Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1875-08-04
THE RING OF THE rauE METAL.

Gov. Hayes, Of Ohio, opens the Cam.
psign NJ Cincinnati, July 31st,
Governor Hayes addressed himself par.
ticularfy to the financial question and the
management Of State affairs for two year,
past BY the Democratic party. In refer.
ence to the. financial issue be SD the Dem.
ocrats OF Ohio advocate only . currency IL.
sued BY the general government, its volume
to be kept equal to the wants OF trade with
no provision for its redemption in COIN
The objections to an irredeemahle currency
are numerous: 1t promotes speculation and
extlavas ance discourages legitimate bust.
ness, labor and economy stimulates do.
sire TO incur debts causes high rate OF in
tercst aud increases foreign importations.-
Having no fixed value, it is liable TO fire.
quent aud great fluctuations. Every period
OF initiation causes shrinksge of values,
panics and disaster, which falls principally
upon those least able to bear 1t.
When the government undertakes this
experiment, the volume Of irredeemable
paper will be unlimited. The amount de-
pending upon the interests Of leading poll
ticians. and the excitement Of the hour, the
facility it affords for contracting debts. will
result in extravagant governmental expen-
litures, which will finally terminate in
bankruptcy and ruin. II is not safe to
trust the interests of the country to . few
political leaders at Washington. The best
preventative of these ruinous results, is the
conversion Of paper money into coin.
Republicans do not favor forced resump-
ton by contraction Of the currency, but
hold that the energy and resources Of the
country will place our currency 1t par
Our country needs confidence in the sound
ness Of tho financial policy Of the govern.
ment. The credit Of the nation depends
upon lis ability and disposition to keep its
promises. If it fails to keep them and
suffers them to deprecia,e, its credit IL tain
ted and 1t must pay high rates Of interest
on all its loans. For many years We must
be borrowers in the markets Of the world
The interest bearing debt is over seventeen
hundred million dollars. I II We could bor-
row money at the Same rate with some Of
the great nations Of Europe we could save
perhaps two per cent. per anuum on this
sum. Thirty or forty millions year We
are paying on account Of tainted credit
The more promises to pay an individual Is
sues without redseming than the worse b.
comes his credit. It Il the same With ns-
lions. A note for i've dollars Is . promise
Of the United States to pay that sum In the
money Of the world in coin. No time Is
fixed for il payment 1t ID Therefore paya-
able on presentation !; on demand. 1t Is
not paid. 1t is past due, and IL Ia deprecia-
ted to the extent OF twelve per cent. The
country recognizes the necessities of the
situation, and waits, and il willing TO wait
until the productive business Of the country
enables it to redeem. But the Columbus
fnanciers ere not satis6ed they demand
the issue Of more promises. This 10 infla-
ton. No man can doubt the result. The
credit Of the nation will suffer; thcro will
be further depreciation. A depreciation oil
ten per cent. diminishes the value Of the
present paper currency from fifty to one
hundred millions of dollars. Its effect on
business would be disastrous In the ex.
treme. The present legal tenders have q
certain steadlness, because thero Is limit
| fixed to their amount. Public opinion con
fides in that limit but let that limit bt
broken down, and oil IL uncertainty. The
authors of this scheme believe imitation h Q
good thing.
When this subject was under discussion
q few years ago. the Cincinnati Enquire,
said:
"The issue of two thousand million dol
lars Of currency would only put IL In th'
dollars for h;-..esf ~~a f.-.iiy 70 squA~ae
In the course of . life time"
This shows what the platform meane.
means imitation without limit and imitation
Is the downward road 10 reputation. I,
means ruin 10 the nations credit and to al
individual credit. All the rest Of the wor!i
inv sn' san,o ,.. S.auu"lu .. ualue. ou'
ment you pass our boundary line. Even IL
this country very extensive sections still
use the money Of the world. Texas, til,
most promising and flourishing State Of tn,
South, uses coin, California and the othel
Pacific States and territories do the same
t".u;. 80 s ~. .pu ,u. LeAas sua C.ll
o'S~ D.'' Au0 0onoWo Osuuos "
"u "IpS ;. ,.,. op'u T VI 'ne c.sM.1e :
~ ah. = a nnssI ~. ~. ,:s' msp.I'y .
VIZ . - "TT"sspspe.s =. TINS county sa
clsc na..v uess minus T o. Inc th,o