Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1875-10-08
The Kafinn,s Credit.

The credit of the nation depends on its abil-
ity and disposition to keep its promises. II it
fails to keep them, and suffers them to depre-
ciate, its credit is tainted, and # must pay
high rates of interest on all Of its loans. For
many years we must be borrower in the mar
kets of the world. The interest-bearing debt
is over 81, ,7OO,o 900. If we could borrow money
at the same rate, with some of the great ma
tions of Europe, We could save perhaps per
cent. per annum on this sum. Thirty or forty
millions o year we are paying on account Of
tainted credit. The more promises to pay an
individual issues without redeeming them the
worse becomes his credit. 1t is the same with
nations. The legal-tender note for SIS is the
promise Of the United States to pay that sum
in the money of the world-in coin. No time
is fixed for its payment. It is, therefore, pay
able on presentation, on demand. It is not
paid 1t is past due, and It is deprecated to
the extent of 10 per cent. The country recog-
nizes the necessities of the situation and
waits, and is willing to wait until the produc-
tive business of the country enables the Gov
ernment to redeem. ButNhe Columbus fnan-
clers are not satisfied. They demand the issue
of more promises. This is inAation. No man
can doubt the result. The credit Oft nation
will inevitably suffer. There will be further
depreciation. A depreciation of 10 per cent.
diminishes the value of the present paper cur
rency from fifty to one hundred million dol
lars. Its effect on business would be disastrous
in the extreme. The present legal tenders
have a certain steadiness because there
is q limit fixed to their amount.
Public opinion confdes in that limit.
But let that limit be broken down and all
is uncertainty. The authors Of this scheme
believe imitation is good thing. When this
subject was under discussion few years ago,
the Cincinnati Enquirer said "the issue of two
| thousand million dollars of currency would
only put It in the power of each voter to Sc
cure S4OO for himself and family 20 spend in
the course of lifetime. Is there any voter
who thinks that it is too much, more than he
will want 2" This shows what the platform
means. 1t means imitation without limit, and
imitation is the downward path to reputation.
1t means ruin to the nations credit and to all
individual credit. All the rest Of the world
have the same standard of value. Our prom
ises are worthless as currency the moment you
pass our boundary line. Even in this country
very extensive sections still use the money OF
| the world. Texas, the most promising and
| fiourishing State of the South, uses coin. Cal
| ifornIa and the other Pacific States and terri
| tories do the same. Look at their condition
Texas and California are not the least prosper
Gus part of the United States. This scheme
cannot be adopted. The opinion of the civil
lized world is against It. The vast majority oi
the ablest newspapers of the country are
against It. The best minds of the Democratic
party are against it. The German citizens oi
the United States, SO distinguished for indus
try, for thrift, and for soundness Of judgment
In all practical money affairs, are a unit against
It.. The Republican party is against It. The
people of Ohio will, 1 am confident, decide II
October to have nothing to do with it,
Governor Hayes.