The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1874-08-01
4lolitlnl AIIairs.


Governor Hsnarisks On Specie Payments
We take he iolloxins Interesting extract
Itom ,iso address delivered IS GOV, Hendricks
before me Democratic State Convention Of
INDIANA. "a Wednesday last OF the greht
Question Fl lie National currency, be said
We desire to FetaFn 70 specie payments.
Ii d serious evil when there are epmmeFeial
msdhsns Il different sAlpos when one de-
ses;ntioa 81 money is for one class and pur.
pess. ard another for q different class and
pnrbose. We can not too strongly impress
ia importance Of Tie policy that shall restore
uniiornAlty Of value 70 al the money Of the
eoun.ft, % tha, i shall be always and read''
bly conxcstibls. That gold and silver are ihe |
real standard d value Is cherished Demo
cratic sentiment not now OF heseaher to be
abandoned. But ] do not look % any arbi' /
tsasg enactment Of Congress for restoration
IL specie payments Such an effort nov
xonld probably produce widespread com
mercial disaster. A Congressional declaration
cannot make the paper currency equal % gold
ii value. h cannot make any blank note
worth - much as your gold dollar The
business al the country alone can do that.
When We fnd the coin Of the country increas-
inn shen We know that we are moving in the
dirccsion Of specie payments. The important
financial question is s---How can we increase
and make permanent our supply Of gold :
The reliable solution is BY increasing our
productions and thereby reducing our purchar
zcs and increasing our sales abroad. He can
readily obtain money WHO produces than
he consumes Of articles that ore wanted In the
market, and suppose that i IS 50 true Of
communities and nations.
How can the Republican party atone to the
people for is evil policies which have driven
gold from the county and rendered a return
q specie payment more difficult, and made
lis possponement inevitable? That party has
exeried all its powers to make our debt a
foreign one, and for that purpose and 70 that
end has esiablished singular relations between
our Government and European Syndicate,
or combination of banks, giving great advan-
taee in the arrangement. Now, every pay day
large sums Of gold are sent abroad to pay
interest coupons, the red blood drawn from
the veins and arteries Of the country. | be-
lierc il would be better for the country to pay
fourth or q third larger per cent upon our
bonds TO our own people than TO foreign
holders. Ireland was made poor by her
landlords who expended their rents abroad
Cheap Chinese labor eats Of the vitsls Of oul
prosperity on the Pacific coast so long as the
wages are sent back in gold to China. Tbs
farmer grows poorer every year who returnl
no nourishment 10 his fields.
Oar foreign trade has been largely agains
us. The difference between our exports an,
imports has been supplied in interest-bearinl
securities and coin. This great and constan
drain upon our gold has contributed to tn
depreciation ofour paper currency. sixyear
ago. atthe commencement Of the gubernatoria
contest, i had occasion to speak upon thi
subject / then said We cannot meet on'
dollar Of foreign indebtedness with our pape
currency, and therefore, when the balance o
trade Is against US, it is a constant drain upoI
our gold and silver Howlong can we endure
this without financial ruin7 And when car
wc return TO a specie basis, IL the specie BE-
constantly Withdrawn? Our reliable remedy
is in an increase Of production, especially o.
those great staples that command the foreign
markets. Then the specie viii flow to Our
shores in payment for our productions Their
we will sell more than we buy, and then oul
financial difficulties viii rapidly disappear,
and we win soon stand on a speice basis.
Cotton and tobacco are the most important
staples in our exports. and sometimes exceed
ING al other commodities. Since the close q
possible quantities, as it has been the dictate
Of humanity, Christianity and patriotism ID
promote reconciliation and harmony between
the sections. But political and partisan in.
terests have been made paramount to human
~ and the welfare Of the country. Bad gov.
ernments have been established, and as far as
possible maintained in the South. Intelli.
gencc and virtue have been placed under the
dominion and servitnde Of ignorance and vice.
Corruption has borne swks public indebted.
ness has become fiightfnl, andtaxes too heavy
to carry, and development crushed and en-
ferprise manacled. In word II has been the
government Of hatred and all this that a
party might bear rule. Are not Virginia and
Tennessee and Georgia and Texas green
spots Of the Sontl? And why? Because
theyareable tothrow oifthe horrible despotism
I. r. II