The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-10
THE OHIO CAMPAIGN.
Speech Of the Hon. Alphonso
Taft at Marietta.
ADVOCACY OF HARD MONEY.
The Attitude Of the Democratic Party in 1862
and in 1875 COntraStcd.
MARIETTA, Ohio, August 9, 1875,


on this all absorbing question he said:
Tho people OF the United States from the first issue
greenbacks the present time have regarded thcm
rs q temporary expedient and have expected return
10 specie pay The time Of performance has been
long Deferred but Congress at its last session. having
regard alike 10 tho honor of the nation and To the ap
prehension OF debtors banks and business men, made
provision by law for measures preparatory 10 resump
iion fixed upon january l, 1879 as the day when
the government should pay its GreenbacRs, II pre-
scented, in gold and silver
He then the platform Of the democrats and
republicans in Ohio upon the financial question: arguing
rho inconsistency of the former by extended quotations
hom the speech OF Hon. George II Pendlcon, on Jan
Iary % 1862 when first bill pending for issuing
BOO 600 United States notes. In reference to the
uses of currency, he said
THE CURRENCY
must possess a real and not mere nominal value 1t
has been a fine concet of many tyrant, before the
democratic party made It's last PLATFORM WIN sovereign
authority stamp upon some cheap material nominal
sum and make the people take 1t as money me charm
the plan that II was so much easier IMAM ievylng
and collecting from an unwilling people Some, IN
early times pieces Of iron; some pebbles OF stone
Eome shells The Indians used wampum and some more
recently have tired paper.
Paper Is the material which our modern democracy
propose For, when in time of profound peace
thcy attempt the payment Of the notes already is
sued in an emergency but to issue moro without any
definite limit they virtually nufy the promise Of the
government on the notes TO pay and their only
merit the declaration that they shall be taken claw
ful money The paper should bear on its face no
promise to py, but only the nat of the government
refuses keep promises TO its citizens perform
cannot be compelled.
EFFECT
There is no part of the community who suffer
much by deprecated currency the aborers and the
men who raise make something to sell The gov
ernment pays all its bondhoders in gold, while the
laborers and all who make raise anything TO sell
must be satisfied with the poorest currency which is
nfoat. What benefit il possibly be to the work
ingmen 10 get their pay in poor papery Is it that they
hope get Of tY But labor is the last thing to
rise imitation Of prices II by increasing the vol
of greenbacks the aborer gets higher prices for
his labor the farmer for his products the paper
will be as much below tho par of gold it is
greater in amount while the bondhoder and the
bankers who do business upon the bonds all the
while receive their pay in currency just
80 much than that of the poor the farmer
and the mechanic gold Is better than this deprecated
paper What is the use OF continuing this unequal
state of things, and why take measures To make II
rAmPER1SG WITH THE CURRENCY
Injuries the poor and those in moderate circumstances
and not the rich and the dealers in money. Those
who have wealth can by skiliul choice of investments
avoid the losses by depreciation. But workingmen
and farmers have no such opportunities. When they
work, when they ready for the markets with
their productions they have choice but TO take their
pay in the paper which is current sound currency
Is the only guarantee the industrious ever have
OF full and fair pay for the products of his industry
Nor are we to complain Of
THE BoSDHoLDERs.
would have been folly in the government 10 sell its
bonds by the standard of greenbacks when intended
bat the earliest practicable period pay in
son There be doubt of the right Of the
holder Of bonds to receive coin The democratic
platform Of the present year admits that it admits
me OF nearly all the great measures of tho
republican party in time past by IT'S silence How long,
hen shall this discrimination against labor and the
lucts OF industry continuey The only way to put an
snd TO it is by returning TO sound and uniform cur
5ency When it proposed in Congress that the
trnment should issue its currency
the emergencies OF the democratic party opposed
j. The leaders OF the party argued principle and
lher arguments though outweighed by the necessities
and pcrlous condition of the country the time
well worthy Of being remembered by us and by them in
this strange OF 1875 when in profound peace
these democratic leaders propose not 10 pay but
multiply without regard 10 payment the greenbacks
whose issue in 1862 SO and o. they bitterly opposed
The argumentsNthey then used applicable, and
singular phenomenon Of their that they
have remembered 10 forget" them in the present can
CAUSES OF PASrcs.
The theory OF want Of currency is not made out by
ointnc m tie manic and rho nrrcsnt nuict in trade No
pressons in business recur if periodically least
nften az once in a decade and that in all entcrnrisnq
countries. No nation of which have read has
mastered practice the true principles Of political
economy s 10 escape the fluctuations Of trade and the
Civilizations and dcprcssions from prosperity and adj
versty in business. England suffers from similar pan
les five times TO three and at tho present time
England experiencing depression in business
we're perhaps as our own The failures Of business
houses in England are more frequent than in the
inquire how is that more failures occur IN England
and frequent panics than here but if take
General Carey authority, it cannot be for want Of
currency For he says in his recent speech at Niles,
that England has great deal currency per capita
than have do not attempt to account for the fact
on any such ground But ] that neither the
grinding contraction" OF greonbacks, OF which
have heard much, nor any want Of currency here,
could create a panic IN England We shall have TO look
for some other / would attempt to dogma
tic this point but such GIBBS the tide OF business
as we are now experiencing are not unprecedented.
There probably several causes cOnspiring 10 pro-
duce IT, The stagnation, though general does
not extend TO every kind Of business. There
is cause which, ! venture to say, has
contributed far more TO The present depression
lhan the supposed want OF currency. II is the
glut in the market caused by over-production. The
great of both Europe and this country calling for
all the products Of the various manufacturers in the
shortest time, at the largest profit, stimulated the
building Of establishments beyond all precedent
both here and in Europe After the had ceased
these establishments and the capital which had been
invested in them continued 10 produce, in time OF
peace in great excess the articles which had been
such demand in The consequence that the
market was overstocked This applies TO every
thing consumed by armies. Take also the import
ant article OF iron. Tho dcvoured all that
could be produced Furnaces and rolling mills
multiplied beyond example We are also 10
consider what is not perhaps of less Importance that
the building Of railroads for this country given
employment TO men and iron manufactures beyond
limit But the railroads having been completed and sup
piled with equipment and the being over the man
uactures Of iron have accumulated beyond the demand
The railroad investments also excess railroad
competition with the stagnaton many kinds Of man
ufacturing have resulted In the embarrassment OF rail-
road corporations, SO thai near four hundred
millions Of railroad bonds have been dishonOrcd
by the failure to meet Their last semi,an
the financial market deeply. Both labor and capital
have seek other employment and large amount OF
capital is necessarily lost in the change Meantime tho
market gradually rccuperates the accumulated pro-
duction is consumed by the natural demand. The time
required for such rcadjustmcnts Of investments and
empoyments and for the consumption Of accumulated
products the market only be determined by OK
perience The only wonder that greater embarrass-
not experienced But the consc-
quenccs Of such accumulation Of productions arc not
always developed promptly as we should expect
All agree that coin should bear the impress Of the
sovereignty of the Union Tho inference that the paper
money should be issued by the government Is plausible
But, upon reflection ~ will bc found that the cases
are entirely unlike and as think the inference not
country Is limited only by the gold and silver in the
country requiring the stamp Of tho government TO mark
its value quantity. The stamp upon the coin shows
IN authentic manner the quantity Of gold silver
contained IN the coin and It's consequent value The
silver the gold In ngots would be- Of precisely the
same value IN coin. The government authenticatcs
the quantity and the intrinsic value Of the metal The
government does not increase diminish lis purchas
ing value No better illustration the danger Of lcay
ing the power Of Issuing paper money the hands "
M