The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-08-08
THE OHIO REPUBLICANS.
Senator Morton's Speech on
Republican Policy.
He Attacks the Democratic
Rag Platform.
A Defence Of the Vetoed
Imitation Bill.
URBANA. Ohio, August 7, 1878.


The following Is the speech OF Hon. O. P. Nor
ton, delivered here to-day
SPEECH OF SENATOR NORTON
FELLOW CITIzRNs-Again the people OF Ohio are
called upon 10 make choice between the repuBli-
can and democratic parties. The success Of Gov
ernor Allen ana his colleagues upon the ticket
will be the success Of the democratic party, In
which the individuality OF these gentlemen viii be
almost entirely lost. 1t is important therefore,
to review the history, the principles the purposes
and inevitable tendencies OF that party, in order
TO understand the consequences likely TO result
from It's success 1t is the boast Of that party that
Its principles have not changed, and that 1t
cherishes the same doctrines Yesterday to-day
and forever. But this is true only to constitu-
tional questions or those concerning the origin
and nature OF the government and OF the rights OF
men, for 1t cannot be affirmed truthfuly that upon
economic questions or those OF general admins
tration the party Is agreed or has any settled
principles or views whatever.
The distinguished Senator then reviewed the
course OF the democratic party In connection with
the war and the subsequent events, charging It
with responsibility for all the troubles which oo-
fell the country, and predicting that Its success
would render nugatory much II not all, which had
been done by the predominant party In the way OF
reconstruction. He defended the administration
against the scandals which had been heaped upon
1t declaring that
General Grant has been as foully illuminated as
any President IN our history, unless IL was Wash
tngton and Jackson. and yet none have come cut
OF the great Office clearer than he. BY the past
predict the future, and that he VIII leave the Pres
ldency Win the love, commence ana admiration
OF the American people, and that his great
as the leader OF our armies and as Presidents
VIII be remembered with gratitude when
his assalants are utterly forgotten. When demo-
cratic politicians howl about universal corruption
and boast how honestly the government would be
administered by them 1t Is not Improper, alter
pointing them to their own history In the pass, to
observe that your acquaint ance with them In
Ohio and elsewhere, in their different relations In
life, does not justify them in putting as
Stunning that they would be more honest or cap
o1Snt to be quite satisfied with the assumptlon ton
that they are on the average as good as other
Jion are men, who, having no faith in themselves,
have no faith In anybody else; VINO believe ac-
cording to their standard, that everybody is
rascal, and cannot see, In fact, how any man can
be honest where he has chance TO steal
He then proceeded to the consideration Of
THE FINANCIAL QUESTION.
By the acts OF Congress OF 1862 and 1863, the
government was authorized TO issue legal-tender
notes, commonly called greenbacks, TO the amouns
Of $500, GOO, 000 which were issued from time to
in 1864, to encourage the sale or our securities
the government gave solemn pledge to its
backs TO be issued should never exceed
$500 100000. BY virtue OF subsequent ACES,
were retired until the amount in circulation was
reduced $3.50, 600, 00o But 1t was claimed by the
Secretary OF the Treasury and his successors,
and subsequently declared by the votes OF
both houses OF Congress that the ZOO, 900 thus
retired constituted reserve In the Treasury. and
might be reissued whenever the exigences of the
government made 1t necessary. And in pursu-
ance .of this claim of authority the tary Of
tae Treasury, IN 1879 after the beginning OF the
panic put into circulat ton $26 600 Of additional
Rreenbacks leaving unlssued only SIS, 900 900 out
Of the $500 100000. The most eff the greenDacks
had been issued and all were authorized, when
what are known as the hve-twenty bonds were
first put upon the market aad IL was with these
the government at par. Ii was the opinion
OF many distinguished lawyers in Congress
and out of 1t that as these notes by the terms OF
the law were made q legal tender in payment of
al public debts, except interest on bonds and
nss tne IN in pavment OF tne nrlpclpa Of the Ave-,
twenty bonds. In FAVOR OF iris opinion the
reported in 1866 senator Sherman being chair
man-a high authority, ne having participated in
making all the laws upon the subject To this
conclusion subscribed July as question OF law,
but with the expressed opinion that they should
not be used Tor tnat purpose until they had been
In 1857 new financial school sprang into exist
ence, OF which Mr.. Pendleton, Of Ohio, was the
distinguished head, asserting the right and the
duty OF the government-then long after the i've
twenty bonus had been sold, ana IN violation OF
the pledge given In the act OF 1s64-to make q
further issue OF greeabacks TO an indefinite
amount beyond the $500, COO 900 and compel the
holders OF bonds to receive them in payment,
This new scheme was the poisoned ingredient in
the financial cauldron and the most demoralizing
proposition ever thrust into American politics.
