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The Ohio Folly

The Ohio Folly image
Parent Issue
Public Domain
OCR Text

It is wholly unnecessary to wait until next year to discover what is the true Democratie sentiment oa the subject. The party press is already uttering its opinión of this dangerous departure of the Ohio Convention in unmistakable terois. It rejects the heresy and warns against its adoption everywhere. Those who proclaiin it are silenoed at once by the fact that under the new resumption tneasures the West prefers to surrender its currency rather than establish more banks. What does this mean, if not that there is more more uioney than there is business, and consequently that no surplus of money can give an impulse to business. It is the latter that is needed, and soft money has been inore instrumental than all else in breaking it down. Inflated prices and ïnüated projects have resulted, as they always do, in a collnpse and a subsequont period of stagnation. There is no law of business or finalice which will restore things to a healthy state by resorting again to the cause of the disaster. That, however, is precisely what the Ohio Convention irrationally proposes. lts atteinpt to excite and avail of the popular prejudice against bondholders, domestio or foreigu, demonstrates the unsafe, not to say reckless character of its guidance. When any political party proposes to rise on the dishonor of the Government, it will be time for it to disappear altogether. There is more than a question of business prosperity in this matter; it is vital to tho National credit and character. In spiting the owners of bonds it is possible to destroy the reputation of the country. It is the wildest and most insensate of purposes to load the Democratie organization with so fatal a responsibility. It rejects the oxperiment and repudiates its au t hors. Hard money is its own peculiar doctrine. It has fought inflation step by step since before Boutwell opposed all efforts to reduce the volume of paper currency, and so long as it maintains its name through its principies, it will labor for the restoration of hard money and all the substantial prosperity it implies. Tiie Chicago Tribune, announcing the result of the recent election of directors the Michigan Central Kailroad, says: " It is fortúnate for the Michigan Central that Mr. Joy will continue to control it. He is the only Western man on the board, and his energies and abilities have always been directed toward developing the Western country. The changes that he has lately made in the management of the road show his predüections in this direction. All of his new officers are Western men of highest ability, who know the wants and peculiarities of this section of the country niuch better than eastern men would. In spite of the disastrous railroad war the road bas iuiproved steadily since Mr. Strong becanie general Superintendent, Mr. Wheeler general fveight agent and Mr. Wentworth general passenger and ticket agent. They are making immense efforts to restore the road to its former prosperity and a change at this time would have been disastrous. The financial exhibit of the road is not ready, but will be submitted to the directors at their first meeting at Boston. It is staled that the report will be far more satisfactory than has beeu geuerally supposed."


Old News
Michigan Argus