Year: 1874

We have already adverted In the In


TELEIeRNoER 10 the tangled position O.


both parties on the currency question


This Is an unfortunate state Of affairs FOL


the nominees in the various campaigns


now going on throughout the country


They are debarred from making party
capital out of the question. East Of the
Ohio river both parties occupy pretty
much the same position Of opposition tC
further initiation Of the currency, while


west they are alike divided on the ques,
tion. Beginning with the State Of Ohio


tho Democrats have put out q platform
that reads like Mr.. FAuLKERR's late let
ter that iS, II 10 Q patent reversible affair


that may mean more currency or moi, just
as the particular occasion and locality ol
the stump orator who expoundS 1t may
demand. The Republican Convention
has not met yet, but We expect to see Il
when It assemblies strAddle the question
10 pretty much the samestyle. There Ia nc
disposition anywhere scarcely In the West
to take an unmlstakAble position on the
currency question. The reason Is that
the West Is supposed to be the debtor
section Of the country: that 10, she has
borrowed immense amounts Of money ID
build railroads and 10 now heavily taxed
to pay the interest on the bonds. The
State OF Iowa, however, 10 an exception
to most Of the western States In the pos
ton she has taken on the currency quea
tion. Both parties there have declared
against further initiation. In Illinois both
the Republican and Democratic members
of Congress generally voted for inf atlor
and the Republican State Convention re.
fused to say anything definite on the sub.
eCL The late Democratic and Liberal
Convention, however, opposed imitation
while the Farmers party favored 1t,
which makes quite a mess Of the question
in IllinoiS. In Missouri, the Democrats
on Thursday last passed a resolution in
favor Of paying the bonds in greenbAcka
and also one squirting very decidedly to-
wards repeating the National banking
law and substituting greenbacks Tor
National bank currency. The Kentucky
Democracy have adopted pretty much
the same platform, ,,.


Coming to West Virginia, we have no
State Conventions this year tolay down
any platforms on the subject, and beyond
Ben. Wilson's speech at Ellenboro, the
Democracy Of the First District are left
to sit in darkness. We are not certain
that any body now knows, or knew at
the time, which side Of the question the
Colonel was on, but no doubt he will ex-
press himself freely on the subject when
he gets good chance some time and some
where among the hollows OF Wetzel
county. The Third District Democratic
Convention passed the following resolu.
tion on the subject, which, as will be
seen, is In accord with Here ford's record
in Congress in favor oil imitation: ..H


"The policy Of contracting the currency,
pursued since the close Of the war, has
given specie value to q national debt
created upon paper basis, and hampered
the operations Of business by unduly
limiting the supply Of money. So long as
the National Government shall assume
the control of public finances, 1t is Its
duty 10 see that the volume of currency
in circulation bears due proportion 10 the
wants Of the producing and commercial
classes. Free banking Is a necessary
safeguard against possible monopoly.
Bonds designed to secure bank issues
ought not to bear interest"


The profound financier who drew up
this resolution did not condescend to
elaborate the last sentence just little,
and explain 10 US the m0duS eperandi Of
banking on bond bearing no interest.
Banks would be expected to pay the gov.
ernment par for such bonds and receive
back ninety cents on the dollar, which
would be so attractive to capitalists that
nobody but idiots would engage in the
business. Since the bonds would bear no
interest why have any bonds in the trans.
actionr Why not deposit with the gov.
eminent thousand dollars In greenbacks
and receive back nine hundred dollars in
National bank notess This would be ex.
sctly the same thing as depositing bond
bearing no interest, and the one piece ol
nonsense would be just as practical as the
other.


The Democracy, however, will moi
have the field to themselves on the cur
rency question In the Third District. The
Republican Convention that met al
White Sulphur few days ago adopted q
platform on the subject quite equal TO-
and little ahead, II anything, Of the Dem.
ocratlc resolution above quoted. As YET
their platform has not yet been published,
but the KonrOo County Registsr announces
that 1t Is substantially the same as that
adopted by the Republican Convention Of
that county. II this is the case their
financial resolution will read as follows


1--WE hold that every community should
have sufficient amount Of currency to
enable It to transact, conveniently, all
necessary or desirable business; that this
currency should have fixed value; that
what 1t Is to be redeemed in, should be
clearly expressed upon its lace; and that
It should never, be issued when redeem.
ohIa In anufhinU 0thar thOn min IL ~