The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1883-07-18
JEFFERsONIAN DEMoCRAoY NO.

that they often assume the force of pO-
litieal maxims, and require much space
for their full development. The above
clause Is fully developed; contains mat
ter enough to fill volume, and may be
divided into the following propositions:
Firstly-The creation Of banks and
other corporations generally violates
this rule, and are violations of equal
rights.
SecOndly-"TO the vlctors belong the
spOils, or the appropriation Of all pOlit-
lcal offices by the majority, Ia a viola
t1On OF this maxim; and an honest, eff
eient and well arranged system of civil
service reform would be in perfect ac-
cOrdanee Herewith.
Thirdly-"Equal and exact justice to
all men," requires the rights Of the mi
nOrity to be maintained and preserved.
FOurthly-The system of districting
for elective offices, too often pursued by
all parties, whether for state or federal
offices, Is equally In violation of this
principle.
If Jefferson's creed was truly observed
and carried out, gerrymandering would
be unknown. These heads do not by
any means cover the whole ground Of
JefeTsOn's proposition. Its violations
are as broad aS human sel6shness; but
those only of most Importance, and the
equal and exact justice. Equal and ex-
act Justice puts all men on common
level; would not give banks or other
corporations exclusive privileges, nor
would allow Incorporated capital to
hold rights not extended to every eiti-
zen. The Federalists of JeffersOn's day
created a U. s. Bank with exclusive priv
ileges, and the Republican party Of the
present day have continued the wrong,
by putting In operation thousands of U.
). Banks with similar unjust privileges.
Every man has a right to become cred
itOr OF the United States by the pur-
chase Of bond Gf he has the money!,
but every bOndhOldeT cannot thereby ac-
qu1re the rights and privileges of q
banker. 1t Is only when a number Of
capitalists unite, to the amount Of at
least $4,000 capital stock, that they can
get these exclusive privileges. The
greatest injustice done by this system Is
that the creditor of the United States,
not banker, only gets the interest
named In his bond, while the banker
creditor not only gets the interest, but
the government In addition gives him
back the nine-tenths of the amount of
his bonds in bank notes to bank upon,
thus enabling him 10 loan his money,
get interest upon it, and receive back
ntne-tenths of it to speculate upon or
loan to community. By this legal in
Justice the power of capital is nearly
doubled, and the increase of million
aires since the commencement OF Re-
publican rule is in some measure ac-
counted for. Jefferson was opposed to
all such unjust privileges. He claimed
that II paper currency be needed, 1t
should be Issued by the government un-
der proper regulations and guarantees,
and that the people, instead of the ban
kers, should have the profit. He belieV-
ed In the honesty, intelligence and JUS
tice of the people, and that paper mon
ey Issued by the government of the peO-
pie would be better than that issued by
company or bankers. In this he was
not mistaken.
A government system of paper money
managed by five cOmmissiOners-three
appointed by the government party and
Two by the ppOsittOn-prOperly guard
ed against all abuses, and secured by u.
s. bonds, deposited in the U. s. Treasury
as the bonds securing the national bank
notes now are, would provide a paper
currency, at least, equally good with the
present national bank paper. The Unit
ed States instead Of paying the interest
on the deposited bonds to bankers, as Is
now done, should then paw 1t to the
bank commissioners as sinking fund
for the redemption of the bonds deposit
ed. That sinking fund would, in about
70 years, on per cent. bonds, pay off the
bonds together with the expenses of
management, and on higher bearing in
terest bonds, deposited prOpOrtiOnately
sooner, thus saving to the people twelve
to twenty-five millions of dollars yearly,
instead of paying that amount, as now,
to the bankers, and thus in every quarter
century paying off the amount of bonds
tO ha
by paying only per cent. interest
thereon. 1t Is true that the Republican
congressman and other officials will
steal as witness the Credit MObilieT, the
whisky ring and the Star route frauds.
But even the treasury officials of that
party have never yet attempted to steal
the 0. 8. bonds deposited by the banks
to redeem their notes. Secretary Sher-
man, although he had charge of the U.
5. treasury for some years, did not steal
those bonds, nor would have done so had
they been deposited in the treasury to
secure government paper money. 1t
therefore seems that even U. 8. treasury
officials might be trusted to keep safely
the bonds deposited in the treasury to
secure the issue of government paper
money. IL government cannot issue
good paper money without the interven-
tiOn of banks and bankers, how can it
De trusted TO run the financial and other
departments of government without the
aid of banksp If banks are indespensi-
BILE to run the financial part of the gov
ernment, why are they not equally ne
cessary in all other departments; and If
so, why should not popular government
be abolished and bank government sub
stitutedP 1 think, therefore, govern
ment should abolish the U. 8. banks as
contrary to equal and exact justice to
all men," as declared by jefferson. If
the United States should abolish the
banks the paper money substituted
should be made a legal tender in pay
ment of all debts whatever, and should
be redeemable in current coin of the
United States, when presented at the
treasury for redemption. All corporate
rights are inimical to Republican gov
ernment, and dangerous. By stock
jObbing, corners in stock, and by the
watering of stocks, in fact, by stock
gambling, immense fortunes have been
accumulated within the last twenty five
years, Republican simplicity has been
destroyed, and rich men not satisfied
with bribing or purchasing few voters
now seek to purchase nominating con-
VentiOns, State Legislatures, and have
even been accused of attempting to pur-