The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-11-06
TIE CLEVELAND LEADER WANTS
GREENBACKs DESTROYED.
9Th, Ns.t StsD IN National Finance,

'The Next Step In National Finance"
The Cleveland Leader of Monday, No.
vember Sd, contained long article on
"The Next Step in National Finance"
We extract, to show the "next step" in
the pre- sumption policy:
1.-THE comparative ease with which re-
sumption was accomplished, the benetc.
ial results which have followed it, and
the really alarming proportions to which
speculation has been stimulated during
the last month, have combined to sug-
gest demand upon the Secretary of the
Treasury that he take the one final step
required to put the Government into it's
ante.war attitude as regards the finances,
and withdraw the greenbacks. Repub'
lican papers like the New York Eventng
Post the Times and the Boston Advertiser
thrust this suggestion somewhat often
sively under the nose Of Secretary Sher'
man during his recent campaign tour in
New York, and insisted that, instead of
merely telling what the Government had
done to secure resumption, and urging
Republicans to vote for Cornell, he ought
to be telling how soon he WooId begin can
ceiling greenbGcks"
"Should the greenbacks be retired, un.
der the present law, the National banks
would simply issue new currency to sup.
ply their place. Before being retired
they must be bought, and to do this, the
Treasury, after expPnding all it's coin,
aUould haze to issue a large amount of bonds
on 1OhiCh interest wOuld haze 10 be paid"
Ofcourse, destroy the greenbaCks, and
the Public Debt would need to be inCreas-
ed Let it be remembered that should
the National banks simply issue new
currency to supply their (greenbacksO
place "-the government aOOuld furnish this
currency to the banks. The Republican pa
pers have been deprecating financial ag-
itation, denounced making it political
issue, and here are these organs and
schemers proposing-"the next STEP"
But the closing paragraph OF the Lead
er'S article is the coolest, checklist thing
of all. 1t proposes, as the first step, to
abolish the legaltender character OF the
greenback, but does not propose to i'm
prove and elevate the character Of the
National Bank currency. by making that
legal.tender. The Leader prefers to drag
down and degrade the greenback, 1t
admits "the country has had enough of
financial politics, and needs rest !" but
here is this organ, in face Of this, advo-
eating the next step in National
finance ~ We give the closing para
graph, to show the aims of "the-nert.Step'
in National finance" organs
"If there is really a strong Constitu-
tional reason why the Government
should cease to needlessly prolong the
use of legal.tender paper in time of peace,
it would certainly be easy and safe to 81
lenCe this objection by Withdrawing the
legaltender qualities of the greenback,
and letting it continue to circulate on it's
merits as Treasury note. A paper dol
lar that is exchangeable for gold dollar
at will is good enough without being
made legal-tender by law. National
bank currency is not strictly legal ten.
der, and yet it is perfectly competent
for any of the ordinary business uses of
money. AS a matter of constitutional
faith, it might be proper to end the legal
tender character of the greenback. Be-
yond that we do not believe it is at pres.
ent advisable to go. The country has
had enough of financial politics for a
time, and needs rest. Business will take
care of itself if the finances can only be
let alone. With the Treasury in such
able hands as those of Mr. Sherman,
Congress can safely afford to be very
conservative in its future interference
with the currency"
The Leader would deprive the Green
back of its legal.tender character, al.
though "the country has had enough Of
financial politics for a time, and needs
rest W
1t would seem that whatever the stock
jobbing, money schemers want, is all
right; and does not count as financial
politics."
But when the people demand justice /;
and any man proposes measure to that
end, then these bowling organs of mo.
nopoly, scream, "he country has had
enough Of financial politics, and needs rest"
Who disturb values but these plunder.
ing schemers? Do the people ask the
destruction Of the greenbaCks2 Do they
ask to do away with the legal.tender
feature2 Why propose to thus degrade
the greenback ? Is it not to depreciate,
and to afford an excuse to abolish them?