The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1880-01-08
CHASE AND BLAINE.


The following letter from Solon Chase
is published in the Portland New Era:
Senator Blaine says he shall vote against
aking the legal tender from the greenbaek
The Senator had been through the fire and
need rest. Mr.. Blaine looks better dressed
up in the Rag Baby's clothes than Bayard
does in the livery of the banker. Forty
nine thousand, and no boughten votes
have told Mr.. Blaine to touch not the
greenback at his .peril, and the Senator
has got an eye opener.
Mr.. Blaine says with truth, strike the
legal tender from the greenback and "you
impart to gold an intrinsic value it does
not possess to-day" This is an abandon
ment Of the fundamental hard money idea
that gold is the unAuctuating standard OF
value. While the resumption law was
called for gold and prices were falling for
four years it was said there was an over
production of commodities, but it was the
constant increase of the value of gold tina
made sharp dollar and dull COM
modify. That increased value of gold was
due to the boarding of gold and the conse-
guent contraction and boarding of paper
money caused qy the resumption act
When the claws of the resumption act were
cut and Sherman had no more bonds to
sell for resumption purposes, the value oil
4 h. ALL tSh
gold dollar will not buy any where near as
much as before the requirements of the re-
sumption Law were satisfied. There ia more
production but no over production. The
free coinage Of silver will permanently di-
minish the value of gold the world over.
No man is more keenly alive to that fact
than Mr.. Blaine and he has too much good
sense to vote to stop making silver dollars.
While Mr.. Blaine deals a well directed
blow at the banking ring, and it will make
The New York Times like she bear
robbed Of her cubs, Mr.. Bayard, another
presidential candidate, has introduced a
bill in the Senate to stab the rag baby in
the back by the word "except," and to
strike illegal tenders" from the green
back. President Hayes bold declaration
that the destruction of the greenback 10 a
more manly attack than Bayard's stab in
the dark which means the same thing, but
be has not the manhood to avow his pur-
pose.
Mr.. Blaine admits that Resumption
rests upon . shadowy foundation with only
$50 millions of coin to redeem 700 millions
of paper money. Coin ia not wanted now
because it is worth more at home than
abroad. That 10 a gold dollar will buy
more of our products than Of the same
products in other countries, and our paper
has the same purchasing power as the coin;
but when gold is worth more abroad than
at home with every national bank note as
we'll as every greeenback gold certificate,
the gold will be wanted to carry to the best
market. The best market for the gold are
where the prices are the lowest. No mat
ter how much we owe or don't owe, the
current of coin will set to this country as
long as prices are the lowest here, and no
longer. The payment Of debt can be de-
ferred but the current of coin cannot be
turned from the country where commodi-
ties are the cheapest. Hence we see the
safety valve of resumption is cheap pro-
duction.
Mr.. Blaine says Sherman would have
Congress vote up or down the volume of
money. "the most dangerous OF all green
back heresies." Is that power more dam
gerous lodged in congress than in the ma
tional banks? The present wild cat ma
tional bank imitation of 100000 day is
of money stripped of legal tender and is
just as Objectionable as the greenback
would be stripped of legal tender. Presi-
dent Hayes says the redemption and can
collation. of the Rreenbacks is the true
limo. Mr.. Blaine comes near the truth
when he says such doctrine "is at best only
theory"
The senator says the influx of coin is
hourly increasing our financial strength
but like wise man he does not forget
that coin is slippery stuff. He says "stand
still while yop stand WE'LL" You cant
stand still on glare ice in a gale of wind
Mr.. Blaine is no longer rocking the Rag
baby. He is walking along with the
youngster on his arm and will soon be
leading the little silver dog with string