The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-08-07

The Ohio Democracy this year, true to its past
avowals, declares for the gradual withdrawal
Of national-bank notes, and the substitution
therefor Of treasury notes, which IN the lam
guage of the platform, shall be s,eceiyable for
all debts; and legal tender equally with coin,
such Government issues to be regu-
lated upon principles established by legislation
or organic law so as to secure tho greatest pos
sible stability of values"
The Republican party intended by the Re-
sumption law, and still intends, to take up and
destroy every dollar Of the greenbsck money.
Secretaries Bristow and Morrill,, in their Of
fetal reportr, declared that such was the pur-
pose and effect of the law, and Mr.. Sherman,
its author, admitted it on the floor of the Sem
ate. It was the agitation against the total de-
struction Of the greenbacks by the Western and
Southern Democracy and the Nationals which,
against the determined opposition Of the great
mass OF the Republican party, established the
greenbacks now In circulation as part of the
permanent circulstion of the country But
the money power regards the costless green
back as standing menace to its partial control
of the currency, and an obstacle to that COM
plete control which 1t desires and intends to
secure. The paper currency will not be left
half costless and half subsidized-half issued
by the Government and half by private cor
porations. II should and will be issued wholly
by one power or the other Give the Republ-
can party new Endorsement, dominated and
controlled as 1t is by the national banks, and
you will find that either through contrived
judicial decision or directly by legislation your
greenhacks will be wiped out, and the money
power will give you just as much or as little
paper money for your business as it pleases,
and will regulate the value of your labor and
property to suit itself.
Our experience has demonstrated that, no
matter how plentiful may be the supply Of gold
ndsilver, thegreater partof the money actually
CTIrr will al ha I'm no
of money actually current depends the prices
of labor and commodities. As that volume
rises prices go up, and as it falls they go down.
The whole volume of money current has rarely
been over fifteth part of the aggregate value
of the property of the country; yet, when the
money in actual circulation is reduced $780,
000, 600, that reduction shrinks the value of
labor and property to fifty times the sum of the
currency reduction; and SO, when tho current
money is increased $100, ,O0000 it adds fifty
times that sum to the aggregate selling value Of
other property. So, too, when the volume of
currency diminishes, and prices consequently
fall, all business becomes unprosperous; while
when the currencyis is being increased values rise
and business becomes good again. The power
to control the volume of currency, affecting as
it does SO profoundly the general prosperity, is
in its nature sovereign power. The welfare
of the people demands that this power to
expand or contract the currency, to raise
duu lOWoI tdluCsy W give prOSporiby VI uulCt
distress, shall not be committed to the
hands Of private individuals or corporations,
and, least of all, to corporations representing
the holders of public and private debts, whose
wealth is increased by every fall of prices and
is diminished by every rise. 1t should be ex-
ercised by tile Government alone, in such man
ner as shall give to the debtors, taxpayers and
industrial classes the assurance Of justly
ished and stable values If 2.0O0 or 3, 600 pri-
vate corporations acting, as they always do, in
the interest of the holders of money securities
are permitted to control the volume of cur
rency at their pleasure, there is no limit to the
injury and loss they may inflict upon the peo-
pie, or to the wealth they may themselves &C
cumulate by hidden and concerted measures of
expansion and contraction of values 1t was
precisely this danger which led Jefferson to re-
sist the incorporation of the first Bank of the
United States under Washington's adminlstra-
ton, and to oppose the renewal of its charter
under Madison, and which led Old Hickory to
make his grand and successful fight against
the recharter of the bank.
Aside from this reason against giving private
corporations control Of the volume of cur
rency, it is to be borne in mind that the substi-
tuition of legal-tender treasury notes for bank
notes will, even since refunding, save to the
people at least 10000, 900 per annum. With
the treasury notes so issued In place of national
bank notes, United States bonds can be bought
in the market and Cancelled, and the interest
thereby stopped; while the Government will
lose nothing whatever in taxes by such substitu-
ton, except only the per cent tax on circula-
ton, that being the only tax which national
banks pay that is not paid by all other banks OF
deposit discount and exchange.
Had the Republican party desired to dimin-
ish as rapidly as possible the public debt, il
would, when the war ended, have prohibited
the incorporation Of any more banks of issue,
and gradually substituted treasury notes fol
bank notes.-the power to make such substitu-
ton having been reserved in the National Bank
law. If they had thus promptly given the peo-
pie an exclusive Government currency
in place of bank notes, our bonded
debt would now be at least $70O,-
100000 less than it is. No reason
which will bear moments consideration car
be given why this thing should not have been
done: Nobody ,pretends that the greenbach
which redeems the national-ban notes is moi
better than the thing it redeems. There is but
one reason why it failed to thus reduce the
debt, and that is this: that these 2, 600 nationa
banks were needed by the party as break
water against the people Hence, since the
close of the war the people have been pracd
cally robbed of about $7OO, 600, 900 to preven
them exercising their free choice of their OWL
servants
Another bad feature of the national-banl
note system is that its perpetuation makes
necessary the perpetuation Of the public debt
| because bank notes are secured only by tht
bonds of the United States. Any reduction o
the bonds outstanding trenches on the means o.
expansion of the system, while the paymen
of the whole debt would destroy it. Hence
| the Republican party, as the faithful servant o.
the money power, has shown no eagerness t
reduce the debt, but alacrity to increase it
while on the other hand the interest of the peo
| pie demands, in the language of the Ohio Dem
ocratic platform, sthat the further increase O
the bonded debt In time Of peace be stopped
and that it be put in process of extinction"
have thus hurriedly discussed the claim
made by the Republican party in behalf Of it
| finance measures, and the position taken by tn
Democracy Of Ohio in its latest platform re
specting them. I am quite willing to submit t.
the decision of the people on these issues.
am sure that an overwhelming majority of tn
voters of Ohio think that the Republican part
should be expelled from power; that justic
and sound policy demand the restoration o
silver to its old equality with gold as q none,
metal; that the General Government shoult
issue all the currency, whether paper or metal
lie; and that our great national debt should no
be increased, but, as soon as practicable, pail
off according to The letter and spirit of the con
tract The Democratic party OF ONO, an
| five-sixths of that party throughout the re
public, stand united on these propositions
while the Republican party stands solid agains
them.
Now, why should the men of Ohio, wh'
agree on these great fundamental measures o
| relief, divide into two parties and thus del ca
them? Il can't vote the Democratic ticket,
says A, because the platform doesn't declar
for an income tax" Il won't vo 1t, says
because it doesn't go for an increased voium
of paper money" Il shan't," says G, @be
cause it doesn't declare that the legal tender
issued in place of bank notes shall be redeem
able in coin" sNor l." says D, Sbecause
doesn't say that they shan't be redeemable
coin" sNor |" says E, because it doesn't 6
for protective tariff" )" @Nor l." says I, "be
cause it doesn't go against protective tariff.
But all these gentlemen, from to F, adm
and recognize the overwhelming Importance G
the three great financial propositions whlc
the platform does declare, and admit that thes
propositions deserve to be made the prime an
immediate objects of effort Is it not, there
fore, the part of wisdom to drop or postpon
the less-exigent questions on which we diffe
and win decisive victory on the great instar
issues on which we agree?
The question of free elections has assumed
prominence never before given it, although tn
statutes out of which it arises have been Ion
in force, and the Democracy have heretofcI
repeatedly attempted to repeal them. may
well tell you plainly the reason the Democrat
forced the issue now, though only six member
of Congress are to be chosen this year. I'll
people were swindled out of their choice fc
President in 1876 That fraud was accom-
plished by the audacious and revolutionar