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The Reponsibility Of Inflation

The Reponsibility Of Inflation image
Parent Issue
Day
17
Month
April
Year
1874
Copyright
Public Domain
OCR Text

We disdain to palliate the publio crime of the six Senators called Democratie who disgraced themselves on Monday by voting for inflation. Their crime, as we have said before, is groator tlian the crime of the twenty-three Republican Senators whose lead they followod. For these six Senators, falsely calling thuir.selves Domoorats, were bound with auother bond beBides the bond which bound all patriots and all honest men to oppose evory form and semblance of inflation. These men were not alone, like the others, traitors to their oountry ; they were traitors.to their party also. The unbroken traditions of their party back to its foundation until now bound them to be " hard-money men." Among all the principies which the Democratie party stood tor thore is not one which it has stood for longer, more stoutly, and more unbrokenly than this. A wise instinct told its founders the lesson the newest teachers of econoinios have arrived at from wider knowledge and more careful inductions, that in moddling with the medium of a people's exohanges, governnientscould meddle but to mar. To thom it was plain enough that the provisión of the Constitution whioh empowered Congress " to coin money aud and regúlate the value thereof " was the power merely to declare faets which forty Congresses rolled into one could not alter, that beyond the minted stamp which told that a piece of gold or silver had been weighed and tested by (jrovernment officials, Government could not " make money." To undertake to decide what " volume of currency " the peoplo of a country needed to do the business of the country was a task from whioh they would have shrunk appalled. They knew that no legislativo meddling could ever adjust it to the needs of the people precisely, or with any approach to precisión ; and they knew also that in the absence of any legislativa meddling it would adjust itself to the needs of the people with perfect precisión. They no more undertook to determine or prescribe the number of dollars needed as tools to effect the people's exchanges, than they undertook to fix the number of their overcoats in wintry weather, or of their axes for hewing down the primeval forests. These were the principies prevailing in our history during that grand and fruitful period when the Democratie party oontrolled the Government. Not until under the sharp stress of a sudden war all things seemed to have become new was any serioua attempt made to set them at naught. Then that recreant Demociat Salmón P. Chase turned away under a temporary urgency from the principies in which he had been trained, and defied what he well knew to be the law of the case before him, as the six recreant Daraocrats of the Senate on Monday defied it, and laid the foundations on which the Boutwells and Kichardsons havo since built to such a culmination as we saw on Monday. Demagogues have rushed in where. statesmen have feared to tread, and have decreed that a currency already depreciated, in spite of the successful close of the war nine years ago and in spite of perfect peace and prosperity since, sonie 10 per cent., shall be depreciated, God knows how much more. Thus far inflation would be merely a folly if any offense against the laws of nature can be described as merely a folly. But it would be a t'olly which Democratie Senators above other Senators are bound bythe past history of their party if they know it, by the present attitude of their party in its conventions which they surely know, to be conscious of and to oppose. To this folly is added a public crime which they have committed in common with all the Senators who voted on Monday for inflation, the crime of a delibérate breach of the public faith. Congress has bound itself by solemn pledges to resuinption, and Congress now deliberately turns its back upon resumption and sets its face towards iuflation. In this the men who helped to do it, all alike, are guilty of treasou to their country. The Democrats who did it are guilty also of treason to their party. The time is coming when the twentysix Republican cowards who voted for this national dishonor in the Senate will try to take their shelter behind the six socalled Democrats who voted for it too. - We teil them nay. It is in vain for the lladical party to try to shift or shirk the responsibility of this shameful thing. Every Democratie oracle, every Democratie leader, every Democratie convention has spoken out for redemption and hard money. That six recreants in the Senate whose very names are not even known to the Democracy of the country should have yielded to clamor and defied the traditions of their party, together with twenty-six lladical Senators who followed the traditions of their party, does not postpone or vary the account of the Radical Senators with their country. It only opens another account to be settled between the Democratie recreants and their party. But neitherjiu nor out of Washington are exaiuples lacking of Demócrata who have been true in this matter to the teachings of their party. Governor Dix, who is no longer in communion with the Democratie party, has too much of the leaven of Democracy left in him to assent even by silence to a proposition so shameful as that which pasaed the Senate on Monday. His message to the Legislature speaks a language which he did not learn among his present political associates, and which we rejoice to see that they have not persuaded him to unlearn. And the speech of Mr. Cox in the House yesterday enunciated the same doctrine that is more compendiously put in the platform of the last Democratie Convention of New York, and vindicates anew the Democratie doctrines of l'ree Trade and Hard Money, repudiating anew the Radical doctrines of Protection Pap and Bubble Currencv. -

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Subjects
Old News
Michigan Argus