, 1875-08-02
CHICAGO, MONDAY AUGUST 2, 1876.
to hase our ohtcrptincA upon hpocte.partng mon
cy. aud upon thrift, intlub,Sy, and oconon,y.

to hAae our ontcrptihca upon hpocie.pay.ng mon
| cy, aud upon thrift, ihtiub.fy, and ecUuony,
Why THE ExcEsa 0F rApEl-HosEY.
Hut we Hopnbca.ia arn often l>ll that, II
| ShlH ~ tho standard Of vAtno. why WA EiRpor-
i'!oney tshued atat In exeebn Of tho amount that
| coltl 10 kept 1t p1t in gold. Tho nnxwer IL,
that = "an 1reuod untlot tic overwhelming me-
ctnrltlos of gr'at eis4l war. remember vell
and all thu succeshtic 1slcs VI unitcd Htatss
| hoter, ainl tOnk an etForsve a part any o,o
elan IN tr1yldshs for their issuo. II was III Feb
fusss' lFi2 atttr all. ttln hhnkB had Huspnnltd
HPcle-pAymcHtn, wien nnr ar,ILca l,nl nada no
lfo;rsss. Our revenues we.o cut oIE by tito Wnr,
AMI our expenditures ~ern tnpla than sl,OlO.o
day. There woso then ytng nn tho tahe IT
slr. chas', Secretary Of the Treasury, reqnhi.
tt1ns tor over sso.doo.o;p % lay our soldiers,
nlt!on, aud - tranntuttasion. Our bonds
couLl not bo rola, to7 there wns no
currency 70 pay for them. We' had Il,
itsao Ito notes OF TIM United stAtcs in tho
fnrhI of currency, and yet part of tic Pubic
debt. hD only THcstton Was, wtcthcr they
should hs leGal.tou1cr betwfcn individuals III
tnp Payment ot dobts. C,dn tlis s.ont l had
clear convictions. ! fcl: TINT, II our eodots
we're TO bH cn1npnllel to taka ti.cgo nnten ~
money, tllnt we ~cro buuf,d. II wo could, to re-
luiro everSa'o1r eiHo to tako s}lcn ~ 1tloi,ov.
nc could not !aaso them to tho trndur mcrctcH
"f creditors. Hllave's asi un,'attntlc tneu, who
"H'ald f.ladly dtcfF aud tepidlato ttteso 1lotss.
Wn therefore 1natto ti,em les,ll-testns, aud tho
hnprems t;ourt las upheld our pow or to do no.
hut "o TOOK orery r'erausioa to pfrrant their
deirccintin.l. Wo carefully ttniitcI tho nu,ou4,::
Wiz tnato tlo!n receivable for all internal t.,seB
nv Hado thoni ln1a-taudtr III payment or ail
dobtB; and G 1nhde them cbnrot it'll" INTO ho1ds,
tto hltcfott ~ which "as tnrablt y gnld, aud
Tue duties or taSes gu lmror:cd Eupis wero
made pasabIc IN Euld 70 that ~o would lavo
Ill alrto fHEd 10 gold 70 pzv tho jt.serrAs. After
I'll this, re LIMITED the amount beyond which wo
would never - ht :1th, ,tGn 0iu. slch Hns the
caro- atiu soc'tudo will, rLch We LoIEed in tn.
HseehbAckB, aud oVcry dollar uf them wa. issued
With tho understanding and declared public
| 10lcy that after tho Hir was over. they would
bo redeemed in gold. Tho great errns OF our
ilsanclaI policy was n rsneai,ag. Instead of
holder At l's wall to convert bin groenli,scks iutp
bonds. 1lliB would have restored them, soot,
nfter tho War, to pcr in gold. i'hu cpuasIMcuccH
Of this error il to,iasofsn us in the tli-errdt,
| noT ten ?tArH after tho War ib over, hf forcing
everybody 10 take nur nhtcr ut tIeuseciatiou of
II Fer ceut, while tho United Statfs. Will; aa,lG
lllcans, rcintc to relcetn thet uccord1nt; 10 thu
| rFalliso printed Oil their fnce; a,,,i this is-
| Nros. to ueciar. Tie Republican patty
| issuod tneae United htates nutn. ~ menus
for tho salvation u our country rrosu Ijrtno.
cratic rebelliou. Tho Defnocrati: l.emo tenta-
lives than III Congress declared that wc hal io
power to iEBuo thetu nosca; tint we had 10
t>Eht to lNako tben csaI-trnsler; aud lttut, If
h.utd, they would dsIrrtluso 10 10 worthcps.-
that thoy would b. bought by tho cord nud nur
ihry aro trying to n'nht their prophecy gonl.
He nAIseuub[lEanH. HOW trYiu{,. perhaps tuJ
c1roruiiy and CAUTIOUSLY. IL .naEc tlchs promises
Ruod. We nloail to d1 70. VIC VII! uu 20. not
ouiy without sacrificing any istneHr.iuterchte,
but 10 ~ TO rro'npto tl'ou tIus tie uunsocr4tlc
p.rty of Ohio. with the itl.*1o fully that hua
tt,a.ked their cOareo hinre the beginning Of tho
War, nre bnot on reducing our c,.r,feytu tho
standard Of Continental nloneT. Ut tllu' Fretci
esslgnats, Of III" wildcat iuu',ey vi toz.y Years
ago and Of Confederate tnuey OF tnn ycaru
aso "flsn It could DO bought by tho curi,
POSITION or THE TWO FAt.TIlA.
