The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1871-10-05

led out, an additional issue would
ne required of more than thirteen
hundred millions of dollars. Many
,f these bonds are owned in Europe.
II the holders Should accept the
yreenbacks, they would at once con-
vert them into coin by purchase,
thus draining this country of gold
and advancing the price, SO that the
difference between coin and paper
currency would be as. great as it was
in the Confederacy during the last
year of the contest. In ether re-
spects the effect upon the fortunes Of
the people Of this country would b.
equally disastrous. The holders of
bonds, and all other persons who
might be compelled to receive green
backs in payment of debts due them
for it is insisted by General Ewing
and apparently contemplated by the
resolutions, that the greenbaeks arr
to be a legal tender-would immedi-
ately invest their irredeemable pa |
per money in lands, cotton, wheat, |
and other property, which might
promise to be most valuable and
least under the Influence of depre.
ciated currency; the currency itseli
would pass rapidly from the hands
of capitalists to the middling inter
est and laboring classes, and in the
end the loss would be turned over
to those classes, while the richer and
shrewder people would escape in a
great degree the consequences of
these measures. Experience has al
ways shown that when the currency
of a country is deprecated, land for
agricultural purposes, and labor, are
the last to feel the advance in prices
but cl0thing and the cost of living
would advances Immediately; the la
boring CLASSES would realize, at first
and for a considerable time but lit
tie increase Of wages, and relatively
they would be impoverished. It is
difficult to conceive ola proposition
fraught with so much evil to. all
Glasses as the one. now presented by
the Democratic party OF Ohio. -1saa
"On the other hand, the policy Of
the Republican party is to advance
the value of paper, so as to close the
existing difference between coin and
currency. 1t seems to me plain that
't.he leaders of the Democratic party
fail to estimate tn inevitable results
of the policy they propose, or thai
they are Indifferent to the real wei
fare of the country. Ifthpir prof eI
eouFi be carried out, and if they
could save on thirteen hundred mil
Hons Of dollars twelve and one hal
Or fifteen per cent. by redeeming the
five twenty bonds in greenbacks
! VINO does not see that the temporary
advantage thus gained would be Nc
q
adequate compensation for the los:
OF credit and the loss of public conf
drnce throughout the world, or fo
the pecuniary burdens which woulc
be imposed on the people wheneveI
the nation should be under the ne
epssity of raising large sums o
money by loan and upon pledge o
the public faith?
The volume of paper now in us
is more than seven hundred mil
, lions, and what think you would b
the effect of increasing it to twr
millions by the substitu
ton of grppnbacks for the out stand
ing Ave twenty bonds? Do you BE-
EHpve that fifty or a hundred dollar
of such paper would buy a dollar O
gold or bushel of wheat ? Do yor
not foresee already some Of the evi
consequences 4? The bondh0lder pay
ling out greenbacks forsreaI prOpert,
of every sort; the employer com
=, polling his workmeu to receive de
prpciated paper for their wages; tn
depositOrs in savings banks turne
: off with what would be of littl
: value TO use, and of less value t
keep. All these and kindred evil
are to be accepted, because, as "
are told by men who now solicit tn
: confidence of the country, we III
not receive the par value ia coin c
the bonds in question. Do they fol
get, or would they rather have US
forget, that these bonds were issue
while we were struggling in de
pprate war, when the credit of tn
country was shaken; when all OF
, difficulties, foreign and domestic,
y nancial aud political, civil and mi
itary, were increased by the polio
II of that party which now seeks to ii
= volva US in perils hardly lass serioI
It than those from which we have jui
" eseaped?"t r ..
n Democratic Consistency.
It was objected that DR.. Guthrie oug
not to be a candidate for the State Sci
ate, because he was Chairman oftl
u Democrats County Central Committe
)f How is it with Putnam, the present cal
didate? He is Chairman of the Ro
! County Central Committee. "What
sauce forthe goose is sauce for the gar
der" If it was crime in Dr.. Guthr
to offer himself as a candidate while &C
ing as Chairman, is it not a create
ls crime in Putnam to be running, ar
" still be Chairman? We call on the ia
7t ton who slaughtered DIR. Guthrie G
., such frivolous pretexts, to be consisteu
- and force Putnam either to resign h
Chairmanship, or give up his dOubtf
L chances for election as Senator. Or do
ie that become virtue in Putnam, whiC
J. was crime in Guthrie ? The truth is,
ID their anxiety to beat Guthrie, the ia
J, ton who used this foolish reason to {