The Russellville Democrat., 1882-02-23

what about its financial policy? He then proceeded to state that we had represented the democratic party as fayoring the National banking sys- teni, when in fact its policy was to re- peal at once the charters of the banks and abolish without day the diabolical swindling system. How, we inquired, do they propose to pay the national funded debt? o, said he, by issuing GREENBACKs of course.
 We confess our ignorance of nation- al issues and especially of finances, but if we know anything about the policy of the democr atic party it favors a strict maintainence of the public faith upon the part of the government with all it's creditors, which simply means to pay the public debt per contract.
 That when the bonded indebtedness becomes due and we are unable 70 pay, to renew the charters of the banks at d low rate of interest for such time as it is probable the government will be able tV iNuOSih iIo bohds, supJCtb db all time to the pleasure and call of the government, that these charters may uot be continued beyond a time when we become able to pay, thereby bur den us with onorous taxation.
 The Republican party would renew these charters for long lease of time, at high rate of interest, net to be re- deemed till the expiration ot the time limited, regardless of the ability of the government to pay, thereby taxing us with the interest long after the necess- ity ceases to exist. The right of the policy of the Democratic party on this question the republicans In the main have been forced to recognize. It is not the policy of the democratic party to force upon the creditors of the gov ernment an irredeemable paper cur rency. That policy belongs to that nomenclature of things known as BACKGREENIsM.
 Another legal gentleman criticised that article because it chased the dy- nasty of the States and self local govern ment as one the great political issues. He said that issue had been settled by the bayonet. We told him the article treated that issue as modified by the war. We'll, said he, that issue was de- feated in the last national contest. That is true, but Is nevertheless one of the vital issues of today, and of all oth- CTS the most important. Without the recognition of thls principle there is no cheeks or balances on the Federal gov DEsPoTIsM are the inevitable results. | The States are the pillars of the Union and when they fall the whole fabric must topple over. It is not insisted that the States can destroy or dissolve the general government any more than the general government can destroy them both are supposed to live for ever. Te say that there is no interven- tion upon the power of the president and congress they might make all sorts of attacks on the liberties of the people and their power over the purse and the sword being complete and unlimit- ed they might renounce all depen- dence on the people and perpetuate themselves and successors In power forever. In mechanics an adjusting power to all machinery is indlspensa- ble to their regulation, without which the machinery would run with such in- creased velocity that it would fly to atoms, or refuse to run at all without a propeller. The power to propel and the velocity must be symmetrical in order to move with one harmonious whole. Neither must the propelling power be stronger than than the ma chinery itself, else q smash-up, neither must it be weak or inadequate to the machine else it be entirely defunct. The same principle is no truer of me- chanics than of government. A cen tralized government without any in- tervention upon it's powers is the de- mon of despotism.