The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1890-03-19
RANDOLPH, March Il. 1890

RANDOLPH. March IA. 1890.
From the close of the war to 1879, we heard
much about imitation. 1t was cl lined that the
volume of circulating medium must be contracted
if the nation ever reached the glorious point of
resumption. when the millennium of good times
was to commence. In order to hasten that much
talked of time the silver dollar. more than one
half of our coin currency, must be destroyed
Then the plea for the destruction Of the green
back could be waged with more consistency as
there was comparative dearth of the gold coin.
from 1870 to 1873 The fuctuation of price between
the gold and 81 yer dollar had never been over 3
per cent. andm most of the time silver had been
worth more than gold. and was worth more the
day it was struck down by the ruthless hand of a
moneyed aristocracy. for the most sordid and
selfish of purposes. They supposed that because
they had made the people believe that the issue
of 81 800 900 in reenbacks would be in the hands
of the people, as worthless as rags. because, they
sad there was no specie or coin. in the treasury.
and the government could never redeem them.
Still, they felt perfectly secure have S20OO00O
700 in bonds which the government had pledged
to pay in coin. with the accumulating interest of
from to "A per cent No doubt. in the minds of
this avaricious moneyed class. about the pay
ment of these bonds in full. But if the debt was
a non interest bearing one. then the government
money. the next step was te pass the resumption
act of 1876. But before speaking of this act it is
but right that VIC notice the fact that the people
of the nation did not so readily acquiesce in the
act demonetizing silver. and that act was repeal
ed in 1875, and the limited coinage of the silver
dollar allowed.
from a table before me we find that of the ma
tons of the world that $780, 450 900 people gold
coin as a standard S76.700.L00 use silver as
standard. and 1872. 600 both gold and silver
a standard. and thus it has been from the time
ofAbraham down to the present. four ffths of
the human race have placed higher value on
silver than on gold.
The world is divided into two classes. one class
desire money plenty and the other wants it scarce
The men who plow. and SOW. and reap. and those
who dig coal and iron. and all those who
gagged in the busy trades of life, desire money
plenty, while those who have ste pped aside from
the active business of life and have money to
lend. are interested in having money scarce. that
they may lend at high rates of interest. and no
matter to them how much land shrinks in value,
or how low the price of wheat or corn, or cattle
or sheep. or any other product of labor. their
rate of interest remains about the same. While
the farm may shrink one half in value. the mort
gage never shrinks the fractional part of mill.
Now we claim that the act of 1869 and the act of
1870 and 1873. and the resumption act of 1873 and
the resumption act of 1876. were all in favor Of
the moneyed class and against the interest and
welfare of the great mass of the people. 1 quote
from the record of an eminent statesman, who. in
speaking of these acts. says: Instead of keep
ing our vast debt at home as q currency debt.and
leaving our prosperous industries undisturbed BY
contraction or forced redemption. it has doubled
the public burden by making the greenback debt
a coin debt, sold the bonds abroad and made
America. as borrower. the servant of Europe.
dsmonetized silver at the demand of foreign Shy
locks. and to crown its blunders and crimes, par
alyzng the abounding energies of our people by
scheme of gold resumption which fills the
country. with bankruptcy and the hearts of the
laboring masses with despair"