Lot IN H6W e!Anll1a the proclso position taton
hy lilo two great parties on this important 4uos-
tiun. At tbG i!r1t st.Hioa OF tllr latp ConsrtSy
ia Dccetuber, 1873 after tho panic had Awt.t by
ita feslhtesh I'roErc5s Elcat euto;pslsoa out Ut
cxtttcntp; when the tt3tnhM4 fur irun and fabrics
Of hun, anl, indced, fur all loaIi,g mauntao-
lures, ind csasud; "he1l Industry III Ill brnncueB
was sufarlag from paralysis. ConEreHa xas called
nron definitely 20 fauu this iinauc,al qcst;oa.
Asl previous atfnrts to restore our cu'rcncy to
tn soll.HianlRra hHra failed from irsncouciiab!u
dliicEcnc"s OF upsnou hnnnI all iartca aud IN
all nectioao Al 10 tho proper ucasnfe aIll tnEtI-
tIer VI duu., 10. Tlen tue Goinu!tteeu uf Fillancs
il tbs sellase rcrnrtdd rsbolntlun. very geuofal
i'll ts tef,ns, tint it was 1hG duty VI C>kI oaa tn
tHke definite measures to gCHiure our culreucyto
thu gad. This lel to Dictate NO.. iora-
he. Mt cast for its lcnr; H. Lnt with practically
no result, aud touEreth adjourned with 10 ueh!,ie
financial policy. lhIs waa tho first tuna iu ita
history wlen the Republican ar'y fuiIed to graz
p!u with the sruo OF tl.o Euns. 1t wont into lilo
cAnsaHa last taIl divided ln its couacils auu
slent "lsan it eloEld Lave sppkcn. lno reH,.lt
MAS out lt1ent aul tho restoration Of tl1o DtIn,,-
cratic taIy to power 10 til" House OF lepreBont-
AtiyoA, wui so,no eighty Confederate officers 10
represent thp lost Calico Wtu,l Congress mot
Ut tta last session, tl!ih HreoTs defeat hid QUO
good effect, 1t lea.t, III cuuyIncint; ]tetubl1cau
lncuiberh Of Cnnsross tint party charged Ml.h
tho administration pf ttIs tioYHri,u,ent must bo
nt'se 10 agras upun the 1nn>t pressing uueutiou
Ut tho time. lilo result was, aftur tho ,no.t
careful delibGatiou after tue floost exchunve uf
or!ulous; after mutual CONVERSIONS BY lseunitIic-
a1tR OF differing Uiutltonu, tnuxrosB did pasB a
law which does definitely dceIaro public policy,
hhu provides atlrle Entana lo rcrtera tur cur
rency to tho gull-atandard by thu l4t day OF Jun.
uary, 4. u. 1o79.
Az reported tlslH law, aa7orntotl 1t, voted for
it, aud nov heartily defend nnl a;proyo it,
stlli lnay bs H1owra 10 FAy that it lorn MT pre-
rcttoo a!t iin ai;oilceh and lsrAns TINT would
have selected to bring Abu t!lu result aimed ht
do nut CONCEAL frDns you my irnl convlc.ion
Tint shn trio p,liny was Era lHaIiy tu fund
Unfted StaleH notes until tho residue OF tllcm
Wo,e at par with Gult. Tl!u lAns -.lutes bv!u:
redrcuaole i'll United Sta!oh uotn-t would a!ku
rise to par at ths hatno time. 4 doc'aFe1 policy
Ct this Kind boldly pursued, woulI int, in 1ny
opinion. have renurl to xny c,ilsi,iprl'aIe tle-
Free tia volume nf tlo currency. hut Nonfd haro
added gold nul SILVER IL it. ard would llayu lI,-
splrod hncA cnntlteuce a. Mt oucS to start again
snto activity n,a.ly industries now languiahI1,
aud depressed, But iuany good l:cpnbrat,s
thought other"lse. and, tlurcfor.< WI aYrposI to
postpone actual resumption until Iau. /, Ia7y. |
excent 70 fer ~ IL would DO promoted by the |
circulation ol silver coins, ana thu ,jro,,-
A.atlous Which tue Acu1vlary Ut lts Ircns- |
uty III fully authorized to make III anticipation |
vi resumption ut tho tinm stated. WAllo, !
tcrofoTo, this Iaw docs not fully meet my sIsaB,
GTpeY ntpT4aIpu Uf 1t kHulIA In thu
Leadlls e.iitol1, Jumping ut ha.ty co.,ci.ls!onr
a. midnig!lt, decla,ol 1t slam. bit tioy often
have OCCASION to resise thoit opinions, antl nauo
Of them have aotls 10 a. to tlsis lan. lhoast
dutios cnjoined on tho Secretary OF tllo f1oaaury
BY this Law are performed, wo will, III suEu AZ
fate st the tltnD fixed, hAyo United htatu4 uotea
md hank.notes advanced to par with gold. Tho