The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-28
THE CAMPAIGN IN OHIO.
GENERAL THOMAS EWING ON THE CURRENCY



QUESTION.
A large meeting or the democrats OF Lawrence
county Ohio, was neld at lronton on the oath
inst In the course OF lengthy speech on the
financial question General Thomas Ewing SAID -
WHO SHOULD DETERMINE THE AMOUNT OF cIRcU-
LATIONY
But who shall determine what quantity OF cur
Tency Inc business OF the country requresy Tne
democracy Of ONO say tie people who do tue
business and are the sOvereigns. Tne lnstii luton
OF money Is conventional, and Its establishment
ana regulation sovereign prerogatve. Why
should the people surrender this sovereign power
wEicn determines the dlstrloutlon OF their wealth
20 the mere chance or gold production, or the
vlcIsstudes OF European crops or politics. or the
interests OF Incorporated money lendersg The
money power does not distinctly deny che illness
OF the people to make war o. peace; 10 determine
all questions OF person or property 10 regulate
all the rights and duties OF man WITHIN the scope
OF civil government But they demand tnaJ the
people snail aodicate in their favor the sovereign
power OF controlling the money OF domestic com-
merce on the insolent assumption that they are.
anu lhe people arc not, capable Of regulating IT,
The chatter about Confederate ana Continental
money and French assgnats, rags" &c.. does
not deserve serious answer. me Confederate
and Continental currency were issued by rebel
governments when their was desperate,
Their people poor ana pubic loans llnpractlcaole
at nome or abroad, and when excessive issues or
notes were resOrted TO as IA last resource OF de-.
spar. Tue French assignats were based on the
connscated properly OF the Church and NOBILITY,
ana lost ali value wben the Revolution itself was
overturned and the coniscated property restored
10 Its original owners. Our Republic Is the nrmeSt
government on earth, regardIul OF public honor,
with credit at home ana abroad, and nlne-tenths
OF the people are property holders, with tue con-
servatlye tendency winch follows the possession
OF property. such people under suclb clrcum'
stances Will not run INTO wild eXtraVaganca IN
this any more than in any other policy OF govern
ment. They are used TO power. have used IL
wisely and honestly anu Will use 1t this money
question IN spite OF the contemptuous jeers oil The
mlnlons OF the money power.
WHAT SHOULD RE THE LIMIT OF CIRCULATION
II is said the ONO democracy demand AN Issue
OF greenbacks unlimited ana imltable, and that
an excessive issue viii SINK their value ana be III
effect repudiaiion
But GU. platform prescribes linit-the require
ments OF business. Recently, IN New YORK, Il
member oi SongfesS-lOt our Buckeye abroad,
sam Cox-denouuced our platform as one OF Wild
lunativn, ana III Inc same breath declared that
OF trade demand answered Lnat, II IL ne true
we have more currency tnan business requires,
our platform demands contraction, and therefore
he should Iavorl t.
the elements OF our material growth are thirty
billions OF property, and the LABOR winch by use
OF pro erty produces SIX billions OF veal anna
ally-about slx-sevenths or which product Is con-
sumed III living expenses The business of
production and exchange Is now uone
With 74O0O0,OO0 OF currency-whcn Is It's Inc
blood, Keeping a1oat ana dlschurging n1ty
times its sum OF copmerclal transactions.
We say that TINS BODY Uf business shall have all
the blood 1t needs Tor healthy action and growth.
Either the wants OF trade must determine the
limits OF currency or the arbitrary limit OF cur
rency will determine the volume OF trade Winch
shall be subordinate II we wrong, the
verse mast De true and the business be cut down
to the dimensions or the foreorGdlned currency.
1t were as sensible to cut down the business OF
our railway system to meet the capacity OF an
arbitrarily liked quantity ol rolling STOCK, or to
reuuce the acreage Of the crops Ill the country by
an arbitrary nnmoer OF mowers and threshers or,
alter the custom OF Chinese women, TO limit the
growth OF the foot TO a prescribed size OF shoe.
THE CURRENCY NEEDED FOX OUR FOREIGN COMMERCE.
Our nome cXcnanges are over thirty billions OF
dollars annually; our foreign exchanges less than
u billion. our commerce on The OHIO doubtless
surpasses that on the seas. Snail the wants OF
our home or OF our foreign trade determine the
character OF the national currency snail The dog
wag the tall or the tai! wag the dogY
But deny that our foreign commerce would be
promoted by u currency so unfit Tor domestic
There Is a product-gold-ln which balances or
trade between nations are generally settled Our
national currency should bear as steady relation
to Il gwen weight and nneness OF that produc. as
the unstable value o gold arising from the titiul
changes OF demand will permit. 1t Is the sta
Dilty OF relation o1 the currency to gold, ana not
the equanty OF our paper dollar with our gold
dollar, that the wants OF foreign trade require.
the best assurance OF national solvency, nonor
and commercial power is IN home currency
which Will ill, without paro&y SINS OIL drought or
overflow, the channels OF domestic industry
The ONO democracy has called halt the
march OF the republican ADMINISTRATION to the
equalization Of currency with gold, and demands
mat another and DeLler route snail be taken.
througn years VI individual bankruptcy, prostra-
Ion OF business, not or usurers, Impoverished
ana degradation OI tue masses, to che establish
ment OF currency, medBre III QUANTITY Inferior
IN character. ana controlled by monOpoes III Il
few money centres, whose power VIII make them
lords ana the people SeriS. The other leads
through industrial activity, abatement OF usury,
employment OIL LABOR aud the diffusion or wealth
10 the establishments OF an exclusively national
currency, controlled by Tue people, with due
regard TO all obligations OF honor aud TO the
equal interests OF all sections and classes. Which
road snail we take2 Shall We plunge on for Jour
years through the Serbonian bog through which
the industries OF the country are now struggling
and sinking, or march ny the pleasant paths OF
prosperity and thrift?