The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1875-07-31
T. HI z @ A M p A IGN.


MARION, o., July Ex-Governor Hayes opened
the campaign on the part Of the Republicans
here to-day. After expressing his qualification
at meeJIng the public Of Lawrence county and
many of his old comrades in arms, and refer
ring incidentally to the history Of the party
and the country for the last ten years, he
passed on to the currency question and the
platform Of the Democratic party in this State.
Speaking of the latter, he said:
'tThis Ohio Democratic doctrine inculcates
the abandonment of gold and silver as o stand
ard OF value. Hereafter gold and silver are to
obligation Of contracts requires payment In
coin. The only currency for the people is to
be paper money, issued directly by the general
government, its volume to be made and kept
equal to the wants OF trade and with no pro-
vision whatever for its redemption in coin.
The Democratic candidate for Lieutenant Gov
ernor. who opened the canvass for his party,
states the money issue substantially as bave'
Here he quoted from General Caly's speech,
and continued:
s'This is the financial scheme which the DEM
ocratic party asks the people Of Ohio to ap-
prove at the election IN October. The Repub-
licans accept the ISSUE Whether considered
as permanent policy or as an expedient to
mitigate present evils we are-opposed to 1t. 1t
Is without warrant in the Constitution and il
violates all sound financial principles.
'.The objections to an inflated and irredeem-
able paper currency arc 80 many that do not
attempt to state Them all. They are SO obvi-
Gus and SO familiar thai need not elaborately
present or argue them. All of the mischief
which commonly follows inflated and incon-
vertible paper money may be expected from
this plan, and in addition it has very danger
GUS tendencies which are peculiarly its OWn
An irredeemab.e and inflated paper currency
promotes speculation and extravaganza, and,
at the same time disconrages Legitimate busi-
meas. honest labor and eC0nO.nV.
sit dries up the + ne sources Of individual and
public prosperity. over trading and fast liv-
ing always 20 with IT. 1t stimulates the desire
to incur debt. It causes high rates Of interest
no fixed value. 1t is liable to frequent and
great fluctuations, thereby rendering every pc
cuniary engagement precarious and disturbing
all existing contracts and expectations. 1t is
the parent Of panics. Every period Of imitation
is followed BY q loss OF confidence, shrinkage
of values, depression OF business, panics, lack
Of employment, and wide spread disaster and
distress. The heaviest part Of the calamity
falls on those least able to bear it. The whole-
sale dealer, the middle man and the retailer al
ways endeavOr to cover the ri. ks OF the tickle
standard OF value by'raising their prices. But
the men Of small means and the laborcr are
thrown out Of employment and want and suf-
fering are liable soon to follow.
When Government enters upon the expert
ment Of issuing irredcemable paper money
there can be no fixed limit to its volume. The
amount will ,iepen,t on the interest Of leading
politicians, on their whims, and on the excite
mcnt of the hour 1t affords such facility for
contracting debt that extravagaut and corrupt
Government expenditures are the sure result.
Under the name Of public improvements the
widest enterprises, contriyed for private gain,
are undertaken Indefinite exl ansloa be-
comes the r,iie, and in the end bankruptcy,
ruin and reputation. ~ . -
"During the war for the Union, solely on the
grountt of necessity, the Goveramcut issued
the legal tender, OF greenback currency. But