The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-11-13
OLD TIME POLITICS.
The "OhiO IdeA"-Its Origin Distinctly Tracet
to Jefferson - The Consequence Of NeglectInG
His Advice.

Bank currency. Using Treasury notes as the on.
ly paper currency for the people..to call It the
"Ohio idea" This is a misnomer The klan OF
Treasury notes, issued by the Government as the
only paper currency Of the country, was adyo.
Gated long before two thirds of the present popu.
latlon Of Ohio was BORN and, as far as its paterni.
ty can be traced, is due 10 that man Of all men,
among statesmen and politicians the Democracy
most delight to honor OF course l allude 10
Thomas Jefferson. II is the Jefferson Idea" net
that Of Ohio, although the Democracy taking
their cue from the Declaration of Independence,
have declared their independence Of all banks
of issue-Wild Cat State or National.
The chartered banks of this State, and their
name was legion, never acted an honest part.
Not one OF them but, at one time or another, re.
fused, In defiance of the terms OF their charter,
to pay their debts, and set the laws of the State
at defiance. AS 1t was in Ohio, so 1t was in other
States every suspension causing ruin to thous.
ands. In the War of 1912, as a rule, they opposed
the Government. TWAS at this time Mr.. JefFer-
son first put forth the "Jeffenon Idea" Com.
menting on the dishonest and unpatriotic con.
duct OF the banks, at time when the country
was engaged In a contest with Great Britain.
against reverses which saddened ey.
cry patriotic heart, with New England Federal.
ism plotting treason against the Republic, Mr..
Jefferson, in letter to Thomas Cooper, comment.
ing on the refusal of the banks to redeem their
paper promises to pay said ...
THE crisis, then, of the abuses of banking is
arrived. The banks have pronounced their own
sentence OF death. Between 5000 600 900 and
t3OO OO0 Of these prOmissOTy notes are in the
hands OF the people for solid produce and prop.
erty sold. and they formally declare thew will
not pay them. This is an act OF bankfuptey. of
course, and will be so pronounced by any Court
before which 1t shall be brought. But, cttt bono !
the law can only uncover their insolvency by
opening to it's suiiors their empty vaults. Thus
by the duptng OF our citizens aud the tame &C.
queBcence Of our Legislature the nation is pluu.
dered OF S200,0yO00 o, treble the amount of debt
contracted in the Revolutionary War; which,
instead OF redeeming our liberty, has been ex-
pended on sumptuous houses, carriages and din
ners. fearful tax, il equalized on all, but over.
whelming and conVulsiVe by its partial fall The
crush will be tremendous very different from
that brought on by our paper money that rose
and fell so gradually that it kept Oh their guard
and Affected severely only early or lonR.Worded
contracts. Here the contract of Yesterday crush.
es In an instant one Of the other party, The
banks stopping payments suddenly ali these
mercantile ana city debtors do the same; and, in
short, except those In the country, who possess.
Ing property, will be good in the end. But this
resource will not enable them to pay cent on
the dollar. From the establishment of the United
States Banks TO this day have preached against
this system, but have been sensible that no
cure could be hoped but In the catastrophe now
Mr., Jefferson, in the above sets forth, in his
terse language, the evils of banking and of the
disasters which, at stated periods before and
since, have befallen the country, and which,
sooner or later, always follow the paper promises
they issue and call 1t money. The remedy for
this which he then gave is now, with but little
alteration, called the Ohio idea" He says:
"The remedy 10 to let the banks drop gradually
out at the expiration Of their charters, and for
the State Governments to relirquish their power
to establish Others This Wjuld not. as Il should
not, have given the power of establishing to Con
gTess. But Congress could then have issued
Treasury notes, payable within fixed period and
founded on a specific tax the proceeds of which,
as they come In, should be exchanged for the
notes Of that particular emission only. This de.
pended, 1t Is true, on the will of the State Leg.
i6aures, and would have brought on us the
phalanX OF proper interest. But that interest is
now defunct. Their gossamer castles are dis.
solved, aud they can no longer impede and over.
come the salutaTy measures Of the Government.
