The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1875-07-24

has been in favor Of reputation in
any form. We believe it Is our highest
duty to fulfill all our country's obliga-
tions, according to the spirit and letter of
our promise. We are not now and never
have been in favor Of volume of cur
rency, changing and fuotuating accord
ing to the whims Of parties or the intc-
rest of bankers, or the demands of reck-
less spectators, but sufficient for the
easy, active, economical and profitable
interchange of commodities, and as fixed
and stable as the nature of the case will
allow. And so long Us we must have a
Government paper currency, we prefer
greenbacks, which are sound and cheaD
and good, to national bank notes, which
at the outset cost the people six per cent.
and are ut least only redeemable in
greenbacks. He confessed that there
were defects and dangers in this coin
basis system, that the superstructurc of
paper was larger than the foundation of
coin, and that as the superstructure
grows higher, it grows wider and larger;
but he would not discuss to-day the
merits OF the various kinds of currency.
The present necessities demand relief
that should be promptly provided. He
repeated that he was hard money man,
that n return to specie payments should
be kept steadily in view in legislation
and In action, and that wise statesman
ship will seek the means of reconoilinp
such return with the true interests Of
labor and business, and jAstice to the
debtor. Resumption cannot be forced.
It must be the outgrowth of surround
ing healthy conditions, or it will be
neither beneficial nor permanent. When
IN Congress, he voted against tho legal
tender Act, believing the law unconsti-
tutional and the policy unwise. As the
policy had become interviewer with our
finance and trade, he would seek alI
the good he could find in it. He would
not abandon specie payments, but he
would not rush ruthlessfy back to specie
payments over the prostration Of all
business and the ruin of the debtor.
The Democrats established the sub-trea-
sury system, and the Government in 1861
paid nothing but gold and silver. A
hepublican Congress passed the bond
Act, the legal tender Act and the na-
tlonal bank Act. Gold and silver ceased
to circulate, and in 1865, the various
issues OF paper money had reached an
Republican system of finance to contract
the currency, and if necessary to this
end increase tho Understanding debt:
and contraction has been steadily going
ON ever since. With the decrease in the
currency there has been decline in the
prosperity and happiness of the country,
until now we are confronted with CON
dition of affairs which all feel too keenlv
to make description necessary. To-day
there is more property for sale under
executions by the sheriffs of Ohio than
ever before. Gold md paper stand to-
day Mt difference of fourteen per cent ::
q year ago, the difference was ton per
cent. Republicans claim contraction as
remedy for these things, and Congress
has passed a law declaring that resump-
ton shall take place in January, 1879,
and the treasury is preparing for this by
buying gold and silver. Every dollar of
gold purchased with bonds for the re-
demption of greenbacks adds to the an
nual interest It is the old story of
funding debt which pays no interest.
He showed by comparison that tho ex-
ports Of -four, wheat. cotton, petroleum.
meats, turpentine, tallow, tobacco and
timber had fallen Off $88, ,OOO, 900 since
last year. The Democratic party points
to middle path rs the way to safety.
Abandon this policy Of contracts, stop
tmkerlng with the currency, stop this
effort at forcing resumption, give stabili-
ty for time, give business moment to
revive, promote industry and produc-
ton, stimulate enterprise by the pros
pect OF gain, labor more and spend less.
The great want Of. the country is an en-
tire freedom for labor, q removal oc every
obstacle, the presence of every aid; fair
prices. steady markets and ready sales
are aids, and to secure these sufficient
and sound currency and low interest are
indispensable; and if to these be added
low taxes, rigid economy, simplicity of 90
yernment and purity Of administration,
the movement toward resumption will
be continued and accelerated.
CINCINNATI, July 22,-Reports from the
entire length of the Ohio Valley show
tho heaviest rain of tho season in the
past twenty-four hours, 1t is estimated
that 10000 acres of corn are under
water in tho Wabash bottom. Through
out Kentucky and Southern Ohio all the
streams are rising The river at Charles
ton, West Virginia, has risen fifteen feet
in twcnty-four hours. Great damage to
the crops must result from this severe
storm.
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