Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-10-08

when the amount has been swollen 70 Ggns
hundred mTIIioDG. on 70 one thousand millions
Would not that place the redemption OF them
out of the way foreveri And If the green
back, when It IS within three and nall years
of tbe time fixed for It's redemption, is only
Srortb e;gbtv-6ye cents on the dollar, and there
are only three hundred and SeTenty-hTe mil
lions in circulation, ask you what they VIII
be worth when you have eight hundred mil
lions in circulation and there is no time fixed
for redemption. and all hope and prospect of
redemption has passed away entirely! This IS
a question that addresses Itself to the gooo
sense of every man. We can all see thai
further issue of greenbacks, rendering redemp-
tion and payment of that part Of the putiic
debt nearly an impossibility, will have the
effect of destroying the greenback entirely
If we expect to keep up the value OF the
greenback to what it is now, and to bring it up
to par, we must keep IL, not by Increasing the
amount, not Is rendering resumption very
nearly impossible, but by outstanding our re-
sources and standing fast by the solemn pledge
We have given"
"The last Congress passed a law fixing the
| 1st OF January, 1879, for the redemption OF
/ the greenbacks. Four years notice was given,
/ so that all men in making contracts and ad
justiDg their business would have this in
view. There was to be no shock. Every man
would understand Just what was coming and
when it would come. The theory of the bill
was this that when we got say within two
years of the time, say the LIST of January, 1877,
or within eighteen months of the time, when
the depreciation in the money would bear some
proportion to the interest on money, that from
that time forward the greenback would grad
uaIly appreciate in value until it would be at
par when that time would arrive. 1t would
then be as good as gold, and the gold would
not be wanted and would not be demanded
except for specific purposes, for the greenbaek
| is more convenient and more desirable as cur
rency, always provided it be equal in value to
gold and made convertible on demand. The
idea was not new one. 1t had been tried in
ether countries and in some of the States OF
| the United States"
Against Contraction.
"The theory of the bill was not to have con-
contraction. It is against contraction. The
theory of the bill is to preserve the volume OF
the currency as # Is now until the time ar
rives for the resumption, and when that time
comes, and the greenbacks are as good as gold
and more desirable thsn gold, you will then
have imitation, for then all the gold and silver
in the country will be poured into the volume
of the circulation.
''The Republican party is not the enemy OF
the greenback. 1t made the greenback. It is
responsible for #, and we intend to bring it to
perfection. We intend to pay according to
promise, or offer to pay according to promise,
and then if the people want to keep the green
backs they can do so. The Democratic party
has placed itself on the other ground, not only
in regard to the issue of greenbacks in time Of
war, but certainly much more strongly in time
of peace. 1t is the party that sdenied the power
| of the Government to make the greenback un
der the circumstances by which this nationwa;
surrounded in 1862, and nowwhenthe occasion
which produced the greenback has passed away
they are asking for an increase in the volume
beyond the power of the Government even tx
redeem it ;"