Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1869-01-09
IsIs fiIsi1sslt etffsb
NUMBER no.
An The Name of the People, we OPP
pose Repudiatfon. gid1sf

( If the STATESMAN does not stand by the
Platform adopted by the Democracy of
Ohio in State Convention on the stt of
January, 1868, and by the Financial policy
/ Of Hon. GEORGE 81. PEND NDLEroN, and zbv
the teachings of THOMAS JEFFERsoN, It cer4
tainly would have been easy for the Crisis
to have quoted then. TO its confusion. This
would have been infinitely better than to
have quoted JOHN ADAMS in favor of Re-
pudiation. Because he advocated it is no
more reason why Democrats should now
turn Repudiationists than they should ap-
plaud the Alien and Seditfon laws and the
imprisonments OF men who had the har-
dihOod to speak disrespectful of him as
President of the United States, which dis
gracedshis Administrations all jsaiazs
We raised no issue with the Crisis fonEb-
ing the payment Of the Continental cur
rency. Weihave stated explicitly that by
reason of tile inability of the Continental
Congress to raise money under the power
conferred upon it by the, Articles Of Con-
federatien, the Continental currency an
ierwent such depreciation as to cause the
Continental Congress to deyise scheme
for its funding dat, forty to ones and that.
then it dropped out of circulation. That
portion of it thus funded. and that portion
of it funded under a law Of the Federal
Congress staope hundred for one, with, the
foreign debt and the domestic debt, inciu-
ding the War debts of the respective States,
was paid dollar for dolla with INTEREST,"
This isInot controyered. but proyen.by the
Crisis. -slpilsfoq1o3 1Sd10 10 heefllsT %
= The Crisis claims that this funding
Continental rrency was Repudiation TO
the extent OF thirty nine fortieths. andout
of compassion -for oreursignorance,a as u al
leges, assto how utterly worthless the Com
tinental currency became, favors us with
the following I: ~ 10 aoilguGsbaoa 10 nois
batsByg the middle of the syearil l7S0, the
Continental currency, estimated ,at $780,
as an article OF speculation at the rate or
one dollar in silver for 500 or 4 eco 0inietf-
rency. Samuel Beck, in ,hiso historical
Sketch of Paper Money, says that the an
nihilation of the value, the repudidtton, If
you choose, of the currepcyl W&si 30
complete, o. that s5arberoii shops 9hWere
papered in jest9i with the 5j,ills. land
the sailors returning from sea, were
paid off in bundles Of this worthless
money. had suits of clothes made of fit,
andel turned theirs1oss into sasfrolici6y
paradlng the streets in decayed, inery,
Sa sn IL ,5s ostfeg days bad pasisS tSf
clamor was raised about thems from isapeE-
iatiyei loyaiists,p money ssharks, and lsuch
people as we now hear expressing, their
horror at the same doctrines applied TO
our present debt, and a shout Of repudfa-
tion' was set up; but, says aitwriterH mn
those times manly patriotic writers came
hot nfh
mode of redeeming the notes would only
enrich brokers and SPECTATORS, willie de-
5priying the body tflei people, vino were
unable to hold them, OF any yfrewards sfer
having jeceiyed them at the values they
fol nerly maintafLe ed"
We commend this extract to the recon-
,sideration, of the Crisis, It was not, the
debt that was drawing interest that was
repudiated. IT was that part of the, debt
that was put into the form Of ofacqrrency, de-
signed to pass as money The Goyernmept
could not prevent its depreciation at the
time. They had no money and could raise
none, and there was no apparent prospect
that they could raise any soon. This caused
its depreciation.I There is one thing our his
torical fneighbory does not clearly stateT
what was the effect upon the countryT
upon the, army. upon the farmers, upon
the merchants. upon the mechanics and
upon the laborers-by reason of the de-
probation of the continental currency into
utter ,worthlessness2ggD Did lit not produce
distress and poverty?: isaIYot 65sG7dSE
-viToypass from the Revolutionary period
down to othe1present time, We want to know
what effect Reputation would have upon
,oureurrencyand, consequently1eaponb the
greatness efUthe peoples We have twice
askedlier aoelear statement OF lits effeet;
butinstead Of undertaking to give its the
Crisis has taken up its space by talking
about matters otgermane to the question.
In its quotation from" SAMUEL BECK His
toricarSketch of Paper Money! it, terunin :
tentionally gives a glfmpseso of the asagaia-
cent times that are in store for our people,if
its Reputation doctrine shall prevailin the
arsflture. 5s.ij 'ssuA 5sTA 0dE" ".ssb
1t is estimated that our currency con.
sists of Sz4gSazs aSs-zzSs,saS-zzgSazs
First. of ofgreenbackssE Es3S..%... esssooooapo
Second, of National Bank notes..... 3e0000.000
Third, fractional currency.......... 5000 600
Total .s.....s..... S6ss. co., 600