The Ohio star. [volume] (Ravenna, Ohio) 1830-1854, 1854-02-22

sacrifices for the of the Union not exceled
States II is to YOU as Republicans wish to address
what have to say tonight.
THE REPUBLICAN PARTY THE PARENT OF GREENBACKs.
Itwas the Republican party which devised and
tanned them and advanced them by slow and grad
ual processes to with coin. No doubt there have
be. as to the means by which the result has been
brought about but there should be no difference
eontriyed by their policy. and the chosen instrument
by which the forces of the United States were
to cg our wSf oe crre a Of
public opinion or temporary depression of industry
may tend to disturb the public judgment it should
be the will and the duty of the great party to which
face Of their United States notes especially when
but By 1esn the cesfess o public Poey ps g This
our own in which we naturally take pride. we
guardedit in its cradle when it reviled and de-
rided by our political adversares at a time when it
was said it would wander like Cain with a mark
upon its brow, dishonored and repudiated. We be-
lieyed in 1t then and we believe in it now.
WE PROMISED TO RRDEEM IT IN GOLD.
When we issued it we promised to redeem II in
COIN and every fresh issue accompanied by fresh
redeem it but provided for the gradual contraction
of the amount. In 1868 we suspended the contfac-
ton, but renewed the promise. In 1869 we sosmnly
pledged the public faith to redeem these notes in
coin. No step, however, was taken to redeem these
pledges, and, under the stimulus OF imitation specu
1ation riot visionary schemes were entered upon,
exrayagance prevailed until in September, 1Sl the
bubble burst, prices fell the wild deluso1s OF the
time were dissipated and business men had to lace
the inevitable evils that always come from IRE.
deemable paper money. Then, after fifteen months
% remedy I ior % the evils W we We're were suffering, the re-
sumption act was passed. The only object was to
make our paper money equal to CON- was not nf 5ne
could be agreed upon. 1t was very general in Its
provisions but did give ample power to prepare for
greenback. Or the contrary the greenbacks were ex
pressy to be retained to the extent of 600 as
and this was the LIST of January. 1872 to be made
good as coin, to be redeemable in con and to be
issued and reissued the money of the people, the
foundation of our currency This was to be the full
fillment of our promises. This was our answer TO
those who said the greenback would never be re-
deemed.
RESUMPTION ACT HAS vINDIcArED ITSELF.
And now fellow citizens, the resumption act has
vindicated ITSELF We will be prepared when
the time fixed shall arrive, to execute 1t and
maintain it, with entire confidence in its happy
effect in the revival of business and the restoration
-Four months before the time fixed silver and gold
and paper are almost on par with each other.
Your greenbacks will now buy within one-half of
things as the best gold coin ever issued from the
mint. The laboring man has standard OF value
unfulflled by the Republican party is almost per-
formed.
achieved were simple, lawful, and beneaoent and,
perhaps it is best for me to state them as breny as
can.
HOW IT WAS INDICATED.
First-silver coin was gradually substituted for
fractional currency. The amount OF fractional cur
rency redeemed to the 18th of this month Is S25 00
the same date is $50 so $50 Here has been no con-
traction but an increase OF over S4 current
expensive and wasteful note.
Second-A gradual retirement of United States
Oi6 now This reduction was made only as circu-
lating notes issued to national banks and only
to the extent of so per cent OF the notes SO issued
This was be continued until the amount outstand
ing was $500 000 but Congress- during the recent
session. in view of the general desire to stop reduc
States notes at G1s the ainount then out
standing. Though this adds to the difficulties OF
executing the resumption law, still have entlre
in circulation. a..-..-l.--,. T 5Tl.lll
GOLD ACCUMULATED AT THE RATE OF s5,oOO,oOo PER
MONTH.
Thirdly the accumulation of coin in the Treas
ury in view of resumption. The authority to thus
accumulate is plainly given by the resumption act,
and was the chief means provided to secure and
believing that this accumulation ought not to COM
mence during their terms, had taken
SUI Sumption sieDs e'- act When T I assumed the
duties of my present Office after careful study OF the
essary 10 accumulate, in addition to the surplus
revenue. the sum of S100000o coo of gold coin, and
that it ought to be accumulated M at the he rate q Of
date of resumption. It was confidently declared by
those who opposed the law that it would be impossi
BILE to accumulate this coin without putting up the
price of GOLD and thus defeating the object but the
experiment shows that it was not only feasible but
advantageous to the current business of thecountry
We accumulated readily during the eight months
of tnat year the rate of $4,000 month, with
gold 3 Se n a Ts
threatened repeal of the resumption act, but was
again resumed in the spring of this year. when wal
found still easy to accumulate coin by the sale
of AZ per cent bonds and the original plan was ex
ecuted sooner than was anticipates by the more
rapid sale OF bonds that the 10th OF this month
the Treasury of the United States supplied witt
S209 OIL ,753 15 gold and silver coin and bullion.
PRECISE CONDITION OF THE TREASURY RELATIVE II
| SPECIE. fr-.--ri. 'l'
| have received recent statement from the Treas
urer of the United States which shows the precis,
condition of the Treasury in view of resumption,
4 follows:
| WASHINGTON, D. c., Aug. 20, 1878.
'SR: have the honor to advise you that OF
August TO- 1878, there were in the Treasury as fol
| lows:
| Gold coin............... s1S5, ,27S, ,016 IS
| Standard dollars--.... 103S6,266 90
| Gold bullion ............... 6539, ,657 SO
| Silver bullion 6Sl2,Sl2 Al
| --s2o9 OIL 75S L
| OF which there will be re-
| Quired for the follow
| ing payments:
| Unmatured calls of $40
Coin certifcates s,,ii. outstand. S'''''|'
ing on that date. Si3,
| 721,S7O. less ST. 1885, $50
redeemed and in the
Principal Of debt ''t:; esfi- '''@0''
| mated to be due and
unpaid on that date. 100000 90
| Coin interest estimated
| to be due and unpaid
| on that date......-......... 100000 90
Excess. .Sl29 4S5, ,563
Nnay r1d ~, hap1 BOD Q1os n-o