Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1885-12-03

The Western Rural says there never was
an honest specie basis system in this country,
except the system of issuing certificates upon
the deposit of coin or bullion. That is hon.
est, and as long as the bullion and coin are
honestly kept for the redemption Of the
certificates it will remain a solid honest sys-
tenn. But our specie basis was never better
described than it was by the late Hon. VIII
liam Allen, of Ohio, who pronounced it
barren ideality. In certain circles there is !
nothing recognized as legitimate money but
coin. The decisions of forty Supreme courts
could never convince the class of inanciers
who can see money in nothing that will not
! Jingle, that greenback could ever beimagin- |
ed to be money. And the financial system of
the country is practically based upon specie.
The bank note may be redeemed in green
backs, and the greenback will on presenta-
tion to the government be redeemed in gold
or silver. But every reasonably intelligent
man knows that the paper circulation could
not be redeemed if its redemption should be
instantly demanded. We have not the specie
with which to do it. No country has enough
coin to redeem its paper circulation. We are
handling paper money every day which we
know could not be taken to the bank, if there
was general run upon the banks, and be re-
deemed; and whenever there is such de-
mand, suspension of payment with all its
disastrous consequences, is the result; and
that has been the history of specie basis in
: all countries. From the establishment of the
first bank until the present, a specie basis
has been delusion, and the banking business
has been means of enriching the banker at
the expense of the masses. Under our pres
ent system the holder of bank note can lose
nothing. He will get it redeemed sometime,
under any circumstances. In an emergency
bear up under the loss and Inconvenience
) caused by suspension of specie payment.
IS But if a specie basis is desirable why not
II make it as nearly real as it is possible to
make it? Why not do our utmost to make it
. what the certificate system is? What pos
L sible harm can come from coming as near to
D having metal dollar behind every dollar
l. bank note as possible. The bank note is
not money. It only calls for money, and if
3 there is no money back of it, then we have no
le money, and what we use as such are shin
le plasters. If an individual offers his prom
'e issory note, it will not be accepted as gift,
y, unless he is known to have the property which
D. will guarantee its payment at maturity. But
N we have in circulation millions of promissory
te notes issued by banks, which we know that
g under circumstances that are liable to occur
at at any time they cannot pay, and that even
~ the government that is back of them cannot
ID pay. Now if that is not financial bubbles
u barren ideality-we are at a loss to think Of
anything that could be SO considered But
in this country it need not be SO to the ex
" tent that it now is, and perhaps in time j
m might not be SO at all. We have plenty O.
~ silver. All we need to do is to coin it intt
W money, and every dollar that we coin is in tn,
'o direction of making q specie basis something
or more than imaginary and if the bankers ans
AZ the government will just make an endeayo
50 to get something behind our paper circula
w tion they will not have such an everlasting
VI trouble in finding place for the silver dol
y lar. The only country on the face of tn
&c specie basis real, contains a lot of people VIII
'e' are fighting silver, which, is the only mean
va to that end. They do not want a SCUM
u specie basis. They want to float paper OF
II the air. They want species basis with n
'rS specie in it, but for years they have stuck u
81; their financial noses at those of our fello,
~ citizens who have thought that we could ge
ab along without a specie basis and withou
~ pretending to have one quite as well as W
uo could without specie basis though pretend
- ing to have one. If the government is de
no termined to persist in perpetuating the ma
tional debt for the benefit of the natlona
bankers, we insist that 1t shall compel then
!, to stop their warfare upon the only means b
! which they can ever hope to redeem thei
IA promises unless the government shall furn
N ish them with more greenbacks, which the
!. take no more kindly to than they do to silver
m AS q matter of fact our financial system
= going along very satisfactorily, and why nc
i, let it alone2 We have been told for years b
=, the very men who are now raising a rumpu
q, over silver that the money question was sci
!. tied, and that it was both absurd and criml
- nalfor any class to keep agitating it. u
= now they are the most reckless financial ag
J.. tators that the country has ever seen. Unit
I. the government gets ready to issue its ow
vet notes direct, instead of through the nationt
,er banks as it does at present, and compels th
me- banks to surrender either their bonds or th
a. notes that the government has issued upo
them, and promised to redeem, let the none
question alone. Go on coming silver in ODE
ac- dience to the will of three-quarters of th
NJ American people, and let Congressman an
i'e the bankers understand that the people OF
ire tired of this bank conspiracy.
ty, - : -
hia Sought for the last hundred years.
m A remedy for catarrh, hay fever an
Il i cold in the head, found at last In Ely
rth -, a..;i.. asx,,;os, ,,,;th tn ts,,ror
,ae ae gives relief at once and thOroug
- frao ant f,ancitiva1vc,lrpa Price 5)c