Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-06


THE cENrRALfzAT1oN OF POWER
During the last few years great deal has boon said
about the cGntTalizng tendency Of recent events In
at RSs % Dso
cratic defamation. But where since the foundation
Of the government, has proposition been seriously
entertained which would confer such nOnsrous aud
as Ihis inhstion scheme Of 'the OHIO pemoc.
solely on The ground Of necessity, the gov.
ernment issued the greenback currency
But they accompanied IL with solemn pledge In the
following words OF the act Of June 30, 1864:
Nor shall the total amount Of Initcd states notes
issued or TO be ssued ever exceed four hundred MILL
ions, aud such additional sum not exceeding nifty
millions as may be temporarily required for redemp-
ti0n Of temporary loans"
But the Ohio innatiohsts, In time Of peace on
grounds OF mere expedeney, propose an nconyertl6e
paper currency With It's volume limited only by the
discretion or caprice Of its issuers or their Judgment
as TO ihe wants Of trade. The most distinguished
gentleman whose name Is associated with the subject
once said the process must be conducted with skiii
and caution, Dy men whose position Will
onablG them to guard against any evil" and using
fayorite illustration, he said "1he Secretary Of the
the pulse of the country. Ie can feel all the thiob-
bngs Of the blood In the arteries. lie can tell when
the blood flows too fast and strong and when the
pansion should cease This brings us face to face
with the fundamental Of this dangerous policy.
The trouble is the pulse Of the patient win not so often
decide the question as the interest OF the doctor No
man, no government, Congress is wise enough and
pure enough to be trusted with this trernend,
Gus power over the business and property and
labor Of the country. That which concerns
so intimately all business should be decided II possi-
bic on business principles, and not be left to depend
on the exgences of politics. the interests Of party
the ambition Of public men. 1t will not do Tor prop
erty for business or for labor TO be at the mercy Of
fow political leaders at Washington, either in or out Of
Congress. The best way to prevent IL " TO apply TO
paper money the old test sanctioned by the experience
Of all na0nslet 10 be convertible into coin, II IL
respond this test IL will be- as nearly as posi-
Die, sound, safe, and stnble.
THE SOUND Foley.
The Republicans OF Ohio are in favor of no su dden
rr hnr6t ID 40
sumption by contraction Of the currency They see
that the ship Is headed in the right direction, and
thcy do not wish TO lose what has already been gained
They are satisfied to leave to the influences Of tme
and the inherent energy and Of the country
the work that yet remains to be done, to place our
currency at par. We believe that what our country
needs to revive business and TO give employ
to labor, is restoration of confidence. We need
dence in the stability and soundness OF the financial
policy Of the government. That confidence has for
many months past been slowly but steadily increas-
ing The Columbus Democratic platform
and gives severe shock TO reyiy-
ing confidence. The, country believed, aud re-
joiced to believe that Senator Thurman expressed the
sober Judgment Of Ohio, when he spoke last year in
the Senate on this subject. The Senator said, March
"a, 1874:
'Never have spoken in favor Of that imitation of
the currency which, think full WE'LL means that
difference IL is one thing to contract the currency
with view 10 the resumption OF specie payment; 1t
is another thing neither to contract nor enlarge it, but
let resumption come naturally and as soon as the bus
aud production OF the country will bring about
Bat 1t is very different thing indeed to initiate the
currency with view in all time to redeem isat
all. And this is precisely what this imitation means
II means demonetizlng gold and silver IN perpstuity,
and substituting currency of irredeemable paper
based wholly and entirely upon government credit,
aud depending upon the opinion and the interests OF
the members OF Congress and their hopes of popularity
whether the volume of it shall be large or small
That is what this imitation means Sir have never
said anything in favor of that. am too od-fashioned
Democrat for that. can not give up the convictions
of lifetime, whether they be popular unpopular !"
