New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-08-16
OHIO.

PINDLHTOS, POMEROY, AND JOHNSON OUTDONE
GOLD AND SILVER TO BE DIVORCED FROM
ALL CONNECTION WITH THE CIRCULATING
1KDIUM-JACKSON AND BENTON CUT OFF
FROM DEMOCRACY-THE FINANCIAL NEW
DEPARTURE OF THE DEMOCRATIC PARTY, AS
EXPOUNDED BY THOMAS EWING.
In the Montgomery County resolutions pro-
posed by Mr.. Valandisham return TO specie as the
basis Of our currency perempOrly prescribed The
state Convention held shortly after at Columbus re
solved that the way reform the currency to
make 1t convertible into three per cent bonds the said
bonds being in payable solely in currency. Incl
dental TO this the payment Of all the outstanding
B2s in the convertible currency. The propositions
are 10 pay the bonds in gTeenback, and then TO pay
the eenback in three per cent bonds and after that to
pay the three per cent bonds in greenbacs and sOby
perpetual expansion, TO effect divorce Benton would
say between currency and gold and limit the interest Of
money to three per cent. This in fact is Mr. Ewings
understanding of the Financial New Departure which
taken by the party at Columbus as the following
amp" extracts from Lis speech at Columbus, on Friday
evening. will show:
From the whole system OF finance past, present and
30 come adopted and proposed by the Republican party
the Democracy OF Ohio announce new departure-One
which will relieve the people of much OF their burden OF
taxes leave no heritage Of debt 10 Cypress and ensaye
our children and 50 establish and regulate the currency
greatly reduce interest and thus distribute the net
increase OF wealth fairly between labor and all forms OF
capital. They propose that the General Government
shal furnish all the money OF the people, in all issue
WhGn ssil De a legal tender equally with com 1Or al
pubic ana private debts whatsoever except where the
e0ntrac, expressly calls for specie and with 1t redeem
the 30 bonds and 10 prevent undue expansion OF the
currency issue three per cent bond which shall be
exehangeable at par legal tenders at any time, and
INTO winch legal tenders may at the option OF the mold
ers, al any time. he converted.
Il is moi at all likely that the currency would fall
fG Ce0W par IN god that any bond would be redeemed
IN less valuable currency than that the Government
got forlt II such instances occur the hardship will not
be great however Take the bODdhOdeTs OF 1864, who,
aecordnto Jaw Cokes tables ave little less than 40
haV "A
SIX per cent ON their Investment and got the princpal
returned 10 them, and stil have the bonds 80 II the
currency IN which the bonds redeemed were 10 il
even 20 60 cents In gold the dollar (Which not TO be
anticipated these gentlemen will not have suffered
much by their selfsacrfcing purchase OF the bonds at
scents know whole families who have suffered more
D lhe war aud by the legal tender act But there If
no probability that this policy will depTeciate the cur
felcy at all for any length Of time Our 52Os have been
below par IN Europe not because Of lack Of faith In the
resources or stability Of Government, 6u because
~ Tea kno'cn nat The people regard them as justly pay
CHARACTER AND EFFECT OF THE NEW CURRENCY.
lhe t1ect Of this system when the outstanding notes
sho bonds are all converted by purchase or payment
'Aio the three per cent legal tenders viii be:
1T1; 10 give US currency superior 10 any we ever
A49 N these Important particulars:
~ II will be legal tender for all purposes ~natso-
'et VIII pay every debt, tax and impOst, buy every
,o,loGty ana rule every money TRANSACTION with the
a. II will be stable currency. It's constant convert
% INTO bonds bearing fixed rate OF interest will give
oOth ana The bonds value stable as that OF the
.Gnso Of Great Britain. This quality being obtained 1t
MI Se OF no more importance, 50 far as the adaptaby
VIZ currency 10 all the uses OF the people goes
nnethef dollar OF It will buy exactly dollar OF gold
nSh whether II will buy exactly bushel Of wheat
o 1oao Wild remain, as now mere article OF com
1nefoe, and OF no more Influence on commerce than
& Othet article except a. II is the measure OF values
ABOUT half the countries with which trade. II the
can measure OF value, the paper dollar, and the
The pound, keep about even proportion 10 each
oS a. they DO now our foreign trade will not be inJu
y effected by the fact that the not the
ssns.-sRy more than trade with France IN silks is
ibu ny the fact that measure Of length lie pot
e same az hers And If legal tenders and the En-
a sh pounds should vary In proportion TO each other,
en Auc latiOns affect chiefly foreign trade which
on hlIetb part as great our home trade. Bat
u we had currency redcemable Ia specie 4 the Re
9eslcdus propose, 10 would be inCeSsanty expanding
~ contracting, not because Of the fluctuations OF the
oanes 70 Is used 10 transact bu because OF the export
yn' kWd 70 settle adverse balances Of our foreign
-. ne whole sADeIslrlctuIe Of DOMESTIC Duslness