, 1877-08-24

oaTEnpAcKs IN OHIO.
We print this morning liberal portion Of
Gen. ToM Ew1so's long speech delivered
last night ut Columbus. o. Tho speech re.
fors incidentally to various matters, but is
mainly devoted 10 tho Resumption law, the
repeal Of which he declares to bo the great
IL not sole Issue of tue election. lie devotes
much Of tic speech to allarp criticism Of
Secretary suEnMAsa address. Tho essential
points Of his argument arc embodied in the
following sentences:
Norkingmcn heve suffered, and arc suffering,
In common with all tho induntrtai classes. chiefly
from Afshoncst management Of orr debt and cur
Ecncy exclusively In the Interest Of tho money
puwer. That wrong r1ust be rIghted ns far ns pos
eh1c by the repeal Of tho Resumption law; by the
full reconciliation and unlimited co,nAgu Of the
old silver dollar; by the substitution OF Treasury.
notca for bank.notcs; by bringing tho guild dollar
down md tho a,1scr dollar mp through making
them cgnally by Law. ~ they by contraet, par-
ablo for principal and intcrrst of the whole public
debs; and, finally, hy keeping tho grcenbacks at
rar with both colns by making Them. equally with
coin, payable for custo,ns.
Two Of these propositions, and very esscn-
tial ones In his general scheme, l4o docs not
)
SHERMAN for iudef1nitenesa, but he Is even
less explicit tlau tho Secretary. Tho first
Of these is ~ the substitution of Treasury
notes for tank.notos." That Is to say, TINT,
in addition to tho 1cgal.tentler 'graonbacks
authorized by law, he would hayo 1850, ,000,-
600 moro issued to tako tho place Of tho
bank-notcs which nro and hnyo been issued.
| How this Is to be dono Mr. Ew1xo fails to
explain. Thcro is Inv which was passed
| during tho War, and when military affairs
wcro not promising, which pledged tho
falth Of tho Government that tho issue OF
graonbacks should novor exceed $ioo, DOC, 900.
Tint pledge las been kept since 1aG3. Slr.
Ew1xo may soy TINT TINT law may bo re-
pca1cd; 20 1t may be. aud SO any or Ill
tho 1nws relating to tho Payment Of tho
debt may DO repealed. But that will
not help the case. The greonbacks
wero forced loan, which the people
wcro compelled to take. The question Of
tho power to mnko pnpcr promise Of tho
Of dobtg between individuals Is not an open
question my longor. It has been decided
by the Supreme Court under circumstances
which preclado tho probability Of reversal.
A majority OF the Court decided that tho nota
Of Congress making the Treasury-uotcs q
lcgd-tender woro legal, because onacted in
time of war, under acknowledged orcum.
stances Of national peril, 10 meet an over.
whelmtng necessity. The other part OF the
Court donied tho power in toto SO that the
Court unanimously hold that, In ti1ne Of
peace, no such power existed or could 10 OK.
ercised. This, then, IL necessarily tata1 to
any i4Huc Of grcenbacka beyond tho origual
limit OF s400, ,000, 600, md prohibits the fur
thor issue Of such notes to take tho place OF
the bauk.notes. Tint dsposos Of one ol
Alr. Ew1so's schenos. Tho other IL tla
OF keeping grcenbacks at par with coin b1
making them receivable for customs duties
The fallaey Of this assumption we have re
Gently and frequently discussed. AIr. EWING
does not atop to consider that, unfess pape
bo redeemable In coin on demand, coin vii
not circulate with 1t, aud that tho currenc,
must he exclusively in tho depseciated paper
To make such paper receivable for custom
will have the effect Of having all tho revonu
paid In paper, aud tho Government forced II
purchase the coin It needs for its coin OF
penditures. These difficulties, amounting II
imposslbilitles, do not geem to perplox him o
the Greeubackers on the one hand any NOR
than the impossibility Of resumption In gol
without driving the paper currency ont o
existencc seems to pesplex Secretary suxu
NAN. Roth sdes demand their policy, oil
seem to caro- nothing whether what they pre-
pose Ia practicable or wise,-whether 1t b