The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-24
THE CAMPAIGN IN OHIO.

GOVERNOR ALLEN ON THE FINANCIAL ISSUE
The following Is the full text OF the remarks
MADE by Governor Allen on the financial question,
at the democratic gathering In Gallipois, Ohio
on the 21st inst
The democratic party, he said, were here IN the
very same condition they nave been IN with regard
TO Otner laws. We nad no power to make more
currency or less currency. Inc other party could
say this bill shall be legal tender and that Dill shan
not be. TBey put up 900 banks and entered into
a quasi contract with those banks to take a GER
tain amount OF public stocks, ana TO issue GER
tain amount OF notes. They organized this great
outside power ID the aid OF tine money power OF
the government. The democratic party could not
help IT, Tney mad no means OF helping 1t. They
were powerless, but row, 10 and beholdl these
people, who have been ordered by the viii OF the
nation to vacate Congress and come home and be-
nave themselves ahd repent rise up ana eau
money! and they charge the democrats with
wanting to ruin the country. how? by letting
traction Of Its general volume by the public,
which has cuttailed the circulating meoium one
hall and has put all the manufacturers ana labor
ers and business men upon the verge of bank
ruPtcy. They still cry out more contraction.
They still ciamer Ter specie payment. Now this
specie payment Is o thing that Ia worth looking
at. In the first place we want TO know what
makes a silver dollar worth hundred cents. II
there be q bar OF lead, a bar OF iron and bar Of
gold lying here, as long as they exist In those
bars they are net circulating medium. piece OF
pig-iron Is Just as much money as piece OF gold
untl public authority mas stamped 1t and said 1t
shall be taken for so m1ch. IL IL public authority
and That alone which gives piece OF metal its
characteristic OF money and makes IL circulating
medium. New you Will observe that none but the
government OF the United States has this power.
IL mas got to be dene by aud with the authority
OF the United States. When silver has passed
through the mint OF the government and comes
bar OF silver or gold the government OF
greenback, and says this shall De legal tender In
receipt and expenditures OF all government dues
the government TO be in good standing and sound
credit responsible for It's words and for It's paper,
TINS dollar thus stamped like piece OF metal is
to all lntents and purposes equivalent to q silver
dollar. You want specie payment How much
specie would be used II specie payments were re-
quired to be NADER Perhaps few ten-cenJ
pieces or quarters to rake the place of shInpas-
ters, whicA wear cut so quickly and are very In
convenient. Up TO that point specie would be
The party that is howling all over the country
for specie payment passed currency act In the
last Congress, and they could not tell TO save
their own souls whether that act was act of
lnnation contraction. One portion of the re-
other sWears iG was imitation; but whatever sort
OF act 1t was they wouldn't debate II or give any
Thcn wns 10 carly to Oh the
for nearly four years. Now, II specie pay
ment was such good thing, why. didn't
they put IL into operation right awayf Because
they knew the Presidential election would have
to occur before the expiration OF the four years,
and they knew that II they undertook to enforce
specie payments before that election they would
be utterly ruined. Tney knew 1t would spread
bankruptcy throughout the entire land. and that
no business man or laborer would escape. The
panic drove money into the banks. Banks would
not loan IL TO traaers because they distrusted
their ability TO pay In the future. There plenty
OF men in the country who have money to loan,
but 1t is not borrowed because the great manufac-
turers and tradeSmen who nave need OF 1t have
the threat OF specie payment before them. They
will not borrow money worth eighty cents on the
dollar. and have to pay at the rate OF 100 cents.
besides interest Therefore the business men les
1t stay where 1t Is.
That brings me to another proposition. When
you DO come to specie payments, what do you
ing debts OF tho country, thousands OF millions
OF them, all contracted upon basis deprecated
fifteen cents on the dollar, are TO be paid GER
tain DAY by a specle-bearing standard II you
mean that you simply mean an lmpossibty,
come when specie pay menCs may. pronounce 1t
an absolute, an utter imposslbllity for sucn an
act to nave retrospective effect, and TO act upon
contracts previously made. That act must have
O prospective effect, with the single exception OF
such Obligations as have been previously UNDER
equivalent. ALI the pre-existing contracts must
be paid in the currency In wnicn they were con-
tracted. Then apply the act for specie payments
to the debts Afterwards TO be contracted and
then the people Will know what they are about.
Ii the people who have borrowed at the rate OF
pay at 100 CENTS 1t Will break up every man in the
country. | say, therefore, don't know how many
people nave said 1t before me, and don't care for
them-the truth comes fair and spat into my
brain, aud | Will utter 1t II IL bursts me.
uIaughter.) / say to you now, whether | speak
by Retrospective act That embraces all existing
contracts would be an outrage, an lnfamy and an
absolute imposslblIty SHORT OF revolution.
(Cheersl