Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-12
DICK THOMPSON ON THE FINANCES.


The dauntless mariner of the Wabash,
Hon. Dick Thompson, secretary of the navy,
has been telling his old neighbors what he
knows about government. The result was
apparently satisfactory to himself, but will
hardly prove as satisfactory to those who
heard him or those who may take the
trouble to read his speech. He is more can
did in some of his remarks, however, than
other of the Republican orators who have
ventilated their views during the campaign.
He announces that he does not believe that
the Democratic party throughout the United
States favors an unlimited issue of ire
deemable paper currency, and in this he is
right. He might have gone further without
doing violence to his conscience, and de-
clared that none but few hair-brained
fanatics with no knowledge of finance favor
such an issue of currency. He very truly
observes that the currency question ought
not to be party question ought not to
have Republican and Democratic side to
it, for it concerns us all of every party. It
is much to be regretted that any part of the
people should attempt to exalt one portion
of the currency at the cost of the debase-
ment of another portion, and that the Re-
publican party should by such means play
into the hands of the spectators of Wall
street who live on the depreciation caused by
such conduct. But such is the fact. The
instigators of the financial policy of the Re-
publican party which John Sherman, Dick
Thompson and the rest of the administra-
ton uphold, are the spectators whose occu-
patton it is to create and maintain instabil-
ity in our finances. To prevent the green
back ever having a legal tender value is their
only hope, and to that end they are bending
all their energies.
The dauntless Dick then proceeds to ask
question and to answer it himself. he
says:
What does every man of common sense un
derstand by dollar? The very term conveys
to every body's mind the idea of coin, of gold
of silver or some other metal representing
that much of value.
In this MI. Thompson is slightly in error
It may be that coin enters into our concep
ton of what constitutes dollar, but to NJ
greater extent than the idea of greenback
Ninety-nine out of every hundred mer
prefer greenback to gold dollar, and golt
and silver, on account of their weight ant
bulk, can never become the circulating
medium to any great extent. In small sum
they are a desirable form of currency, ant
for exchanges with foreign countries the
are indispensable, but in the transaction o
money always has been and always will
the only medium of exchange. It is ia
more essential than gold or silver, because Q
its greater convenience, and it is therefor
more essential that it should have lego
tender value.
Mr.. Thompson states the truth when b
says that what we want is confidence in th
government and in each other, and stabilit
in our finances. This confidence is precise
ly what the Democratic party is seeking
establish, aud what the Republican party
seeking to overthrow. The Republica
party repudiates the entire paper issues (
the government, and part of the col
issues. The Democratic party proposes
honor all issues alike, and to thus insu1
stability. Holding the views that
does, it seems rather inconsistei
that Mr.. Thompson should support IL
financial policy of the Republican party. 3
evidently desires to see that accomplishe
4 which the Democratic party is seeking
accomplish, and to defeat the financial tn
/. cries that are distinctively Republica
Arguing the financial theory from the R
Q publican standpoint is evidently not Die
Thompson's forte. He had better stick
t his navy. That is small enough for b
u comprehension and he may be able to hand
9 it in way that will not bring ridicule upe
him.