The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-09-19

fraud IL was lie on lts Iace' ~ WaS
saved from crimsnality only because the
law allowed the sham to be perpetrated
II was fraud allowed by law, sustained
by custom and practiced on the whole
community.
The currency was founded upon a con-
fidence which always failed when 1t was
needed strength which existed
onlv when there WAS no strain-upon
power to perform only when no perform
ance was required. ,.,
This was the currency which crushed
the poor, which beggared the indusstnous.
which wiped out the meagre savings, OF
the unfortunate, which cheated daily Ia;
Dor of its daily bread, which "Watered
the rich mans soil with the sweat of the
poor mans brow" which Webster so elo'
ouently denounced ard Jackson 30 in
tensely hated.
The third class is our greenback paper
money. It has actual value, 1t is not
merely or chiefly promise to pay. Its
value is measured not by the labor neces,
sary to make it, but by the capacity and
function which the law gives It, IL does
pay taxes it does pay debts it does pur'
chase every necessary and con-
venience and comfort of life 1t passes
readily from hand to hand, at value 30
uniform that no man loses by it, 1t per
forms that highest and chief function OF
all money; it effects exchanges of proper
ty. 1t is so interviewer with our whole
industrial system, that whatever men
may have thought of it's unConstitution-
ality or original expediency, the wisest
of its opponents see no present means OF
disodging it without a shock Of disaster,
Secretary Sherman finds it an essential
part, even the foundation OF our curren'
CIV. Another proclaims it the idol OF his
affections and every Republican orator
in Ohio exhausts his vocabulary in its
praise. The rag baby has become an
honored and honorable child OF the
household.
But alongside Of this paper currency,
so good, 80 valuable, 30 worshipped by
our Republican friends, is the national
bank currency. 1t is a hybrid between
the old bank currency and the green
backs. The notes are ultimately secur-
ed by United States bonds in the proper
ton of 100 per cent. of bonds to 80 per
cent. of notes. I freely admit that the
security of the note holder is better pro-
tected, and the circulation Of the notes at
uniform value over the whole country, is
better effected than under any former
system. TIE currency is not legal tend
er. Its value depends primarily on the
Capacity of the bank to redeem its notes
in legal tender; and the bank is never re-
ouired to have more than 20 per cent. on
hand. 1t is issued by two thousand ma
tional banks, under the supervision of
one officer appointed by the administra'
ton in being, in holdingin his hands the
threads of system controlling directly
five hundred millions, and indirectly bill
lions of capital, and touching the peCuni
ary interests of hundreds of thousands of
the people, The affiliation is close, and
the combination is powerful, The
chord of a common interest unites
them, and the shock is uniform and eleC
trica.
There are three hundred and twenty
two million of these notes in circulation.
They are secured by more than three
hundred and fifty millions of United
States bonds. The amount in circulation
our Republican friends love to tell us, is
fixed under the free banking law by the
real, true wants of trade. Therefore so
much currency in addition to the out
standing greenback-three hundred and |
forty seven miliOns-Can be maintained |
without initiation, which so alarms them,
and without disturbance of values.
The three hundred and fifty millions
of bonds bear an average of 4! per cent.
interest. The banks, therefore, draw
from the government-that is, from the
taxes paid by the peope-nearly sixteen
millions of dollars on the banking capi
tai used in circulation. The banks pay |
taxes on their circulation to an amount
less than three millions. The direct |
moneyed cost, therefore to the people of
the bank currency is thirteen millions of
dollars year.
The Democratic party saws: "With-
draw the bank circulation, issue United |
States notes instead Do it gradually, 80
as to produce no shock; do it carefully, |
80 as to sacrifice no interests or rights.
Buy up with these notes United States
bonds at their market value and cancel
them, and save to the people annually |
the interest. This produces no shock,
works no injustice, provides better cur
renCy, PRODUCES no initiation, lessons the
taxes of the people, and gives them the |
money benefit of the credit of their gov.
ernmeut, which, after all, is the only sup
port of the bank currency"
The argument is Cogent-why should it |
not prevail 1t is admitted that we must
have, and that it is great positive bene.
fit that we should have, S347 000 600 of
United States notes outstanding. Why !
not have all our paper money of the same
kind especially if it is more economical
for the people? Will it be less valuable,
less free of circulation Will it be more
onerous to the government? Will it be
more fruitful of private disaster or ofpub.
lie demoraliz ltion or of unsound po.
litical influence ? Nobody pretends
it. Again, l ask, who should it not pre-.
vail ?
Mr.. Sherman, as if in answer, says
"Why stop at 1922, 900, ,000-why not is.
sue enough notes 10 pay the whole pub
lie debt and save all the interest?"
Stop stop Mr.. Sherman You are
playing with edged tools That argument
may be pressed so vigorously by suffering
industry and starving men that you will !
not make it the subject Of Aippant joke.
For the present we hold you to the posi-.
ton. We do not intend to letyou escape
on any feigned issue-we do not intend |
to let you alarm sensitive souls by any
false cry of initiation or repudiation. The
proposition is to substitute greenbacks
for bank notes without increasing the
currency or sacrificing rights.
Time enough for all other questions af-
terward. Are you in favor it2 If this
is your only answer it is both eyasive and
weak.
Mr.. Sherman says, and Mr.. Garfield |
enforces the objection, that Congress can
not be trusted to regulate the volume of
currency. Why not2 Congress declares
war, makes peace, levies taxes, arranges
tariff duties, borrows money regulates
cOmmerna affixea the death altipa.and |