The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-08-12

objective scient fic thinker or the Ohio
Republican platform iinkersp
That our Valuta, as Science expresses
it, our Waeh ruBg as the Germans say,
our Standard of Value, as we have it, is
not definitely settled, is undeniable And
it's therefore wind work, yea. dare cay
it, 1t is fraud 10 talk of resumption on a
ar value while this is not legally sett ed.
All our paying Transactions are incom-
plete. We are still in the meshes of
the money jobbers, and our condition is
that Of Italy, Of which the Belgian Dele
gates to the Iats Mint Conference at
Paris said, mem, con-, that it has no right
ful basis and is violative of existing trea-
ties.
Resumption de facto is not then re-
suWl ton de jure! And partial resump-
ton is not full resumption! Business
regulation is not legal rule because it
establishes nothing. and every hour may
bring a change. Tue relations of deb
tor and creditor, those of buyer and sell
Ter, are subject to accidents aud they lack
the lawful freedom of action which COM
|pltte resumption alone can give. To
speak of resumption as accomplished, ,un.
der such circumstances, is--slave 7enia
-an impertinence Pleasetel me, what
we have resumed on, and / will ,retract
my harsh accusation.
We stsnd before dozen money cues.
tioBs, all unsolved. Full resumption
will exist only after they are solved. We
are even without legal definition of the
word dollar. France has the franc, En-
gland the pound sterling, Germany the
mark as unit Of value and account, and
every judge can decide what lie payment
by the law ofthe land. Here the debtor
determines (ifo only "dol!ars" are men
toned in the contrsct) whether he pays
in gold or silver or greenbacks. And il
is not only presumable, but certain, that
he will pay in the money of least value
perhaps in deprecated paper. More
than "dollar" must be spoken or written
in contract to avoid misunderstanding
and wrongs.
The Republican party has industriously
circulated the statement that the Demo
Gratis alone mean to disturb existing set
tied moneved relations. But allow me
to ask: Are they settled2 Does not the
Republican party itself intend to change
them? Do they not propose to abandon
the greenback and go to the National
Bank note 2 Yea, / ask, can either party
or the country free from party, abide in
present moneyed conditionsp / ask
these questions in all sincerity of sincere
men of all pstties Are we to have mo
nometallism or bimetallism, or a bond
basis ? These questions and their by-is.
sues are still open; but that we can not
stay as we are is beyond contradiction
Neither the Republican nor the Demo
cratic, nor the National nor the Socialist:
or Communists have played all theil
trnmps. The "joker" is still out and un'
played. ~
Light, light and light again we need a:
to our money questions. Neither part,
has spoken its last words The Republi
can less than tbs Democratic. For FIVE
eighths of cur paper money resumption
has not even been initiated, because uc
law exists placing Nationsl Bank note.
on the specie basis. How dishonest i,
it then to talk of an accomplished re
sumption while the purposes is to stee
finally for a banR-note standard that ha
no specie basis whatever
That the main solution is still in ques
ton will be still more apparent t, all whel
1t is considered that the debts to tn
hanks, and theirs to the public. consti
tute by fer the largest amount of all in
debtedness, and exceeds several milliards
This unsolved sphere is the comm:
struggle for real civilization in America
Their purposes is to absndon the green
fhxcRs, redeemable and 1egat-Iender a
they are, and to put in their place ban
notes, whose standard value is still Il
doubt. How any body that wants hon
est money can support this is incompre
hensible to me It is the Republican
party that is for an irredeemable pape
money, while the Democrstlc party Q
i Ohio proposes to make the legally limi,
ed and redeemable Treasury note th
permanent currency of the country A
a comparative question, the Democrat
are certainly nearer right. The Republ
can direction is toward money syster
that depends on the arbitrary will OF sew
eral thousand bank officers, while that Q
the Democracy is to moneyed ways an
means that depend on the willofour Fec
eral law-making power There is dar
ger of arbitrary power in both, but leas
in the latter. With the banks, care {
, and for private interests is the motive
prudent management, but the free lare
, view is wanting with them which states
, men alone possess, and which make
these, with the public welfare and tt
, common interests in their eye, reco,
/ nize itas their duty to resist the etern
pressure after privste advantages whit
, is ever pushing itself forward by tho
! who are interested in hanks To gual
: the land and the people against the
! special interests seems, as I think, at th
time particularly indicated. The ol
: wheel OF the coach Of state is already
!, the ruts of the National Banks, and it
on the dangerous side. Is not, the
. prevention q necessityf AS Sene
points out to US, in the quotation / re,
to you, there are vicious learnings th
must be counteracted by light drawn fro
: principles. bs
I'll Adam Smith gave to the world o.
e| hundred years ago hint how peor
J. can distinguish their friends from tho
/ Of private interests. He said, chapt
!, 207: ssThe member of Parliament vi
o supports every proposal for strepgthe
If ing monopoly is sure to acquire not on
ID the reputation of understanding trat
Is but great popularity and influence wi
" am order of mer whose numbers a
/ wealth render them of great important
+ If he opposes them. on the contrary. al
= still more if he has authority enough
te be able to thwart them neither the mt
lie acknowledged probity. nor the highs
rank, nor the greatest public servie
81 can pr tsct him from the most infamo
se abuse and detrac ion. from personal
pr suits nor sometimes from real dang
sr arising from the insolent outrage Ct (,