The Portland daily press., 1874-10-20
THE PRES S.
TUESDAY MORNING OCT. 90, 1874
Our New York Letter.

The Western Elections-Obio aud Indi.
ana DemoraIized by Financial Heresies
Democratic cExuliation-TheN 4 New York
Mayoralty.
NEW YORK, Oct 10, 1874.
1t is easy to see what is the matter with the
people in Ohio and Indiana. The country is
not prospering, or to speak more accurately, it
has not recovered from the depression incident
to last years revulsion. The party in power
naturally gets the blame for that, and suffers
from the apathy or hostility of the discon-
tented and disappointed. These two states are
probably the worst infected of any in the
union with the strange yagaries about currency
which have proved such a hindrance to sensible
and practical methods of reviving the dormant
energies of the nation. The delusion prevails
largely in both that some sort of legislative
panacea is the thing required to cure all the
trouble, and if the right Kind Of measures were
adopted we should he set back in the twinkling
OF an eye into that day dream of opulence from
which we were rudely awakened, to discover
that the tides of speculation had overfown
the dykes of irredeemable currency. Un-
fortunately these fanciful theories have been
maintained by leaders of both parties in both
states. Ohio is the home Of Pendleton, and he
entitled to the unenviable distinction of
having originated plan whereby reputation
could be accomplished without being confessed.
he found followers among Republicans as
we'll as Democrats, not only in Ohio but else
where. Indiana caught the distemper in its
most malignant form, and has never recov-
cred. Happily the dishonor of such breach
of the national faith was averted by the Re-
publican triumph of 1868. Still the heresy ex-
ercised no small influence in demoralizing pub
lie sentiment in those sections. There has
been constant effort in progress ever since to
contrive some ingenious way of getting rid of
the war debt without the honest payment of
it. When the country apparently thrved, such
jugglery found little favor with the masses,
but as soon as there came prolonged term of
depression and inactivity, the tempters were
encouraged to renew their insidieus proposals
in less tangible form. That they are making
some headway the events of last Tuesday
conclusively prove. That their complete sue
cess would be fraugbt with disgrace to the
fame and blight to the welfare of the Republic
is equally true.
Looking at the matter from an economic
rather than a political point of view nothing
could be more unfortunate than any further
tampering with, and patching up of the f.
nances. The country is at this moment slow
ly but surely regaining its normal vigor. There
has been great saving during the year which
has interviewed since the panic admonished us
how wildly we had been playing prodgal.
There has been prodigious diminution in the
importation of gewgaws and finery. Prudence
is the order of the day, and the continual prac-
tice of it will do much to promote the complete
restoration of our industrial system. But
what we want especially is that the farmers of
the West should send their crops to market.
They hold them now for higher prices. Their
hope of an advance lies in the expectation that
by some process of quackery, more paper dol
lars will be created and less wheat will buy
them. If this were to happen the farmers OF
course would be the greatest sufferers
The paper dollar may grow poorer, but
the wheat still remains as good as
ever. To impair the quality of Que and no
of the other is manifestly an injury to the
holder of that measure of value which has un-
dergone no reduction. Still the agriculturists
do not see this. To them the greenback is an
emblem of the authority and supremacy of the
United States. They have had "wild cat and
red dog" money ad nauseam and lost great
deal by it. Now they have piece of paper
that always circulates readily, and although il
is actually at a discount, it answers their pur.
pose just as well as if it were at par-and in
fact very many of them think it is. 1t is fair
to presume that all these men are amenable
to argument, and can and will in the course
OF time be convinced that the greenback so far
from losing its province as the representative Of
American sovereignty by being convertible al
the will of the holder into gold, acquires new
dignity by so substantial an evidence of its in.
trinsic worth. Nevertheless there is an error
to lbe combated, a mistaken opinion to be cor
rected, and it is extremely unlucky, that at
the moment when this missionary labor is in
progresss it should receive check at the elec-
tions. The Democrats are not very nice about
the appliances to which they resort to recruit
their decayed fortunes, and will be very apt to
give prominence and effect to this element of
discord. May be, they will even go farther and
recant their recantations of 1S72-falling back
upon their reputation resolve of 1868, though
that is not likely because it did not work well
before. They will prevent settlement of the
finaEcial question if they can, and every hour
of delay in disposing of it on sound basis, in.
wolves pecuniary loss to the people at large. AT
this very moment the granaries of the West
are full to rcpletion, and ships are sailing to
foreign ports with scarcely cargo enough for
ballast. There will pretty certainly grow out
OF this loss in price and interest, probably a
decrease of production. People rarely make
any thing by Withholding from market an arti-
Gle of which there is a surplus. There could
not be greater blunder than the producers of
cereals are making now in refusing to sell the
fruits of their tillage. In so far as political
causes have melted this action, they have a
malign significance.
1t is too early to determine yet whether the
demon of unrest has perambulated all the
states of the North Western Empire. Novem-
Der will tell the story If they follow the ex-
ample of Iowa all will be well, if of Ohio there
are more troubles in store for us, for them, for
all. Iowa is the noblest state beyond the Al
leghanies. She is New England transpanted to
soil where there Is room to grow. Her Sena-
tors got sadly off the track on the currency
question last session but her people are all
right, and her representatives IN both houses
wM be. In states like Iowa, the citizens lead
and their servants follow.
To those who have been accustomed for
score of years to reoicings over successes by the
ballot, and during part of the time to trans
ports over victories by the sword, there is some
thing curious in the frenzy of exultation with
which an occasional turn of the scale fills the
soul of the average Democrat But it was the
previous diet of husks which made the fatted
calf so savory and palatable. One cannot wit
ness such preternatural cravings without feel
ing that if it were safe it woHld be charitable
thing to give the other side chance to hold
the reins for at least one journey. They prom
Use well. They admit they were terribly mis-
guided, but declare that they are sincerely pen
itent. They are certainly pretentious in their
demands, considering how long they sinned,
and how recently and under what suspicious
circumstances they were converted. That, how
ever, is as nothing compared with the fact,
which we have learned here to our sorrow,
fh0f ,,ou cannot trust them Tamm,ny ,,on+