The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-08-14


Of sincere men of all parties: Are we to have
monometalism or bimetalism, or bond basis?
These questions and their by-issues are still
open; but that we can not stay as we are Is be-
yond contradiction. Neither the Republicans,
nor the Democrats, nor the Nationals, nor the
Socialists or Communists have played all their
trumps. The @joker is still out and un-
played
Light light and light again we need as to our
money questions. Neither party has spoken
its last word The Republican less than the
Democratic. For fve-eighths of our paper
money resumption has not even been initiated,
notes on the I specie % basis How disbonest IS Il
then to talk of an accomplished resumption
while the purpose Is to steer finally for bank
note standard that has no specie basis what
ever.
That the main solution Is still in question
will be etill more apparent to all when 1t Is
considered that the debts to the banks, and
theirs to the public, constitute by far the larg-
est amount of all indebtedness and exceeds
several milliards. This unsolved sphere is the
coming struggle for real civilization in America.
Their purpose is to abandon the greenbacks,
redeemable and legal tender as they are, and
to put in their place bank notes, whose value
is still in doubt How anybody that wants
honest money can support this is incompre-
honsible to me. It is the Republican party that
is for irredeemable paper money, while the
the legally Limited and redeemable treasury
note the permanent currency of the country
AS comparative question, the Democrats are
certainly nearer right The Republican direc-
ton is toward a money system that depends
on the arbitrary will of several thousand bank
officers, while that of the Democracy ie 10
moneyed ways and means that depend on the
will of our Federal law-making power. There
Is danger of arbitrary power in both,
but least in the latter With the banks, care of
and for private interests is the motive to pru-
dent management but the free, large view is
wanting with them which statesmen alone pos
sess, and which makes these, with the public
welfare and the common interests in their eye,
recognize it as their duty to resist the eternal
pressure after private advantages which is ever
pushing itself forward by those who are inter-
ested in banks. To guard the land and the
people against these special interests seems, as
l think, at this time particularly indicated.
| The one wheel of the coach of state is already
| in the ruts of the national banks, and il is on
the dangerous side. Is not, then, prevention a
| necessity? AS Seneca points out to US, in the
quotation read to you, there are vicious learn
| ings that must be counteracted by light drawn
| from principles.
Adam Smith gave to the world 100 years ago
hint how people can distinguish their friends
| from those of private interests He said,
| chapter 207: sThe member of Parliment who
| supports every proposal for Strengthening mo-
nopoly is sure to acquire not only the reputa-
tion Of understanding trade, but great popu-
| laritv and influence with an order of men whose
numbers and wealth render them of great i'm
| portance. II he opposes them, on the contrary,
| and still more if he has authority enough to be
able to thwart them, neither the most acknowl-
edged probity, nor the highest rank, nor the
| greatest public services can protect him from
| the most infam 0us abuse and detraction, from
| personal suits nor sometimes from real
danger arising from the insolent outrage Of
| furious and disappointed monopoliste."
Who does not recognize in the first picture
| that of Sherman? Smith states The causes of
his great reputation as fnancier, and why he
is now the advance Presidential candidate?
| And who does not understand the reasons of the
detraction, Of the personal defamation and in
suits heiped upon certain prominent Demo-
| Gratis, such as Thurman and Tilden? Millions
upon millions has Sherman as Senator, already
turned toward the banks; he is still atit; their
pres and their orators have paid him and will
pay him with honors and emoluments.
Mince it as we may, it is still true that our
finance ls in tue hands of man who is splen-
did stock and BOND iobber, of a higher, but in
principle identical, type as Jay Gould, in which
profit is the basis, but all higher ethical states
manship is wanting. And ask you, as high
toned Americans, whether yJu are willing to
join the chorus for Sherman worship started
III bank parlors and echoed back by party syco-
phants?
