ibly long after I shall be laid in the grave, this people shall
have nothing but an irredeemable currency with which to transact
their business--that currency which has been well described as the
most effective invention that ever the wit of man devised to
fertilize the rich man's field by the sweat of the poor man's brow.
I will have nothing to do with it."

How great the shock which was given to returning confidence by the
Democratic action at Columbus abundantly appears by the manner in
which the platform is received by the Liberal and the English and
the German Democratic press throughout the United States. The
Liberal press and the German press, so far as I have observed, in
the strongest terms condemn the platform. They speak of it as
disturbing confidence, shaking credit, and threatening repudiation.
A large part of the Democratic press of other States is hardly less
emphatic. It would be strange, indeed, if this were otherwise. In
Ohio, less than two years ago, the convention which nominated
Governor Allen resolved, speaking of the Democratic party, that "it
recognizes the evils of an irredeemable paper currency, but
insists that in the return to specie payment care should be taken
not to seriously disturb the business of the country or unjustly
injure the debtor class." There was no inflation then. Now come the
soft-money leaders of the Democratic party, and try to persuade the
people that the promises of the United States should only be
redeemed by other promises, and that it is sound policy to increase
them.

The credit of the Nation depends on its ability and disposition to
keep its promises. If it fails to keep them, and suffers them to
depreciate, its credit is tainted, and it must pay high rates of
interest on all of its loans. For many years we must be a borrower
in the markets of the world. The interest-bearing debt is over
seventeen hundred millions of dollars. If we could borrow money at
the same rate with some of the great Nations of Europe, we could
save perhaps two per cent per annum on this sum. Thirty or forty
millions a year we are paying on account of tainted credit. The
more promises to pay an individual issues, without redeeming them,
the worse becomes his credit. It is the same with Nations. The
legal tender note