The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-09-20
THE GREAT ISSUE.
Gen. Ewing Oh the Greenback.

In his opening speech of the Cam
paign at Columbus, Gen. Ewing de-
voted the greater portion Of his speech
to the discussion of the Greenback
question. After briefly alluding to {
few other points he said:
The Gold Resumption law towers
above all others as the issue of this
canvass. The Republican party is
solely responsible for it and irrevoca-
bly, committed to it's enforcement. On
the other hand, the Democratic parry
is clearly and fully committed agains
the law. Repeatedly in the last Con
gress it voted for its unconditional re
peal it passed through the House E
bill striking out the most perniciout
section, which bill Mr.. Sherman smoth
cred in the Senate. And our Ohio
platform this year, as last, declared for
the repeal of the whole law-not its
amendment, but its utter aud absolute
repeal. This law. involving as it does
tuc curly 0uO tOldl uCStA 0OtAOAA Va SAt
greenback currency and the larger
part Of the national bank currency, is
the sole cause of the unparalleled dis,
tress which affiicts all-emplOyersa and
employed alike-who are engaged il
industrial pursuits. To no other ade-
quate cause can the trouble be attribu-
t1l fol hot hn 10 nf
1873 is partly the cause of our troubles
l answer that it long since ceased to
affect us. Unlike all other revuleions,
it had no origin in the character of til,
currency, which was increased in val
ue in public estimation by the panic,
instead of being impaired or destroy
ed by it. Its effect was brief and lin
tied. The country was rapidly and
obviously recovering from the panic
of 1873, when, on the 14th of January.
1875, the Resumption law was enacted
If the panic were the cause of our
present industrial distress, the year
1874 would have shown more business
failures than the years following. Blu.
the record of commercial failures
shows that there have been more in.
solvencics, and for a larger amount
since then, and that the rate is con-
stantly increasing. From this point
Mr.. Ewing went at great length into
the argument against the resumption
act, quoting especially Mr.. Sherman's
speech of December Ia, 1868, in the
Senate in opposition to the Morton
bill for resumption. And what furth
er destruction of our paper currency,
he asked must we expect after resump-
ton day. On this momentous ques-
ton the Secretary of the Treasury, the
author of the law, the acknowledged
dictator of the finance policy of the
Republican party, ought to be able tc
speak with confidepce. He got "dis-
pensation" to come 10 Ohio aud open
the campaign for the Republican par
ty on this resumption. He knows that
the business of the masses depends on
the question whether the execution OF
that law will involve further large
contraction of the currency. But here
is all he could say to calm their fears:
"a certain amount of United States
notes can be, and ought to be main
tanned at par with coin." But at what
does he estimate that certain amount
At ten millions-fifty-an hundred
three hundred? He does not say. The
obvious fact is that each legal-tender
note after January l, 1879, is an order
on the Treasury for gold. Whoever
wants gold has only to send green
backs TO the Treasury and get it. The
greenbacks will then be destroyed, ,and
the gold sent abroad or boarded in
banks for redemption and for customs.
Within year after resumption, ven-
ture to predict, Mr.. Sherman's "cer-
tain amount" of greenbacks maintain
ed in circulation will he but little else
than what has been lost or destroyed
in the fifteen years since their issue
began. We will then have lost our
greenback currency and have only a
gold bonded debt abroad to represent
it. "But we shall then have a gold
currency instead of greenbacks," say
the resumptionists. Not at all. None
of the gold will be in general circula-
ton. The banks must have it to re-
deem their notes, even i: they buy it
at a premium. The importers must
have it to pay duties and above all,
Europe must have it in payment of in
terest on the dest we owe her. Mr..
Sherman cites the fact that under free
banking the bank currency has dimin
isbed as proofs that we need less cur
rency than we have. The reduction
is solely due to the Resumption law.
rs he knows full well. After the pan
ic aud before the passage of that law
bank currency steadily increased.
Free banking was then established by
the Resumption law. but accompanied
with the provision for the destruction
OF the grecnbacks by gold redemption
OF course there was no Increase OF
bank circulation under that sort of
.'free banking" vi course the West
ern and Southern banks surrender.and
will continue to surrender, their circu.
lation until it is all gone. Mr.. Sher-
man says: "What mean by Specie
Payments is simply that paper money
speech throughout is a studied attempt
to make it appear only that the effect
of the Resumption law is to make pa
per equal to coin, and that the equali-
cation can be attain in no other way
Resumption is not necessary to obtain
Ii the forced gold re-
sumptionists only wanted to equalize