Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-10-28

chance for the purpose of buying your pro-
duce low, nave contracted the volume Of
currency for unworthy, selfish purposes.
How happens it then, in our free Govern
ment that we thought free Government,
there is a power above that Government |
that can so affect you in your business and |
in all yonr dearest interests? What intlu-
ence is this that without legal jurisdiction
can so tell upon the interests of our coun- |
| try Ii it is the fault of men in power, il
| 1t is the inevitable consequence of the pol
| icy OF Government then j ask all men
within the sound of my voice to think well
before they declare by their votes at this
election that the policy of that party has
been right. You are to decide one way or
the other upon this policy. 1t is not
a question merely of men. 1t does not
] matter whether my distinguished
capt as these elections are the verdict of
the people upon the conduct of your
| rulers during the past four years.. How
happens 1t that selfish men in the marts of
commerce can thus speculate upon your
dearest interests? I? Ithink can tell you.
do not stand here to-day to avow any
| principle or assert any views touching this
question which l did not put forth years
ago in the official position which then
held. l should feel myself wrong, knowing
the infirmities of human nature, ii felt
had formed the views which l present
| W YOU now, WHll6 nave De6n U6IOr6 you
i as candidate Ior Office. L can point to the
record of the past to show you they were
formed when owed duty as Governor
of New York to the population of that
II great State. Probably we could not help
lone evil If debt was to be created, 1t
was necessarily sectional. The bonds
| could only be taken in the wealthier por-
i tions of the land. 1t was great evil to di-
/ vide our country into debtor and creditor
States. The men inJpower were bound to
see that they made as little debt as they
lcould. They created a banking system,
and before they did so, they destroyed
your banking system in Ohio and in every
State. They taxed them out of existence,
they took upon themselves the responsible
itY not only of giving you currency, but of
igiving it to you in a fair way. Did they
4 do so? / held that that banking system
was a bad one, and as Governor of the
State of New York when the law was pass
led authorizing our banks to organize un-
4 der it, vetoed that law. / could not see
why government should print and secure
bills and then give to men holding three
Hundred million dollars of bonds priv-
Elege so valuable, which ct one time, when
tspeeie was low, taxed the people thirty
millions year, or one-fourth as much as,
1.-The interest upon the. English national
tenn was right or wrong, it ought
to. have been fairly carried # out, and
as they had taken, from the people of
the States their State currency, they were
bound to give it back by some fair rule
EWhat did they do? The people of New
York had great many bonds; New Eng
land had a great many bonds. The East
made a great deal of money out ofthe war
You made some. but not as much When
| this privilege was given out they should
have said: "Here are the great States of
| the West which want currency because
they do their business with it, and they
t'shall have it according to the rule of pro-
portion.n Ifthey departed from that rule
| they, should have. given more to the West
than the East. We. use bank checks in
| stead of currency in our business in New
| York. The New York banks, under the
| old system, would not be at the expense OF
| printing bank bills, so little were they
used. They would not do it now but for
the reason that it is a monopoly worth a
| great deal z of money. In 9Ts dis
tributing this curreney,j they should have
said Ohio has nearly three millions of peo-
| pie, and is therefore entitled to nearly one
tenth of the whole amount, and if she
cannot take her amount, men mustcome
here from New York and New England to
enjoy the privilege. They would have
brought their capital here, and you would
have to-day thirty millions of circulation,
instead of what you have got. 7 You would
not only have had this currency to buy
your produce, but you would have had
this additional capital all the year round
for all your business. Illinois wants more
currency than you do, and she has
only about ten millions, while the State of
Massachusetts,, with one. half the popula-
tion of Illinois, has fifty seven millions,
though they do not want currency there
because the business ofoMassachusetts is
not carried on and never was with the u.s.
of currency. You know they do not want
it, because when you want it from them
and pay interest.enough for 1t you get it,
Let us see why it is that you men of Ohio
find the value of your produce spht
down. The great mass of the currency is
placed under the control of the .moneyed
centres, and chiefly of Wall street, in the
city OF New. York. a5hia7d .AoInd2 jSibl
: In consequence of this concentration
there meno go and borrow large sums,
Withdraw it from the market, land lock it
up for the purpose of making money scarce
that knocks down stocks, it knocks down
the property they want to buy; perchanced
tits your corn; you cannot get money to |
forward and they have the means to buy |
when they are ready, and in this |
way they make a monstrous speculation
That has been done time and again. They
are doing it to-day in New York for the |
purpose of putting down railroad stocks, |
and in doing that they put down your corn |
and pork. We see these evils because the
Government did what was clearly unfair I
in distributing this circulation. What has
been the result? You think you are free |
and independent citizen of Ohio. Perhaps
you are for some purposes, but you find |
that there is aspeculative power arising I
from this bad legislation which steps into
your fields and warehouses and strikes |
down the value of that which is the pro- |
duct of your labor. That is large reduce /
tion from your independence. Iteurses you I
and it curses US. When men have bought
up the railroad stocks, or corn, and beef
and pork, the currency which is not /
needed here in the winter will roll into I
New York. The banker goes to the spec +
ulator and offers to lend him money at low /
interest. You pay ten or twelve per cent.
interest for money, because you have to
borrow of the east, when in New York it |
is lent at five or six per cent. The speeu- !
lator takes it, and goes into the market
and buys up this very property which has
been cut down in value, and by holding, /
puts up Its price against the laborer of the
east.u 1t goes up so high that it cannot bel
purchased, and it is not got out of the way /
of your next crops. Every man who de-
sires TO go into this election doing his /
duty to himself and his country,
can trace these things out for himself. |
The records, the records show you where
this currency was distributed. Did they |
distribute your quotas for men to go to |
the battle field5in the same waya Oh no.
Ohio, Illinois and Indiana had a hard rule
applied to them. by. which they sent num-
bers to the war beyond their proportion Of
population, because they did not make
population the basis, but able-bodied men.
For the first time in the world our New |
England friends were exceedingly modest; |
they dec Jared that you were a much more |
able bodied people than they were.j
TLaughter.l Was the monopoly of Putting |
out bank bills given to you as you fought n
No. According to your population? No. |
1t was given to those who were already |
the owners of the vast proportion of the
government bonds. [Cheers.l 1t was un-