Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1879-08-27

tionary power to contract and expand it at
pleasure. 1t is not necessary to discuss
how this would work with such paper
currency If convertible into coin, for as 1
have shown, the plan of the Ohio
Democracy tends clearly and newt
ably TO make our greenbacks in
convertible again. Now imagine what the
consequences would be if the fnanciers of
the "Ohio idea" school were in possession
of the government, and intrusted with the
power to deter anime according to their no.
tons how much money the country is to
have In circulation from time to time But
even under more propitious circumstances
the volume of the currency would depend
upon the lat of politicians, and, Therefore,
be more orless exposed to the action of mo-
tives and Influences foreign to the business
interests OF the country. 1t would constant
ly remain the subject of uncertainty and
agitation; and, as every sensible man
knows, such uncertainty and agitation can
never fail to be highly prejudicial to that
confidence which is necessary for the sue
cessful conduct of business.
1t is not so with national banks note s
The volume of these bank notes, under 8
sufficiently strict system of redemption,
will adjust itself to the fuctuating demands
OF business without the interference of the
government. When more is wanted, the
banks will find it profitable to issue more
When there is an excess, it will flow back
upon the banks for reduction. The gentle.
men OF the Ewing persuasion need not in
dulge In the foolish fear that the banks
will try to make money by unnecessary
artificial and ruinous contraction, for it is
not IN that way they can make money. On
the contrary, the tendency will rather be
in the opposite direction, and it will require
a very strict and reliable system of
redemption to restrain that tender
cy. But with such a system our
national bank currency will be entirely
self-adjusting; it will be reliably governed
by the wants of trade, and, therefore, the
best currency for the general interest of
business. And this is the bank currency the
Ohio Democrats seek to destroy. They
want to destroy it because, as they say,,.it
costs ten millions year. The regulator in
steam engine costs something. You can
save a few dollars in buying an engine
without regulator; but only foolish man
will forget that the regulator will save
hundred times its cost in the working Of
the machine.
The constant and miscellaneous agitation
of the Ohio school of Democrats for the de
struction of the national bank currency
and the substitution of greenbacks may.
however, serve one good purpose. 1t will
at last convlce every sensible man, that, as
long as government paper currency ex-
lists, the agitation for an expansion of that
currency will never cease to disturb the
public mind, to threaten the maintenance
of specie payments, to endanger the public
credit, and to undermine that foundation
upon which alone the business of the coun--
try can safely stand "a sound monetary
system. 1t will at last convince even that
class OF wellmeaning men, who, al
though in favor of honest money,
have been affected by that sentiment
al 1dolatry of the greenback which has con.
fused so many minds, that, alter all, under
our constitution, as in every well-regulated
poli:y, it is not a legitimate function of the
government to be bank of issue; that in
the public interest it is necessary to take
the volume of the currency out of politics;
that it is the business of the country to coin
real money and not to print notes; to see
that the coin struck in the minis be of the
standard value; to prevent and punish
counterfsiting to regulate the banking sys-
tenn by law so as to make it safe; to act as q
bank comptroller so as to keep it safe,-and,
as for the rest, to let currency and trade in
their relations take care of themselves with
out arbitrarily interfering with either.
The remainder of the speech was de-
voted to discussion of the silver ques
ton, state rights and the protection of
the freedom of elections, all of which
were presented with great clearness and