The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-08-21
THE OHIO CAMPAIGN.
Speeches by Schurz, Sher-
man and Taft.
FINANCE AND STATE RIGHTS
Defence of the National
Banks.

SEIZURE IN CINCINNATI-GENERAL EwING's FL
NANcIAL VIEWS CRITICISED AT LENGTH
sPIRAcY AGAINST RESUMPTION NATIONAL
BANK NOTES AND GREENBAcKs.
lBY TELEGRAPH TO THE HERALD
CNcINNATI. Ohio. August 90 1879.
Secretary Schurz met with hearty reception here
tonight Fully three thousand people. including
many ladies' were present the Lookout House. the
largest Of the hilltop resorts to listen to his first
address in the Ohio campaign. The speaker
was introduced by Mr. Richard Smith. editor
Of the Gazette. in the briefest possible manner
and soon as the applause had subsidized he began
his remarks. Most of his address was delivered
extempore. though occasionally he referred to his
manuscript to freshen his memory. After Mr..
Schurz had concluded he taken to the Lincoln
Club where he was entertained by a number Of the
leading republicans Of the city.
Mr.. schurz began his speech by saying that it
seemed be the privilege of the people of Ohio to
stand foremost in struggles for the establish
ment and maintenance of sound financial
policy. Twice they had beaten back the
onset of the paper money mania. and now. for
the third time. the American people looked them
to be true to their honorable record. He then re-
ferred to the predictions of the democrats. espe-
cally of General Ewing and his followers. that the
attempt to resume specie payments would be an
utter failure and fraught with the most distressing
consequences. These predictions appeared now like
morbid Authorizations in view Of the accomplish
ment of resumption and the absence Of all tho ills
which it was said would accompany the measure.
Afer reviewing the beneficial results of resumption
he continued
REINrLATIoN
In this State Of Ohio the democrats have NOM
mated their standard bearer General Ewing gen-
tlcman of ability and distinction. who owes his
prominence in politics mainly to the zeal and
with which he has advocated the EXTREMIST and most
dangerous financial principle and measures. His
very name is an imitation platform. II the demo-
the financial ends it means to reach by
overclouding them with the discussion Of
General Ewing would have been sufficient
to expose and defeat the stratagem. The success
General Ewing in Ohio on this great battle field Of
financial discussion would inspire a revival of the
Imitation movement all over the country even in
spite of the resumption of specie payments. AS the
democrats formally strove to prevent resumption.
90 they now seek to overthrow specie payments.
The way in which they seek to do this is defined in
the following resolution OF their PLATFORM
demand gradual substitution Treasury notes
Tor national bank to be made rocevabe for all
be ssSsa by es
to organic law so as to secure the greatest
Lot look at this resolution. The frst part of it
is easily Ineligible. 1t that by the destruc-
ton OF the national banking system aud by substi-
amount Of paper currency for the redemption OF
which, with coin. the governments directly respon-
is directly responsible 1916 900 OF
Then it will be responsible for S329, 900 green
backs substituted Tor national pank notes in addi-
money. How will this effect the maintenance Of
specie payments? The amount OF paper currency di-
rectly redeemable by the government being doubled.
tho amount of oon reserve hold In tho Treasury to
secure redemption must be largely increased also.
think that IN this instance 1t would have to be
more than doubled. Why? Every sensible man
would ut once understand that this measure was
carried not by the friends, but by the enemies of
specie payments. The OF 1t would. there
fore. be most shock to public confidence as
to the honest purpose Of the government. The con-
sequence would be gener alarm, u general run
upon the Treasury. rapid exhaustion of the re-
serve and the breaking down of specie payments
only by some very strong proof ON the part Of the
SOFT money democracy, then supposed to control the
tain specie payments and such proof could be given
only by the accumulation OF very heavy coin re-
in the Treasury-a coin reserve heavier In
proportion to the increased amount of greenbacks
IN circulation than was necessary under republ can
rule. This could neither be raised by surplus
revenues, which would require additional tax.
alton. nor by the sale of bonds, which would
compel the violation OF . democratic ticket
to the effect that the bonded debt should not be in
creased in time of As the necessary reserve
cannot be formed. specie payments will inevitably
go by the board. But this prospect does disturb
Governor Ewing and his school of fnanciers, for
that is just the end they desire to reach The sub
stitution of greenbacks for national bank notes is
down. specie payments. And Tor this reason they
not only do not think Of forming additional coin
reserve for redemption purposes but they have lost
no opportunity III Congress to attack and trench
upon that which now exists.
THE VOLUME OF CURRENCY.
Mr.. Schurz criticised the second part of the reso-
luton as setting forth that the volume of green
backs should be regulated upon principles of organic
the quantity Of money BY constntiopsi amendmsn
as gfotesque and ridiculous. That such principles
are to be xed by legislation is more serious. for
huN ha1 ~
ocratic caucus can do. In 1875 the Ohio democracy
did not speak of principles. upon which the volume
OF currency is to DO regulated but
demanded Congressional action make and keep
the currency equal TO the demands OF trade. which
was then shown to mean an unlimited imitation of
irredeemable government paper money. 1t now
means scarcely anything else.
After quoting at length from Mr.. Ewing's recent
speech at Lancaster Mr.. Schurz continued First.
he contends that greenb1ks must be substituted
for national bank notes. And then he lays down
broad principle that the power expand or contract
thu currency raise and lower values to give pros
perity and inict distress should be exercised 10y
government and by the government alone. General
Ewing is OF old wing origin. DO you
member upon what grounds the democrats fought
the old whigsr Was it not mainly that the old
ton of powers in the hands of tho government,
while the democracy commended rnat the powers of
the government should be carefully limited and cir
cumscribod3 And now say to you never did the
EXTREMIST whig In his boldest dreams conceive so
monstrous an accumulation OF governmental power
as General Ewing claims for the government In this
single sentence. Stop and think for y moment what
kind OF power that is; to determine how much or
how little money the people shall have and
by regulating the volume of the currency to
change its value. to determine arbitrarily what
every dollar in the land shall be worth
from week to week and from day to day.
Our government is one of political parties and the
tremendous power which General Ewing desires 1t
to exercise would be welded under democratic rule
by the caucus of the dominant party in Congress.
At its mercy would be the private fortune of every
citizen. Few dcspots in history welded more arbi-
trary sway the fortunes of their subjects than
the democrat. Ewing, far out-whigging the ex-
tremest whiggery, wants to be exercised by
King Caucus of the dominant party in
this Republic. II you ready to accept and in
norse such doctrines my democratic fellow citizens.
then, pray you let MS have no more OF your oppo-
sition to a Capitalization of power in the govern
ment no moro of your devotion to careful limita-
ton OF governmental authority. Then all your
protestations on that head will appear the most
transparent cant of hypocrisy. Does not every sane
man see that from that very moment the business
community will stand still. all it's energies para zcd