Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-09-01
MEDlLL.
The Editor Of the Radical Chicago Tribune
Delivers Himself at Columbus, 0hlO

| COLUMBUS, O., August 31.-Hon
Joseph MediIl addressed the Young
Men's Republican Club tonight. Re
viewing the Ohio Democratic financial
| new departure, as set forth by Gen
Ewing, he cOntrasted the financial
| plank in the State platform with the
plank in Vsllandigham's platform,
showing that while the latter wss to
return to the ancient faith of Demo-
cracy and willing to pay the national
debt, the latter means reputation.
Not the least remarkable thing cor
neCted with this new financial depsr
ure is the fact that only the Ohio Der
ocracy have taken it. The Demo
! cratic organization in no other STATE,
West or East. South or North, are al
vOcating in their platform the paw
ment of the debt in irredeemabl
rates, or a material expansion OF this
distinct currency. The Ohio Demo
cracy must think they hold a mighty
good hand to play this greenbaek
game alone. The effect of General
Ewing's scheme would be to destroy
the value of the currency. A note or a
bond, said the speaker, is worth to the
holder that in which it is TO be paid.
provided the maker is known to be
Solvent and punetual; il it calls for
gold, W1eat, cattle or iron, it is worth
what they are worth; If it calls for
chips or chat, it is worth 80 much,
10 more; ifit is to be paid in another
promise, and that promise Is re ieem-
able only in the first promise, then it
is worth nothing, because 1t is merely
wind redeemable IN wind. The in
tel 7st on such a bubble bond might
as well be 90 or 35 per cent. as 8 per
cent, as it will cost the maker no
more to pay any rate Of bubble
interest.
It is obvious that the authors of the
Democratic financial plank have dis
covered the science OF political econO-
my, and treat the experience of man
kind with contempt. They cody and
contentedly brush away and reje 1t
the universal conception of the differ
ence between capital and credit, value
and .promise, money and notes, the
nature and functions of gold and that
which gives value to a promise to pay.
They leave entirely out of sight pay
ment and redemDtiOn, and teach that
the Federal Government hFs the
power to stamp actual value on that
which in itself has none that it can
put ..f0rth; an almighty fiat that will
equivalent of all values, or give that
which is now worthless, the purchas-
ing power of solid coin. The Demo-
cratic Convention propose to make
the greenback read something like
this: " The United States promise to
pay the bearer ten dollars, payable al
the Treasury of the United States at
Washington. But this promise is
made in Pickwickian sense, and is
never to be redeemed in any tangible
sur stance, especially not in gold,
OF silver. This is the idea, what 7ver
the form of words may be. !. is
impossible to conceive any scheme
more preposteroUs. The speaker thS
considered the questions of polite
economy and finance involved in f'-e
propositions in the light of eXpe
ence and accented principles of the
world, to show how the proposed Ne
Departure is at variance with
these, and what the effect would J
on the business of the country. He
h
sets forth this reason for paying the
bonded debt in new issues of ire.
deemable, and, as l have shown,
worthless notes, namely: that II"
public creditor is entitled to be paid
in the same currency he loaned the
government; that when he loaned
gTeenbacks he should be paid in
greenbacks, unless the contract other
wise provides, and when he losTC /
gold he should be paid in gold. Gen.
Ewing, who heartily indOiJes this
proposition, seeks to create the i'm
prG sion on the public mind That the
only realized forty per
cent. of gold value for its bonds,
therefore the present holders, re-
gardless of what they paid, should
be forced to yield them back
upon receiving forty PEI cent
what they call for. This he shOv
was a misrepresentation of fst
During 1861 the currency was at ps =
and the first $3.50, 600, 600 Of greenbac
issued under the act of February %,
1862, realize to the Government
almost par. The first issue of bonds
the 65 of 1881, realized nearly gOlu !
amount sold was $2s3, ,000, 900, and the
average realized during the four years
Of war was Y per cent. 1t is true, at |
one period only 40 per cent. was
realized, but that was during the |
darkest period of the war, in 1854, |
when the Democrats in the National |
declared the war a failure
and by tleir acts tried to make it no
longer possible to deal with the |
original purchasers of bonds; and |
es most of the present holders paid |
between 80 cents and par for them, I |
desire Gen. Ewing or some one to !
rise and explain what they mean by !
the expression "payiDg bondholders |
in greenbacks. Are gre snbacks, |
worth 40 per cent, to be rendered to |
The holders of bOnds that originally |
realized the Government SO per C9nS.,
lr Sc or 20 or any other sum above 10 |
per cent? How is the present holder |
1f a bond, who paid par for it, to be |
oreed to receive note worth 40 or so |
,ents on the ground that it was sold in |
1854 for that amount? By what pro- (
,ess can the Government Impart TO one |
note the commercial
value or purchasing power Of
10 per cent, and to another |
20, 20, so, 80 or 1C0 per cent?
or, unless this can be done, the whole |
falls to the ground. Is 2
,reenback ten cents on che dollar t. !
)e be considered as payment for a
bond costing holders the ninety-eight
Der cent General Ewing had paid?
de said that an increase in the cur
'ency will establish a moderate and
nearly uniform rate Of interest. The
peaker said a greater financial fallacy
never was uttered by man, entitled ID
/ respectful hearing. The pro-
,osed bonds, not being paid in gold
II other valuable thing, will be moth
Dg more than one form of irredeem-
Lble notes. This issue will initiate the
just the same as an issue of
notes. Initiation always increases the
ates Of interest, as all expert
nee has demonstrated. Before
he war the ruling ratss
# interest were far lower than after
he initiation, and consequent depre-
iation set in. The initiation causes
N expansion of prices, and while the
process goes on dealers seem
o gain large profits. This stimulates
peculation, and there is a reckless
ush to borrow money. The dealers
.dvance their rates on account of the
xtra demand, and the probability
hat the principal will be paid in
IS valuable currency. This imitation
Ilways results in high rates of inter-
st. A contraction, on the contrary,
not TOO sudden produces a reduction
4 interest rates, because, as the dol
ar becomes more valuable, fewer dol
ars will transact the exchanges of the