The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-08-12
OHIO DEMOCRACY.
Reputation Breaks Out In II New
Place.
Tom Ewing Airs Some Startling
Theories.
The Government Creditors to bG
RObbed-.-The 5-2Os TO be Un-
funded into GTeenbaCks and
Refunded into , per cents.
Authoritative Announcement of the
Democratic Policy.
UoLUmus, O., August II.


J speech was very long, in which he di,
D. cussed the "new departure" ku.kluX law
@ finance, tariff and land grants.
!. The following is what he called til
. DEMOCRATIC FINANCIAL NEW DE-
80 PARTURE,"
u From this whole system OF finance
q past, present and to come, adopted ant
@ proposed by the Republican party, thl
Democracy OF Ohio announce u new de
parture-one which will relieve the peo
pie of much Of their burden OF taxes
/ leave no heritage of debt to Oppress ant
I enslaVe our children, and so establish anC
r regulate the currency as TO greatly
reduce the interest and thus dis,
tribute the net increase Of wealth
I fairly between labor and all forms
of capital. They propose that the
great government shall furnish all the
money Of the people In an issue that shall
be q legal tender, equally with com, for
all public and private debts whatsoever
except where the contract calls for specie,
and with 1t redeem the 6.20 bonds, and
: to prevent an undue expansion Of tho
currency issue three per cent bonds,
which shall bC eXchangablo at par for
legal tenders at any time, and into which
the legal tenders may, ut tho option of
me holders at any time, bc converted.
1t is not at all likely that the currency
would full so far below par In gold that
any bond would he redeemed in less val.
liable currency than that which the gov.
ernment got for H. II such instances
occur, the hardship will not be great,
however Take the hOndholdGrs of 1854,
who, according 10 Jay Cookies tables,
gave u little less than forty cents in gold
for their bonds. They have already re.
Ceived six per cent for their Investment;
got the principal returned to them,
and still have the bonds. So, II
the currency in which the bonds
arc redeemed were to fall even to 90
cents In gold on the dollar, which Is not
to be anticipated, these gentlemen will
not have suffered much by their self sac.
rlflcing purchase Of bonds at 10. |
know whole families who have suffered
no moro by the war than by the legal
tender net But there is no probability
that this policy will depreCiatc the cur.
ronGcy at oil for any length Of time. Our
h'2Os have been below par In Europe moi
because of tho lack Of laith In tho resources
or rstability OfOurgovernmcnt but because
II Is well known the people regard them
as Justly payable in greenbacks, and
that our nccks are not yet Gallons enough
to bear whatever yoke our agents put on
u.s. II We, in strict accordance with our
contract, make our debt easily supporta.
bic, and therefore sure to be kindly
borne, our bonds will have value denied
to those compoundedof repudlation and
cxtortion, The effect of this system,
when outstanding notes and bonds arc all
converted by purchase or payment into
the per cent legal tenders, will be
first, to give llS currency superior TO
any ever had, In these important particn.
lars:
"l. II will bG'a legal order for all pur.
poses whatever; il will pay every debt,
taxes and in fact buy every commodity
and rule every money transaction with
the power Of gold. .'l
@. ltwillbo staple currency II Is con.
stAutly convertible into bonds, bearing a
fixed rate Of interest and will give both Il
and the bonds value rs stable as that of
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