April G, when the Senate imitation bill was de-
bated, he said:
"lt simply means that no man Of my age shall over
again In this country that kind of currency which
the trainers OF the Constitution intended should be
the currency OF the Union, which every sound writer
on political economy the world over says is the only
currency that derauns no man. 1t means that so
long live and possibly long after shall be lald in
the grave this people shall have nothing but an ire
dcemable currency with which to transact their busi-
nesS-that currency which has been well described as
the ihost effective invention that the wit Of
devised To Iertiize the rich mans field by the Of
the poor mans brow. will have nothing to do with
How great the shock which was given to returning
confidence by the Democratic action at Columbus,
a6undan'ly appears by tue manner In which the
aud German Democratic press throughout the United
States, The Liberal press aud the German press, SO
Tar as have observed, in the strongest terms
domn the platform. They speak OF it disturbing
confidence, shaking credit, and threatening repuda-
ton. A large part OF the Democratic press OF other
states is hardly less emphatic. Ii would be strange
Indeed II this were otherwise In OhiO less than
years ago, the convention which nominated Gov.
Allen resolved, speaking of the Democratic party,
that 't recognizes the evils Of irredeennble
paper currency, but insists that in the spe-
cie care should be taken not to seriously dis
turb tho business 0l the country unjustly inure
thedeltor class" There no Initiation then. Now
come the sofl-money leaders Of the Democratic
that the promises Of the United States should only bc
redeemed by other promises, and that it is sound
TIE NATIONS CREDIT.
The credit of The nation depends on its ability and
disposition to keep its promises If it fails 10 kceE
them, and suffers them TO deprcclate, its credit is
tainted and 1t must pny high rates of interest al
of its loans. For many years must be borrower
in the markets OF the world The interest bearing
debt is ST. 100000. Ii could borrow money
at the same rate with some of the great nations o
Europe, we could save perhaps per cent per annur
paying on account OF tainted credit The more prom
ises to pay an individual issues without redeemiul
them, the worse becomes his credit IL is the same
with nations. The lpga-tender note for Sj is the
promise OF the United States TO pay that in the
money Of the world, in coin. No time is fixed for it
payment 1t Is therefore payable on presentation,
demand II is not paid, 1t Is past due, and
| it is deprecated to the extent OF IL per cent
| The country recognizes the necessities OF the sit
uation ana waits, ana IS willing TO wait until The
productive business OF the country ENABLES the gov
ernmenl to redeem. But the Columbus lnanclers arc
not satisfied. They demand the issue OF more
PROMISES This is imitation No man can doubt the
| result. The credit OF the nation will inevitably
suffer There will be turther depreciation. A depre-
citation of 10 per cent dimiuishes the value of the
present paper currency from fifty to one hundred
millions OF dollars. Its effect Oh business would be
| have certain steadiness because there Is limit
| fixed to their amount Public opinion conhd6s i1
that limit But let that limit be broken down and al
| is uncertainty. The authors OF this scheme belevt
Limitation is good thing. When this subject wa.
under discussion few years ago, the Cincinnati En-
quTer said the issue of two thousand million dollars
currency would only put it in the power of each
voter 10 secure $500 fOr himself and family TO spend
! in the course OF life time Is there ans
voter who thinks thai 1t is too much, than he
will wantR" This shows what the platform
means. II means imitation without limit, aud inha
| tion Ia the downward h reDudialOn. IL
ruin todhe nations credit and TO all individual credit
| All the rest OF the world have the same standard o.
| value Our promises worthless currency the mo
mont you pass our boundary line. Even In this
try very extensive sections still the money OF thu
world. Texas, the most promising and aourlshn,
State Of the south, coin. California and the othe
| Pacific States and Territories do the same. Look
| their condition. Texas and California the
least prosperous part OF the United States. Thi
scheme not be adopted. The opinion Of the civil
| izod woi Ia is against it, The vast majority oftth
ablest newspapers OF the country against It, Th
best minds Of the Democratic party are against it
The last three Democratic candidates for the Presi
dency were against 1t, The German citizens Of tn
United States distinguished for industry for thrift
and for soundness Of judgment In all practical monel
affairs unit against It, The Republican party 1
ha Ia II .sstl ...a