Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1875-08-06

session OF the late Congress, In December, lS19.s
after tile panic had swept by It's rcsistless progress
great enterprises out of existence; when thef
demand or iron and fabrics Of iron, and indecd for aI
leading manufactures had ceased; whe0 industry ini
all branches suffering from paralysis, Congress
called upon definitely to iaco this financial question:
All previous efforts to restore our currency 10 the gOd
standard had failed from rreconcilable differences Of
opinion among ai parties and in all sections the,
proper measure and manner OF doing so. 1ncn the
Committee Of Finance the Senate reported resolt-
tlon, very general in It's terms that the duty o
Congress TO take definite our cur
rency to tho gotta standard. This led 10 debate
memorable, at least, for its length, but with pracuc-
ally no result aud Congress adjourned with no donito
financial policy This the first time in its history
when the Repubcou party failed to grapple with tho
issue Of the hour II went nro the canvass last fah
divided In its councils and silent, when IL should have
spoken. The result defeat and the restoration,
OF the Democrotc party power in the Houae Of Rep
resontativos with some eighty Confederate officers TO-
represent the lost cause When Congress met
at its last session this severe defeat
convincing Republican members Of Congress that a
party charged with the admnisrat on OF the govern
ment must be able 20 agree upon the most pressingi
question Of the time. The result was, after the most
careful deliberations; after the freest exchange Of
OpnIons after mutual concessions by Republicans Of
differing opinions Congress dd pass law which does
definitely declare public policy and provides ample
means TO restore currency to the gold standard by
the lst day Of January, A. d. 1870.
As reported this law, advocated IT, voted for Il, and
lowed to say that IL does NOT prescribe all the agencie
and means that would have selected to bring aboutg
the result aimed az, { do not conceal from you N.Y.
firm conviction that the true policy was gradually to-
fund United States notes until the residue OF theuS
able In United states notes would also rise 70 par ati
the same time declared policy of this kind, boldly
pursued, would not In my opinion, have reduced TO
any considerable degree the volume of the currencys
but would have added gold and silver to it.
and would have inspired such confidence as at once
TO start again into activity many industries now
languishlng and depressed. But many good Repub-
lcans thought otherwise, and, therefore, agreed to
postpone actual resumption until jan 1879, except
80 far as h would be promoted by the circulation of
silver eoins and the preparations which tue Secretary
OF the Treasury Is fuy authorized TO make In antet
patton OF resumption at the time stated. While,
therefore, this law does not fully meet my views,
every provision Of It tends in the right direction.
Leading editors, jumping at hasty conclusions at md
night, declared Il sham, but they often have occI-
sion to revise their opinions and of them have
done to this law. Though remote to time and;
very slow yet If the duties enjOned on the Secretary
Of the Treasury by this are performed will
fate, at the time fixed, have United states
Republican Convention in Chio in their second resS-
luton, declare, rhaI policy Of finance be steadily
ness or trade will ultimately eouaze the purchasing
same policy has been declared by everyj
Republican state Convention held this year,
as the fixed policy u the Republican party steady
march towards specie payments, and no step backWard
TUE POSITION OF DEMOCRATS IN CONGRESS.
What n the position Of the Democratic party this
question: when the finance bill pending in De-
cember last, the objection made by Democratic
senators was that il would NOT reach specie payments4
500? enough My collegue, Judge Thurman, wasi
quite faceous about caution and tmidity. Sena-
tor Bayard made strong speech against IL because ~
did provide for a contraction OF the
rency. Every Democratic Senator and Member voted
against it, some wanting 70 repeal the legal-tender
act wanting resumption in July, 1876, and ails
denouncing our slow progress towards specie pay
ments and now, "Preso, changer they for more
money. Judge Thurman is muzzled-alloved TO ap-<
pear only before selected audiences and my old friend
Sam. Cary is let loose to lead this new cry of more
money. Well, more money is good cry, for we All
want money, but IL is not by such party cry that
intelligent people will be led TO issue more and moro
depreciated paper money in defiance Of the warn
ings OF experience, reason, law, and public honor.
