Year: 1871

against it in the Lorain Constitu-


tiOndlist; and as / can not often


agree with the political opinions ex =


pressed in that paper, l take the


more pleasure in endorsing what it


urges on this point. 1t says:


Any policy looking to repudia-


tion Of the 5-20s in greenbacks, also


looks to a continuance of ire


deemable paper currency for the


purpose. Every one who has had


the least reflection upon financial


subjects knows that irredeemable


paper money is the most potent en-


gine for swindling honest labor that


was ever invented. The Columbus


resolutions, it is true, only look to


applying this remedy while green


backs constitute the legal currency


of the country, and demand a re


turn to specie payments. But the


two ideas are utterly antago
nistic."


This is sound doctrine. But


what can one man do in resisting


the general movement of q great


party? No man ever uttered nobler


words upon this subject than did


Governor Seymour, at Albany, on


the 11th of March, 1868. He said:


"Some hold that it is right, and is due


to the taxpayers, that we should save


what we could by paying the principal


OF the debt in currency; but they un-
derrate their own argument. 1t is n


mistake to suppose that the interests of


the bOndhOlders and taxpayers are an
tagonistic.


The fact is overlooked that in order to


make any saving by giving the bond


holder debased or worthless paper, we


must bring upon ourselves disaster and


dishonor tohich i1iH cost hundred fold


,ohdt zoe can sdUe. IL means that we are
to give to the laborer for his toll base


currency. 1t means that our business
shall be kept in uncertainty and cOnfu-
sion. 1t means that the laboring man
shall suffer by the increased cost of the
comforts of his life. 1t means that the
taxpayer shall be burdened by a govern


ment proved to be corrupt and imbecile
by this very depreciation of its money.
We can not afford to speculate on the ma
tion's honor at so fearful cost. If We
come into power there will be no disered-
it on our currency-no speculation
about buying oar bonds in paper"
These were, no doubt. his honest con-


victions, and yet, at the National Demo-


cratic Convention, held the following
July, in New York, he was forced to ac-
cept nomination for the Presidency up


on platform which declares that the


bonds OF the United States shall be paid


in lawful money unless it is expressly


stated on their face that they shall be
paid in coin.


8. Another issue between the two par
ties is that of the National Banks.
The Republicans are the authors of
the National Bank System. They be-


lieve, that it has worked well and has


met the wants of the people. On the
other hand, the Democracy in their
State platform, and through their lead
ing speakers and presses, demand the
abolition of these banks. The plan that
they commonly advocate is this,-to pay
Off, with a new issue of greenbacks, at
par, so much of the public debt as is
represented by the bonds which are de-
posted by the banks with the Secretary
of the Treasury as security for their cir
culating notes. They would then have
the bank note currency withdrawn and
the banks closed. This scheme is often
presented under a form which seems
very plausible. 1t is described as plan
for paying considerable portion of the
public debt, in way so easy we should
hardly feel it, giving us an improved
currency,-the greenbacks in place of
bank nOtes-and relieving the people of
all those dangers which are supposed to
spring from what are called powerful
and corrupt corporations" This has
pleasant sound. But let us examine it
more closely, and we shall see how grave
are the objections to it.


In the first place, there are all the OBJ
jections to this plan that there are to
any proposal to pay the Five-Twenty
Bonds dollar for dollar in deprecated
currency. 1t would shock the public
credit, and be regarded, both at home
and abroad, as the beginning of long
course of disaster and bankruptcy. The
arguments against it are those which
have already been given.


Again, it violates the faith pledged by
the Government to the people, that
the amount8f legal tenders should not
be increased beyond four hundred mill
ions. 1t would require further issue
of greenbacks to the amount of, at least,
three hundred and thirty millions for
paying off bonds, and it would release
and put into circulation, at least, one
hundred millions more of lawful money
which is now kept as reserve fund by
the banks. This would more than
double the amount of Treasury notes in
increasing it from four hun
dred millions to eight hundred and thir-
ty millions. Does this look like re-
sumption of specie payments? Would
it be possible, with such an expansion
of legal tenders to keep gold down to
its present rate, and to maintain that
confidence in the future which
now prevails in business circles? Is it
wise to break up a system to which We
are now accustomed, and under which
we haYe prospered, for leap in the dark?
must again quote few words from the
LOrdin COnstitutioRdliSt. Speaking still
of the Democratic State platform, it
says:


"The position touching the National.
Banks is faulty in the same particular.
So far as it looks to the continuance of
the greenback circulation, it should be
rejected. All such theories are widely
at variance from sound Democratic doc
trine."


Once more, if the Democratic party
should abolish the banks, what would
they give us in place of them? Our
law, very probably, has defects,
and these it will be the study and the
wish of the Republican party to remove.
They have no superstitious attachment
to the banking system. They value it
only as a means to an end,-only so far
as it promotes the interests of the Peo-
pie. But it has, apparently, worked
well, and they do not wish to destroy it
until they see what is to be substituted
for it. Do the Democracy propose to
have the immense business of the coun-
try transacted without any authorized
and responsible Banking System? Do
they propose to expunge the very word
bank from the financial vocabulary of
the nation? Then they propose what
no civilized country of the world has
even attempted. We should have to
travel almost as far rs the Fejee Islands,
before we should find a people wholly
without banks. If they would give us 4
System in place of the present
one, of what kind would it be? Would
they give us the old National Bank of
Biddle? The air is not yet clear
of the echoes of Democratic denuncia-
ton of the corruption, oppression and
prohigaey of that great corporation. Ii
the Democratic leaders were to advocate
the restoration of such system, the
frowning ghost of Andrew Jackson