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 oblipa
tions, accordingto 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 into
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 80 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 at least only redecmable in
greenbacks. He confessed TINT 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 return to specie payments should
and in action, md that wise statesman-
ship will seek the means of reconoiling
such return with the true interests Of
labor and business, and jlstice to the
debtor. Resumption cannot be forced.
1t must be the outgrowth of surround
ing healthy conditions, or it will be
neither beneficial nor permanent When
In Congress, he voted against the legal
tender Act, believing the law unconsti-
tutional and the policy unwise. AS the
policy had become interwoven with our
finance and trade, he would seek all
the good he could find in it. He would
not abandon specie payments, but he
would not rush ruthlessly 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
Republican Congress passed the bond
Act, the legal tender Act and the M
tional bank Act. Gold and silver ceased
to circulate, and in 1865, the various
issues of paper money had reached an
enormous sum. Then commenced the
Republican system of finance to contract
the currency, and if necessary to this
end increase the interest-payinp debt:
and contraction has been steadily going
on ever since. With the decrease in the
currency there has been o decline in the
prosperity and happiness of the country,
until now we are confronted with a con-
dition of affairs which all feel too keenly
to make description necessary. To-day
there is more property for sale under
executions by the sheriffs of Ohio than
ever before: Gold and paper stand to-
DAY at difference of fourteen per cent.
n ha
cent. Republicans claim contraction as
a remedy for these things, and Congress-
has passed law declaring that a 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.
lie showed by comparison that the ex-
ports OF flour, wheat. cotton, petroleum,
meats, turpentine, tallow, tobacco and
timber had fallen Off $88, ,OOO, 900 since
last year. The Democratic party points
to a middle path as the way to safety.
Abandon this policy of contracts, stop
tlnkering with the currency, stop this
effort at forcing resumption, give stabili-
ty for time, give business q moment to
revive, promote industry and produc-
ton, stimulate enterprise by the pros
poet of gain, labor more and spend less.
The great want Of the country is an en-
tire freedom for labor, removal of 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 arc
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.
CINc1NNATI, July 22t-Reports from the
entire length of the Ohio Valley show
the heaviest rain of the season in the
past twenty-four hours, 1t is estimated
that 10000 acres of corn are under
water in the 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
tho crops must result from this severe
storm.