Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-03-18
A Leadfag Republican Out In
Favor of Green backs.


139.
&C., - -4R xr
A Leading Republican Out In
Favor of Green backs.
Hon. M. WARREN, Representative from
Logan county In the Ohio House Of. Rep
resentatives, made aspeech 9or thei9th inst.
on the subject of the National Debt and
the Currency. The Journal indorses Mr..
WARREN - ssone of the most active of the
Union Republican members of the Legis-
lature,n who sis in full sympathy with the
party" It says "Mr. drafted the pre-
test of the Union Republican members of
the House against the Jewett resolutions"
The Journals, however, careful to say that
it dissents ssfor the most part from Mr..
WARREN, as expressed in tkis speech" 1t
does not undertake ito show the fallacy of
hisressyping,s' rs that sswould be fbute to
repeat the arguments" it had "employed
during the last six months to the contrary
Ito very little effect, 1t would appear.
So much for Mr.. WARREN's standing in
the Republican party. Now, for glance
atxhis speech We. mar hereafter publish
his speech. We should do so now had not.
its publication been anticipated by other,
papers. sFsa :" s'eH ses si -ssHsazrt
Mr.. WARREN starts out with the declara-
tion that he is satisfied that no party can
indorse that scheme known as the McCUL-
LocH scheme (but which would much
more properly be called the Wall street
sehsme) aud go with 1t openly into power !; =
that 'sthe party whose platform savors
most of that scheme, or that is most loose
aud unguarded against its intrusion, by
falling to disayow it, will have the heaviest
load to carry in respect to the public debt
and currency questions, in the canvass be-
tore the people, an E9@s.as
sHeclairns that stalking then the present
rate of gold as our basis of calculation, we
find that the difference between paying the
principal of the five-twenty bonds in gold
and greenbacks, dso-called, is six hundred
and forty millions of dollars" ssThis cal
culatiou,'' he says, ssdoes not present the
the real magnitude of the case at all. There
are other facts, not yet mentioned, that ex-
tend the actual results as much beyond
this sum of six hundred and forty millions
of dollars, as eternity extends beyond time.
1t is estimated that there is only about
three hundred millions of coin in tho Uni
ted States, and the Government is paying
out one hundred and twenty millions of
dollars in gold annually to the bondhold-
ers, for the Interest on their bonds. The
holders of q large share, probably one-halt,
of the bonds are millionaires, or at least,
men of great, wealth, and could, if they
choose, without much Inconvenience to
themselves, place their share of the coin.
as it comes into their hands from year to
year, beyond the reach of Government and
all others.n
From such condition he does not dis
cern relief for the people in the future
But he does discern future, and it is one
that will be most disastrous to hecountry,
unless the Greenback theory is adopted
Hets sufe that not many years hence it
would be found that the bondholders would
own this country, with all the people in it,
both black and white, and all other colors;''
and they " would never be able; to buy
themselves in thousand generations to
come; but from the nature of their bondage
it would go on, Increasing in abjectness,
until the last moment, when Gabriel's
sMf.WARREN denies that we are bound,
either by law or by any understanding, to
pay the $40 bonds In coin. They were is-
sued" every one Of these bonds"4" when
there WASH law of the United States in
force, declaring that the United States le-
gal tender notes should be alegal tender
for the payment of all debts, public and
private, except customs and intereston the
public debt. And this law was not only
printed in the law books, but also on the
back of every legal tender; note In cifcula-
tion; SO that all who run might read" 4
He states that shortly after the close of
the war, the paper currency of the country
amounted to over nine hundred millions of
dollars, that "since that time it has been
contracted in the sum of two hundred and
fifty millions, land that 6 the debt is actu-
ailx fhll thirty per cent. greater now than
1t was two years ago." In his Judgment,
all things considered, the true policy now
is, to proceed, after giving due notice,
to expand the currency to the same vol
ume THAT it had before the
contraction commenced, or fully
nine hundred and fifteen millions of dol
lars, aud there hold it, at least Without con-
traction, until the national debt shall be
paid. And indeed It ought to be expanded
gradually even beyond that point, in order
to keep pace with the increasing business
of the country" zak
He comedies that sat first, it is likely that
an expansion would be attended with,some
advance in the price of gold, but it would
only be the result of a temporary expedi.
ent of the money dealers to frighten the
people from the MEASURE"
For National Bank notes be desires the
substitution of fGreenbacks. He fayors this
because it would be to the Government an
immense saving because &c this Greenback
or legal tender Government paper il tl,e
best system of paper money ever devised ),
in short, it is the peoples o1n cprreacy, is
sued from their o0n bank. under directors of
their own choice, secured by their oun capital,
based upon their oun in.perishable honor"
For ailcschemes sof funding the Public
Debt, Mr.. WARREN has he utmost abhor-
renee. He looks upon tns m q, designed
.to make the National Debt unli nited in
its amount, fnextinguishable IL its nature
and perpetual in duration.'' eth, Sc fund.-
ing schemes" he says, ''should have no
more attention from the people than to
sink their authorsst to the lowest depths Of
the political bottomless pit, there to remain
until they may be called forth. perhaps, to
60 into one deeper and more awful, or
otherwise have secured their escape there
from by repentance in sackcloth and
aahea ~
70 him, at IS as plain as the sun atnoon-
dav. that In twenty years, time we could