The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1893-12-28
cAMPBs ON ULTIMATE RE.
OEMPTlON,

Ex-Mayor Campbell, of youngstown,
a leading Republican of the Mahoning
valley, contributes his views on the
monetary situation in this issue. IL
will be seen that Mr.. Campbell takes
issue with his own party on both the
silver question and the tariff question.
All that Mr.. Campbell says about the
money of ultimate redemption is well
said, and it is also true, that, If we are
called upon to redeem our paper cur
rency in metal money, that the more
metal money we have the more certain.
ly will 1t find its hard hearted redeem
er. Hence, it follows that the destruc-
tion of silver, leaving gold as the only
money of ultimate redemption, will
narrow, by that much, the foundation
of all our credit money.
Suppose we concede this; how does 1t
help the present monetary situation?
The manufacturers and business men
want more current money,--money to
pay for raw material, goods, labor,
fabrics and to discharge debts. Legal
tenders is just what they need. Any
kind of money that will kill debts, and
facilitate exchanges will do the busi-
ness, whether gold, silver, treasury
notes, silver certificates or National
bank currency. In the present crisis
the question of ultimate redemption is
not so vital.
Hence we say: A free silver coinage
law, to allow every owner of silver bull
lion to take his bullion to the L. S.
mints aud have it coined into dollars,
would be inadequate to relieve the
present distress.
Why
Because we have now on hand enough
bullion to run all our mints to their
fullest capacity for five years. Hence,
a law giving the right to do what the
government cannot do, would not offer
the immediate relief which the situa-
tiou imperatiyely demands.
If the government should abolish the
tax on state banks, and allow the Citt-
zens of every state to provide curren-
cy supply to every local community,
this would Offer relief. The large
amount of idle gold now owned by the
banks, and which is 80 much dead
money, could be utilized, at ratio of
| five to one, to put life into every COM
munity where a bank is established.
Those opposed TO state banks would
not be compelled to establish them.
Neither would those who are opposed
to state bank money be COM
PEELED to take it, because no state
can coin money or issue legal
tender money. The fact that this
money could not be carried away to a
distant State and used as money like
our greenbacks, would have just as
many advantages as disadvantages.
For instance, if Mr.. PeCksnif of Slab
Town wanted to visit Sarah Camp of
Posey county, Indiana, he would not
take State bank currency, Of the new
bank Of Nimishillen, Canton, but ex.
| change his Nimishillen money before
he started, for either gold, silver, green
backs, or National bank notes. This
you see would leave all our local money
at home, where it is ali 3eded to pay
! debts, employ labor and make things
hum, and it would not be carried away
to our discomfort and embarrassment.
Or, if Congress, instead of issuing
S2OO,OOO,OOO ofgold bearing bonds, with
big interest account to be paid out of
the taxpayers, should provide for the
issue of that much currency, in any
form, it would help business Just as
much and stimulate prices and indus.
try just as much as S20O,COO,OOO of gold,
And when it comes to the question of
ultimate redemption, it will be much
easier to pay it, with no interest &C
count added, then with gold interest
account, also to be paid with scarce
gold.
The present demand for current
money, in all the states of the west and
south is far beyond any relief that any
silver legislation, however generous,can
furnish, and that demand is for imme-
diate relief. Let us meet the emer-
gency, and then take care of the ulti.
mate redemption question in our own
good time.