Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-07-25
The Democratic Party and the
Currency Question.

The President of the Honest Money
League at Cleveland Ohio, is democrat.
Upon his election to that position he made
an able address to the league, in which he
gave very careful statement of the
ground which the democratic party has
occupied in relation to the currency dur
ing the most of its existence, and what he
thinks of the present situation. The fol-
lowing summary of his ideas is of inter-
est to democrats who are expected to rati-
~ with their votes next September the
sale of their principles for the benefit of
few trading politicians.
First-Every experiment with paper money
issued by any Government except our present
one, has ended in reputation and general
bankruptcy. Our present greenbacks are an
exception only because of the limitation of
the quantity and the known intention and
ability of the Government to redeem them.
TO exceed the limit now fixed by law would
be a violation of public faith and would un-
questionably be followed by depreciation and
the risk Of reputation and general bank
ruptcy.
Second-From the organization of our
Government till within the last few years, the
policy of a currency consisting of paper is
sued by authority of Government, was held
in universal adherence. No statesman, ju-
rist, or student of political economy of any
eminence, can be quoted in favor of such a
system. All the eminent and honorcd states
men of our past history are squarely on the
record against such policy.
Third-The democratic party was from its
organization until within the past five years,
the special champion Of ''hard money" 1t
opposed the issue Of "greenbacks" during
the war; it demanded a return to specie pay
ments at the close Of the war, and continued
to demand such return until after the passage
of the resumption act Of 1875. Its leading
men held the issue to be Institutional when
it was made and all the democratic members
of the Supreme Court held the act under
which greenbacks were issued to be unconst-
tutional and and the policy to be dangerous,
when the illegal tender" ease was finally de-
cided.
Fourth. business of the country is
unequestionably reviving under the influence
of an unfluctuating standard of value and
medium of payments brought back by the
present parity between paper and coin. So
long as that standard and medium is maintained
no one fears to invest capital and embark
in enterprise. But if we are to break down
resumption, millions of capital will be hoard
ed for safety by the timid and millions more
will he Withdrawn from productive industry
to be used in the gambling specuations of
the gold room, which will begin as soon as
the margin between specie and paper is re-
opened by the depreciation sure to follow a
new issue of greenback currency.
Fitth.-The doctrine that Government
should issue all the currency of the country,
is not true democratic doctrine. 1t was fois-
ted on to the party in this State in 1875, bv
political trimmers who thought to take adj
vantage of the temporary distress of the coun-
try, and carry themselves into power ut the
cost of sacrificing both principle and consis-
tency, and proposing a new financial policy
directly opposed to the entire record and all
the traditions of the party
SiXth-1f this course is persisted in it will
result in a split in the national Democratic
party and its defeat next year. Thousands of
Democrats cannot be induced to support the
party of their choice If it adopts policy that
they believe ruinous to the industries Of the
country. 1t is time to teach party managers
to study not only what seems to be political
ly expedient, but what is right--the right is
always expedient,
! In accepting the presidency of the Honest
Money League of Cleaveland do not aban-
don the principles of true democracy but re-
assert and emphasize them. ! hold these
principles TO be true, in common l believe.
with majority of the national democratic
party. do not believe ii wise even in par
~ sense, to abandon correct principles and
sacrifice consistency for the sake of local or
temporary party success, and am sure that
IT is not right and not patriotic to do it.