Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-08-05

u VIN CkO1(A 1al N1NfhVSu1 mo-,
would defeat him for the next bPresi-1
| Dental election. He instantly sprang
up, and oyerturning the table atrwhich
he was sitting, said: "By the eternal
God, / will destroy the Bank" and if he
had lived now he would have said to
them, "By, the Eternal I have sworn toi
support the Constitution, and see that
you keep within its borders" and the,
very power OF that.old man would have
made these miserable Radicals creep like
craxens back again within the pur1iewl
of the Constitution. ~ z. ~ 7-. Us 'i !
| 4 Now, let us see then, how the oRadi-i
cal alpolicy works. { When they pass laws
that are unconstitutional, they are afraid
that the Supreme Court of the United
States will get hold of and overthrow
them. Finding that the Supreme Court
would decide all these reconstruction
measures unconstitutional, they pass a.
law hindering the jurisdiction Of the
Supreme Court. That is what they do
at Washington. Let us look at Ohio,,l ~ u
/ iio We, pass a law about negro, suffrage
and they say how sacred is the negro..-+-
When we endeayor to play the Same
game on them, they get the Supreme
Court of Ohio to- set, aside this law of
the Legislature. of the Statea1 It would
seem to me that what is 'Hsauce for the
goose ought tobe sauce for the gander:.", |,
It would seem to me that in the State of
Ohio the Supreme Court has the right to.
pass on the constitutionality of the law.
The Supreme Court Of the United States
ought to have the same right. ii-gos sas 10
And these schemes have not ended
here You know they are now 7endeav
oring to go still further. They are en-
dsavoring to hold the power in their
own hands, by preventing the Southern
States from casting their votes in the
electoral college, Thus you observe,
not only have they strampled down its
Constitution, not only have encfoached
upon the power of the Executive, but
they have gone into the very States
themselves, and said that the people who
have heretofore been accustomed to ex-
ercise the right of choosing their; Chief
Magistrate, shall not have that right
My citizens, will you bear more?
will the sons of those revolutionary sires
who fought for independence from Great
Britain in 1776-will you now tamely
submit and let "a set of Radicals strike
down the Executive, the courts the
States, and the, rights Of the people
| themselvesa to choose their own officers?
["Never, never" know you will not,
but if you do, I tell you that your iber
ties are gone forever. You will not sub
nit to it. You will vote these men down
this year that you may save yourselves
in some future year of putting them
down in another way. And now my
fellow-citizens. without dwelling upon
these things, which are too familiar to
you, let us see what they have done that
affects your interests, and the interests
of every man, woman and child that
hears me now. What have they done in
carrying out this vast scheme of reor-
ganizing = the !, Federal Government
What have they done for your private
interests? Why, consider. The first
effort that they made was in the year
1862, and Twill state it briefly. Where
as the true policy of every country is to
adopt hard money, they have launched
out into sea of paper money. They
issued paper money to carry on the war.
and thus my fellow-citizens, though you
may not at first see how ruinous that is,
thus they have in one way and another
doubled the debt, which today rests
upon the American people. " You may
take up the financial policy of the Rad
ical party and follow it throughout the
war, and you will find that just, in pro
portion as they issued paper, justin that
proportion the currency sank and the
debt of the country increased. . !faiii7s.
| Up to the first of January, '62, we
had sold all our bonds for gold. From
that time forward the plan of issuing
greenbacks for gold was inaugurated.-
During the year '63, the debt had in
creased S., 800, 100000, and if you were
to look at the tables showing the
price of gold and the price Of currency,
| you will see that gold had risen, up to
the close of the fiscal year, ON the 30th
of June, to 1o3, and currency had gone
down to 81. -, .- 80 ~ .i.. '..
The next year, you had Increased the
/ debt STA millions of dollars, and then
you found that gold had advanced to
| 1877, and currency had sunk to 81. The
! next year you found that gold had ad-
vanced to l67, and your debt had in
! creased to over 900 millions. The last
year Of the war-the most ruinous in the
whole of these financial experiments
you found that gold had risen so that,
during the whole year, itaveraged 2O23.
Your currency was worth, on the aver
age, just 40 40 on every dollar. a., e..
During the year you increased your
debt 1899, 100000. You were increas-
ing your debt every year as the curren-
cy increased. Now mark you that $685.
100000 in paper currency was worth
only $474,OOO,OOO in gold. Thus you
had sunk in debt $470,600,000 in sin
gle year, by the use of this ruinous cur
rency, more than you would have done
had the debt been contracted in gold.
l have counted it up carefully from the
report of the Secretary of the Treasury,
and find that during the four years of
the war the whole amount which you
sunk by the use of this currency was
$S5S, 100000.
I am speaking of your nominal debt,
but it was still larger, because you all
know how the use of this fuctuating
currency disturbs value. You know you
paid more for your coat in greenbacks
than it would have cost you if you had
had gold-I mean more than any actual
value. The value or price increased
in larger ratio than the extension of
this paper money. Whoever will exam
| ina it: will find that at least thirteen