The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-01-16
TIE OHIO IDEA.
SPEECH OF HON. GEO. II. PENDLE-
TON AT COLUMBUS,
On the Occasion Of tho jackson Celebration on
Wednesday, the Sth.

WouhebuayS Vhe oth'
At the Jackson celebration in Colum-
bus, on Wednesday; last week eloquent
speeches were delivered by Gen. Thos'
Ewing, Gov, Bishop, Gen. Durbin Ward,
Geo. L. Converse, General Morgan and
others. When the toast "The Ohio
Idea" was pronounced, Hon. George II.
Pendleton responded as follows;
l have had something to do with the
Ohio Idea, as we'll in 1867, when its chief
object was the payment Of the FIVE twen-
ty bonds in greenbaCks, as in these later
days when it has foreseen and endeavor-
ed to avert the manifold sufferings and
wrongs which the policy of the Republi-
can party has inflicted on the country.
The Ohio idea does not favor indefinite
initiation, or deprecated currency, or a
currency AuCtuating in value or liable to
entail losses on the holders, or a Curren-
cy of less value than coin. These are
the false assertions of men who can most
easily overthrow the manikins whom
their imagination sets up.
Our Republican Administration boasts
that by the equalization in value of coin
and paper, which it chooses to call re.
sumption of specie payment, it has made
the money Of the country "honest mon
ey."
Need l remind them and you that only
the persistent efforts of the Democratic
party made possible even the partial re-
monetization of silver, and the Conse-
quent enlargement of the coin basis, and
that these results were accomplished
over the veto of Republican PRESIDENT
Shall recall the fact that the Resump-
ton act deCreed the total destruction of
the greenbaCk issue, and that the Demo-
cratic party, after long struggle, COM
PEELED the retention of $346,0C0,000 as a
permanent part of the currency?
The Democratic party has for years de-
manded that greenbaCks he received in
payment of custom duties. The Repub-
liCan administration even refused to
change the law and permit this to be
done. Now the Secretary receives them
in defiance of law.
These are the splendid achievements
of the Ohio idea, while yet only advoCa.
ted by minority party. l rejoice in
this equality of paper and coin. 1t has
been accomplished by the harsher means
over ruined fortunes and bankrupted
merchants and prostrated 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 | am
glad it has not been wholly in vain.
do hope most sincerely that, in spite of
threatened dangers, this equality may be
steadily and permanently maintained.
do hope that the volume of the currency
as it now exists, may be maintained un-
by cancellation, or by hoard
ing, or by being locked up in public or
in private vaults; and that all of it shall
always be 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. Their volume has been distrib-
uted among nations according to popula.
ton or business. The volume in each
changes as the exigencies of
war or indebtedness or trade arise
France is supposed to have 81 200, 100000 |
against $3.50, 100000 in the United King.
lom, and $250,000,000 in the United |
States. The fluctuations are constant
md eccentric. When the precious met.
lls are drained from any nation, as they
nave at times been drained from all ma.
,ions-our own among them-by any of
,hese causes, to such an extent that 1t |
must sell bonds to pay for its importa-
ions, obviously the country has no prec.
GUS metals for a currency to effect ex.
changes of domestic productions among
ts own citizens. At the very moment
when full currency is most needed to
oster and exchange products Of indus
ry, the coin currency is abstracted by
he foreign creditor, and if the paper cur
enCy depends for its value solely on con.
'ertibillty into coin, it must be contract.
ID by double the amount of the coin alb.
traCted. At the moment when the ma.
ion needs the largest currency it has the
east.
We enjoy no exemption from the com.
non misfortunes. We may again lose,
8 we have heretofore lost, a portion of
ur coin. What must be the inevitable
onsequence which neither desire nor
kill can avert? Either the paper cur
ency must be contracted at the same
me and in the proper proportion as the
DIN disappears, or specie payments, spe.
ie redemption, specie convertibility-
all it what you please-must be suspen-.
ed. If the proportion of paper to coin
to be kept up so as to insure convert.
ility, the paper must be reduced at the
lte of more than two dollars for one of '
Din lost Under the pressure of this {
lree fold contraction by the loss of coin {
nd the reduction of paper, the business {
the country will be destroyed. The {
ebtors will be bankrupted. If the 9TH 1
. course should be adopted, and specie t
ayments should be suspended, the I
,untry would not only have endured in /
lin the terrible sufferings of the last {
ye years, but would also incur again I
lat dishonor and disaster, from which I
10 Republican Administration tells us
ey have just rescued it.
Mark exactly what say: Unless we q
Q exempt from the common misfortune a
hich, during this century, has befallen .
cry nation of the civilized world, our. .
Ives included, we will lose a portion of j
If coin, and be driven either to another 4
spension of specie payments, or to a o
so rapid and so great as no q
ople, however long suffering, have 7
ZEN willing to endure, 1t is the part of I