Wilmington daily commercial., 1875-08-03
FIRST EDITION.
The Money Question in ohio.


this State opened their campaign here to-day,
with speeches by Con. Hayes and Senator sher-
man. Both speakers dwolt at length upon the
currency question, each taking strong ground
against limitation. Following arc the moro in
teresting parts of Gen. Hayes remarks
PAPER MONEY AND rrs EFFECTS.
| The objections to an Inflated and irredeemable
paper currency are 10 many that do not at
| tempt to state them all they are 30 Obvious and
| 30 familiar that 1need not eaborately present
| or argue them. All OF the mischief which COM
| monty follows Inflated and inconvertble pa
| per money NAV be expected from this plan, and
| in addition, it has very dangerous tendencies
which are peculiarly It's own. An irredeemabe
| and infiatod paper currency promotes specula-
tion and extravaSauce, and at the same time dis-
couragcs legitimate business, honest labor, and
| economy. 1t dries up tho truo sources Of indi
viduh and public prosperity: Ovor-tiading aud
| fast living always go with it, 1t stimulates the
desire to incur debG it causes high rates OF in-
terest; it increases importations from abroad; 1t
| has no fixed value; it is liable to frequent and
great fluctuations. thereby rendering every pc
| cuniary engagement precarious and disturbing
| all existing contracts and expectations IL il
| tho parent OF panics. Every poriod of ntlation
| il followed by a loss of confidence, shrnkage
| of values, depression of business panic, lack of
employment, aud widespread disaster and dis
| tress. Tho heaviest part OF tho calamity
| falls those least able to bear it. The
Wholesale dealer, tho middleman, and the re-
| taller always endeavor to cover tho risks OF the
| tickle standard Of value by raising their prices,
| But the mon of small means and the laborer are
| thrown out of employment,an and want and suifer-
| ing are liable soon to follow. When Govern
| ment enters upon the experiment of issuing ir-
| redeemable paper money, thera can he no fixed
| limit to its volume. Tho amount will depend
on the interest OF loading politicians, on
| their whims and on the excitement of the hour.
| Ii affords such facility for contracting debt that
| mt apHa GOyarnnlnnf Ii.
| lures are the sure result. Under the name of
public improvements, tho widest enterprises.
contrived for private gain, arc undertaken, in
definite expansion becomes tho rule, and, il the
| end, bankruptcy, ruin, and reputation.
DANGERS OF IMITATION.
| During tho last few years groat deal has
been said about the centrai2ing tendency OF re-
| cent events in our history. The increasing pow
| er of the government at Washington has boon
| favorite theme for Democratic defamation.
| But where, since the Foundation OF the Govern
| ment, has u proposition been seriously enter.
| tanned which would confer such monstrous aud
| dangerous powers the General Government
as this imitation scheme of the Ohio Democracy?
| During the war for tho Union, solely OH the
| ground of necessity, the Government issued the
| legal tender, or greenback currency. But they
| accompanied it with solemn Pledge IN the fol-
lowing words of the act Of June 80, 1864
| Nor shall tho total amount OF United Statcs
| notes issued or to he issued ever exceed S4uO,-
| $50, 000, ,000 al may be temporarily required for
| redemption of temporary loans.
| But tho Ohio inilationlsis, i'll tme OF peace,
| on grounds of micro expediency propose an III
| convertible paper currency, with it's volume linz
| tied only by the discretion or caprice of ts is
| suera, or their Judgment as to the wants OF
| trade. The most distinguished gentleman, whose
name is associated with the subject once said
| 't the process must be conducted with skill and
| caution y g by men whose portion will enable
them to guard against any evil, and, using a
favorite illustration. lie said "The Secretary
| of the Treasury ought to be ablo TO judge. His
| hand is upon the pulse OF tho country. lie can
| feel all the thIobblngs OF tho blood in the ar
| teres. lie can tell when tho blood fows too
| fast and strong and when the expansion should
cease" This brings us face to face with
the Fundamental error of this dangerous policy.
| The trouble is tho pulse OF tho patent
| will not 80 often decide the question as tho ir-
| terest of the doctor. No man, no government,
no Congress il wise enough and pure enough 10
| be trusted with this tremendous power over tle
business and property and labor OF the country.
That which concerns intimately all business
should be decided. if possible, OH business prii'-
ciples, and not be left to depend on the exlgen-
cies of politics, the interests OF party or the am
biton OF public mon. 1t will not do Tor proper
ty, for business or for labor to be at tho mercy
of few political leaders at Washington, either
in or out of Congress. The best way to prevent
it is to apply TO paper money the old test sane
toned by tho experience OF hll nations-let lt DC
test it will be, nearly possible, sound safe,
and stable.
| POLICY OF THE REprDLiCAL PARTY.
Tho Republicans of Ohio are in favor of no
sudden or harsh measures. They do not propose
to force resumption by contraction Of the cur
rency. They see that the ship is hoaded in the
right direction, and they do not wish to lose
what has already been gained They are satls-
fed to leave to the influences of time aud the
inherent energy and resources of the country
the work that yet romans TO be done 10 place
our currency at par. We believe that what our
country now needs to revive business and to
give employment to labor ID restoration OF
confidence We need confidence in the
stability and soundness of the financial
| policy of the Government. That confidence
has for many months past been slowly
but steadily increasing. The Columbus Demo-
cratic platform comes in as a disturbing element
and gives severe shock to reviving confidence
How great the shock which was given to return
ing con lidence by tho Democratic action at Col
umbus abundanty appears by the manner IL
which the platform is received by tho liberal and
the English and the German Democratic prehs
throughout the United States. The Liberal
press and the German press, 40 far as have
observed, in the strongest terms condemn the
| platform. They speak Of it as disturbing conn
|, dence, shaking credit, and threatening repuda
alton. A large part OF the Democratic press OF
| other States is hardly loss emphatic lt would
be strange indeed If this were otherwise: In
| Ohio less than two years ago, the Con
yention which nominated Gov. Allen resolved
speaking of the Democratic party, that " II
| recognizes the evils OF an irredeemabe paper
currency, but insists that in the return to specie
2 paymeut care should be taken not to seriously
disturb the business OF the country or unlnstiN
niure the debtor class" There was no initiation
A then Now come the softmoney leaders OF the
8 Democratic party and try TO persuade the people
[ that the promises of the United States shoult
: only be redeemed by other promises, and that /
| is sound policy to increase them. The credit o
the nation depends upon It's ability and dlsposi
ton to keep its promises. 1t 1t fails TO Keel
them, and suffers them to depreciate, ith credi
: is tainted and 1T must pay high rates OF lnteres
Q | on all l.s loans. For many years we must be
borrower in the markets of the world. The in
, torest-bearing debt is over Il, ,70O 100000. II w
a could borrow money at the same rate with some o
: | the great nations of Europe we could save por
, haps two per cent per annum oil thus sum- lhir
q | ty or forty millions year we are paying on &C
% | count of tainted credit. The more promises tt
: | nav an individual issues without redeemn
- | them, the worse becomes his credit. 1t IL tn
:, same with nations The legal tender note 10
2 S5 is tho promise of the United States to pa
: that gum in the money of the world, IN coin N
I time is fixed for its payment. IL IL therefor
n | payabo on presentation, OH demand. IL is no
a paid it il past due, and it is deprecated to tn
- | extent OF IL per cent. The country recognize
Il the necessities of the situation and waitS, and
n willing to wait until the productive business Q
a | the country enables the government 10 reoeeh
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