IT will be remembered that in my Fortieth Chapter I gave some account of the discussion and action of Congress on finance, following the financial panic of 1873. These terminated in the "Act to provide for the resumption of specie payments" of January 14, 1875, which was fathered by Senator John / Sherman. The contest on the financial question was now transferred from Congress to the people of Ohio. Since Pendleton had raised the "greenbacks" banner and promulgated the "Ohio idea" the Democrats in this State had inclined to unsound principles of finance. The continued stagnation of business, the large number of bankruptcies in 1874 and 1875,1 gave them a vantage-ground from which to attack the policy of the Republican party as embodied in the Resumption Act. Nominating for governor the present incumbent, William Allen, they adopted in their convention this resolution: "that the contraction of the currency heretofore made by the Republican party, and the further contraction proposed by it, with a view to the forced resumption of specie payment has already brought disaster to the business of the country, and threatens it with general bankruptcy and ruin. We demand that this policy be abandoned, and that the volume of currency be made and kept equal to the wants of trade, leaving the restoration of legal-tenders to par with gold to be brought about by promoting the____________________
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Publication information: Book title: History of the United States from the Compromise of 1850 to the McKinley-Bryan Campaign of 1896. Volume: 7. Contributors: James Ford Rhodes - Author. Publisher: Macmillan. Place of publication: New York. Publication year: 1920. Page number: 239.
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