Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1875-07-01
From the New York Economist.
Financial COntrasts-DangerOus
Platform of the Ohio
Democracy.

There seems to be very little, II any, Ialln
in the act of Congress for the restoration OF
special payments in 1879, if we are to take the
resolutions and speeches delivered at political
and commercial gatherings as criterion. The
National Board of Trade at Philadelphia, and
the Ohio Democratic State Convention at Co
lumbus, discussed the subject this week, and
the results are, to say the least, not very re-
assuring. Both of these Conventions were
characterized by curious confusion of ideas
and vagueness as to the real issue to be pre-
sented. Both bodies, in place of boldly taking
grounds against irredeemable paper money OF
any kind, wasted great deal of time and
force by discussing what ought to be the i'm
practicable question of whether there should
be more or less paper money. But it is to the
creditof the merchants and business men OF the
United States that they were not finally stulti-
fled on this occasion. By an almost unanimous
vote the National Board of Trade adopted a
resolution declaring its satisfaction that Con-
gress had definitely fixed a day for the restor-
alton of specie payments; but it regrets that
no adequate measures were adopted for the ex-
ecution of that policy, and requesting the new
Congress to place in the hands of the Secretary
of the Treasury the means necessary for carry
ing it into effect.
This resolution, no doubt, reflects the opin-
ions of the intelligent mercantile and financial
interests of the whole country on the resump,
ton question. Congress has appointed day
when the outstanding demand notes OF the
United States are to be- redeemed in gold,
dollar for dollar. But the means of redemp.
ton provided are regarded as utterly made
quate, and it is now demanded that this should
be rectifed The worst of this is that it will
compel the next Congress to deal with the
subject, with the not improbable result OF
further indefinite postponement of the era Of
resumption.
But the finance policy Of the Ohio Democ
racy requires very different consideration
from that accorded to the policy of the Ma
tional Board of Trade. The principle prerent
ed for the approval of the voters of Ohio are
chiefly remarkable because they are now gen
orally regarded as obsolete and unsound.-
Briefly, they demand an expansion of the cur
rency, ''leaving the restoration of legal-tenders
to par" to be brought about by promoting the
industries of the people" This virtually post
pones resumption to the millennium, and com
mits us to long era of paper money. Then
the National banking system is to be abolished;
legal-tenders are to take the place of the pre-
sent National bank currency, and free banks
of discount and deposit are to be established
under the authority of the respective States
but ''no paper currency is to be issued except
directly by and upon the faith of the Genera
Government"
There is scarcely a single proposition in ui'
| programme that is not of the most naisctteuou
character. The sohole platform is contrary t.
the established principles Of tile Democratic par
tn, o1.ich, until Of late gears aoas aloays in ia
uor of 'hard money" But this commits M4
countryto an indefinite reign Of paper money.
opens ~ide the door for imitation, and facilitate
the introduction Of all kinds Of acild-cat spec'tIa
tons, scith TIE final inevitable results Of bank
ruptcy and ruin. This journal is not IN an!
qoay partisan. IL aoOud denou,ace these Trinci
piles coming from no matter 'ohat quarter. Am
noso are protest against them on the broad stand
point of economic truth as contrary to the tru
interests Of the people Of Ohio and Of the Unite
States.