Page:Speeches, correspondence and political papers of Carl Schurz, Volume 3.djvu/477

Rh I think I may take leave of fiat money and turn to our Democratic friends who are possessed with the “Ohio idea.” If I understand correctly the newest phase of the “Ohio idea,” as put forth by the Democratic convention of this State and several conventions in other parts of the country, it is as follows: The resumption act is to be repealed; all reduction of the paper currency is to cease; greenbacks are to be a legal-tender for duties on imports; all restrictions on the unlimited coinage of silver are to be removed; the national-bank notes to be withdrawn and greenbacks issued in their stead; the sale of bonds for the purchase of coin for resumption purposes to be stopped; the volume of the greenback currency is to be determined by legislation or Constitutional amendment, “so as to insure the stability of their value as well as volume.” I think I have stated it fairly.

That a man thoroughly wedded to the irredeemable paper mania should make such a platform his own, I can understand. But how a man, who thinks the resumption of specie payments at all desirable, can adopt it, is to me utterly incomprehensible. For any intelligent mind will see at a glance that its execution will render resumption absolutely impossible, and perpetuate the regime of an irredeemable paper currency for an indefinite period. In fact if there is any logic in this program, it means the permanent establishment of irredeemable paper money with all its disastrous influences.

First, they demand the prompt repeal of the resumption act. I remember some Democrats in the Senate who voted against the resumption act, not because they did not desire resumption, but because they did not think the act clear and effective enough. I myself criticised it on account of some of its imperfections, but voted for it because I was determined to support any step in that direction. I have ever since been glad that I did so vote,