England Declines To Send

sioners to the monotary convention mvited by Congress. Tiie National-Ureenbaokers disagree ou iuany points but unite in protesting against the further issue of any iuterest-bearing bonds for any purpose whatever. They would stop tho sale of the four per cents, witli the proceeds of which the six per cents are being radeemed and two per cent. savpd to the people. JOHX Dawsox, the Xational-Üreeuback candidato for Congress in the Third district, has opeiied bis cauipaign tery. In a reeent speech at a picDic in Gilead, Branch County, ho advocated "fiat money" and declared hiinself in favor of demonetizing both gold and 8ilver. As John is a progressive he will probably next repudíate groeubacks and go in for corn cob mouey. ISSUE more greenbacks, pa}7 up the bonds (whether due or nút due), and ooinpel the now "bloated bondholder" i to invest bis money in gome kind of business or loan it to privato individuals. So says the average greenback orator. And this when all the banks of the State are full of money for which they cannot find borrowers, full of money which their customers dare not invest in milis or factories or farms or houses or lands beoause they do not kuow what the financial legislation is to be, - do not know whether a greenback (the modern tneasure of value, because a legal tender) is to be made at par with gold and silver coin - the money of the Constitution and of the commercial world - or whether it is to be indefinitely inflated and made worth 90, 80, 60 or 50 cents on the dollar. Let the Government and the banks resume specie payment and let it be understood that a dollar greenback or a dollar bank note is and is to be, heuceforth and forever, the equivalent of a coin dollar and the idle money will seek investment, and manufactures and commerce and trade and business of all kinds be stimulated into new and healthy and vigorous life. Senator McDoxald, of Indiana, is considered a sound Domocrat, and as yet bis loyalty to Democratie principies has not been questioned, even by those Democrats who hug the "rag baby" to their bosums and imagine that out of Ohio or Indiana no true Democrat exsts : tbat is unless he swears by the aforesaid Ohio and Indiana Democracy. Yet Senator McDonald said in a recent speech at Logansport, Indiana : "A specie basis is the normal financial conditioti of every commercial country, because specie in the same marmer forms the standard of value. If we had lio trade or commerce it would not matter what medium of exch&uge was adoptad between our.seivea, but we are a commercial natiou and people, and it is uecessary to have our standard ot value approximate the standard oí value in other countries. We canuot aíTuru to use curreucy, because in disrogard to the world's currency we fail to provide for ourseives. A nation that bas departed trom this rule must lose its position unies it return to specie payment as soon as practicable." And again : "I do not consider the question of our currency settled uutil specie payment is resumed." No " irredeemable " currency about that, no "fiat" or "absolute" money, and no inflation even, for with greenback infUtion there cannot be resumption of specie payment. Once more : "I cannot heliere that Congress possesses the power to coin money out of paper." The treasury note Senator McDonald believes in is the use of the "credit" of the Government, is a promise to pay, a promise to be redeemed, a promise based on specie and convertible iuto specie at the will of the holder. We commend Senator McDonald's views to our editorial brethren who continue to denounce the financial plank of the Michigan Democratie platform while they sound the praises of the Indiana Democracy. The Ohio Democrat is the model of of the Michigan Democrat with soft money or greenback proclivities, and the Democrat who pronounces in favor of gold and silver coin as the money of the Constitution antagonizes the right of the Government to make its promises to pay, its evidences of debt a legal tender, and protests against inflation of such promises to an irredeemable volume, is coutinually pointed to his Ohio brothers and advised to repeat' their creed. Hon. George H. Pendleton is one of theBe Obio Democrats and has recuutly been elected to the United States Seuate as the successor of Stanley Matthews, and of course must be recognized as authority. This Bame Mr. Pendletou was a meinber of Congres in 1862, and the bill providing for the issue of treasury notes (or the first batch of greenbacks) being under discussion, said : I have exaniiued, Mr. Chairman, with soma care, every law authorizing the issue of treasury uotbs which has beun passed froia the foundation of the Uoverumeut up to this hour, aod I ñiid that this bul difiera trom all ot tliem in eoveral essential particulars. Every other law autborizing the issue of treuaury notes provided that they should betr some rate cl mierest, whereaa thtme are to beur none ; that they ahould be pny&ble at a fixed time presenbed in the note, whereos these are ouly to b payable at the pleasure of the United States ; that the notes thereby auttmnzaü should be recoivable m puyment of public debw only by those who were willing to receive thein at par, while these notes are to be received by every pubiio creditor who is not willing to torteit his right to payment at all. These notes aro to be made lawfui money, and a legal tender in discharge of all pecuuiary ob.iations, either by the Goverumeut or by individuáis, a charucteristic which has nevor been given to auy note of the United States or auy note of the bank of the United bUtes by auy law ever passed. Not ouly, sir, was euoh a law uever passed, but such a law wa never voted on, nevor proposod, llover introduced, never recommeuded by any department of the (iovei nineut ; the measure was uever senously eutertaiued in debate in either brancli ot Cougress." Mr. Pendleton further said that tho bilis so ftir as it made tho notes a legal tender for existing contracts would " shock the mind of the legal profession of the whole country, so thoroughly has it been iinbued with the idea of the sancitity of the obligation of contracts by thoso wlio havo taught it the beneficent inaxims of constitutional law." And against the bill ns a whole Mr. Pendlaton placed hitnself on record by the use of this eui [ phatic language : "áir, )t seems to me tiiat if the language of the Coustitution, and the weight oï uuthority can settle auy proposition, it is that Congross has not the power to do that which it Is proposed 8hall be done by the provisious of tina bill." If an act in 1862 providing for an issue of treasury or legal tender notes was so clearly unconstitutional, would an act of 1879 or 1880 be any less uncongtitutional ? Or should Michigan Democrats chango front and position tnerely to follow the weather-cock Democracy of Ohio ? Thomas Jeffersox was an opponent of tho oíd Xational Bank, he was un opponent of all banks of issue, nd be was equally an opponent of treasury uotes auch as are now kuowu as ' backs or legal tenders. The treasury j note he favored was made payable on a ! ! given day, and when issued a specitic tax waa to be lovied and pledged for its rudoniption. Such is not tlie present legal teuder, and such is not the proposed " fiat " ruonoy of Sam Cary, Brick Pouieroy, Mosos W. Field, and thoir followere. Jeffersou was no believer in wealth creatod by the printing press. Witness his own language : " Capital " uiay be produced by industry and ac" cumulated by economy; but jugglers i "only proposo to créate it by legerdu"main tricks with paper." Jeffersou was a Deinocrat but not a deuiagogue, ■ aud the greenbacker of to-day caimot father any of his vagaries upon that j old-school statesman.