The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-01-16
THE OHIO IDEA.

met: Come and see for yourself.
GEO.
THE OHIO IDEA.
Senator Pcndle TOMS Speech at tho
Eighth of January Celebration
at Columbus.
AT the Jackson celebration held in
Columbus, on w Wednesday of last week,
eloquent speeches were delivered by
Gen. Thomas Ewing, Gov. Bishop, Gen.
Durbin Ward and others. When the
toast ''The Ohio Idea" was propOund-
ed, Hon. Geo. H. Pendleton respond
ed as follows: taa.
81 have had something to do with
the Ohio Idea, as well in 1876, when
its chief objec was the payment of
the five-twenty bonds in greenbacks,
as in these later days when it has fore.
seen and endeavored to avert the
manifold sufferings and wrongs which
the policy of the Republican party has
Inflicted on the country. The Ohio
idea does not favor indefinite initiation,
or a deprecated currency, or cur
rency fiuctuating in value or liable to
entail losses on the holders, or 4 cur
rency of less value than coin. These
are the false assertions OF men VINO
can most easily overthrow the mani
kins whom their Imagination sets up.
el'Our Republican Administration
b0asts that by tho equalization iii val
ue OF coin and paper, which ii chooses
10 call resumption OF specie pay ment,
it has made the money OF the country
"hOneSt money" ..
Need l remind them and you that
only the persistent efforts OF the Dem.
,ocratic party made possible even the
partial remOnetiZation of silver, and
the consequent enlargement of the
coin basis. and that these results were
accomplished over the veto OF a Re
publican President? Shall recall the
fact that the Resumption act decreed
the total destruction of the greenb back
issue, and that the Democratic party,
after long struggle. compiled the re-
tention of S346,UOU,OO as q permanent
part Of the currency? ti
The Democratic party has for years
demanded that green backs be received
Republican Administration even re-
fused to change the law and permit
this TO be done. Now the Secretary
receives them in defiance of the law.
These are the splendid achievements
of the Ohio idea, while yet advocated
only by a minority party. l rejoice in
this equality of paper and coin. 1t has
been accomplished by the harshest
means over ruined fortunes and bank
rupted merchants and prcstrated
trade; amid the tears and sweat and
blood of the energetic and brave and
enterprising business men of the
country. But the suffering has been
endured, and l am glad it has not been
wholly in vain. 1 do hope most sim
cerely that, in spite of threatened dam
gers, this equality may be- steadily
and permantly maintained. / do hope
that the volume of the currency as it
now exists may be maintained undi-
minished by cancellation, or by hoard
ing, or by being locked up in public
or in private vaults; and that all of it
shall be always as "good as gold"
No Democrat will put an obstacle in
the way of this cOnsummation.
AT present gold and silver, coin and
bullion, effect The exchanges between
nations. The volume has been dis
tributed among nations according to
population or business. The volume
in each constantly changes as the ext
gencies of war or Indebtedness or
trade arise. France is supposed to
have $1,20O,OOO,O00, against S25OO0O,-
600 in the United Kingdom, and $780,
100000 In the United States. The
fluctuations are constant and eccentric.
When the precious metals are drained
from any nation, as they have at times
been drained from all nations-our
own among them-by any of these
causes, to such an extent that it must
sell bonds to pay for its iInportations,
obviously the Nation mas no precious
metals for a currency to effect ex-
changes of domestic productions
among its own citizens. AT the very
moment when a full currency is most
needed to foster and exchange pro-
ducts of industry, the coin currency is
abstracted by foreign creditors, and if
the paper currency depends for its
value, solely Oh cOnYertibility into
coin, it must be contracted by double
the amount of the coin distracted. At
the moment when the Nation needs
the largest currency ii has the least. /
We enjoy no exemption from the
comniOn misfortules. We may again
lose, as we have heretofore LOST. a. por-
ton of our coiu. What must he the
Inevitable consequence which neither
desire nor Skill can avert? Either the
paper currency must be contracted at
the same time sud in the proper pro
portion as the coin disappears, or spe-
Gle payments, specie redemption, spe-
Gle. ,convertibility-call it what you
will-mnst be suspended. If the pro-
portion of paper to coin Is 10 be kept
up so as to Insure cOnvertibility the
paper must he reduced at the rate of
more than two dollars for one of coin
lost. Under the pressure of this three
fold contraction by the loss of, coin
and the reduction of paper the busi-
ness of the country will be destroyed.
The debtors will be bankrupted. If
the other course should be adopted
and specie payments should be sus-
pended, the country would not only
have endured in vain the terrible suf-
ferings of the last five years, but
would also incur again that disaster
from which the Republican Admins
tration tells us they have just rescued
it.
Mark exactly what / say: Upless
we are exempt from the common mis-
fortune which during this century has
befallen every Nation of the civilized
world, ourselves included, we will