This paper was received on belief that 1t was
cash on dtmand. They themselves have declared
II was nothing, and such scenes are now TO take
place as will open the eyes of creduty aud insan.
ity itself to the dangers OF a paper medium
abandoned to the discretion of avsrce and OF
sW.ndlers 1t Is impossible not to deDlore onr
past folles and their present consequences, but
let them, at least, be warnings against Ike fol.
lies in future. The banks have discontinued
themselves. We are now without any medium,
and necessity, as well as patriotism and conf
dence, will make us all eager TO receive Treasu.
ry notes, II founded on specific taxes, Congress
may now borrow OF the public, and without in.
Ierest, all the money they may want to the
amount OF competent circulation, by merely
Issuing their own promissory notes, of proper de.
nominations, for the larger purposes Of circula.
lion, but not for the small. Leave that door
open for the entrance Of the metallic money,
And to have reader credit for their bills with.
)ut obliging themselves TO give cash for them
Dn demand, let their collectors be instructed to
10 80 when they have cash: thus, IN some mea.
sure. performing the functions of a bank as to
heir own notes. Providence seems, indeed, by q
special dispensatlon, to have put down for as,
without struggle that very paper enemy which
he interest Of our citizens long since required
TO put down, The work IL dOBe The
moment Is pregnant with futuritu, and II not
eized at once by Congress know not on what
hoal our bark is next to be stranded The state
legislatures should be Immediately urged to re.
inquish the right of establishing banks of dis.
count. Most OF them will comply on patriotic
principles on conviction of the moment and the
ION complying may be crowded into acceptance
" legitimate devices"
1.-THE above does otembody the "Ohlo Idea
I 1t is not full parent to the rag baby" as It is
ie.lsively called by men who are taught to lisp
he epithet, as the parrot is taught Pretty Poll"
Without knowledge OF Its meening-then, Mr.,
efeBon's language is void of meaning. The
Treasury notes" he wished Issued are now, BY
he color printed, called "green backs" and these
10 wished, just as does the Ohio Democratic
'latfOTm 10 take the place Of the paper currency
4 the country, and he is careful while advocat-
ng this to show that he 10 not In favor Of the de-
nonetSatiOu Of silver by providing that these
Treasury notes, 10 the amount Of competent
circulation" for the larger purposes Of trade and
commerce, but not for the smaller leaving that
loor open for the entrance of metallic money"
When the present gFeenbaCk currency was issu ued
speedily went under par and why The very
AW that made 1t provided for its dhhonor, It
vas not receivable for customs duties. For these
DIN was demanded, and that fact placed the
treasury notes below par, aud below par they
emained until Democratic Congress removed
he bar sinister, the brand Of ileEitimacy by re.
Giving them for all dues, and In this Treasury
lote, greenbsck currency, the United States at
bis time has the best paper currency IN the
VOTld-the safest, because based npOn the ua.
Ions credit and is receivable lor all debts Of the
United stateB.
MI. Jefferson wished the States to relInquIsh
be power to charter banks. "They would not"
10 says, land should not have given the power
establishing them TO Congress" II this trans.
sr h power from the stRtes TO Congress would
ot and should not have given to Congress the
over 70 charter banks, where did Congress get
he power % charter the National BAnksH The
urrender Of the right Of the stAteS 70 Congress
give charters 10 bank companies would have
implied In the National Legisla,ure the fightto
o such thing, but Mr. Jefferson denies, even In
1al case. such . right. Without the surrender
flhe power BY the stateS, Congress has no more
over TO chatter the brood OF National Banks
oW In existence, eating out the substance Of the
eopei than 1t has 70 charter q railroad from ia.
laieA to Halifax, or Company to run train Of |
rect cara In Cincinnati. Mr.. jefferson thought |
ioh charters as those given to the Board OF Ma. |
onal Banks by Congress a fragrant usurpation |
power by that body aud that ia one OF the |
Ohio Ideas" shown in their stern oppos,tion to |
le system and in favor Of itS lhre atened repeal
In HIS nTst message 10 Congress, GeperaI iack. |