The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-08-23
MORGANTOwN. W. VA SATURDAY. AUGUST 90. 1879

or greenbacks And II is not only presumable.
but cert.in that he will pay in the money OF
least value--perhaps in deprecated paper.
More than "dollar" must be spoken or written
in a contract to avoid misunderstanding and
wrongs
The Republican party has industriously cir
culated the statement that the Democrats alone
mean to disturb existing settled moneyed rela-
tons. But allow me to ask, Are they settled?
Does not the Republican party itself intend to
change themY Do they not purpose to abandon
the greenback and go to the national-bank note
Yea, ask, can either party, or the country
free from party, abide in present moneyed CON
ditions? ask these questions in all sincerity
of sincere mon of all parties: Are we to have
monometalism or himetalism, or bond basis
These questions aud 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 I'M
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 five-cighths of our paper
money resumption has not even been initiated,
because no law exists placing national-bapk
notes on the specie basis. How dishonest is il
then TO talk of an accomplished resumption
while the purpose is TO steer finally for q bank
note standard that has no specie basis what
ever.
That the main solution is still in question
will be ttill more apparent to all when il ia
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 IL to abandon the greenbacks,
redeemable and legal tender as they are, aud
TO put In their place bank notes, whose value
is still in doubt How ANYBODY that wants
honest money can support this Is incompre-
hensible to me- 1t is the Republican party that
is for irredeemable paper money! while the
Democratic party OF Ohio proposes to make
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 money system that depends
on the arbitrary will of several thousand bank
officers, while that of the Democracy is to
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 1t as their duty TO resist the eternal
pressure after private advantages which il 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. IL not, then prevention
necessity? AS Seneca points out to u.s. in the
quotation read to you, there are vicious learn
ings that must BIO counteracted by light drawn
from principles.
Adam Smith gave to the world 100 years ago
hint how people can distinguish their friends
IF yatn into ua aofd
chapter 207: "The member of ParIiment who
supports every proposal for strengthening mo-
nopoly is sure to acquire not only the reputa-
ton OF understanding trade, but great popu-
larity 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 infamous abuse and detraction from
personal Insults nor sometimes f-oyn real
dagger arising from the insolent outrage of
furious and disappointed monoposta."
VINO does not recognize in the first picture
that of Shermany 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
delraction, of The personal defamation and in
suits heaped upon certain prominent Demo-
Gratis, such as Thurman and Iilden? Millions
upon millions has Sherman, as Senator, already
turned toward the banks; he is still att; their
press and their orators have paid him and will
pay him with honors and emoluments.
Mlnce 1t as we may, it is still true that our
finance is in the hands of man who il SPLEEN
did stock and bond jobber, of higher, but in
principle identical, type as Jay Could in which
profit Is the basis, but all higher ethical states
manship is wanting And | ask you, as high
toned Americans whether you are willing to
join the chorus for Sherman worship started
in bank parlors and echoed back by party syco-
plants?
Let us now test closely how much, IL any, is
true as to the other 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 what
an impartial man says Neuman Spollart, one
of the claarest heads Of Europe, says: slt
"The United States have been rescued from
marasmus, or politico- economic disintegration,
only through their natural resources; specially
by the richest wheat and corn crop, good cot
ton campaign and the 80 far largest expectation
of petroleum"
The admirers of Sherman, himself included,
claim, on the contrary, all credit for him. With
equal right might a man sitting up behind on a
coach ascribe to himself the early arrival alta
point of destination, when it was the strength
and rapidity OF the horses, the good road and
coach that made it possible. II was, indeed, an
embracing Of an opportunity, both with the
which has indeed its merits, too. But whether
the Use of the opportunity was honest is an
other question. We need but to put II to let all
see that the alteration of Sherman is very much
an exaggeraiion, set in ecene by the private in
terests whom he favors He is the most dan
gerous infationist of all the public men in the
United States, and will never hesitate to dis
turb private business and to jeopardize the re-
lations of trade and industry if it suits his pur-
poses
A saving of $l3, 100000 of interest is the bait
with which we are to be caught 1t is large
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 $3.50, 900, GOO
Why take two bites at cherry? II throwing
off interest is the criterion then it IS better to
throw off the whole thereof, and not one-fourth
only. In such policies there are degrees of
righteousness or unrighteousness viz. repudi-
alton, forced loans, moral as well as immoral
pressure on the creditor, and also the Tennes-
see plan of an ultimatum to the creditor by the
debtor that holds the master position.
Sherman has kept up all the outer forms of
financial decency. He has ever cried: @Prenez
guardl" before he made the sharper passes
but he was sure to strike, nevertheless. The
people are no more, as whole, helpless as they
were during the war; but there is now an inse-
curity in money that leaves but little option
whether to take per cents. or risk all He
was gracious in allowing per cent, for he
might have had their money at 3-yea, at 2 per
cent Indeed, they would have invested it with
him merely for safe-keeping, as they used to do
with John Law in the last csntury. Indeed, the
resemblance holds good generally Law also
had his nominal par between different securi-
ties. He, too, made each new scheme prepara-
tory to q new issue, and adding bubble to bub-
BILE Does not everybody see that the per
cents. are the facilities for future national
bank issues, which will then have much less
security than these have now?
The last twenty years OF the history of Amer
lea has brought to the surface numerous speci-