The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-08-05

OF the inouey actually curren. Will always
be paper. On the vo]nme OF mon.
ey actually current depends the prices
OF labor and commodities. AS that
volume rises prices, 60 up, and as it
falls they go down. Tue whole voi-
ume Of money curreLt has rarely been
over a fftieth pa.t Of the aggregate
value OF the property of the couh-.
try; yet, when the money 10 actual
circulation is reduced one hundred mill
lions, that reduction shrinks the value of
labor and property to filtg times the
sum Of the currency reduction; and so,
when the current money is increased a
hundred millions, itadds fifty times that
sum to. the aggregat, selling value Of
lother property So, too, when the vol
Iameaaf eurreneS isiles and prices
consequently tall, all business becomes
unprosperous whiIa when the currency
is being increased, values rise and busi-
ness becomes good again. 4 The power
to control the volume OF currency, ai-
fecting as it does so profoundly the gen.
eral prosperity, is in its nature sover-
eign power. The welfare of the people
demands taat this power to expand or
contract the currency, to raise and lower
values, t. give prosperity or infict dis
tress, shall not be committed to the hands
OF private individuals or corporations,
and leastof all to corporations represent
ting the holders of public aid and private
delts whose wealth is increased by every
fall of prices and diminished by every
rise. 1t should be exercised by the
Government alone, in such manner as
, shall give to the debtors, tax x-payers, and
industrial classes the assurance OF justly
lestablshed and stable values. If two or
three Thousand private corporations ac.
Ting, as they always do, in the Interests
OF the holders of money securities, are
premitied to control the volume of cur
reuey at their pleasure, there is no limi,
to the injury and loss they may ipfict
upon the people, or to the wealth, they
may themselves accumulate by hidden
and concerted measures of fexpansion and
contraction of values. It was precisely
This danger which Led Jefferson t, resist
the Incorporation OF the first bank OF
1.-The United States under sWashington's $
administration, and to oppose the renew
al of its charter under Madison, and
which led Old Hickory to make his
grand and successful fight iagainssthe re-
cha, ter Of the bank .aofasa ai - 2
Aside from this reason against giving
private corporations control over the
volume of currency, it is to be borne in
mind that the suhstitutioniof1egal.tende
Treasury notes for bank notes will, even
since ,refunding, save to, the people st
least ten millions Of dollars per annum.
With the Treasury notes 30 issued 10
lplace OF Nstioual Bank notes, United
States bonds can be bought 10 the market
and cancelled and the interest thereby
stopped; while the Government will lose
inotting whatever in taxes bv such cub
fstitution, except only the one per cent.
tax on circulation, that being the only
tax which National Banks pay that is
not paid.by ail..other banks ofdeposit,d dis
count, and exchange. y 81
| Had the Republican party desired TO
diminish as rapidly as possible the pub
lie debt, it would, when the war ended,
have prohibited the incorporation OF
any more Banks Of issue, and gradually
substituted Treasury notes for bank
notes.-the power to make such substtu-
tion having been reserved in the National
Bank law. If they had thus promptly
given the people an exclusive Govern
ment currency in place Of bank notes,
our bonded debt would now be at least
seven hundred millions less than it is.
No reason which will bear a moment 8
reconsideration can be given Why this
thing should not have been done. No
body pretends that the greenback which
redeems the National Bank note is not
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 two thousand National Banks were
needed by the party as a breakwater
against the people. Hence, since the
Iclose of the war, the people have been
Ipractically robbed of about seven hun.
dred millions of dollars to prevent them
Exercising their free choice OF their own
|servants. fiUs So E'i 7ei so
Another bad feature of the National
Bank-note system is that its perpetua
ton makes necessary the perpetuation of
the public debt, because tank notes are
secui ed only by the bonds OF the United
States. Any reduction of the bonds
Outstanding trenches on the means Of
expansion Of the system, while the pay.
ment of the whole debt would destroy
it. Hence the Republican party, as the
faithful servant Of the money power, has
shown no eagerness to reduce the debt,
but alacrity to increase It; while on the
other hand the interest OF che people de-
mands, in the language Of the Ohio Dem
ocratic platform, "that the further in
crease Of the bonded debt in time OF
Ipeace be stopped. and that IL be put in
process OF extinction" 's'i' 9 'l',',,''
| have thus hurriedIy discussed the
claims made by the Republican party 10
behalf Of ils finance measures. and the
position taken by the Democracy of Ohio
in its latest platform, respecting them
am quite willing to submit to the de-
cision Of the people on these Issues. !
am sure that an overwhelming majority
of the voters Of Ohio think that the Re-
publican party should be expelled from
power; that justice and sound policy de-
mand the restoration OF silver to its old
equality with gold as q money metal !;
that the general government should issue
all the currency whether paper or metal
ic; and that our great National debt
should not be Increased, but as soon as
practicable paid of according to the lei
ter and spirit Of the contract. The Dem
ocratic party of Ohio, and five. e.sixths of
that party throughout the Republic, stand
united on these propositions; while the
Republican party stands solid against
Them. 80
Now, why should the men Of Ohio,
who agree on these great fundamental
measures OF relief, divide into two parties
and thus defeat them? / can't vote the
Democratic ticket, says A, because the
platform don't declare for an income tax.
I won't vote it, says B, because it don't
90 for an increased volume of paper
money. / shan't, says c, because it don't