The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-11
fREENBACK OHIO.
General Morgan's Advocacy Of "0ld
Bill" Allen.
VIEWS ON THE FINANCES.
A Great Statesman and the Coming
Man at st. Louis.
Mousr vxnsoy. Ohio, June 3. 1873.

OF Ohio politicians weary or disappointed with pube
iife have como TO cat the Iotos leaf and then
days away undisurbcd peace and serenity. FIX
Governor Kirk. formerly Minister to the Argentine
Republic; ex-secretary Deano aud crowd Of cx.
FEDERAL ONCE holders have found strange fascination
N the TORPID atmosphere OF this place, where IL Is
always afternoon and tho houses hide themselves away
still masses OF foliage Prominent among
those who love the retirement and reposc Of tho town
Is General George W Morgan. OF the abest and
most highly rcsps cited democratic politicians OF the
State. He is the foremost champion OF William
Allen for President, ana no has certain ideas
the grccnbacs question which will presently ba
seen to have some interest II they have
weight for the people or the East General Morgan,
Il will be remembered, received the complimentary
OF tho democrats the House Of Representatives
when Blaine elected Speaker and that is always
deemed a test OF the place he who receives such an
honor holds in the estimation OF his party General
Morgan served when youth in the Texan war, in
hood in the Mexican and in mature years was
general OF volunteers In the war Of tho rebellion lie
three times elected from this district to Congress
and once ran Tor Governor, but was beaten His rcpu
taon stands high with men OF all parties and how
ever rcpugnant his present position on tho financial
question may be people in the East he nnquestion
ably ntcrprcts tho sentiment Of great mass in thu
State and no questions the honesty OF his convic
tions.
BLAST ALLEN.
was as,onishcd at hts earncstness behalf OF Will.
lam Allen as democratic candidate for President
Genera Morgan undertook TO show ne that no demo
alive could sweep the country like Bill Alien He
dwct at great length on his capacity for statesman
ship the misconccptiou regarding his financial
views the ability Of the to deal with consttu,
tionai and international questions
''Peopic don't understand what sort of Allen is
is nothing Of the politician about him He has a mind ~
comprehensive JeGerson's and analytical John
Adams. He would offer financial Congress
that the people did approve He would administer
tho government a it had never been administered oil
late years for he would know section and be the
too! OF party. And now, what arc his chances
pared with the other candidates uamcdy He stronger
than Thurman and Is the only democrat to-day VII.
last fall only for the religious clement the canvass.
He Is
STRONGER THAN HENDRICKS
Indiana, and could carry itwncn there strong
doubts II Hendricks can Now, what Is the democratic
party going do It be beScn those two Statcss
Why IL may well surrender the struggle. for the
East will follow ohio and Indiana lead What chance
has Tilden or Bayard or Hancock None whatever /
tell you the who carries Ohio and Indiana will
carry tho Union. The whole South and southwest
would 30 for i'iii Alien because they Know he Is
state with the OF Andrew Jackson. Allen
the rs TO turn The tide against the republicans IN
this State and the result New York went dclno
cocnt Governor OF Ohio and his messages were always
brici aud to the point The tact Is. the man is not
properly known He IS no niaontst, as they call
him. Ii those people who call him could only
within reach OF bus arguments he would soon show
a fur cRxrNnAcK QUESTION
CoRRKsroxDgxT--Wo uld you just explain where your
party stands on this srccnback question, that we may
properly appreciate u
/ General MoscAS-Thc mistake at tho close OF tho
war ncddling with The currency. Congress, by
system Of contraction and expansion, which nos
founded sound principles OF political economy,
/ destroyed public confidence and disturbed all values.
Al the close Of the the suffering undcf
the burden or enormous de5t, and the people
/ more heavily than those Of any country
Ten States were brought back The Union which
destitute Of currency Of any KIND anu could only b.
4 supplied by Us with circulating medium. ana Will
,hat was the case Congress unwisey adopcd the mol
! ley OF contraction During the years 1860 and 1856
than 5000 100000 Of paper, winch performed al
functions OF money, were withdrawn from circula
and converted into interest bearing bonds. Thu
was the beginning OF our troubles, which have been
,cnsied bv tho vaca'ing financial policy Of Congress
iNrLATioNtsrs
CoRREsroxpKxr--As intai,onists General, am afraN
YOU can never command the confidence than
mere fraction OF the people
General MoEGAx-We are nothing OF the kind WHAT
Is To appreciate the recnback 10 tho par value
OF gold. and that Is donc all the benefit VIII he Mt
which uld result from specie resumption
such thinR possible The West is much interested
the East in having stable currency but the differ
between the two sections rs that the East has
large number OF who.c business II Is TO gamble
upon the financial condition OF the country, and these
gentlemen IN great degree influence the OF tho
public press Of both parties while tho people OF The
West acquire property only as the result Of labor
OBJECTION 10 rnE NATIONAL hASks
| CogREsroSpESr-What objection have you 10 the na
tional banking laws
General MosGAN-As a system, the national baukin,
laws are unjust and enable the banker 10 draw
interest what no owes as well As upor
what he owns For instance bali dozcr
gentlemen owning 100000 IN bonds deposit
incm with tho federal government security and
exchange 100000 IN bank notes. TIE bonas
they paid for and rightiuy draw interest but tho
bank notes they nothing and also draw interest
on them These FIX men, who own 100000 III bonds
and establish national bank, draw interest not upon
that amount simply but on Sl9O0oo, whilc SIX othci
persons having private bank or savings bank wal
100000 only draw interest ON that amount
The consequence Is TINT an inducemcns
held out 80 the savings bank TO charg
higher rates OF interest IN order thai their income o.
a given amount msy equal that Of the national bank
Another reason why the national bank currency shoui
be taken out ami the bond and mortgage debt paid 81
save about $40. 900 900 year Tor tho ntcrcs! pal
upc the bonds that much OF the bond and mort
gage dcut would be discharged and tho volume IN,
currency be srcner than u ~ al present
THE GAIy TO ~ srctnEn
CuHnEsroxDK>r-What do you hopc TO gain b.
aboIish.ng the national banhsy
| General MosoAx-i believe that by discncumbcring
the legal tender notes OF the burdens imposed upon
the par value OF gold 10 attain this end IL is only
necessary - fow the legal tender notes 10
rcp. IN ..ses Mhs.s II is otherwise pro.
vdcd BY law Dy contract Our side
fayors The payment OF the 500 100000 Of customs
dues gold silver legal tender notes at the option
OF the importer The moment TINS Is donc there viii
be annual demand IN Europe Tor $3.50 900 OF
legal tender money With which 10 pay tho customs
dues THIS result would AZ once appreciate the value
tho legal tender money nearly to tho par value 81
gold aud enable tho government TO obtain gold IN
Europe for the purpose OF meeting lis obj there
A much cheaper rate thsn paid through tho pres
cnt process Of collecting As matters man
aged tho importers pas prcmmm on their merchan
disc of about sis, TO 900 annually which amount
added 20 the cost Of The goods and paid ny the
sumcr
sEvrg rrIL xrycIE RESUMPTION
REORGANIZATION you propose !" ban'sh gold
and silver forever n mcdirm Of circulation
6ESkRAL MORGAN Neither party proposes that we
shall have metallic currency. AL agree that IN
any event there In paper currency, should
there DO specie resumption lie difference between
ami the republicans that they national bank
notes, while prefer legal tender notes. issued di-
rcctly by the government and based its good fah