Before reading this new Democratic gospel let me in
vite the attention of my Democratic hearers to the
tude in which that old historic party presents ITSELF
If there anything definite 10 ts od-sme policy It
"hard money the money OF the constitution"
''money that jingies." Even during the war, wnen
the issue OF paper money was vital, there was some-
thing manly in their opposition TO IL But nov whe'i
the Republican party seek to make this money equal
TO "hard money" the Democratic party in convention
assembled forgetting the traditions aud teachings Of
their party demand more money, more deprecated
money; no limit restriction, no provision for its
payment specie standard Can you see anything
In this but aheer demagOSueismi base trihing with
your interests; the vain hope that in time OF tempo
rary depression you will forget ali the teachings Of
history, and vote them into power? Is the Demo-
cratic party of to-day the party which, 0y its bold
ness and courage under Jackson, secured The conf-
dence Of its supporters and the respect Of its adver
saries? No, sir Ever since the Republican party
came into power, on this as on every other
tsss'' tue; prosecution OF the war, it has become
simply opposition party proposing no definite meas
i ""a nd nnv, on ibis vital 1acstion The World
denounces the Enquirer, aud the Enquirer the World
and Gov Allen is made TO ride 90 platform in con-
THE DEMOCRATIC PLATFORM.
Now, telOw-cmizens, I propose, 50 that ]
may do no injustice, TO read to you the
sth, 9th, 10Th, llth and 18th planks OF
the Democratic platform, which present the govern.
ing Of this and 70 expose we'll Ms
| can, the of fact and argument contained iG
them. The eighth resolution will now read:
"EighthThat the contraction of the currency here
ofore made by the Republican party, and tho further
contraction proposed by 1t, win view to the forced
resumption OF specie payment, havo already brought
disaster 10 the business Of country, and threaten
| 1t with general bankruptcg and ruin. We demand
that this policy be abandoned and that the volume
Of currency be made and kept equal TO the wants OF
trade leaving the restoration OF legal tenders 70 par
| with gold 10 be brought about by promoting the
industries Of people and not by destroying them
This resolution commences with a faisehood OF faet
When did the Republican party the currency
OF The countryY That party devised our paper cur
reney both Of United States notes and bank notes The
| lions of dollars in 1864. The only reduction
! or contraction OF these notes was done by Sec
retary Mccullough in the administration OF AndreW
JOhn;on when il was gradually reduced from 400
| 35B millions. This reduction OF the currency was
suspended by the act Of Congress OF Feb T. 1868 The
voInme of United States then remained at 800
millions unit. October 1879 when Secretary Richard
son issued &c millions more, making 3s2 millions.
has been steady Of fractional currency
aud national bank notes, so that instead of coutrao-
tion there has been steady expansion OF the cur
renew As stated before, there was more paper cur
reney outstanding at the moment the panic came upon
us than ever BEFORE and with the vain hope OF stopping
IT, Mr.. Richardson issued 20 millions more
as Mr. Pendleton stated at Gapolis, that during tho
war Treasury notes Of yariens iorms compound M
forest notes, time bills, oil bearing interest and con-
yertibe into bonds issued but they did not form
auy part Of the currency but held for the accru
Ing interest; and these were all retired by McCu-
| loagh aud before Gen. Grant came into power. So
that all this cry about the contraction OF the currency
is false.
Bot they say that further contraction Of the cur
rency Is proposed, with view TO forced resumption
Of specie payments, Wel gentlemen, the hnanee Dn
of last session provides Tor free banking, that all
men who want money, and can give security for
its payment have it, In that event United States
notes 10 redeemed to the extent OF 50 cent
ONLY Of the bank issued thus issuing five dollars
aud Withdrawing four. Banks eau also az their pleas
| urc, retire their circulating notes. Now we have
| within few days official statement from the
Comptroller Of the Currency showing the actual OPP
Grafton OF the law Since Its passage circulating notes
have been issued TO and old banks TO the amount
| of 81, TS5 52j aud United States notes have been
Withdrawn the amount OF S6,2ZS f2O leaving an In
crease of the currency of over sl5OO0OO But there
has been reduction of the currency by the voluntary
surrender by national banks OF their circulation to
amount creator than this increase The reduction OF
United States notes depends the Issuing oil new