The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-16
POLITICS IN THE WEST.
Views or . Western Innationist-Prob-
able Disruption OF the DcmOcratic
Party.

Views or . Western Innationist-Prob-
able Disruption Of the Demscratic
Party.
the Constitutional Convention which has been
In session In this city for several months voted
" adjourn next week, having completed It's labors.
1t numbers among Its members many of the
brightest and ablest men In the State and has de-
voted Itself sedulousy to business during its entire
session.
In Q conversation to-day with General James B.
Steedman. elected o member OF the Convention
some weeks ago from the city Of Toledo to NIL the
vacancy occasoned by the resignation OF Chief
Justice Waite, asked him his views on
the lato veto OF President Grant. He said
he had no hesitation In saying that the masses OF
the people OF Ohio condemned 1t. He went on to
say that the veto OF the bin providing for mode
rate increase OF the currency had the merit OF con-
sistens adherence to the policy OF the republican
party since the war; and that that policy had
been to manipulate the currency and bonds of the
country 80 as to enrich creditors and lmpoverish
deDtors-to starve the workers and latten the
drones OF the hive. The General remarked that an
increase OF the currency makes the dollar cheaper
and decrease makes 1t dearer as compared
with labor and property. Hence such increase
lightens the burden or all deDts by making the
money needed to pay them 0btainable for less
amount OF labor or It's products. On the other
hand. decrease OF the currency increases the
puIQeu o. ueotOrS because 1t rAlseS the value OF
the dollar as compared with labor aad its products
and thus makes money to pay debts harder to get.
what the debtor class loses by contr action the
creoitor CLASS galnS and what the debtors gam by
expansion the creditors lose. He said that the war
had necesstated large Increase OF the currency;
that tue opening OF the south to commercial
intercourse at It's close greatly increased the de-
mand LOT IL aad operated practically as great
1srnmsns s haat WIN thus contraction the
growth Of business have tie eject OF gradually
reducing the currency so as to bring US by degrees
to specie payment. Justice to the l25o,oOO soldiers
entering business anew and to the producing and
laboring classes, demanded that no
rapsd contraction pS Of the currency should
the Cookies, McCulloch, John sherman Il 20.
within q year after the war reduced the currency
screw, until the country now struggles under the
blows Oh such contraction in nine years as the
world never saw before. The result has been dis
astrOuS to the business classes generally, who are
more largely debtors tnan creditors, and espe-
cially destructive 70 enterprises connected with
the development OF the West and South.
General Steedinan declared that the cause OF ex-
panson would be appealed to the ,peo-
pie. He said that the clamor OF the East
Will not alarm the Western masses, nor Will the
fact that prominent men OF botn parties are wrong
people. The democratic party OF Ohio are, he de-
clares, practica,y unit IN favor OF expansion
anu VIII speak III us August convention IN no un-
certain sounds on the subject.
He said that the democratic party would reaffirm
the national platform OF 1858, which was It's last
authoritative exposition on the financial question
On asking MN what prominent democrats sus-
tanned these views he mentioned the names OF
Mr.. George Il. Pendleton, General Thomas Ewing
and y large number OF Others. embracing the posi-
tive strength OF the party In the State.
General steedmtn haa no hesitation in declar-
Congress- We're an expression OF the views
OF their people the democratic party was
denatlonaliZed already, and that he favored .
convention that would rub out New York, New
Jersey and the Eastern States. Indeed, there Is
no doubt that q radical and IncuraDle disruption
OF the Eastern and Western democracy has taken
place on this question OF the currency, and have
no idea they VIII ever again attend the same
national convention. Senator Thurman, VINO an
tag nizes these views and sustains the veto, has
meagre following IN Ohio, as the August Conven-
ton Win demonstrate Tnere Is but little room
Tor question that the democratic inhationists will
have their own way and go into the fight this fall
in every Congressional district with 'More green
backso rs their shibbOeth.