The Portland daily press., 1879-07-28
A Hard-Monev Democrat.

The President Of the Honest Money
League at Cleveland Ohio, is Democrat
who holds to the old financial principles of
his party, and rejects the heresies adopted
by his fellows there and elsewhere. When
he assumed the chair of the Cleveland
League he made an address in which he
gave statement of what he understood to
be Democratic doctrine in regard to the
finances, accompanying it by historical
sketch OF the Democracy and its relations to
the currency. The speech should be read
by those Portland Democrats who pretend to
be hard-money men while they are assisting
the soft-money cause; though it is not prob
able that they are moved by principle or by
anything nobler than desire to get share
OF the spoils of war; But there are honest
Democrats in the State who will be inter-
ested in the following summary of the Cleve-
land mans speech
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 ex-
ceed the limit now fixed by law would be a
violation of public faith and would unquestion-
able be followed by reputation and general
bankruptcy.
Second-From the organization of our Gov
ernment till within the last few years, the
policy OF currency consisting of paper issued
by authority of Government, was held in uni
versal adherence. No statesman, jurist or
student OF political economy of any eminence,
can be quoted in favor of such a system. All
the eminent and honored statesmen of our past
history are squarely on the record against such
policy.
Ihlrd-The Democratic party was from its
e1rsenizotion until within the past five years,
the special champion of ''hard money" 1t
opposed the issue of "greenbacks during the
war; 1t demanded a return to specie payments
at the close of the war, and continued to de-
mand such return until after the passage of
the resumption act of 1875. Its leading meu
held the issue to be unconstitutional when it
was made, and all the Democratic members of
the Supreme Court held the act under which
greenDacks were issued to be unconstitutional
and the policy to be dangerous, when the
legal tender" case was finally decided
foufth-Ihe business of the country is I'M
questlonably reviving under the influence of
an unfiuctuating standard of value and medi-
um OF payments brought back by the present
parity between paper and coin So long as that
standard and medium is maintained, no one
1ears to invest capital and embark in enter
prise. But if we are to break down resump-
ton, millions of capital will be boarded by the
tmld for safety and millions more will
Will be Withdrawn from productive industry to
be used in the gambling speculations of the
gold room, which will begin as soon as the
margin between paper and specie is reopened
by the depreciation which is sure to follow
new issue OF greenback cure ncy.
tlfth.-The doctrine that Government
should issue all the currency of the country, is
not true democratic doctrine. 1t was foisted
on to the party in this State in 1875, by politi-
lcal trimmers who thought to take advantage
OF the temporary distress of the country, and
carry themselves into power at the cost of sac
rifcing both principle and consistency, and
proposing new financial policy directly op-
posed to the entire record and all the traditions
of the party.
Sixth.-If this course is persisted in it will
result in 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 politically
expedient, but what is right-the right is al
ways expedient.
In accepting the presidency of the Honest
Money League Of Cleaveland l do not abandon
the principles of true democracy but reassert
and emphasize them. 1 hold these principles
to be true in common l believe, with a ma
iority of the National Democratic party. do
not believe it wise even in a party sense, to
tency for the sake of local and temporary par
ty success, and am sure that it is not right
and patrioticto do it.