Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-05
Wives and Daughfers.

carried 70 the extent OF national peril when the NE
of the nation is at stake 1t ought TO be redeemable
SIS soon as the public exigencies will permit. II is
not money, but the promise to pay money. These
are axoms of political economy the truth of which
money only in the midst of such peril Our error,
II any, has been that We have delayed too long the
almost complete, and gold and silver and paper
money practically convertible one into the other,
when there is the same money for the bondholder
and the noteholder the rich and poor, when silver
can be had for notes, and gold in ample stores
awaits the day of resumption, Republicans
should not debate the question OF the repeal OF the
resumption act.
WE ARE RIGHT AND WE SHOULD GO AHEAD.
With all our promises record, we should not be
deuded by the CRY for fiat" money. Precisely what
is the meaning of this phrase do not know, but /
presume it means a money that is not measured by
any other that is not redeemable in any other, but
has its origin force sanction and value in the man
date OF the government aud will vary day by DAY IN
purchasing power.
As between this kind of money and the old green
back regenerated, restored convertible into com;
the standard of all value and the medium OF all
payments am for the green5ack against nat
money great nation like ours rich in varied re-
sources. with free people of remarkable Intelll-
gence is not driven to resort to any expedients
which would affect the public credit or the
public debt or disturb harmonious relations in
trade with foreign nations but should adapt its mon
ey to the money of the civilized world make il as
good as any other money, and maintain its standard
OF value as high as that of any coin ever issued from
the mint.
Some of you who believe in ''fat'' money say you
desire the result but il is clear that you can
only maintain this money at par with coin either by
careful limitation of its amount. by actual re-
demption in coin when demanded. If that is what
You mean by fat money, then we will not disa-
gree; but il is well known that those who advocate
fiat money want to increase the amount beyond
sum that be maintained at par with
money by making it less valuable than
coin.
WHO DESIRE CHEAP MONEY.
I can imagine how man deeply in debt and hop
ing TO escape bankruptcy may desire to cheaper the
money in which his debt is to be paid. but why
should laboring man whose daily toll is measured
by the money he receives desire to cheaper that
money? Why should farmer who sells his pro-
ductions for money desire to lessen its purchasing
power? Why should prudent thrifty, industrious
man engaged in any occupation who hopes by his
thrift and industry to aseumSlats toI nmss Ell com
OF unstable value? 1t is the interest OF every one
engaged in industrious employments, who is not
speculator or q broker, to have fixed standard OF
value If any of you who labor are farmers, me
chanics belong to any of the industrial classes of
life, and have hope from deprecated money. you
will be greatly misled.
EVILS OF IRREDEEMABLE MONEY HERETOFORE
All the great men of our country, our revolution
airy fathers and their descendants in the OF 1872
and the statesmen OF the days of Gen. Jackson.
and experience led them to the conviction that gold
and silver coin, or paper money well secured and
convertible into gold and silver coin, was the best
for all classes and for all industries.
In these general views in favor of resu mption
adopted by the Republican party we have had the
sympathy and concurrence of a certain portion of
the Democratic party who though they always by
instinct and habit voted against every measure OF
the Republican party from the beginning OF the
war to this time even i'll the darkest hour OF the
war. always proiessed to be in favor and talked in
favor of good money redeemable in coin This class
OF Democrats, though they opposed the resumption
act didt because they declared it to be hinderance
to resumption, and denounced US because we did
not resume sooner This the position of the las
National Democratic Convention.
SENATOR THURMAN IN ACCORD WITH REPUBLICAN
POLICY.
Senator Thurman my colleague for many years in
the Senate OF this class of Democrats, and,
although our financial measures did not exactly
please. him; and he generally voted against them,
vet he freely said, like Mr. Bayard and others, he
desired resumption, and stood by the old Jackson
Democracy in favor of hard money. The exigencies
OF party tactics have led him recently TO make
speech to which, with entire respect for him. de-
sire briefly TO reply. So far as he seeks to show his
consistency and concurrence with his fellow Demo-
Gratis il is domestic matter ano VIII not interfere,
but some OF the positions taken by him must con-
test He says:
81 think / do them no injustice when 1 say that
the leaders OF the Republican party in favor OF
directly the opposite course-that is to say, they
would retire all the greenbacks in order that their
places might be filled with national bank notes."
SENATOR THURMAN's ASSERTION EMPH ATIcALLY DE-
Senator Thurman is greatly mistaken in this posi-
ton. As have already shown, the Republican
party not in favor of retiring the greenbacks in
order that their place might be filled with national
No doubt some Republicans, like some Democrats,
are in favor of the United States Withdrawing from
the business of issuing paper money but the Repub
hcan party has never taken such position, and
now distinctly maintains the right and duty OF the
government to keep in circulation such an amount
of United States notes as can be readily maintained
at par with coin.
In every law authorizing these notes there is
limit fixed to their amount.
During the war the guarantee was made. and
never has been violated, tina. the amount should
orNh anti hnrifN hae
been conferred upon any officer of the government
to reduce the amount below $500 900 00 but the
minimum limit is fixed as have already stated, at
S346, ,6Sl ,016
IsHED.
In his speech at Hamilton, Senator Thurman
openly advocates increasing the amount of United
$685. 900 by issuing United States notes in place
of the national bank notes outstanding. He declares
that the principal feature of the Democratic platform
is the proposed substitution OF greenbacks for ma
tional bank notes. He would thus render specie
payments impossible during this, and perhaps the
next generation and this at time when specie re-
sumption, which he has so strongly favored, is on
the eve OF success.
THE POSITION OF THE REPUBLICAN PARTY DEFINED.
The position of the Republican party in favor of
greenbacks restored TO their normal condition of
paper money, equal to coin and redeemable in coin
on the demand of the holder while the position of
the Democratic party, as stated by Judge Thurman,
is in favor of the issue and maintenance in circua
ton of S66S 100000 of United States notes. without
any provision whatever for their redemption their
conversion into coin. This issue is distinctly made
and for one 1 distinctly eccept it. We favor paper
money redeemable in coin, and the largest amount
that can be maintained at par with coin, while he
favors an amount of paper issued directly by the
government, not convertible into coin, with no pro-
vision for its redemption, and to amount that no
one has claimed be maintained at par with coin.
He says it is just easy to maintain s66S 000, 900
greenbacks at par with coin as it is to maintain S3i6
0OO 600 greenbacks and 1922 100000 national bank
notes at par with coin,
BANK NOTES PAYABLE IN GREENBACKs NOT IN COIN.
Bnt he forgets to state that the bank notes are pay
able in greenbacks and not in coin. and that they
are to be redeemed by the banks at their risk and
expense and not by the United States. No coin
reserve is needed by them for such redemption
The issue of these notes aids i'll maintaining the
United States notes at par with coin instead of OBJ
structing It..
The banks required to keep in their vaults and
in the Treasury of the United States an ample re-
serve of United States bonds to redeem their notes.
and thus give to the United States notes which
tends maintain them at par with com. The whole
burden now resting upon the government is to
maintain resumption upon the amount of United