New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-02


have seen enough TO verify the truth OF the old maxim
breed CORRUPTION ana that change OF rulers from tne
to time Indispensable necessity OF eoou Bo'eIhc
FIRST SPEECH OF GEN. HAYES.
VIEWS or TIE REPUBLICAN CANDIDATE FOR GOV
ERNoR-EvII~s or INFIArIoN-riiE REPUBLICAN
PARTY OPPOSED 10 SOFT MONEY.
IRoNToN, Ohio, July 31.-Thc Republicans of this
State opened their campaign here to-day, with
spceches by Gen. Hayes and Senator Sherman. Both
speakers dwelt at length upon the currency qucs-
ton. each taking strong ground against Imitation
Following are the more interesting Par'' VI WI"
Hayess remarks
PAPER MONEY AND ITS EFFECTS
The objections TO an inflated and irredeemabe paper
currency are 80 many that do not attempt to state them
ALL they are obvious and 30 familiar that need ho
deliberately present argue them. All vi the MISCHIEF
which commonly follows inflated and lnconVetipo pa
per money NAV be expected this plan and in ad
,ition has very dangerous tendencies when are pec
liarly s own An iredeemable and inflated paper cur
rency pronotes speculation and extravaganza, ana ri
tbe same time discourages legitimate business, honest
labor and economy IL dries up the true sources Vi
individual and public prosperity Oyerrading ana last
living always 90 with 1t. 1t stimulates the desire W
incur debt; it high rates of interest; 1t Ill
creases importations from abroad; it has no hxed
value; 1t is liable frequent and great fluctuations
thereby rendering every iecunary enlargement pfrca-
rons and disturbing all existing contracts and expecta
tinrs. is the parent of panlcs Every period OF NINA
ton il followed by OF confidence, shrnkage of
values, depression or business pancs LACK % Th n
est part Of the calamity falls on those least e 10 pear
It. The wholesale dealer, the mIddenan ahu .n Gl H
taller ALWAYS endeav0r to cover the Risks OF the Hchc
standard Of value by raising their prices But tne men
of small and the aDorer are THROWN oue VI en- i
poyment and want and suffering are liable soon 10 fol.
low When Government enters upon tho experment o,
issuing iredeeinabc paper lnoey thsre can DC no mar
The.
est OF leading politicians ON TIER Whns ann Oh INC OK
element the hour 1t affords such faclty Tor con-
tracing debt that extrayagant and corrupt Government
expenditures the sure result Under the name VI
public the widest enterprises contilved
Tor private gain are undertaken indefinite EXPANSION pc
comes the rule, and III the end, BANKRUPTCY rum anu
repudiatiOn
DANGERS OF INITIATION.
During the last few years great deal has been SAID
about the centrazing tendency OF recent events IN our
history The Increasing power OF the Government al
Washington has been f!yorte theme Tor Democratic
decamation But where since the foundation of the
Government, has proposition been seriously entertained
which would confer snch monstrous ana dangerous
powers on the General Government IA this Imitation
scheme OF the Ohio Democracy During the war Tor the
Union solely on the ground of necessity the Government
issued the legal tender, greenback currency But
they accompanied it with solemn pledge III the follow
ing words of TIE act q June ~ i,rod or 70
be issued ever exceed 100000 o. and sloh aduiiiona sum
not eyceepg 500 o0o0. as sy be Temporarily required
But the Ohio nationisS, III time OF peace on stcnuS
NJ mere eXpedcncy propose incOnvcIlbie paper cur
rcncy with volume limited only b. the dseretoho r
caprice of its isSuers or Their Jligeht as 10 e Wae
of trade The most distinguished gentleman whose he
10 assoriated with the subject once said the process
must be conducted with s&ill ana cautioi y nen
whose position will enable ten TO surn aE,'n.. nv ~,
evil" and using fayorte illustration he sad ne
secretary Of the Treasury ought to be aoe 10 Jdse
he hrobbngs the blood in the arteries He can tcl
when the blood how1 aGg sa ana T iro" br a
MS face TO face with the Fundamental error OF ms
DANGEROUS policy The trouble is the pulse OF the patient
viii not 50 often decide the question az the interest OF
the doctor No man. no government no congress Is Wise
ns mower over the business and property and labor or
the country That which concerns so intimately al pus
ness should decided if possible, on business principles
and nn he left 10 depend the eXigencies OF politics,
fLe interests OF party the ambition of public men IL
The merry of lew poll ical leaders at Washington either
in or out Of Congress The best way 10 prevent II Ia to
nrriencc of ALI nationsle It be convertible into coin if
Il can respond this test il will be- as nearly AZ possible
sound, safe ana stable
POLICY or THR REPUBLICAN, PARTY.
Tho RepubIieans of Ohio are in favor OF sudden
harsh measures They do not propose to force resump
ton by contraction OF the currency They see that the
shin headed In the right direction and they do not wish
10 lose what has already been gained They are satisfied
10 leave to the influences OF time aud the inherent energy
and resources the country the work that yet remains
TO be done place currency at par We believe that
what our country needs to revive business and
tn rive employment 10 labor IA a restoration OF
conf lcnce We need confidence in the stability and
snrndness Of the financial policy Of the Government
Tina, confidence has for many months past been slowly
but steadily increasing Tne Columbus Democratic plat
form in disturbing element, and gives severe
shock to reyiyng confidence How great the shock which
was given to returning confidence by the Democratic
acton at Columbus abundantly appears BY the
manner In which the platform IL received by
te liberal and the English and the German Democratic
press throughout the United states The Liberal press
and the German press far have observed, III the
strongest terms condemn The platform They speak OF II
a. disturbing confidence rhakng credit and threatening
reputation largo part OF the Democratic press Of
Other States is hardly less emphatic. IL would be strange
indeed il this were otherwise. In Ohio. less than two
resolved speaking OF the Democratic party, that it
recognizes the evils OF rlcdccmabo paper currency,
insists that in the return To specie payment caro-
should he taken not To seriously disturb the business OF
was no imitation then. Now come the sOftmOney lead
ers OF the Democratic party and try To per
suade the people that the promises of the United
states should only he redeemed by other prom
ses and that il Is sound policy to Increase them.
The credit of the nation depends upon ia ability and dis
position keep Its promises III 1t fails to Keep them,
and suffers them 10 deprecitt, It's creuit - tainted anu
pay high rates OF interest all OF its loans For
many wears must he borrower In the markets of the
world The bearing debt is over Sl7O0OOOOOO
II we could borrow money AT the same rate WIN some OF
me great nations or Europe could perhaps two
per cent per annum this sum- Thirty or forty mil
lions "A year paying account OF tainted credit
The promises To pay An lndivllual ISSUES without
rcdeemng them, the becomes his credit IL Is the
same with nations The legal tender note for 20 II the
promise OF the United States 10 pay that sum IN the
money OF the world In coin. No time Is liked for It's
demand II II not paid IL Is past due and II Is depre
cated TO tho extent OF IL per cent The country rccog
Mics the necessities OF the situation and waits. ana Is
willing wait until the productive business Of the
try enables the Government tn redeem.
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