The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-10-01

of the State. Although Mr.. Andrews
passed over the river to his long home a
few years ego, the letter which we pro.
duce here and which General Sherwood
read in congress on March 81, 1874,
shows to what extent the business in.
terests of the people we're suffering from
contraction of the currency, General
Sherwood, in this remarkable speech,
used arguments that can be justly
applied in the issues of this campaign.
The letter can be found in the pro-
ceedings of the first session of the 43d
congress and is as follows.
Youngstown, o., March Z, 1874.
Dear sir: 81 think com Il on sense and
business principles will apply to the
management of the national affairs as it
would to a mans own business opera
tions. In the first place the present
generation have been taxed heavily to
put down the rebellion, they should not
be taxed to pay the present debt. Let the
government fund the debt in a long loan
OF fifty to sixty years at to 5 per cent,
pay it when we have increased in popula.
ton to an extent that dare not name.
Give us free banking law. The people
are constantly talking about railroad
monopolies. There are no monopolies
in this country equal to the present
banking monopoly. What have the
special few done that the government
should bestow extraordinary privileges
upon them and then give them 30 per
cent of circulation to loan the business
community at high interest. Money is
too scarce and dear for business purpo-
ses. Money should not be worth more
han to 7 per cent. We rant cheap
money instead of pduper labor.
''lf | can make more or am better
satisfied to bank than to mine coal or
make pig iron, l want the government
to extend me the privilege they do to
my neighbors on the same terms and
with the same restrictions. / believe
that the low rate of interest bonds, con,
vertible when the holder wanted to ust
money for special purpose, would worl
well. The South had none of our money
in 1864. Since then four million negroe
have been freed and have to be paid 70
tt cir labor, and large amounts of none,
are required to do their business opera
tions. We have seventy thousand mile
of railroad as against twenty thousan
a few years ago, population increase
ten to fifteen millions within few years
are mining four times as much coal an
making four times as much iron.
"The seventy thousand miles of raj
road are alive with people with larg
amount of money in their pockets
pay travelling expenses.
"Now, what are we asked to do? SimI
ly this. With large increase and grow
ing business to manage proportionatel
with less than one-half of the money "
! had few years ago. 1t is simply n
diculous and is not governed by an
business principles. We should hay
money in proportion to growth of bus
ness and population. Money may b
plenty in New York, but it is not i
: Ohio. Our manufactures and minin
are paralyzed. Give us less taxes an
more money and our own market ths
we may live within ourselves for fe
years, and we will be able to pay tn
debt and not feel it,"
Yours very respectfully,
, G. II. ANDREWS.
| To General l. r. Sherwood, NJ. O., Wasl
ington, D. @.
General Sherwood, in closing h
speech, said: Contraction OF OF
money supply is ruin. Let us put asiC
, as unworty of consideration the threaC
bare assertion that wholesome none
: supply will demoralize the people /
engendering speculation. This arg
, ment is based upon the theory that Il
| business men of this country cannot
| trusted with their own business"
General Sherwood still holds to II
same views today that he did when fro
re his place on the floor of congress in IS
he fought the resumption act and poir
Is ed out the true conditions that wou
or follow should such an act become a la