hould be limited to one term, thereby endorsing a material
part of Governor Hayes' letter of acceptance in advance. It also
contained what some have called the rascally, others the asinine
propositions that the volume of currency should be made and kept equal
to the wants of trade; that all National Bank circulation should be
promptly and permanently retired, and legal tenders be issued in their
stead, and that the payment of at least one-half of the customs should
be in legal tenders.

Senator Thurman, much to the surprise of his eastern friends, acquiesced
in, or at least failed to denounce this inflation platform. He forgot
the proverb that it is the bold man who wins. Had he made a ringing,
thirty-minutes, hard-money speech on the occasion, no power on the
continent could probably have kept him out of the White House. This was
the day of his destiny, but the day of his destiny is over.

The public and non-partisan estimate of this Democratic platform is
fairly reflected in the editorial utterances of the Cincinnati
_Commercial_ of June 18th, to the effect that:

"This platform is a declaration of war upon the National credit.
The programme of repudiation is made particularly clear.... The
contest in Ohio this summer in an extraordinary degree concerns the
Nation."

The Chicago _Times_ said:

"If Allen be elected, the immediate effect is very sure to be a
prodigious rise in the threatening and dangerous tidal wave of
inflation and repudiation. The political tradition which goes by
the name of the Democratic party, will be forthwith pervaded in
every part by an active and aggressive repudiation sentiment."

The inflation Democracy were not only hopeful but boastful. Governor
Allen made and repeated the prediction that he would be re-elected by
from 60,000 to 70,000 majority. He said that he would not compromise
with Hayes on 20,000. It was represented that the hard times were caused
by the Republicans, and that the people wanted "more money," which
interpreted meant more debts or due bills. Much was said on the stump
about what "the people think," forgetting that the material question is
not what they think, but what they ought to think.

Governor Hayes was not unmindful of the national and international
importance of the contest. Knowing that the Democrats had carried the
State the year before by a majority of 17,000 on their State ticket and
24,000 on their Congre