The Republican journal., 1871-07-27
should have been paid at par.
THE II-pPL-NCN

should have been paid at par.
THE CURRENCY.
In his speech Senator Sherman says That
if United States notes were issued directed by
the Government and substituted for bank notes
''lt would save the people the interest on The
circulating notes of the bank. Their credit
he says, depends mainly on the security OF
the Government, and the Government should
share in the profits" The Senator fairly COM
mitS himself in favor of abolishng the banks,
and the issue of greenbackS. Was that to
please the business interests of the State: 80
far, good" But as the Senator had uttered
words OF hope to the people, TO MAINTAIN his
| consistency as a statesman in speaking OF the
banks he proceeded to say with this admira-
bic system, for one, am not disposed TO inter-
| itre." That is, he is not only against the banks
but in their favor; not i'll favor of the issue of
grecuhacks but is opposed to such currency;
not only in favor of saying the people the in
terest on the bonds deposited by the banks as
| security but he is also i'll favor stll OF rcqulr-
inc the people to pay that interest. On all
public questions the senator seems to be like
| ihe office holders candidate for G0Ncrnor-he
| Is ',N0--Yes" against and for everything. He
voted to give away the public lands and for 4
resolution ccnSuring himself ior having done
So II, is in favor of a t0rll1 for revenue, hut
! votes for protection He declaiins in favor of
economy ana votes for the most cNtrayagant
! appropriations lie calls himself Republican,
! alid voted to confer on an American President
| powers unknown To the Constitution, and only
| cquaed by those exercised by the nonarch>
! Of Russia and Turkey: and he now proclaimS
| his readiness TO increase those powers without
| limit!
The financial condition of the country is
the work of the Republican party.
! Senator sherman says; "On the subject OF
t finance We need no resolutions 10 show where
we ,tind The whole system of financial leg
! i~ation is thc work of the Republican party.
This is literally true. 1t is a fact the financial
/ con !ltion of the country Is the work Of the te-
/ publican party. A crushing debt, and an un-
| equal and buriensome system of taxation are
monuments of Republican misrule;,
| Had the amount of taxes annually collected
! during the war been equal to the amount annu-
| ally connected since the restoration of peace
! .hCre would he no Federal debt to-day, and our
faxes would not exceed scN :nty millions.
The system Of borrowing, and the creation of
/. paper currency without providing a means
for lis redemption, caused its rapid deprecia-
ton. and more than doubled the cost of the
war by an imitation of prices When green
backs fell to be worth only fifty cents on the
dollar. it required two hundred dollars worth
of greenbacks to buy one hundred dollars worth
of supplies; aud when they fell to be worth
only thrty-three cents on the dollar, it requlr-
ed three hundred dollars worth Of greCnbacks
to purchase one hundred dollars worth of sup
plies: and by this policy Of the Republican
statesmen the cost pf the war was first doubled
an, then increased threefold. Senator Sher-
man is right when he says the financial condi-
tion of the country is the work of the Repub-
lican party.
Republicans. appeal to you-is there not
settled purpose on the part of the men in
power to conceal from You the true condition
of our public affairs: II You have doubts,
give Inc your attention Il moment further
This is The speech made by senator sherman
Immediately after the adjournment of the Office
holders Convention. lie says: "We have
paid Oft since the war nearly five hundred mil
lions Of the funded debt" Now, citizens, on
page 21G OF the Registers Report find these
figures:
In 40 the iund debt was cs55s3o96
show that in June, ls7l, the prin
cpal and interest Of the public
dent amounted TO -, ,i91 H. lfs
Debt reduced since the war. ....... Ssh, So So
From which ii appears that the Senator has
made the small mistake of two hundred mil
lions, SO much. therefore, tor the figures of
Senator Sherman and tlsa resolution of the
0llire-huldrr>' Convention.
THE WoRKINGNIEN AROUSED.
The business men of the country, the work
iugmen at length understand that their only
hope of relief depends uuon the restoration OF
the Democracy to power. In New Hampshire
the union of the workngmen and the Demor-
! rarY secured the election of Il Democratic Gov
cruor and LEGISLATURE. and in PENNSYLVANIA.
lIi,,'i- ho,I .,,l ara ,.tina too.thai WV,
III. Ha..,. ,hn ,pI,,n1, ,,,Gi.l, - l,,,l-n1 ~
-, j., honls h3s hnon wit6,r,wn RON ~ tha y.
traln, md here rs everywhere else bnsinnss
I.m@uishrs. and hundreds of l,borino men .,re
1hr0wn ont Of emnlovmcut. mo Democrnev.
when restored 10 power VIII correct inis evil
by paving of the 5-20 bonds in grecnbAcks, is
rapidly A. the necessities of trade call for mon
~. Al this tne our circulation is three hum
,lrcd million, less thaH in 1860, although there
is need oi moro money now than there was
lheu.
Ten State, which did not use our money in
March, $3.50. NOW have no other currency, and
the rapid development of the country beyond
the NiS>i>sippi calls for additional means.
return of >pcrie payment il the preteXt for
contraction. The real motive is the enhance
nent of the price of bonds at the cost OF the
TAXPAYER. 1t is 50 plain as almost to amount
To IN axiom that if there be two currence>,
and one of them is made by law receivable for
all purposes as money, while the other curren-
cy is not, the latter must be of less value than
the former. That is the condition of things
now Custom dues are only payable in gold,
which has to be purchased tor that purpose