He successfully opposed a bill providing for what would have been practically an irredeemable currency, and he voted against the bill for chartering the second United States bank, although it provided for the redemp - tion of bank notes in specie, because he objected to permitting the government to have so large a share in its management.
There still remains, however, an irredeemable debt due to the common schools, Ohio University and Ohio State University, in return for their public lands.
The nomination of Law to the controller-generalship, re-established for his benefit on the resignation of DArgenson (January 5, 1720), let loose still wilder speculation; till the day came when he could no longer face the terrible difficulty of meeting both private irredeemable shares with ~ variable return, and the credit notes redeemable at sight and guaranteed by the state.
The bonded debt of the state on the 31st of December 1908 amounted to $550,000, of which the state held an irredeemable bond for $380,000; the actual redeemable bonded debt of $170,000 was due to the investment of the school and university funds in the bonds of the state.
The Democrats adopted a platform declaring in favour of indefinitely enlarging the volume of the irredeemable paper currency which the Civil War had left behind it.