Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-08-24
Mr.. eLAscocK ON THE CURRENCY.

At the ratification meeting held in this
city by the Democrats last Saturday even
ing, Mr.. Glascock, the Congressional nomi-
nee for the Second District, took occasion
to air his views On the currency, and de-
clared himself in accord with the fat
money folks. 1t did not occur to him or
those who took the same position from the
same stand that night, that they had just
adopted the Cincinnati platform as that on
which they would make the canvass, and
that the Cincinnati platform declares
plainly for honest money and the honorable
discharge of the public debt. So eager
was Mr.. Glascock to pander to the heresies
comprehension OF financial questions was
no better than theirs, that he trampled
under foot the platform of his party, and
thus unconsciously exhibited himself as a
typical Democrat, of the class which is
always ready to change its principles at
a moments notice, for the sake of a few
votes. AS Mr.. Glascock has accepted
the Greenbacker propositions, however,
it is perfectly evident that he is utterly
untitled to represent California constit-
uency in Congress. He announces himself
as in favor of multiplying resumption, to
begin with, for this would be the first and
most necessary result of the proposition to
pay out all the money in the Treasury in
the discharge of matured Government
bonds. In order to pay off small pro-
portion of the bonds falling due next year
this sagacious financier would withdraw
the fund which IS required to protect the
circulation, and would thus precipitate the
depreciation of the whole currency, to the
ruin of scores of thousands, and to the
robbery of every man who owned dollar,
or dollars worth of property. This
notable plan, Mr.. Glascock thinks, is cal
culated to commend him to community
which has stood out for honest, full-value
money more pertinaciously than any other
In the Union, and which knows the evils
OF deprecated currency too well to invite
them by supporting for Congress anyone
who avows such monstrous heresies as this
candidate has espoused. Again, Mr.. Glas-
cock says he is opposed to forty-yea bonds,
and he would resist any effort to refund
any more of the public debt in such securi-
ties. AS the Government cannot hope to
refund its debt at 81 per cent. in a
short-term bond, since such bond would
offer no sufficient attraction to in
vestors, we can only conclude that
Mr.. Glascock is opposed to any further
refunding Of the debt. And that is equiv.
slent to saying that he is opposed to effect.
ing any further savings in the interest
account on behalf of the people Again,
Mr.. Glascock told his audience that he
was opposed to Capitalization yet almost
in the same breath he asserted that he wa.
in favor of the Government issuing The
only currency, which is the most sweeping
measure of Capitalization ever proposed
He would place in the hands of the Score
tary of the Treasury the tremendous powei
of controlling the entire currency of tn,
country. He would, to make things still
worse, give Congress supervisory author
ity in the premises, and in this way h
would render imitation and contraction
chronic political issues, and render the pur
chasing power of every dollar in the hands
of the people dependent upon the issues
of elections. A more thorough goiHl
scheme for running the currency, for fos
tering wildcat speculation, for paralyzinl
industry, and for plunderipg the poor
could not have been devised. take it alto
gether. Mr.. Glascock has made very
unfortunate beginning of his canvass Ii
fact his first speech ought to settle hi,
status forever in the mind of every intelli
mt voter in the district.