The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-01-09
rzvn iz1Nns orpApER CURRENOY

TWO KINDS OF PAPER CURRENCY.
The original scheme Of resumption on
the part of Sherman and the Republican
leaders, was to retire the greenback en-
tirely, and let National banks supply the
entire paper currency of the country
This plan they have been compe lied
to abandon, for the present at least, and
Secretary Sherman has recognized the
greenbaCk as an existing fact, and has or
dered that they shall be received at par
for customs duties. 1t would seem by
this that the greenback has come to stay,
and, in that event, the question may
arise in time, which currency shall pre-
vail. The people, in course of time, will
naturally prefer one or the other We
cannot serve two masters" &c
On resumption day in New York, in
ordinary business transactions, as well as
the payment of duties, and the receipt
of interest on Government bonds, legal
tenders were preferred to coin. "Green-
backs are good enough for me-" was a
common remark at the sub.treasury
when payment was rendered in coin.
What do want to lug about weight of
coin forP was the query Of an indepen'
dent citizen, as he asked that his cou'
pons should be Cashed in paper. This
explains the philosophy of resumption.
Government takes its paper for all dues,
and the paper at once advances to par
with gold, as it would long ago, had not
the Government disCredited it, Money
is only convenience in the transfer Of
values, and business is accelerated there
by.
The paper currency is now based upon
the credit and faith Of the government
redeemable in coin at New York city.
It's great element of strength, however, {,
is the fact that the Government itself
does not discredit its own paper curren'
cy, and receives it at par for all purposes.
This Endorsement by the Government Of
its own promises to pay is only right,and
nothing more. That our Government
ever discredited the GreenbaCk currency
was knavish wrong, and done to bene'
fit a favored few. Under Republican
rule the greenbaCk was received at par
for some purposes by the Government,
and not at all for other purposes. The
usual excuse for the iniquities of the
Republican party is "ths 'OGr," We can
not see how "the war" required the par
ty leaders should depreciate the Green
back currency, the only currency We
had, compel the people, and soldiers and
sailors to take it at par, but paid the in
terest of the National debt in gold, while
bonds were sold for greenbaCks at par.
Mr.. Garfield, in his hard money, Ma
tional bank speech last week at Chicago,
attempted no explanation ofall this.
AS the readers Of our paper know,
the STARK COUNTY DEMOCRAT has always
maintained that our Government should
treat its own paper currency as If it we're
as good as gold-that no honest admins.
tration of the Government would dis.
credit its own paper money issues-that
whenever the Government ceased to
thus discredit the GreenbaCk, it would
jump to par. All this has been verified
and this is all there is in Sherman's re.
sumption scheme. The fact is, gold is
not accessible now to the ordinary Citi-
zen who may hold greenbaCks. A far
mer, for example, with a thousand dol
lars Of greenbaCks on hand that he may
wish to lay up for a while, and who
would prefer the gold, would not find it
easily to be obtained He woald not
care to take trip to New York city, and
present his greenbacks at the Sub. Treas
ury. He had better pay margin and
save the trip. This only shows the Sher-
man sham that Republican papers and
orators are rejoicing over.
The paper currency Of the future will
probably be the greenback, that is, the
Government itself will take the currency
into its own hands, rather than hand it
TO National banks. Popular sentiment
undoubtedly is in this direction. Ger
tainly, if we are to have paper money,
this will be the best possible shape for
the people, BY keeping the greenback
in honest hands, this monetary power
will not be used in the interest of few,
and to the robbery and injury of bust
ness and labor.
In the meantime let us hold our souls
in patience, and let matters settle and
become regulated Let us have no more
legislation to disturb values.