New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-06-08
rorND MONEY IN 1875.
,c Drawn FROM THE OHIO CAM
pAIGN OF THAT YEAR.

.,.,nuati, June when was the time when
JIM managers were not distrustful of the
Sa" ., regard TO sound principles opposed to
fop' nd unsubstantial ISSUES? This inquiry
fe""s .,ad by frequent references Of late to
''e .,a.money campaign. so-called, IN Ohio
DE- 49, II was not then a question of yellow
white metal, but one of nat paper
'sS' The craze on this subject was In full
;''s! 1865. when George II. Pendleton. as the
- -creenbacker OF the Democratic party, was
f'',,inent candidate for President Of the
p c,ates 1t looked for a time as II he
'~ %, be nominated but he was not The Re-
Ns nominated Grant, much against the
~. ~ the latter and he was elected. But
w., naper money idea did not collapse sud
avid II was strong in Ohio n 1915. when
S@.,ord II. Hayes was the Republican candi-
xnr Governor
,aumount question was not the free
NJ silver for there was little silver TO
So, whether the National bonds should be
,, vreenbacks. This very tempting
T-.,,.on. inasmuch as the Governm ant re-
r., ,othing better than greenbacks in pay
%" ,,- the bonds. and the Idea was that II
.,.cks should be printed for that purpose.
-. would be saved and bondholders would
orv sufferers. 1t was not legally a dis
w.. rropoe,ition 10 use the greenbacks then
-,.,.,cs for the purpose Of retiring the bonds,
win. greenbacks in sufficient volume to
tho bonds would have been virtual re-
,uilation ,o7x -, -,,-b. Al
.,., although it did not boom for sound
N' ..r It's trainers were manifestly afraid Of
he people.
cnr.rnor HAYES was also sound but he was ex-
,.,,,v t,und, as politicians who took part in
IA. campaign will recollect.
VIZ, appointed by the State Central Com
-.,s. 10 speak with Governor Hayes at Eaton.
,.s. County. Ohio. I shall never forget the
..,.rs,oe held at that time 1t was an all-day.
.r.adoor meeting. and a charming day 1t
80. twas arranged that the Governor should
r.s the forenoon and in the afternoon.
r.,x, slled me into hts room and asked me
,,rl proposed TO speak about. told him
,..sn advertised 10 address the people on the
s,,,al question. and that was all that l pro-
,,~i 10 talk about He thought that was
| sake and It was his opinion that we should
ocans ourselves chiefly TO State questions. ana
-ssr only incidentally to finances. l disagreed
| Nth him. and ne had his way, and / had my
way He spoke for two hours in the foreAoon
/ and did not refer once 10 that question which
Vas upperrnost in the minds OF the people
there was really no State issue except the dlf-
..-.pcs between the Democratic and Republican
rsries growing chiefly out OF the late war
,ooke In the afternoon in opposition 10 the dis
honest proposition 10 pay the bonds in green
hacks and urged that the credit OF the Nation
vas far more important looking TO the future.
than method that would surely be classed In
tie line of reputation.
HAYEs'S CHANGE OF ISSUES.
HAYES had then canvasscd half the State. and
became apparent 10 the State Central Com
nlt.ee that unless he changed his policy. meeting
he greenback question squarely and boldly ne
yould be defea ted. He did change. and he was
elected by a small plurality and thus Ohio was
placed On what was then called sound-lnoney
basis
TIE election Of Hayes Governor OF Ohio in 1
1875 made possible his nomination for President
in 1876. and his election to that high of1-e by
shave.
John Sherman was made Secretary Of the
Treasury. and he II was who boldly conceived
the idea OF resuming specie payments. He was
IN feet. far more than in name. Secretary Of the
Treasury. Hayes said TO him: Ssh erman II YOU
!ail you will be cursed from one end f the
country 10 the other whereas II you succeed
you VIII occupy position on the topm st round
Of the ladder Of fame. ! have grave doubts as 10
your success but 20 ahead, and l VIII sppport
you Sherman did go ahead. and in lo'3 coin
ana paper money came together. Silver. winch
vas then growing rapidly in volume. aiced
largely In that result. The rest IL We'll known.
IL Was in those years proposed 10 Withdraw
gfsenbacks from circulation. and The Ittempt
vas made The re suit was n severe contraction
Inc currency, and distress In business CT
LIS Congress then passed a resolution stop
lilg the retirement Of greenba cks. ana liking the
minimum at about $500 900 .OOO where 4 stands
,r1ay When II was decided 10 coin silver DOL
A's under the Bland-AlsOn act md the Sner-
nan act the latter limiting the amount TO
AiAe over 100000 per month, Treasury rOtes
see authorized TO purchase the bullion az mar
az price The greenb backs then in xis cnc",
e Treasury notes issued 10 purchase fuilion
IA the standard dollars coined under those tcts
N Sill outstanding. while there are also silver
'Nncates issued for the purpose OF circulating
place OF silver dollars II these silver dol
-lS with the bullion owned by the Govern
.sn' and not coined should be placed In pot.
ssled and sold al the market price Of silver bull
"a' mere would be q heavy loss 10 the Govern
yy'ht This II Is not seriously proposed 10 GO.
M'ahtifne all the coin. whether yellow or Whlte,
QUO all the greenbacks and Treasury notes In
sleulaton pass current al an equal value, ere.
sne.e ana are. therefore OF equal purchasing
s'o deot-paying power
THE QUESTION TO-DAY
''" mere Is another great financial issue. ana
.'e ame 1t Is whether the minis shall be opened
" we !'ee and unlimited coinage OF silver at a
'O 10 10 independent Of all other nations.
any o'her nation. Manfestly the effect OF
' "ooio De to demonetize gold and place the
,aang medium Of this country on a silver
20 inis is now the issue. The Democratic
~ d an Organization. is for free silver. pre-
,s-e ~ ss was for fiat paper money from 1866 10
,xsn, a. Is as crazy this subject now az II was
l ,boss u.ie years ago The leaders, especially
Oh. "esl and South claim to have the masses
i u r.np sople with them. They certainly have
i the w.. oe SHOWN in the Chicago Conven ton
l Oh,a rxee OF the Democrats with them. Even
/ ,or,v ~ send a free-silver delegation by ma
/ ~ me National Democratic Convention.
/ p,s ,tnepuohcan National Convention Will OPP
IA yS~ an free and unlimited coinage OF silver
a ,,s s rest there Thus the issue will be made
So. Fought out on that line In November.
i sz.s 1esuon before the people will be sound
i Ers meaning money sound me asured by
IL .NAn1