The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-07-06
Communicated
THE OHIO DEMOCRATIC PLATFORM.

The OHlO DEMOCkATlC PLAlfVhM.
The financial plank in the platform of the
Ohio Democrats is the subject OF severe critl-
cism at the hands Of many leading Democratic &c
journals of the Eastern cities, which reflect
the views and interests of the great financial CEN
ters. The policy of expanding the volume OF
the currency, which seems to be boldly avowed
by the Ohio Democrats, and which seems to
be favored by large majority OF both OF the
great political parties in the Western States,
is violently opposed by both parties IN the
Eastern States.
Democrats and Republicans in the West,
with comparatively few exceptions, favor ex-
pansion, whilst Republicans and Democrats
in the East, with equal unanimity, are clamor-
GUS for a contraction of the currency, so as to
make it as nearly as possible approximate the
gold standard.
The two parties appear to be divided upon
this great practical question, and the division
seems to be sectional and marked by geo.
graphical lines
The causes which have produced this sec
tional division of parties over this question
ought to be carefully and candidly considered
before we pronounce a hasty Judgment CT
condemnation on the Democrats Of Ohio, fol-
it is safe to assume that they are not less en-
lightened or less sound on the great leading
principles of government than their brethren
Of the East And 1t may turn out on due
consideration of the subject that the antago-
nism of the two sections is produced by an
tagonism Of interest-as that existing between
debtor and creditor-and not difference
upon principle at all. And it may further
appear that the interests of the West and
South are identical upon this question.
Assuming in general terms (Which is un-
donbtedly true) that the Western States and
the people of the Western States owe large
sums to the merchant princes and financial
kings of the Eastern cities, for debts con-
tracied when the currency was greatly depre-
ciated-when one gold dollar Was worth three
dollars in currency, as it was few years
ego-is it not easy to understand that
| the Eastern creditor, without reference
to any sound principle of national finance,
bat with reference solely to his own selfish
interest, would desire that his debtor should
be obliged to pay his debt in gold, or. in q
currency as nearly the equivalent OF gold as
possible? And is it not equally clear that
| the debtor, from like selfish considera
| TONS would wish to have his facilities in
creased, rather than diminished, for discharg-
| ing his obligations?
Here lies the solution of the otherwise un
accountable antagoniem of the Western and
Eastern Democrats and the Eastern and West
| ern Repub lirans upon this financial question
The Western parties agree with Mr.. Lincoln
that lit is easier to pay debt when yot
have money than when you have none =
that it is eafier to pay when you
have plenty of money than when yot
have but ittle-and that. frankly stated
| is the sentiment Of the Ohio Democrats
whilst their brethren of the East, who have
few debts to pay and large sums due to them.
wish to have the currency SO far contracted
that they may be paid in the equivalent Of
gold. Ii the interests of the two sections
were identical in this respect, their views
would not differ, at least the difference would
not be marked by sectional lines.
| Interest governs the world, and no part OF
the world more than our American commu
mites and parties and politicians. We can
hardly expect our Democratic friends IN Ohio
to be an exception to the general rule, and II
we imagine that their Eastern revilers have
any advantage over them in this respect We
deceive ourselves. and give them credit for
virtue which does not belong to them
The States and people Of the South are in
precisely the same condition of those of the
West in respect to this question, and what
would be the true policy for the one is equally
sound for the other. Both owe more money
than they can pay, and neither is In condl-
ton to pay in gold, or to have the volume Of
the currency reduced to q gold standard.
Nor would it be just that they should be re-
quired to do SO.
A financial policy which would be sound II
the whole country was free Of debt, or com
paratively SOFAS was the case when the Dem
ocratic party in the memorable past estab
lished the currency upon specie basis
would work great mischief and injustice II
our present abnormal condition, when sucf
mountains of debts are owing to many lend
ers which represent such small percentage
of value received in specie. Such policy
would make universal reputation matter o.
necessity, if it would not justify it-for i
would make payment impossible, and render
| it an act of extortion and robbing to exact
payment in q specie equivalent
This stupendous load of debt, which is
crushing the State and the people, and Grip
ping their energies, is the product OF the late
war; and of the reckless policy OF the Gov
eminent in flooding the country with paper
currency which bore no. approximation ir
| value to specie. It stimulated spirit o.
reckless speculation and extravaganza, and
gave fictitious value to commodities. II
| has placed the financial question beyond the
pale of past experience, and rendered the
wise maxims which formerly governed the
Democratic party wholly inapplicable.
It presents problem that will vex for years
to come the greatest statesmen Of any
party who may attempt to grapple with it.
But we may rely upon it, every political party
in dealing with this questson, and in framing
its platform, will do as the Ohio Democrats
have done by adjusting the financial plank to
suit the interests and thereby to win the
people who are expected to stand upon 1t. II
is not easily demonstrable whether the Ohio
Democrats are right or wrong in their theory
to meet the present exigency. Much can be
said on both sides and it is not safe for any
party to be too dogmatical on this money
nuestion. DEMOCRAT.
On the Bayou.
There was large crowd in attendance at
Bayou st. John Sunday to enjoy the laugh.
able scenes incident to the tub race between
members Of the st. John Rowing Club. Some
eight entries were made, but all came to grief
in the bayou, excepting the daring Mr. Ca
ron, who managed to pilot his ticklish craft
L he, or;v Wat ctr