The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1882-08-10
The Currency Question.

There is no question connected with
politics in this country of greater in
terest or Importance to the people than
that of the currency. A sound cur
rency of uniform value is absolutely
indispensable to the prosperity of bus
iness in every department. The posi-
ton of the Democracy on the subject
is we'll defined in the platform adopted
in Columbus, in which it is declared,
" That stability in the value of money
is primary requisite to industrial and
commercial prosperity. This can only
be secured by maintaining both gold
and silver as money as provided by the
Constitution, and subjecting the issue
and regulation of paper money to es-
tablished principles which will prevent
fluctuations in the value of the curren-
cy." This declaration is to be inter-
preted in the light of the past history
of the party from the days of Jefferson
to the present time, which has been
that the control OF the currency is one
of the functions deIe2 ated to the gen
eral government, to be exercised by it
for the benefit of the whole people, and
that the delegation of the privilege to
issue paper to circulate as money to
corporations, with power to initiate OF
contract the volume of currency is sub
versive of the equality of the people
and dangerous to their prosperity.
In 1913 Jefferson declared:
Bank notes must be suppressed anG
the circulation restored to the nation
to whom it belongs"
BENTON: "The Governmental ought
not to delegate this power if it could
1t was too gre; t u power to be trusted
to any banking company whatever, OF
to any authority but to the highest an(
most responsible which was known tc
our government, The Government
itself ceases to be eindependent,i it ceases
to be safe, when the national currency
is at the will of a company, The Gov
ernment can undertake no great ell
terprise, neither of war nor peace
without the consent and cooperation
of that company; it cannot count it:
revenues for six months ahead with
out referring to the action of that com
pany, its friendship or its enmity, it:
concurrence or it's opposition, and SCI
how far that company will permi
money to be scarce or to be plentiful
how far it will let the money system
go on regularly or throw it into disor
der, how far it will suit the interests
or policy of that company to create
tempest or suffer calm in the money
ed ocean. The people are not safe
when such company has such ;
power. The temptation is too great
the opportunity too easy to put up ano
down prices, to make and to break
fortunes, to bring the whole communi
ty upon its knees to the Neptunes, wht
preside over the fiuX and reflux o
paper. All property is at their mercy
Madison, in his message of Decem
ber 3, 1916, said:
but for the interests of the com
munity at large, as well as for the pup
pose of the Treasury, it is essentia
that the nation should possess a cur
rency of equal value, credit, and us,
wherever it may circulate. The Con
stitution has intrusted Congress eXclu
sively with the power of creating anC
regulating a currency of that descrip
ton"
| JACKSON: submit to the wis
dom of the Legislature whether :
national one [currency], founded upol
the credit of the Government and it
resources, might not be devised, whici
would obviate all constitutional diff
culties, and at the same lime secure al
the advantages to the Government
and the country that were expected t
result from the present bank