Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1879-07-29

the United States in the reduction OF Its
debt aud interest. No nation in the world,
i'm ancient or modern times, has IN so short
period so greatly reduced the Immense
burden of debt that weighed upon US ~
| the close OF the war as we have; so that
now the tax on whiskey and tobacco viii
more than pay the entire interest OF the
public debt
But they say that this Administration
has increased the Understanding debt, and
| they point to the monthly debt statement
for proof have already explained how
this was temporarily done, in the process
OF refundng the debt. But on the debt
statements hereafter the ten-forty and five
twenty bonds will disappear or cease TO
bear interest; SO that our Greenback friends
will not hereafter DC misled by this opera
ton nor be able 20 mislead others.
Again they resolve as follows;
THAT we favor the unlimited coinage of gold
aud silver. 10 be supplemented by full legal
tender paper money sufficient TO transact the
business of the country
We have now unlimited coinage of gold,
and there is little, if any, objection TO an
unlimited coinage of silver at its market
value.
10 lQOle from MI hINNhtus
at WIS for the interest OF commerce gener.
ally. both I'm India and Europe, that the whole
Of our commercial transactions should DC based
trnon an aggregate Of silver and gold together,
rather than that II should rest only upon GOLD
This was the view taken by Hamilton
and jefferson. But TO secure such basis
the coinage ratio must be the market ratio.
Free coinage OF silver al the ratio OF 10 TO
means the single standard Of silver.
What we object 10 i the coinage of silver
dollar that is worth only cighty-five cents,
and which will thus dcmonetiZe gold and
leave Us only silver n the basis of our
coinage. silver coin has been made the
football of demagogueS until now many
persons ART led 10 belieYe that the Republi-
can party is opposed 10 the coinage of sill
yer. while il was the Republican party. and
the resumption act itself, that provided for
the rccoinage OF silver, introduced II into
current use in place Of the fractional cur
rentv. and stands ready now 10 coin II AT
its market ratio in gold, while the green
hack element wishes 20 coin silver dollar
worth only on the average cighty-tiye cents,
and with "A view 10 cheaper money, 10 inn
usir contracts. and 10 Danish gold. They
refuse 10 recognize the fact. acknowledged
.aU the world beside, that by the law OF
trade silver has deprecated in comparative
value with gold. and that the silver dollar
of twent, years ago is now iutrinScally
worth IL per cent. less, compared with
,,old than il was then. We have tried the
experiment of Coinin. the silver dollar
since il was authorized in ISIS, and have
coined SIS. sol 600. Every effort has been
made TO nut 10 In circulation without fore
iug IL upon unwilling persons, but the
Treasury Department has only been able
p, issue SlS.S5q.g42, OF which S6.jlc,9l2
b,yp bcgu since returned 10 the Treasury.
The sensible oour-c 20 be pursued with the
silver question Is 10 treat il ~ practical
ou. and 10 coin il without limit only when
the commercial nations have agreed upon
a market ratio upon which they can all
stand is now believed that this can be
brought about by commercial treaties, and
"A negotiation Is nov pending for that pur-
pose. In the meantime silver coin should
b, limited In amount 90 sum that can be
maintained at par with gold coin prospect
i've of It's value. ~ 20 experimenting the
coinage by fGu legal-tender paper money
sufficient 10 transact the business OF the
country. this il all well enough, except that
thcamuunt should Dee limited TO that amount
which can De maintained 40 par IN coin;
otherwise YOU have paper money huctuat-
ins i'm value. variable - the shade, and
recurrence OF sll The evils which We have
suffered since The panic. There l. but one
way OF testing the amount OF paper money
that is sufficient 20 transact the business
of the country, ami that j. by it, convert
Utility into coin on the demand OF the hold
tr.
Again. they say that they favor the inn
mediate use OF the coin in the Treasury FOR
the reduction of the bonded debt.
This proposition j. the pure>t dcmHSoEu-
ism. unless il is desirable 20 have irrcdeem-
able paper money depending for IL value
only up0u the mandate Of the Government
or what is called nat money. II We propose
10 redeem our money. We must have In the
Treasury coin sufficient 10 meet any sudden
demand The larger the amount and the
greater the certainty OF redemption when
demanded. the les, demand there will be.
~ "a matter of course. by holding this coin
I'm the Treasury, We lose the interest that
might DE saved hy it, application 10 the
payment OF the debt The amount OF III
ferc>t upon the bonds sold FOR resumption
nurpo>c, j. IS SOS. 900. and this Is the only
price We pay for the maintenance OF re-
sumption, but % compensate Tor TINS, We
have already. since resumption, saved IN
the process OF rcfunding. Sl+,291.l'I a
wear and are now enjoying the benefits OF
reyivug industry ami hopeful prosperity,
largely the result of the maintenance OF
specie PAYMENTS. Without a large reserve
OF coin. a combination of brokers or bank
crS wishing To put up the rate OF interest
or speculate i'm the market, could any day
cndangrr resumption or make panic. IL
is hard % please our Grcenback friends. \
wear ago they protested We could not accu-
mulatc enough gold 20 maintain resumption
and now amer resumption, they protest
that We have got too much.
They SAY they favor the substitution Of
grccubackS for national bank notes.
This question OF the continuance of the
national bank notes Is one OF grave diff
Guilty. which should be taken up by the
people of the United States and considered
and discussed with the utmost care. an
not especially the friend of any kind of
banks: but IL j. certain that the national
bank, are the best that ever were devised
conceded 20 be 80 by the leading cCOno-
mist, of other nations, and proven 10 be so
hv a comnariSOn with the State banks
They are generally distributed throughout
the United States, and form local agencies
to promote exchanges. Their notes are
absolutely secure beyond peradventure.-
They are guarded against counterfcitinS so
successfully that scarcely any loss happens
in this way Compared with the old SyS-
tenn of State banks. they are in every re-
Spect superior, and no sensible man would
exchange the National system for the State
bank system
These banks are free, are organized under
general law open 10 all alike 80 that the
business of banking is Is free IL that of