Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1882-07-06

only be understood when ii is ecnsid=l
cred that, as q rule, in all our silver
producing territories, all trades,
all occupations, depend on the
product OF the mines, . fact illus.
Irated by the sudden depopulation and
entire desertion Of whole sections Of
country whose mines had ceased to be
productive. Whist will become Of Che
Industries of Colorado. Nevada, New
Mexico, and Arizona, should the bill
now pending before Congress become
q law? 81 1o ~ 47Nrs
Has Congress, therefore, the right,
In view of all these interests, which are
at stake in this issue, TO demonetize
silver, or to cease the issue of sllyerl
certificates as the representative and
equivalent of silver, dollar for dollar,
and which is the money Of the poor
man, gold being the money OF the
rich? National bank notes are but
promises to pay. They are but mere
evidences of debt, and are based upon,
credit, while gold and silver certifis
Gates are the receipts of the Govern.
ment for the gold and silver deposited
in the United States Treasury, and are
equal to the gold and silver as cur
rency, because of their interchangea-
BILE character at the pleasure OF the
holder. Not so with national bank
notes. The difference is this, that in
the one casa you have the Govern.
ment as your custodian, holding the
gold and silver for the holder of the
certificate, while in the other you have
private corporation your debtor,
with the mere promise to pay-not
gold or silver--but to redeem their
promises, if redeemable at all, in
greenbacks, which is but another
promise to pay, which shifts the re-
sponsibility of payment at last upon
the Government, and which after a
circumloction, aud vast profit to the
national banks, must be redeemed. if
redeemed at all, in coin. But how is
this last to be done if the government
is to be despoiled of one of the princi-
| pal means of redemption by the de-
monetization Of silver,
A far reaching and more dangerous
evil than all this lies still back Of it.
The demonetization of silver will
create vacuum in the supply for the
people. This vacuum could not be
filled except by promises to pay,
which, in turn, become deprecated 'gas
they are removed from their associa-
ton and contract with currency hav-
hing for its basis gold and silver. It is
this association to-day that gives con-
idence and currency to national bank
notes. Demonetize silver retire the
silver certificates as well as the national
| greenbacks, and what kind Of cur
rency will you have? A South Sea
bubble that must go to pieces by rea
son of its own rottenness. Gold would
become more valuable, and would be
i restricted to the use Of the wealthy. The
I bloated bondholder would get pay,
while the laboring man would get on
j ly promises. No act could be more
Il generally designed to benefit the few
and oppress the many than the act to
demonetize silver and destroy the only
staple currency Of the poor man. No
act would do SO much to put legitimate
business at the mercy of spectators as
this. The possibility Of such an act
has now approached the probability OF
| its consummation, unless the people rise
up in their might, and call a halt to the
mad schemes Of the Republican party
now in power. Let the people and the
] press of the country speak out boldly
and fearlessly on the subject
/ l.. then, there are SO many and di-
versitied interests to be injuriously
affected by the repeal of existing laws
and the demonetization Of silver, we
| may well ask the question, has Con-
gress the right to demonetize silver
! We answer on behalf Of the people of
tlis Union, and most enphatically say
/ that they have no such right.
| BY the Constitution Of the United
/ States gold and silver are equally made
! egal-tender in payment Of all debts.
! Would a law of Congress be consti-
| tutional that should declare that aeith-
| er gold nor silver should be legal ten
der id payment Of all dues to the Gov
ernfnent? You say it would not. Then
would a. law Of Congress demonetizing
either Of these metals be constitution
! ala 1iis .sils i!.l}tf Y
! Where, lot US ask, is The necessity
for demonetizing either gold or silver
lif.it were even constitutional to do so.
j But says the advocate Of national
4 banks, Ys'if the Government will give
usa silver dollar worth as much as 4
Igold dollar, we will not complain. So
long as this discrepancy exists, we have
q perfect right to discard the silver
/ dollar, and 10 refuse 10 receive 1t on
4 deposit in our banks
j Now let us analyze this a little.
Il What makes 259S-l0 grains Of gold,
A and 4la1 grains Of silver worth $l.Ooi
Is it not the law2 Are not these two
| metals in the above relative proper
J tion, equal in rvalue2 Then, is not the
objection to silver q mere oatchword,
and unworthy the consideration Of in
A telligent financiers2 Silver dollars OF