Weekly Chillicothe crisis., 1885-07-16
The Danger of a Gold Currency.

Irish World.
In his Fourth of July Grafton before
the Tammany Society, Mr.. Orlando
Potter saw fit to ventilatc his views on
hard money. Although the occasion
was one that did not call for any refer
ence to the money question. Mr. Potter
thought he saw chance Of doing Somc-
thing in the way of spreading "sound
news ON the financial question, and
so treated his hearers to this piece of
eloquencc:
"At the risk of its being considered
impcrtinent by any on this occasion, so
deeply am impressed with its import
ancc that cannot omit to call atten-
iOn to the danger which the late dccis-
ion of the Supreme Court, clothing con-
gresS with power in time of peace to is
sue irredcemable money and make it
legal tender tor all debts and obliga-
tiOns, precipitates upon the country. !
repeat what have elsewhere said. For
the first time in our history, this deciS-
ion boldly announces the doctrine that
private rights. obligations, contracts.
and property Of all the citizens of all
States Of the Union are subject to the
sovereign control of the majority of
congress and q cOnsenting executive.
So that any and all such obligations,
contracts and payments, may be dis
charged and cancelled by the paper
promises of the government, and whcth.
er redeemable in coin or not.'
This is the way in which Il Democrat.
ic orator speaks of a decision of the Su.
preme Court that atlirms that the rep
resentatiyeS of the people have the right
to declare what is money. To make
the Declaration of Independence com.
plGtc it was necessary that the country
should have circulating medium OF
ITS own which could not be controlled
by foreign Shylocks. Now, if congres,
did not possess the power of issuing
money, the financial independence thai
is needed to make political indcpend
ence reality and not sham coulC
have no existence.
1t is well known that there is in tn,
world but n very limited amount o
gold, the greater part of which Eng
land controls. So that if the right o
issuing money could not be exercise,
by Congress we should be largely u
the mercy of England for our circula
ting Medium. The result of this woul,
be that English Shylocks, acting il
concert with our own Shylocks, coul,
create financial panic whenever the,
chose by the simple process of gettn!
up corner in gold. Giving Congress
the right of issuing money takes ava
from native and foreign inconvenience
the tremendous power of depreciatin,
the value of property and labor when
ever it suited their selfish purposes t
do so. The decision of the Suprem
court that Mr.. Potter sees fit to attack i
his Fourth Of July oration clearly carrie
out the intent OF the authors OF the Dec
laration Of independence, who aimed q
complete independence of England, a
independence that would he impossibl
of attainment so long as our medium {
exchange could be controlled by FL
gland.
What Mr.. Potter says of the deci,
ion of the Supreme Court on the rigl
Of Congress to issue Greenbacks show
that the hard money men have not Y,
abandoned the hope of being able I
wage a successful war on the people
money. 1t will be remembered that NJ
Bayard before leaving the Senate intr,
duced an amendment TO the Constitl
tion declaring that gold and silv,
should be the only legal tender. III
der the leadership Of such men as Ba,
ard and Potter the Democratic part
will probably take its stand in favor {
gold.