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

carried to the extent of national peril when the life
of the nation is at stake II ought TO be redeemabe
as soon as the public exigencies will permit II L
not money, but the promise to pay money. These
are axioms of political economy, the truth OF which
ali experience has demonstrated. We issued this
money only in the midst of such peril. Our error
If any, has been that we have delayed too long the
measures OF resumption. Now, when they are
almost complete, and gold and silver and paper
money are practically convertible one into the other
when there is the same money for the bondholdel
and the noteholder. the rich and poor, when silver
can be had for notes, and gold in ample stores
awaits the day OF resumption, we 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 on record, we should not be
deuded by the cry for "fAt' money. Precisely what
is the meaning of this phrase do not know, but
presume it means money that is not measured by
any other that is not redeemable in any other, but
mas lts origin force sanction and value in the man
date of the government and will vary day by day in
purchasing power.
As between this kind of money and the old green
back regenerated restored, convertible into coin.
the standard of all value, and the medium OF all
payments am for the green5ack against fiat
money. great nation like ours, rich in varied re
gence is not driven to resort to any expedients
which would affect the public credit or the
PUBIC usOt OF disturb our harInonious relanonS ln
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 same result but 1t is clear that you can
careful limitation Of its amount or by actual re-
dempton In coin when demanded If that is what
you mean by fat money, then we will not diss-
gree; but 1t is well known that those who advocate
fiat" money want TO increase the amount beyond
sum that can be maintained at par with
coin, and who seek thus 70 cheaper
coin
WHO DESIRE CHEAP MONEY.
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
auctions for money desire to lessen its purchasing
pOwer3 Why should q prudent thrifty, industrious
man engaged in any occupation who hopes by his
thrift and industry to accumulate for himself com
of unstable value2 1t is the interest of every one
engaged in industrious employments, who is not q
speculRtor or broker, to have a fixed standard OF
value. If any OF you who labor are farmers, me
chanics belong to any of the industrial elases 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
deeply felt the evils of irredeemable paper money
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
In these general views in favor of resu mption
adopted BY the Republican party we have had the
sympathy and concurrence Of 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 in the darkest hour OF the
war always proiessed to be in favor and talked in
favor of good money redeemabIe in coin. This class
of Democrats though they opposed the resumption
act dldlt because Ihey declared u 70 Pe
not sooner. This was 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 one of this class OF Democrats, and
although our financial measures did not exactly
please him, and he generally voted against them,
yet 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 a
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-
efats it is domestic matter ana Will not interfere
but some OF the positions taken by him must con-
81 think / do them no injustice when I say that
the leaders of the Republican party in favor of
directly the opposite course-that is to say, they
would retire all the greenbaeks in order that their
places might be filed with national bank notes."
SENATOR THURMAN's ASSERTION EMPHATIcALLY De
MED.
Senator Thurman is greatly mistaken in this posi-
ton. As / have already shown, the Republican
party is not in favor Of retiring the greenbacks in
order that their place might be filed with national
bank notes.
No toubt some Republicans, like some Democrats
are in favor of the United States Withdrawing from
the business OF issuing paper money, but the Repub-
lican party has never taken such a 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 a
limit fixed to their amount
During the war the guarantee was made. and
never has been violated, that the amount should
not exceed $500, 000 and no authority has ever
been conferred upon any officer of the government
to reduce the amount below $500 0O0 but now the
minimum limit Is fixed as have already stated al
S346, ,68l ,0l6.
SENATOR THURMAN WANTS NATIONAL BANKS ABoL-
IsHED.
In his speech at Hamilton, Senator Thurman
openly advocates increasing the amount of United
States notes outstanding from SS46 100000 to
$685. 600 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 is in favor of
greenbacks restored TO their normal condition Of
paper money equal to coin and redeemable in c5Jin
on the demand OF the holder while the position OF
the democratic stated Judge VllfrrnAu.
is in favor OF the issue and maintenance in ercua-
ton of S56S 900 of United States notes without
any provision whatever for their redemption or their
conversion into coin. This issue is distinctly made
and for one / 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 an amount that no
one has claimed can be maintained at par with coin.
He says it is just as easy TO maintain S66s OO0, 600
greenbacks par with coin as it is to maintain $780,
600 600 greenbaeks and 1922, 100000 national bank
notes at par with coin,
BANK NOTES PAYABLE IN GREENBAcRs, NOT IN COIN
But he forgets to state that the bank notes are pa
able in greenbacks and not in coin, and that they
are to be redeemed by the banks ct 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 in maintaining the
United States Does at par with coin instead Of OBJ
structng It.
The banks are 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 use which
tends 70 maintain them at par with com. The whole
burden now resting upon the government is to
States mates, and this confessedly can be done by
a coin reserve Of from 80 TO 90 per cent. which we
have on hand, while, IL the whole amount OF cireu-
laton was in United States notes, no coin reserve
that could be reasonably secured and maintained
would be sufficient for the purpose Of redemption.
BANK NOTES NOT GOVERNMENT NOTES
The bank notes are not in any sense the notes of
the government. They are the notes of private corr
porations amply secured, redeemed by them main
tained by them or If they fail TO redeem them the
security can at be applied to their redempion
tnfa oil ~ 1t.