The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1875-07-28
OHIO DEMOCRATS ON FINANCE.

vi all the SHY cruSaoeS e'ei GU
tered upon by the restless and fault
finding newspapers of the country,
none is more unfair nor more stupid,
than that now waged in some com
munities against the financial feature
of the Democratic platform of Ohio.
The financial policy of the govern
ment of course involves matters of
quite as vital to the pros
perity of the people of the whole
country as any question that politi-
cal economy can suggest. The Dem
ocrats of Ohio find'the country food
ed with an irredeemable paper cur
rency in the shape ofindefinite prom
Uses to pay. This surfeit of green
backs was created by the Republican
party, in whose hands, for the past
fifteen years the credit and destinies
of the government have been con-
fined. It is that party that is now
paying the sum of $40, 100000 annu-
ally to the two thousand National
Banks scattered throughout the coun-
try, only for the consideration Of
their furnishing US with a National
Bank currency. The currency they
furnish is only their promise to pay,
and is redeemable in greenbacks. =
1t is estimated that the entire paper
Indebtedness in the United States,
including bonds of the Government,
of States, Towns, Cities and Rail
roads, amounts to ten thousand mil
lions of dollars. All this paper debt
is nothing more nor less than prom
issory notes in various forms. How
are these notes payable? Under the
law of a Republican Congress crea-
ting a legal tender, these claims are
payable in greenbacks. This gigan-
tic debt is based upon the confidence
of creditors in the ability Of these
various institutions to redeem their
paper. These paper debts have a
relative value and are more or less
negotiable throughout the financial
markets of the world. The interest
bearing bonded debt Of the Govern
ment, in this country alone, is at the
least $1,5O0,000,0O0. These bonds
are held by about one hundred thou
sand individuals, who derive a reye-
nue., in interest, of s70,00O,00O an
nually.
The least reflection will tell us
that an early resumption of specie
payment by the Government, with an
aggregate interest bearing debt of
100000, 900, is utterly impossible.
The Government cannot command
enough gold and silver to pay the
current interest Of the public debt.
Nor could all its minis combined, if
they had sufficient raw material at
hand, coin enough specie in ten years
of ceaseless labor to redeem its bonds
and greenbacks.
Then the hard money doctrine cla-
mored for by those who criticise the
Ohio platform, would seem to be only
among the possibilities of the vague
future. Equally impracticable for
purposes of early resumption of spe-
Gle payments, would be the policy OF
contraction of the currency hereto
fore attempted by the Republican
party. They contracted (?) by sub
stituting an interest bearing debt for
one that bore no interest. They call
ed in greenbacks and gave in their
stead gold bonds and paper bonds
bearing various amounts of interest.
This plan had the effect of unsettline
values.
All property in the United States,
whether real estate of individuals OF
bonds of the Government has a COM
parative standard of valuation
That standard is the greenback cur
rency of the government. It is true
this is a fuctuating standard, but the
auctuation, though productive more
or less of occasional financial -embar-
easements, is not caused by an over
flow of ''rag money" from the gov
eminent mill.
1t is caused by want of economy
in the Administration and expendi-
lures of the government, a want of
honesty in public officials, and a want
of wisdom in the financial Legisla-
ton of a Republican Congress. The
Democrats of Ohio have the good
sense to see that disaster and ruin
will inevitably follow the theory of
contraction as heretofore attempted
by the Republican party. 1t has not
only unsettled values throughout the
country and produced financial crash