No word or declaration OF mine can be found in
favor OF extending the greenback issue beyond
the $500, 100000 In speech In the Senate In
1874 just before the passage or the bin which the
President vetoed, said eve must take the
greenback as we 1nd IL. Its character cannot
now be changed, aud the promise to pay IL In coin
Is an unanswerable reason why it cannot be sub
stJuted Tor the national bank notes. Another
reason why IL cannot be substituted for the ma
tlOna bank notes Is that in tue act OF June go IL
was declared that nor shall the total amount of
United states, notes issued. to be issued ever
exceed $500 600 OOO and such additional sum nos
exceeding $50, 900, as may be temporarily re-
CURED for the redemption OF temporary loan.'
TINS was in the nature OF contract with the
purchasers OF our bonds, that the amount or
S4O0 00e, 600 cannot be exceeded without breach
OF faith"
This new doctrine created great excitement
throughout the country and alarm among the
national creditors, and was Justly, regarded as
opportunity denounced It as sueh This scheme
was by It's advocates blended with the rignt as
notes authorized and issued before she bonds
were SOLD aud with which they had been
purchased in payment OF the principal OF the
bonds and LED Congress- In 1869, TO pass q btu
known as an act TO strengthen the public credit,
declaring that the nve-tWenty bonds were pay
act settled the question. IL was brought
about by Mr.. Pendleton's proposition, but
original legal tender notes. Since that time the
bonds have been bought and sold on the faith Of |
the express declaration that they were to be paid !
in coin and the attempt to pay them in anything
else now would DO reputation and national dis |
n9Viny the aye.tWentg bonds must be constdsred
as settled, II anything eau be considered settled |
where the democratic party is concerned. II dem
ocrats now complain or tne act OF 1869 let them |
console themselves with the reflection that 1t was
the work Of Mr.. Pendleton ana mis- disciples, and |
was brought about by tue shock ana alarm which
his proposition gave TO the moral sense OF the ma
tlon-
THE BILL VETOED By THE PRESIDENT.
come now TO the question OF the redemption |
of legal tender notes and the resumption OF |
specie payment. No one has ever denied that |
these notes are promise TO pay the amount in |
coin and constitute part OF the pubic debt. In |
April 1874, bill passed both houses or Congress,
which was vetoed by the President. and Ia regard |
to which wish 10 say word. THIS bill declared |
the maximum amount OF Ereenbacks 10 be |
$500 O0O, OF which all but SIS 900 were then
In circulation. 1t did not require the governments
10 put the remaining SIS 100000 into circulation,
but simply declared the law 10 be what President |
Grant and the Treasury Department. since 1865
had assumed IL TO be-that under the !
acts OF 1862 and 1853 the greenback crcu,
latlon might be kept az $4oo,ooO,OOo, about
which, however, there was much doubt and |
discussion, and both the President and Secretary
of the Treasury had asked Congress to settle the
doubt. The bl further authorized the increase OF
the national bank circulation, in States having |
less tnan their proportion, to the amount OF nftY
four millions. IL was not expected this circula-
ton would issued raDlulV the IN hlfahmanr