The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-07-23
The Ohio Platform a Demo.
cratic HHRreSy.

LEwIsBURG, Tenn, July Sd, 1875.
To The Editor of The Herald and IfaiL:
/ now find that Ohio has adopted the
Greenback Theory of Finance Us her Car
, dinal principle for the coming Conflict.
Strange that Great State should come
: out at this late day and openly proclaim
that we have not enough paper money
that a reduction in volume of the paper
circulation during few years past has
been the cause direct of the present stress
upon the country This is strange doc
trine, and it is difficult to believe. Again,
+ find that the State of Maine in her
Convention voted down this Ohio heresy
emphatically and comes out squarely
for coin and convertible currency. The
Democratic Conservative masses had bet
ter learn wisdom from the past and not
waste their strength by division and fol-
ly. | shall ask attention to the following
figures, though | see the rock on which
we are running, and on which fear we
will be stranded, wrecked, demolished.
feel confident that Tennessee will adopt
the Ohio principle, and am equally GER
tain that the whole Theory is utterly and
wholly wrong. The Banner openly and
fully endorses the Ohio Platform, while
the Union and american is nOn-cOm-
initial as usual on knOtty questions. Is
there really a want of paper money in
this country do we need more paper
| issues2 VIII it be wise to retire the Ma
tOnal currency and issue in it's stead
Treasury Notes2 We will see this more
explicitly after examining statistics
| The implied demLhd in the Ohio Plat
| form for more money is certainly as sense
| less a demand as ever was made in cool
| earnest.
At the beginning of the war according
to Secretary Chase, the paper money of
the whole country North and South, in
GLIDING all Bank issues, of the several
States:
1861 paper circulation .............. S22,OOOOOO
Total money in L. S.............. s3iO,OOOOOO
We have the highest authority for stat
ing that the entire Currency of this
country before the war was under $500. |
600, 600. Then we were prosperous peo-
pie and trade hourished, while the prices |
of most commodities ruled then as they
do now. We then thought any money |
sufficient for all the demands of trade. |
If any thing was wrong, it was then, Just |
as it is now, we had too much wild |
eat, worthless paper money, too many |
Banks from which source from time to |
uIlt the people uTtuh uTduBulS vi llnEPf- 1
ing death in the form of lost deposits, |
and broken promises to pay. At the |
time of this writing we have in paper |
money now circulating in this country, |
Legal sS56, 600 200
Fractional currency ................. 40,O0OoC0 |
National bank bllS.................... II 100000
Coin money, gold and silver. lOO,OOOOOO
Bills coin banks ................... 100000
Coin certificates amount not
known SSlZ,JNO,UUO
Total circulation. $500 O,OOO
We have now in circulation not less
than $8O0O00,O 900, or much more than
two dollars for one before the war. These
are truths that the people will do we'll to
ponder. They suggest to US the dangers
which swell Of this immense volume of
none. would entail as a nation. Icannot
see that we want twice the amount of
money that we used when the country
ACurished aud benign peace brooded
over land and sea. No good reason has
has ever been given, no good reason can
be given by the InhatiOnists why the cur
rency should be constantly enlarged to
meet the fictitious demands of the times
and the extravaganza OF men. Yet we
hear members of Congress- preaching
the doctrine that 500, 100000 more of
greenbacks should be poured out upon
the parChed desert oftrade! This wreck
lessnesS OF assertion Is nothing short OF
startling and makes US fear for the future.