, 1875-11-08

Tho elections aro over for this year, and 1t
| may not be out OF place to ASCERTAIN whero
| they hare left the currency question. 1t is
hnrdly necessary to say that the Democratic
party in MI tho Western and Southwestern
States hos been divided on that subject;
Tint in Ohio, where tho rag-moncy interest
WINS stronger thnn elsewhere, IN effort was
made to force the whole party in that State,
and, as q consequence, tho whole party in
the country, to accept as tho policy of tho
next Presidential election permanent irre-
decmablo paper currency. The circumsta,,-
ces were favorable. Ohio was an important
STATE; its people had becn largely educated
by local politicians Of ability in the green
back theory there were thousands Of uncna-
ployed men; "timcs wore hard; Demo-
cratic triumph In Ohio would be acccptcd rs
deciding tho Presidential election Of next yenr
ngainst tho Republicans. Old Mr.. ALLEN
was respected rs n man Of nnQuestionable
personal integrity. Au abundance Of "cheap
money" it was predicted, would put every
mine and workshop at work. Hundreds of
Democrats from other States visited Ohio
and appealed to Tho party 10 carry tie Stato
anyway, and settle tho currency question
afterward. In the name Of ''party" tho
hard-money men gave their support to A.
LEN. Nevertheless, there WIS o failure, md
the groenback policy waa rejected. In the
meantime, tho same rarty in Pennsylvania,
relying OIL all the same circumstances. and
especially on tho fact that 100000 workmcn
were unemployed, were confident that the
expected victory in Ohio would be
supplemented in Pennsylvania, and TINT
the two elections would givo tho finishing
stroke to tic Republican party. But tho
Ohio disaster was followed by greater one
in Pennsylvania. Tho alleged 100, 900 unom-
ployed workmen did not vote for moro green
buck scrip. In Iowa, tho Democrats declared
for rag-,noney, md were defeated by an in
creased majority. In Wisconsin they dcclarcd
for hard-money, aud, though opposed by a
local detection, have probably elected oil
their ticket except Governor, which they lose
by a small vota. In Now York, though OPP
posed By tho entire Canal Ring which T1-
DEN has pnt on trial for robbery, they have
elected their State ticket. In Massachusetts,
they have lost TINT gsoat Republican State by
few thousand votes only. Tie result, there
fore, Of the elections, go far az they concern
the Democratic party, is that the rag-baby
policy has been rejected, aud has proved
fatally disastrous wherever presented
The bad blood, the intense feeling, and the
pains Of defeat, have creatcd In the opposing
factions otthe party determined purpose to
make no Compromise, to yield nothing, and
to organize third party in 1876.
II I, T.. s1-s
effect upon tho Republican party. In Ohio
the Republicans we're compelled to oppose
imitation, and to favor a return to specie pay.
mena, by making the national currency
releemnbls on demand. This the party waa
compelled to do, in tho faco Of large defec-
tion Of Republicans, who, on this gsoenback
delusion, voted for ALLEN and "cheap
money" In Pennsylvania, tho party Ind,
in like manner, to nntagonize the irredeem-
able currency, and declare for q return
to specie values. In oil tho other States
where elections were held, Minnesota, Iowa
New York, Wisconsin, and Massachusetts,
they united with the Democrats in favor OF
hard-money. So far as tbs Republicans have
been successful In the elections Of 1876,
where the currency question haa bcen in issue,
tho party as party has been on tho side Of
rcdeemablo currency US opposed 10 the Demo-
CRITIC advocacy Of imitation mud IN i1redeen-
able legal-tonder Rcrip. The elections OF 1876
have, therefore, lett the two parties "a par
ties Numerically opposed to each other on
this question with the popular verdict In
favor Of the Republjcans) In oil cases where
tue contest turned on that issue.
Nevertheless, while the popular verdict
has been against imitation and against cur
rcncy permanently irrelccnlable, thero ra-
mains u vague indcaniteucss In the general
proposition to return to Epoclo pnyments,
4 year ngo public sentiment wns gradually
but sarely drifting towards an imitation OF
the currency and permanent paper-monoy
system. This drifting WAS arrested, and The
> discussions and elections Of 1876 hayo 70,
, veFscd tho direction Of public sentiment