The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1890-02-19


EDITORS DEMOCRATIC PRESS: frequently
hear farmers complain of hard times. and it is
attributed to variety of causes, some of them
very silly and foolish, One claims it is over
production. another that is all on account of
the Republicans being in power. an other
claims it is because the Democrats are in the
ascendancy. But we all have our opinions and
theories as to what causes have brought about
the present state of affairs. We thought that
few historic facts perhaps would enable us to
arrive at q somewhat more correct conclusion
if they do not help to solution of the question
On the 18th day Of December. 1877. the follow
ing resolution was introduced and discussed in
the Senate of the United States Resolved, that
1t is of the highest Importance that the finan-
cial credit of the government be maintained.
and in order to do SO. the government itself, in
all departments. should in good faith keep all
its contracts and obligations entered into with
its own citizens -
In the discussion of this resolution in the
senate there were some things said which haye
gone into history. quote from a speech made
in the Senate: +" The policy of this victorious
interest in this country, as in all others, has
been vigilant for opportunities of greed and
gain. aggressive in appropriating them to its
own advantage. In its tenacious pursuit of its
pressed its cruel and unjust demands upon the
American people in variety of shapes. just
now it assumes a manner swollen with AFRO
gance. naughty, defiant. and filled with inso
lence towards all opponents. Those who are
ranged on the side of grasping wealth affect
high dlsdain for such as choose to remember
that labor has rights which this government is
called upon to protect. There seems to be an
immense sneer on the face of sordid inactive
capital, as if its pretentions were beyond the
criticisms ofsordinary mortals. rs advocates
outside of Congress do not condescend. as
general thing, to argument at all 6enuncIation
is now their principal weapon
The act Of February 25th. 1862. is the begin
ming of our bonded debt. By this act and by
similar legislation at subsequent periods. every
bond issued by the government, which did not
on its face stipulate for the payment in coin.
was made payable, by the express words of the
law in legal tender notes. 1t was plainly
written in the statute that these notes now
known as greenbacks, shall be receivable in
payment of all taxes. internal duties. excise
debts and demands of every kind due to the
United States, except duties on imports; and all
claims and demands against the United States
of every kind whatsoever. except for interest
upon bonds and notes. which shall be paid in
tender in the payment of all debts, public and
private, within the United States, except duties
on imports and interest as aforesaid
This simple. explicit. and at the same time
comprehensive enactment guaranteed to the
American people the right to pay three fourths
of their national debt in national currency. 1t
was the law of the contract when all the 20
bonds. amounting TO over Il teen hundred mil
lions were purchased from the government by
the bondholders and paid for in this currency
at par. when it was quoted at from 40 to 60 per
cent. below par in coin.''
1.-The bill passed the House Feb. IS, 1852
without any provision to pay even the interest
Ia coin, the alteration was made in the Senate.
Mri Spaulding, of New York, ard Mr.. Stevens,
Of Pennsylvania. the leading members of the
Ways and Means Committee in the ouse. and
one of them Chairman, denounced ;he Senate
aur endment in the bitterest terms. They con-
tended in stern and determined language that
even the payment of interest in coin was an
odious and unjust discrimination in favor of
the bondholder and against the soldier and
sailor and the citizens. who were compelled to
receive the legal tender currency. greatly de-
preciated by this very discrimination -
Randolph. Feb. ii. 1880. K.