The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-09-18
Deelaring for RenudiatiOn.

In mas remained for the Democracy of
Pennsylvania, through the chairman OF the
committee appointed to draft resolutions at
their state convention, to declare openly for
repudation. Mr.. Hughes emphatically de-
MED that the legal tenders are debt, saying
'they are not promises to pay. They are real
money. offer my friend $40 note for a
debt owe him, and the law of the govern
ment says he shall take it. That is redeem
ing 1T and fulfills the promise"
The utter absurdity of this statement is
patent, but the fact that it was made before
and endorsed by large assemblage of pre-
sumably intelligent men is one calculated to
excite alarm in every thoughtful mind. 1t
shows that the simplest form of reputation,
the denial that the legal tender notes of the
country constitute debt and the consequent
refusal to redeem them, is held to by large
section of the Democratic party. The plat
form of the Ohio Democracy does not advo-
cate such undisguised dishonesty as this,
though it really puts forward the same doc
trine.
Against this doctrine of dishonesty the Re-
publican party offers the only efficient oppo-
sition. To take the most charitable view,
the Democrats are divided on the question.
But the Republicans are committed to the
resumption of specie payments in 1879.
Every vote for a Republican candidate is a
vote for resumption. The Republican posi-
ton in regard to the debt is certainly the
honest one. At the time when the legal
tenders were issued no doubt was entertained
that they constituted debt. The govern
ment had no money to pay for material Of
war and services of fighting men, and 60
issued its notes. To make them more ac-
ceptable it declared them legal tender. But
they were still notes, and had they not been
understood as such would not have been
taken. Now the Democratic party comes
forward and proposes to wipe out this debt
by openly repudating it.
This open dishonesty of the Democracy is
having its natural effect. Those Republicans
in Ohio and elsewhere who have been missd
by the selfishness of financial theorists, who
have been taught to believe that the present
business stagnation is due to want of cur
-rency, see now where imitation tends. The
proposal of the Democracy shows them that
initiation means eventual repudiation; and to
that, as honest men, they firmly object.
They perceive that they have been misled,
and are fastening to retrace their steps.
Within two weeks the campaign in Ohio
has assumed an entirely new phrase. 1t has
become a straight fight between hard and
soft money. The Republicans have ceased
to qui5ble and have taken a stand for resump-
tion. The credit for this change is due in a
great measure to Gen. Woodford of New
York, who believed, despite the doubts of
Ohio leaders, that the Republican masses of
that state were ln favor of hard money. In
speeches he has distinctly made the issye.
His addresses have everywhere been received
with enthusiasm, and are printed and circu-
lated as campaign documents. He follows in
the pathway of Sam Cary, and utterly de-
moshes the sophisms of that reckless dem
agogue. Gen. Woodford's course is that
which will be followed by the party and the
Republican position can be well summed up
in these words Of his:
Hence arraign the Democratic party and
the Democratic leaders in Ohio-alike those
who plead for more greenbacks and those who,
with less audacity, but infinitely more coward
ice, stand idly by while the national credit is
stoned to death, themselves censenting thereto,
l arraign party aud leaders alike as seeking to
undo the nations plighted faith, as seeking
not merely to delay specie resumption, but
practically TO make it impossible. What test
| apply to others, by that test L am willing to
be JUDGED. If, in any contest in this land, the
Republican candidate is an inflationist, and his
Democratic opponent is in favor of sound cur
rency redeemabie In coin, pray that that Re-
publican may be defeated and that Democrat
elected. If, in any state, the Republican party
is for initiation and the Democrats for honest
payment of the debt, bill and bond alike, L
pray that in such state the party which there
stands for honest money may be victorious.