Year: 1878

IT is no easy matter to keep track of
the vagaries of the Democratic party
on the finance question. This remark
is suggested by the Minnesota Demo-
cratic platform Just at hand, which diff
fers from all the others that have come
under our notice. Let us recall some of
them in the West alone. The Michigan
Democrats abide by the hard money
traditions of the party, and honestly
demand return to specie basis. The
"Ohio idee'' is to repeal the Resump-
ton act, and substitute legal tender
fats for the National Bank notes. In
diana and Illinois pander to the Nation
ais in favor of fiat m money--that is. an
unlimited amount of irredeemable
scrip. And now come the Minnesota
Democrats with the following propo-
sition:


Reso'yed, That we are opposed to any further
contraction of the currency, to tariff for
protection, to class legislation and sumpuary
laws, to monopolies OF all kinds, to any in.
crease of the bonded debt, to the sale of bonds
for the purpose of coin for resumption pur-
poses; and, therefore,


ReSOl1ed That we are in favor of the
gradual substitution of National Treasury
notes for National Bank notes, and making
such Treasury notes the sole paper currency
of the country, and placed on such basis as
that the same shall be equal in value with
coin, and legal tender the same coin, etc.


We omit the remainder of the Min
nesota platform, because it is of the
nature of partisan stump speech and
has no significance; the rest is decla-
matory, and this section alone indicates
policy. Now it will be noted that
there are several points of difference
between the Minnesota Democratic
policy and the Democratic policy of
the other Western States, among
which may be mentioned the follow
ing:


l. The repeal of the Resumption act
is not demanded. The policy of selling
any more bonds for resumption pur-
poses is opposed, but most Republi-
cans, including the Secretary of the
Treasury, are also in favor of stopping
the sale of bonds for resumption pur-
poses, because the coin reserve is al
ready ample to that end. The signi-
ticant point is that the Minnesota
Democrats designedly omit to demand
the repeal of the Resumption act.


2. While the Minnesota Democrats
declare themselves in favor of substitu-
ting legal-tender Government notes for
the National Bank notes, they demand
at the same time that these notes shall
be "placed on such basis that the same
shall be equal invalue with coin.n This
is very different matter from the "Ohio
idee," which wants legal-tender notes
that shall not be redeemed or redeema-
BILE. 1t was probably because the Min
nesota Democrats understood that the
only way TO keep notes on par with
coin is to make them redeemable on de-
mand, that they did not ask for the re-
peal of the Resumption act.


The fact is that the Minnesota Demo
Gratis are more in accord with the Re-
publicans generally than with most of
the Democrats throughout the West
and South. The Republicans are OPP
posed to any further contraction of the
currency, and believe that the green
backs now outstanding can be kept at
par with coin by carrying out the terms
of the Resumption act, and are also of
the opinion that it will not be necessary
to sell any more bonds in order to rem
der the Resumption act successful. In
deed, there might be no serious oppo-
sition within the Republican party to
the retirement of National Bank notes
TO make room for the same amount OF
Treasury notes, if it could be demon
strated that such new issue can be
maintained at par with coin, as the
Minnesota Democrats demand it shall
be.


Since the class of Minnesota people
protesting to be Democrats are so much
more nearly in accord with the Repub-
licans on the vital issue of the time than
they are with the majority of the Dem
ocratic party, wy you'd suggest that
they "pool thef issues" with the Re,
publican party and vote the Republican
ticket. There is nothing selfish or de-
signing about this suggestion, since
there is little hope for the Democratic
party to make any headway in Mime,
sofa in any case. But if those Demo,
Gratis who are in favor of maintaining
the paper currency of the Government
at par with coin will join the Republic
ans who believe in the same honest, con
sistent and profitable policy, they will
leave the iatists in that State to theil
own resources, and then there is little
danger that the insane scheme for is
suing unlimited and irredeemable fla
scrip will gain any strength so far ~
Minnesota is concerned. -ErchdRge.