The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1874-05-21
senator AIlen G. Thurman on the situation
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Senator Allen 6. Thurman on the SITUATION
IFrom the cadiz Cohio) senhneI-I
Having read in the daily press the
remarks of Senator Thurman, made
on the 9th ultimo, wherein he an
nounced that he had received but two
letters from Ohio faYoring an increase
of the currency, we addressed him a
note stating that the Democracy of this
section favored 3 moderate imitation
and that a large portion of the Repub-
| licans occupied the same position on
that question. The following is SEN
ator Thurman's answer, which we
cheerfully place before our readers:
WASHINGTON, April 10, 1874.
My DEAR Sic FL am truly obliged
to YOU for your frank and friendly
/ letter of the 7th inst. l know that
you are sincerely my friend and am
always willing to listen attentively to
your advice. ] have been grossly
/ misrepresented about my course on
the currency question. 1t has been
published again and again in the Gin
| cinnati Enquirer, and thence been
spread all over the State, suppose,
| that am q contractionist, when the
truth is I have steadily spoken and
voted against contraction ever since
have held seat in the Senate. But
am not an infationist of an irredeem-
able and deprecated paper currency,
and no man ever heard me utter one
word in favor of such imitation.
should be false to the teachings of the
democratic party, false to all l have
ever myself taught on this subject
could / advocate such 3 course. For
/ if there is one thing more certain than
another, it is that Democracy, which
advocates the greatest good to the
/ greatest number, condemns q currency
/ by which the mass of the people are
defrauded for the benefit of monopO-
/ lists, brokers and spectators. You
say that am charged with being ''nn-
der the influence of Wall street. -
Why, dear friend, there is not an un-
principled gambler in gold or bonds
or stocks in that or any other street
in New York who is not in favor OF
1 imitation. Where would the gold
/ gamb bler's occupation be were specie
payments resumed? ? Utterly gone,
/ What enables Wall street brokers to
put off upon the unWary the stocks
and bonds of rotten corporations but
the rage for speculation. that is in
duced by imitation Again the oppo-
nents of imitation are represented as
advocates of the national banks, when
the truth is, not one in fifty of those
banks is in favor of a resumption OF
specie payments. As to my position,
it is the result of long and careful
study. 1 stand upon the platform Of
our last State Convention, upon which
we gained the glorious victory of last
fall. That is the last expression Oi
the Democracy of Ohio, and, believ-
ing il to be right, what justification
could have for abandoning it? That
platform was proclaimed on the 9th
lnf Angnst The panic came about
the middle of September, four weeks
before The election. The money pres
sure was much greater in those four
weeks than it has been at any time
since, and yet no meeting of either
party inOhio during those four weeks,
though they were held daily, Sundays
excepted, passed a single resolution
in favor OF imitation. so far as know
or nave heard. And | can truly say
that although | was on the stump con-
tinuallv during that period and min
Cling with the people in nearly one
half of the State, never heard one
man advocate the policy of imitation.
But when Congress met certain poll
ticians, for reasons they best know,
raised the imitation cry, and not only
that but also a sectional cry. They
say that the East has more than its
share of the bank note currency,
which is true and that the West and
South have not their propOrtionate
share, which is also true; but when it
was proposed in the Senate to rectify
the distribution by taking $50,000,00
fof currency from the Eastern States
aud giving them to the West and
South, the infiationIsts voted it down
and instead of it passed bill giving
but SAG, 100000 to the West and south.
The truth is that the imitation bill
which has passed the Senate and
which suppose will pass the House
means irrede enable paper money for
all time to come; or at least until an
other crash. far greater than that of
last year, shall dispel the delusiOn
that the country can be permanently
prosperous with such a currency
Had been seeking temporary popu-
larity or unmerited praise, and been.
willing to sacrifice my Integrity and
self-respect for such purpose, /
should have Joined the inf1ationists.
ASh1 noNC BOt "a Ct oO0 POP0AoAA-
ty by advocating what l believed to
be wrong, and, God helping me, /
never will. value as much as any
man ought t. do the good opinion of
my fellow men, but l will not seek it
in q way that my conscience and judg-
meht condemn. 1t is very easy to
make the unrefecting think that their
condition would be bettered by an in
craasa of tho ouPponav oa if fha mara
printing or stamping of bits of paper
could make people rich. And he
who opposes this de1usion which has
prevailed one time or another in every
country in Christendom, must expect
10 incur dislike while the delusion
lasts; but here as elsewhere, now as
heretofore, he may safely rely on time
and experience for his Yindication.
The imitation that is about to take
place may stimulate speculation for a
time, and produce an apparent but
counterfeit prosperity, but unless his
tory is false the ultimate result will be
widespread ruin and bankruptcy.-
And then perhaps the truth may be
recognized that was so well expressed
by Webster, "that OF all the devices
invented by the wit of man to fertil-
ize the rich mans field with the sweat
of the poor mans brow, irredeemable
paper money is the most effectual."
My respect for you, my friend, has
induced me TO write so long letter.
Believe me as ever, yours truly,
e A. q. THURNAN.
w. H. Arnold, Esq, Cadiz, o.
s-s -ss@------------4
Mr.. EsheIman Declines.
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