The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1882-09-26

Iact some na' expired, ana consequently
no extension was called for, and the
QUESTION was not considered Besides
the extension Of charters " hanks was
not necessary to continue the banks, as
was stated by the Comptroller. 1t was
more appropriate. too, 1t will he admit
ted, that this work should he left to con
sti,ute what Mcpherson calls the "crown-
ing achievements OF this Congress
excepting OF course the Robeson Naval
appropriation and the River and Harbor
Bill.
The hanks were originally established
to "foat the bonds" and now the bonds,
1t is thought, must be kept up to float
the banks. | shall'not stop to discuss
here the question OF bank currency /
will only say that system which puts
the Issue and regulation of the currency
Of people in the hands Of private cor
porations to regulate as their interests
alone dictate, is inherently unjust and
vicious, and has heen abandoned by
every other enlightened country, and
must sooner or later he given up by
this country. Nobody ever has or ever
can answer the solid arguments OF Sir
Robert Peel AMI Lord Overs,one in and
out of Parliament on this question, which
led TO the abandonment Of hank regula-
tion OF currencv in England.
The veto of the funding bill Of the
last Congress. says the Interview, was
approved by the people! Approved by
the banks. Is what doubtless is meant.
President HAYES was literally BULLDOG d
bv the N.w York banks into uetoing
this bill But the banks themselves, it
would seem, discovered their mistake.
AMI have accepted law a. the hands Of
this Congress containing the essential
features of the vetoed bill Is not this
the casef The last Congress passed a
8 per cent. funding bill. Mr. Sherman
and the Republicans said the debt could
not be refunded into 8 per cent. bonds
Yet is not the recent funiing bill Of
fered by Mr.. Sherman on the first dav
of the session, 3 per cent. bill2 And
this was passed too, after bonds had
been extended at 81 per cent. AMI when
there was no special need for any fur
ther funding measure Which waa right ?
The Democratic refunding bill contained
a provision preventing banks from sur
rendering notes and contracting the
currency at pleasure aud then calling for
notes again to put ont.
The bankers SAID il you put in this
condition We will bring the business OF
the country to stand, and they pro-
ceeded to contract the currency in few
davs by withdrawing 81 millions OF their
circulation. That was enough to show
the tremendous power OF banks COM
bined, and the danger OF putting the is
sue or regulation of currency wholly in
their hands. But the funding bill passed
by this Congress contains provision TO
prevent this sudden contraction or ex.
pansion uf the currency substantially
the same as in the funding bill OF the
last Congress. 81 the truth is the veto
was q mistake on the part of Hayes. as
is virtually ackno wledged by the new bill.
Gen. Dawes refers TO National Bank
currency as "aexihle with the demands
and conditions of business" But this
is an impossible condition, and no po-
litical economist longer claims the ex.
istence OF such q relation between husi-
ness and the Issue Of currency. as is here
supposed 10 exist. But space will not
permit full discussion Of this question
bere.
Yes, there toas some noise made over
the silver question. The Republican
party when in the majority IN both
Houses hal suireptitiously demonetized
silver, thus changing the metallic stand
ard of money, while yet greenbscks anG
bank notes were at discount as CON-
pared with coin, The stupidity on the
part Of some Republican leaders that
allowed them to suppose that silver
could be everywhere abandoned as
money without affecting the value OF
gold, was only equaled by the cunning
knavery OF ,thers who sought to ac-
C 'mplish just that end
Now l put the question honestly to
both Democrats and Republicans, wheth-
er this is not the truth respecting the
record and action OF the two parties, on
the silver and greenback questions The
Republicans demonetized silver and de-
termined on, and began, the destruction
OF the greenbacks; the Democrats re.
stored silver TO coinage and storped the
destruction OF tue greenhacks when the
volume had been reduced to S347 900.
900. And further, ask would not the
consnm nation of the Republican policy
have sunk the country into unfatHom
able depths Of bankruptcy and ruin
Does anybody now doubt that1 On the
other hand was it not the adoption OF the
Democratic policy to restore silver and
save the greenbacks that stayed the
downward movement in prices and en-
abled the country to recover lost ground,
and besides make resumption possible
Then let me ask another question. II
in all the years in which greenhacks and
National Bank notes have circulated
constituting together the paper currency
of the country, this same uolume, instead
of being half greenbacks and halt hank
notes. had been all greenhacks. would
not the effect on p:ices aud on business
have been exactly The same? / think
every reasoning mind must answer yes
Then, if that he so, could not slI the
money that has been paid to banks as
interest on the bonds they have held to
secure their notes have been saved TO
the people2 This amounts to hundreds
of millions, and by so much the public
debt might have been made less. And
this sum, moreover. has been paid out
of the common treasury OF the people
for the sole heneft Of these corpora
tions. And these questions are still in
issue. The money power has not ahan.
doned its purpose to make gold the sin.
gle and sole standard, and to "get rid
Of" the greenback. Will Gen. Dawes
tell the people of this district whether
on these questions his vote, If reelected,
will be for the banks or the people-for
or against retaining sllverY
FILlBUsTERiNe.
"The most important accomplish.
ment" so SAYS the interview "was the
suppression OF 6lbustering." The party
that did so much filibustering all through
the 46lh Congress did not like, it seems,
to take its own medicine, and l do moi