Let US row test closely how mu-h, if any, is
true, as to the othe boastings of the Republicans
They ascrlbe to themselves all merit for the
comparative success as to saving in interest
and the public credit Let Us again hear wha
an impartial man rays. Neuman Spollart, one
OF the claarost heads of Europe, says:
"The United STATES have been rescued from
marasmus, or politico- economic disintegration
only through their natural resources; specially
by the richest wheat aud corn crop, a good cot
ton campaign and the 80 far largest exportatior
of petro eum."
The admirers of Sherman himself included
claim, on the contrary, all credit for him. Witt
equal right might man sitting up behind on
coach ascr1be to himself the early arrival at
point of destination, when it was the strength
and rapidity OF the horses, the good road ani
coacd that made it possible. Il was, indeed, 81
embracing of an opportunity, both with tn,
man who sat up behind us with Sherman
which has indeed its merits, too. But Whethe
the use of the opportunity was honest is an
other question. We need but to put it 70 let al
see that the alteration of Sherman is very mucl
an exaggeration, set in scene by the private in
terests whom he favors He is the most dan
gerous infia;ionist of all the public men in tn
United States, and will never hesitate to die
turb private business and to jeopardize the re
lations of trade and industry, if it suits his pur
poses
Asaving of s13, ,OOO, 600 of interest is the bal
with which we are to be caught 1t is a larg
sum, but that placed in view by those who pro
posed in 1872 to pay the national debt in green
backs was still larger, it was s13o, o,oOO. .oot
Why take two bites at cherry? II throwin
off interest is the criterion, then it is better
throw off the whole thereof, and not one-fourt
only. In such policies there are degrees @
righteousness or unrighteousness, viz. repudi
alton, forced loans, moral as well as immors
pressure on the creditor, and also the Tennes
see plan of an ultimatum to the creditor by th
debtor that holds the master position.
Sherman has kept up all the outer forms Q
financial decency. He has ever cried sPrene
guard!n before he made the sharper passes
but he was sure to stllke, nevertheless. Th
people are no more, as whole, helpless as the
, were during the war; but there is now an inst
curity in money that leaves but little optic
| whether to take 4 per cents. or risk all. b
was gracious in allowing per cent, for
might have had their money at 3-yea, at pt
cent. Indeed, they would have invested it wit
him merely for safe-keeping, as they used to
with John Law in the last century. Indeed, Il
resemblance holds good generally. Law ais
had his nominal par between different secur
,, | ties. He, too, made each new scheme prepari
tory to new ISSUE and adding bubble to buI
ble Does not everybody zee that the 4 pt
cents. are the facilities for future natona
bank issues, which will then have much LEI
security than these have now?
| The last twenty years OF the history Of Anne
, lea has brought to the surface numerous spec
mems of transient greatness Who can cou
: all the Napoleons, Wellingtons, Talleyrand
Pitts and Neckers that had the cognome
: aGreatest" to their names? Diana of Ephesu
7 Alexander, Charlemagne had to be Statistic
( with GGreat!"
t Why should not Sherman then also pass Fl
8 the greatest financier the world ever saw?
: beats, in writing fifty quickly, even the @unju
servant" of the parable in the New Testamer
d Shall We too worship him? Or shall we d
as Lanau tells us, of his American host in Il
B @Log Cabin" who
9TH uncrooked back.
Would not lie even with fingers bend.
4 If the latter is our duty, as think it is, tn
< we must say that pressing s6sU,U00 600 he
bonds upon the market while the standard
value for the dollar stated in the bond is n
fixed is dishonest! The real object on the pa
\ of Sherman in such transactions is IT, gather a
completes to his personal aims and to use sm
personal and corporate interests for his gre
!, ambition. But we may be told that sin finan
y there are no morals" Well, then, let us cou
q by dollars, and hold Sherman to full accou
. whether he used his opportunity to the utmo
] And, with this inquiry before us, it must occ
!; to all as strange that the new 4 per cent. bon
IL bring in the money market nearly as much