The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1875-11-05
The Trne Financial Issue


Cincinnati, Oct 22.-Hon. II. B.
Wright, Chairman Democratic State
Committee, Philadelphia.
My Dear Sir: [ regret extremely that
it will be impossible for me to visit Penn
srlvania next week and take part in the
nending canvass. The reasons which /
! have heretofore explained to you, as like
" to prevent, are of a purely personal
and domestic character, but are as you
know imperative.
| take the hveliest intereBtinyour struggle.
It's result seemsto me TO involve, in addition
| to all questions of local policy, all ques
tons Of reform in the Federal Adminis>
| istratiUn, both as to the civil service and
as to the Southern States, the prosperity
/ or ruin in the industries of the country
! in the immediate future, and the POSSIBLE
/ ity of returning to specie payments in
/ a heathful and beneficient manner dur
ing this generation. The last year of Re-
publican legislation, the law for the dis
tribution of the currency, and the law
| for the resumption OF specie payments IN
1879 have put gold from ITO to III. The
! failures during the first six months of
1875 were 1877 in number; more than IN
any whole year prior to 1873 and nearly
as many as in the year 1874 Twelve
failures are reported IN the Times this at
ternoon. The depression of all the IN
dustries of our country has increased and
the consequent suffering of the labOrlng
classes is greater than ever. Never
have so many honest men gone without
bread or eaten the bitter bread of charity
or credit"
The powers confded to the Secretary
Of the Treasury to enable him to bring
about the redelnptionin silver OF the frac-
tional currency, are quite as ample and
very much the same as those conferred to
enable him to bring about the redemp-
ton in gold of the legal tender notes.
Those fractional notes are about forty
millions of dollars. The legal tenders are
about three hundred and seventy millions.
The telegraph this morning from Wash
ington tells US that all the officers OF the
Treasury in their forthcoming reports will
treat the proposed redemption OF traction
al currency as utterly impractlcable. And
yet these Republicans assert that they can
successfully and amidst prosperity exc
cute the law for the redemption of the
legal tenders in 1879, and pretending they
are the advocates of a sound currency,
assert most falsely that Democrats, be-
cause they will not applaud this system
are "fOr dishonest money, imitation
and "repudia ton. -
Shame upon such Hypocrisy The sue
cess Of the Democratic party will result
in a currency, stable in amount, fixed IN
value, regulated in volume neither by ar
bitrary laws nor the caprlces or even
judgments or Congressman or bankers,
but by those laws which commerce 1mpo-
ses upon all its Observation-Disclosures, and ul-
tlmately convertible into coin, and the
knowledge that this result will follow, will
in the mean time res tore confidence, re-
vive business, and put into healthtul mo-
ton the now dormant energies and actlv-
tiles of or people.
The loss of the Ohio has neither de-
strOyed our cause nor abated our ener-
gies Defeated by majority of 5000 IN
a poll of 600, 600, we have won more votes
than any successful party in Ohio ever
had before; weighted with heavy burthens
and opposed by an organization almost
perfect in its discipline, abundantly sup
piled with money, and struggling for its
life. The cause OF the people has won
victory even in default. Ihes Republl-
cans have the officers and the salaries,
but it has been shown that even in Ohio
Republican OhiO-in order to secure
them by the smallest majority, they were
obliged to bring "every man and every
dollar into the field. Feed from these
burthens, resting on its own intrinsic
merits alone, The cause of the people
would have won It's viciory, officers, sala-
ries and all, by twenty thousand majority.
I rejoice 10 believe that the Democrats of
Pennsylvania, are more fortunate than
we, and this browning glory is reserved as
the reward of their fidelity.
regret beyond expression that l can
not aid them in the struggle, and be pres
ent at its triumphant close.
| am, very respectfully,
CO II DI-N-1nI I,-r.cN-