this would be saving to the govern.
ment of interest on about 300,000,0G0 of
government bonds, amounting to about
SIS 100000 annually if applied to the re.
demption of the per cent bonds. 1t
would also have the benefit of the loss
and destruction of the currency that oc-