, 1875-06-19
TIE OHIO {NFLATTONTaTH.


orouB prosecution Of these s}fts.
THE OHIO 1NfLAT1oA1sTs.
II wo aro to assume that platforms have
my Significance. Or that parties IN whose
names they aro adopted and proclaimed ara
in tho least concerned As to what Is put III
or loft ont, Or Tint thero are persons who
are governed in their votes by what Is said In
II platform, thon wo thiak the people Of Ohio
hnre reason TO feel humtliated that three or
four hundred citizens of TINT Stato, of above
tho average standard Of intelligence. should,
under any pretense. voto for an expression OF
tho opinions set forth in some Of the resolu-
tons Of the Democratic Convention on
Thursday. II the Convention adopted the
resolutions about the currency under tho
assumption TINT such resolutions would at-
tract votes, it ought to b. resented ~ m In.
snlt to the intelligence nnd honesty Of The
people Of the State.
Tho Democratic party in Ohio Is divided on
thia question Of further Initiating md debns-
ing tho currency. We published few days
ngo tho resolutions Of TINT pnrty in Cleveland,
which wero in full har1nony with those Of tho
Republican party md with tho Judgment Of
nil parties In tho Eastern and many Of the
Western States. But, in tho recent Conven-
ton, the Pendlotoninn or inaation.r .repudiat-
ing wing Of tho party got control, md passed.
their rag-money resolutions. These rcsolr.
tious assert and recommand:
i. That the contraction of tho currency heretofore
made bJ tho Republican party. and Tho further con.
traction proposed by H. With vlew to Tho forced re-
sumption Of spccie payments, han already hrought
dsAsfer to the business Of tho county, and threasens
1t With general bankruptcy And ruin.
These assertions are hardly warzanted by
the facts. When the grconbncks wero frat
tuatlo legal tender 1t was stipulated that they
might bs funded In $50 per cent bonds.
Subsequently, Congress increased the amount,
mud In lieu Of tho privilege of funding the
notes into bonds the faith of tho Government
was pledged TINT tho amount issral At any
ono time should mover exceed S400, 600, 900.
Subsequently, Secretary McCu1Ioou UNDER
took to fund tho outstanding groonbaclss, and
had thus reduced them to S35G, OoO, 900, when
Congress forbade any further reduction. This
took place in 1867, and il this is the "con-
traction heretofore mado by the Republican
party" 1t took a worry 1ong time for the conso-
| quauces to develop. Tho contraction of the
currency resulting from tho legislation Of the
last Congress has really beon brought about
by the failure Of free banking to fiji tha
promises 1nado by its Democratic advocates.
They insisted that tho Wost and South Ind
not banks enough, and that II the Wost and
South were only permitted to Etart
National Banks, currency would be-
como plenty md choap. Congress thero-
| fore provided that for every dollar
Of currency granted to new banks, only 80
cents Of greonbacks should bo retired. Under
| tllis, about $2,o0o,oo0 Of greonbscka have
been retired, md the whole currency would
actually haye been inflated had not other
| banka surrendered their circulation. The
result Of free banking therefore, has been
slight reduction Of bank-note circulation.
But, before this action OF Congress, $2G, ,ooO,-
QUO Of legal tenders retired by Secretary Nc
CUlLoou in 1867 Ind been restored to circule-
tion, after having been unused over si1 years.
80 the total contraction Of currency since the
close Of tho War has been S18, ,000, GOO, which
haa boon offset by tho increass Of bank-nota
circulation since 1867 to the amount OF $48,-
| do0,0 900. Including the fractional currency,
which ia legal tender, the amount OF national
currency now outstanding Ii far In oxceas Of
the S10O. OK, ,0Ot) na,uol In tho contract viii,
| the nub1jo creditors. Tba on,v rcd,,oti,n T.,
the currency siuce tho ,yar IN tha s1a oon mn
retircl In 1867. md aoo;rst th;a IL ths
$4s, ,o0O. 900 increase OF bank.uoto curren-
cy. showing an antuaJ ,naation ~ ovax
$4,000 300.
.rho !. d,saa,er h ~. h,,o,,.s. y, ~. .o,,.
try vh,c,, ,hraatan. aa,nra, ,a.',..'.'.. seos,
vi, n,.ur-aa ~ ,p,a ~ .ss.." DA. .,. Wy aua
,os. cn,,',ase H. o' -. 0o.os Wv Nv " 1ne
Tim, ,snstor 40. nat sva s =. s,os. .ss.. ~ o'4 p.