Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-08-20
THE OHIO CANVASS.
Senator Mcdonald In Reply 20 Nor
ton.

/ a8@LtaHOE MCDVu1Au ENEnlI 10 IAOE
ton.
CINCINNATI, Aug. 19.-The CONNER
ciaFS Urbana special says Senator McDon-
aid, of Indiana, made a speech there to-
night, mainly in reply to Senator MOnOn's
speech upon financial matters. Senator
Mcdonald said:
81 state my position as taken last year in
Indiana. am free to admit our situation
is one Of great difficulty, and the
solution not easily arrived at, yet
1 still have some old fashioned ideas on
the subject, spripging from Democratic
principles that were early engrafted into
my mind, that form for me certain land
marks. In the first place it is clear that
the iuances Of any commercial country
should be on a specie basis, because specie
in some manner forms the stan
dard of value IN all commercial
transactions. If we had no trade or COM
merce with foreign nations, it would not
matter to us in regard tO-exchange between
ourselves. We are not a commercial ma
tiOn, but a commercial people, and there
fore it becomes more necessary TO have for
our standard of values something that ap-
pTOXimates the standard used in other
countries. We cannot afford to always use
a deprecated currency, and the moment
We pass our borders, the money we use is
at a discount, if we disregard the worlds
currency in providing one for our
selves. A nation driven out of this
normal condition by any extraordinary
combination OF circumstances must lose to
some extent in pOsit on in the markets of
the world, unless it returns to it as soon as
practicable. When causes which have
driven il out Of the or mary channels of
financial economy have ceased to operate,
the natural tendency Of t5lde and business
IS 10 rest Re the normal condition. When,
then, the war ended and the necessity for
extraordinary expenditures ceased, speedy
reaction ensued, and the difference
rapidly reduced. That reduction has been
going on ever since, but as the gap grows
the chances of closing it became more diff
cult. The question now is how to bridge
over the chasm without serious detriment
to the business interests Of the country. l
am not much in favor Of governmental in
reference in any violent form to change
the values or force the channels of
trade, and therefore prefer TO
wait until legitimate business of the
country shall enable us to grow cut of
the dilemma, keeping constantly in view
the fact that we are out of our true posi-
tiOn as a commercial people until that pc
riOd is reached, and there shall be no
longer any difference between a gold and
paper dollar. The aid that the Govern
ment can properly give TO bring about the
desired end is well stated by Gov. Hen
dricks in his able address % the Demo-
cratic Convention, and consists mainly
in stimulating production and increasing
our trade, so gold will come in and remain
with US, instead of being constantly taken
away to settle the balance against US in
our trade with other nations. / am anxious
to see the national banks Of the country i'm
the certain and sure process Of liquidation,
not in any violent way, as that would do
harm, but under such a policy as would
eventually accomplish the end. have never
been able to bring myself to believe in the
legality Of the legal tender act. l cannot
believe Congress possesses power to coin
money out Of paPeT, yet l believe, in the
fullest manner, in the right of the Govern
ment to use her credit in the form Of Treas
ury notes to any extent that her creditors
will receive them, and that the people may
use them among themselves as a circulating
medium, and while the Government
is carrying so large a debt, l see
no reason why we should not,
as far as possible, relieve the people from
the burden of the debt, as to interest, BY a
free use of treasury notes, and thus tighten
the burdens OF government, and at the
same time furnish a safe circulating me
dunn for the people. But l am decidedly
in favor Of the Government providing for
the right Of local taxation of all paper of
credit designed to circulate as money, as
other property is taxed. l desire to be dis
tinctly understood: that in bringing about
this desired end Of specie resumption, do
not desire any violence done the business
interests Of the country"