the
following words of the act of June 30, 1864:

"Nor shall the total amount of United States notes issued or to be
issued ever exceed four hundred millions, and such additional sum,
not exceeding fifty millions, as may be temporarily required for
redemption of temporary loans."

But the Ohio inflationists, in a time of peace, on grounds of mere
expediency, propose an inconvertible paper currency, with its
volume limited only by the discretion or caprice of its issuers, or
their judgment as to the wants of trade. The most distinguished
gentleman whose name is associated with the subject once said "the
process must be conducted with skill and caution, ... by men whose
position will enable them to guard against any evil," and using a
favorite illustration he said, "The secretary of the treasury ought
to be able to judge. His hand is upon the pulse of the country. He
can feel all the throbbings of the blood in the arteries. He can
tell when the blood flows too fast and strong, and when the
expansion should cease." This brings us face to face with the
fundamental error of this dangerous policy. The trouble is the
pulse of the patient will not so often decide the question as the
interest of the doctor. No man, no government, no Congress is wise
enough and pure enough to be trusted with this tremendous power
over the business, and property, and labor of the country. That
which concerns so intimately all business should be decided, if
possible, on business principles, and not be left to depend on the
exigencies of politics, the interests of party, or the ambition of
public men. It will not do for property, for business, or for labor
to be at the mercy of a few political leaders at Washington, either
in or out of Congress. The best way to prevent it is to apply to
paper money the old test sanctioned by the experience of all
Nations--let it be convertible into coin. If it can respond to this
test, it will, as nearly as possible, be sound, safe, and stable.

The Republicans of Ohio are in favor of no sudden or harsh
measures. They do not propose to force resumption by a contraction
of the currency. They see that the ship is headed in the right
direction, and they do not wish to lose what has already been
gained. They are satisfied to leave to the in