The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-09-19

in existence but little over fourteen
years. They are required by law Il
report to the Secretary of the Treasury
the dividends they declare and pay.
have been unable to obtain the amount
they have paid out by way Of divid-
ends. L was in hopes the Secretary
of the Treasury woIld have en-
lightened us on the subject in his To
drd" speech, bat he did not. They
have, however, paid semi-annual div
idends of from three to twelve per cent
l see by the examination before the
committee on banking and currency
that their aggregate capital is about
$4aO, 600, 900, and that they have oil
hand surplus undivided profits to the
amount of Sl73,OOO, ,Wab, equal TO nearly
two hfthS of their capital, over ant.
above all dividends. This, during the
fourteen years that other enterprises
have been suffering, and financial
wreck aud ruin prevailing ON every
hand. It is Idle lo discuss the value
of the privileges conferred by theii
charter in the light Of such a showing,
and foolish to assilne that their pnliii.
cal power will not be consolidated
and he inimicaI to the interests OF the
masses of the people.
The Democratic party propose thai
the entire paper currency .be issued iii
rectly by the government, and that
there be stability in the volume Of il
and consequent stability in its value"
do not understand by this that its
volume he kept at II fixed amount, re-
gardlesS of the increase of population
and develOpement of the resources oi
the country, but that the volume shal!
keep pace with its growth and devci-
openent. Nor do 1 understand that
its stability shall depend upon its con
variability into specie on demand.
This would require that the volume
should expand or contract according
to the accidents and vicissitudes OF
commerce, or the interest of any rings
that might be formed powerful enough
to control the volume of specie.
1t is to be stability IN value CONsE-
QUENT 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 be-
tween them is preserved and so long
as the income of the government would
exceed its expenses, so long as the gov
ernment receives 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 3s a curren-
cy? Certainly not. When it shall
become abundant in accordance with
the laws of trade, it will circulate
When the government finds it flowing g
into the treasury let it pay it out. But
we would not issue bonds to buy it for
the purpose of putting in circulation.
1t is not correct to say that irredeem-
able paper is necessarily unstable in
value. 1t may be so with reference to
TO x,k,
liabilities and resources are unknown
to the public. 1t is not the case with
the paper of a government whose re-
sources and liabilities are known to the
world and whose revenues are largely
in excess of its expenditures. INTRIN-
SIC value is not the true measure of the
purchasing power of Il currency. To
day the Trade Dollar that contains i2O
grains OF silver has Il purchasing pow
er of ten per cent. less than the legal
tender silver dollar that contains but
412a grains.
But it is claimed the Supreme Court
has decided such an issue of green
backs is unconstitutional. This IL mis-
take. The question was never before.
the court. II could not be from tn,
fact that no such issue has vet been
made. The court might have held
greenbacks issued in time of war, W hen
the expenses OF the government ex-
ceeded all possible income, and When
not made receivable for a LII dues to the
government unconstitutional, and Vet
sustain the issue proposed to be made
now.
In his Massillon speech, Major Kc-
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 October 1st, and re
ceivabie in payment of the four per
cent. bonds upon the same terms oi
coin. This passed u Republican Sen
ate aud was defeated in Democratic
House. Every Democratic congress
men from Ohio voting against it."
l should think they would. So
would every friend ola greenback cur
rency. So would every opponent of Il
contraction of the currency. That bill
ought to have been entitled IS, bill to
enable the Secretary OF the Treasury TO
contract and expand the volume of the
currency at pleasure" Such would
have been the effect of it. Whenever
the amount of coin in the country be-
came diminished, and gold rose above
tGtE HOtllti
sell bonds and lock up the greenback,.
in the treasury until their scarcity
should again bring them to par with
gold. 1t was but another cunningiy
devised scheme to force the resumption
of specie payments by contraction OF
the volume of paper currency.
REBEL CLAIMS.
There appears to be grave apprehen-
subject OF the payment of rebel claims.
1t is right that you should understand
my position OH 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 prohibited by constitutional
amendment. But there is a large class
of cla MS for property seized and dam
ages inflicted by the army i'll the pros
ecutiOn of the war.
According to the laws and usages of
nations, the government was not bound
to pay for property so seized or dam
ages so inflicted upon citizens of the
States in rebellion, whether such citi-
zens We're loyal TO our government or
not. AS an act of military policy how
ever, during the prosecution of the war,
the government directed that for all
y
the officers of the army for its use GER
tificates 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 all loyal citizens. But the Re
publican party have gone further and
paid and provided for the payment OF
many millions of dollars of other
claims where no such pledges or GER
tificates had been given, providing the
claimant gave satisfactory proof of his
loyalty; TO al! such legislation 1 am
opposed. 1t offers a premium for per
jury. The loyalty is proved by eX- -partc
,iii,iavits, which on such Yulestioas are
entitled To little credit. The claims III
many instances We're in the hands OF
speculatorss. The bulk of the money
went into the hands of the spectators
and claim agents. 1t is true it may
seem Il hardship in many cases To reject
them. But war iiiu.!iS hardship, 10
some one. All damages done in it,
prosecution can not be made good 10y