The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-08-15
Thurman.


Senator Thurman Of Ohio entered upon
the political contest in that state with
a speech at Hamilton, Butler county,
which has the merit of being positive, out
spoken, and confined sharply to the main
issues now before the people. The fea-
ture which will attract attention first, and
which is everywhere felt to be of primary
importance, is his discussion Of the ques-
ton Of fnance. lie makes an earnest
demand for the repeal of the resumption
act, showing how hardly and unfairly it
bears upon the debtor class Of the coun-
try, and also advocates the substitution of
greenbacks for national bank notes. Thur
mans speech taken in connection with
those of Hendricks and Voorhees, of In
diana, and of Ewing in his own state, indi.
cate with tolerable distiuctness the general
sentiments of ths main body of the de :
mocracy in those states.
With some modification aud ranging
through. some diversity Of opinion the
same sentiments largely prevail in all the
Northwestern states. Hostility to the
national bank system undoubtedly exists
on the part Of a large majority OF demo-
Gratis in all the western states and perhaps,
to nearly the same extent in all parts of the
Union. The democratic party Of old
fought one of its hardest contests and
achieved one Of its greatest victories un-
der General jackson against the banking
power of that day; and one Of the most
powerful and active incentives among
democrats of to day against the national
banking system is the prevalent belief that
the system tends to combine, concentrate,
and intensity the money power, aud that
upon all occasions and on all points where
its interests are believed TO bein any way
involved, the banks Of the country, from
common interest JUN their forces and exert
the power of money over the business of the
country to maintain their cause at al
hazards, and without regard to the welfare
OF the country OF the coudi ion of the people
Upon the subject of contraction of the
currency and its effects upon the debtor
class of the nation the remarks of the SEN
ator are worthy Of careful study. Debts
are fixed and certain, and never diminished
in amount except by payment. If an in
debtedness is contracted ut a time when
the general run of business and the flush
condition of money would render its pay
ment easy, and then suddenly the bust
ness upon which such payment depends
should be depressed aud reduced, or if by
eontractionin financial circles money be
comes more difficult to be had, it re-
quires no particular financial knowledge
10 see the inevitable hardship which
would come upon those who were much il
debt. Neither an easy money market mol
stringency lessen the amount Of liked 10
debtedness, or an account stated, but theJ
do materially affect those who are the
debtors and compelled to make payment
Senator Thurman shows from officia
statements that since the passagt
Of the resumption act in 1875
the contraction of Rreenbacks and nationa
bank notes, together with the amount o.
greenbacks held on deposit in the treasury
for the redemption Of national bank note,
which are virtually retired, there has beer
contraction Of seventy. FIVE to eighty
million dollars of the circulating medium
VI the country. This alone, II there were
no other causes promoting the same end
would suffice to make stringency 10 mon
etary matters, and would be productive o
hardship in every department Of business
and every branch Of industry,
The effects of the passage Of the re
sumption act are widely felt aud "a eatl,
to be deDlored. The near approach of III,
time fixed by law for resumption to tax,
place, and the extraordinary efforts mad,
by the secretary Of the treasury TO be pre-.
pared for formal resumption, render IL ia
large degree an open question whether
the repeal OF the act at this late date woulC
be OF any particular. advantage. II III,
bottom has been already reached and IN,
evil effects upon the country. or the fnan
ciai distress" wrought among the debto
class, have reached their fullest extent
then there is nothing specially TO be game,
by repeating the act. The enactmen
OF the resumption law 10 the first inatanc
was unWise and uncalled for; 1t has pro
duced unnecessary and fearful hardships
thousands have been financially ruined an,
forced into bankruptcy and poverty VIII
would have been able to tide over tn
downward tendency aud shriDkage Of val
uoa IL reaumptiun had been left /
the natural course Of events aud nc
FASTENED aud made doubIy heav
byaan, enioraed pressure on the. part g
government The act itself was 3 dee