The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1875-11-12
SPEECH
OF
E. E. ORN is,
Delivered at catawissa, Tuesday
Evening October 10, 1875.

Mr. President, and .teilow citizens Of Cdtd-
,Cissa We are approaching anot her cleo
ton; and it, is proper on all such occasions,
that citizens should assemble and discuss tn G
Issues pending. The questions involved in
the present campaign are of two classes
those which relate to Federal Finance, and
the currency and those which relate TO the
management of our State finances.
1t is pertinent to remind you, in the out
ccedingly grave and important character.
Upon correct decision in regard to them
will depend, to greater or less extent, the
future prosperity of our country. Questions
that are to be decided by the sovereign peo-
pie, at the ballot-box, and on which depends
ourg governmental policy,a are always deserving
of serious thought and profound attention.
But those which are now depending are of
unusual importance, in their own intrinsic
nature, and from the circumstances that sur
round us at this time.
We have fallen upon strange times. With
no scarcity of capital any amount of un-
employed labor, and an exuberance of the
productions of the soil, we are in the midst
of a financial panic-a prostration and stag
nation of busness-that has continued for
more than two years. Capital fails to seel,
investment; labor asks in vain for employ
ment; our furnaces are out of blast our
machine shops and manufactures stand idle
in aim ost every branch of industry there is
stagnation-a nearly total prostration of ali
the business interests of our country The
thrift and prosperity of former years is gone
We see little else than the ghost of former
prosperity stalking abroad in the land.
One fact is clear: Whoever may be re-
sponsible for the present condition of affairs,
it is not the Democratic Party, either in
whole or in part. The Democratic Party
has not been in power, either in the State or
General Government for many years 1t
could not carry into effect any policy of its |
own; nor has it had even the negative power
of defeating any measure devised by the Re-
publican Party. So far, therefore, as our
embarrassments are due to governmental |
policy they may justly be charged upon the |
party in power. They could not result from |
any thing done or omitted by the Democratic |
party. If the ghost of murdered prosperity |
will not down at the Republican bidding it |
is no fault of ours. Democrats can truth
fully say: "Thou cans't not say / did it ;
shake not thy CORY locks at me-"
Whether shall be able to say any thing |
that will tend to bring your minds to just |
conclusion as to what should be done in or
der to remedy these evils must be judged of
by yourselves, | propose to discuss briefly |
the two classes Of questions at issue before |
us and first, in regard to Federal firance. |
In regard to this, there are three questions |
attention-namely, the amount |
of the currency, or the question of contrac-
ton or expansion; the quality of the curren-
cy, or whether it shall be coin or paper, |
greenbacks, or national bank notes; and the |
fiscal agencies by which this currency sha | |
be distributed amongst the people,
As to the subject of contraction or eXpan-
sion, if am not greatly in error the Repub-
lican orators are seeking to play at the game |
of "thimble rigging" fast and loose Now
you see it and now you don't see it," They |
charge us with being inhationists, with seek
ing to increase the volume of the circulating |
medium, and by implication claim that they |
are in favor of a contraction of the currency. |
In the same breath they deny that there has |
been any contraction, or that any contraction |
is contemplated. So far as the party plat
forms adopted this year may indicate the |
real position of the parties, there does not |
seem to be any material difference between |
them. The Republicans demand "a safe and |
uniform national currency, adjusted to the
growing wants of the business interests of
the country" This language is vague and |
indefinite, aud was doubtless made so inten-
I. al, l. -, i
square issue. But it clearly implies an in
creased amount Of currency. The business
interests of the country, it is assumed, are |
growing" are increasing, and, of course,
demand an increased amount of currency. |
The Eric platform simply demands that"the
volume Of money be made and kept equal to
the wants of trade" without determining |
whether "the wants of trade" demand an in
crease or diminution. There is no great
difference between these two utterauces, but |
the Republican platform in this respect more
clearly demands imitation than the other does.
In addition to this it should be noticed that
the Republicans demand "free banking"
What do they mean by this? Their system
of "iree banking" is fully set forth in the re-
act, passed last winter, This act
its third section, as defined by
Hon. Edward Mcpherson, for the removal
W ull prev lbhS W
of national banks. at authorizes each ex-
isting bank to increase its circulating notes
under the law WithoW respect to any limit
heretofore made 1t authorizes new banks
to be organized under the law, lCih0ut re-
3pect to aRy preUiOUS limit. And it repeals
all previous provisions of law for the distri-
button of national currency among the States
and Territories" This looks like unlimited
expansion Expansion with a vengeance!
And it is claimed by the advocates of "free
that if "more currency is wanted
and can be prohtably employed, self-interest
will furnish the desired amount by an IN
crease of banking facilities" The same act
provides that, as new national bank notes are
issued, greenbacks shall be called in and
at the rate of so per cent Of the
amount so issued, until the outstanding
greenback circulation is reduced to $780,
100000. This implies expansion at least to
the amount Of 20 per cent of all the new is
sues, and would seem to justify the claim
that no contraction is going on, and that
none is threatened,
Yet, the truth is that the currency is being
steadily contracted According to a treasu-
ry statement just made, "the amount Of ma
tional bank notes withdrawn and cancelled
last week was S3,5Sl $50" Since the pas
sage of the resumption act the amout of ma
tiOnal bank notes thus called inis about S25,-
00O.O 900. So that under this system Of free
banking, while holding ont the promise of
an increased volume of currency steady |
contraction of the currency is going on, un-
der the deadly pressure Of which enterprise |
and industry are crushed and paralyzed. |
And this is done to force resumption of
specie payments in 1879, This is the policy
which the Republicans ask us to support |
and which will he endorsed by the election |
of lIartranft and Rawle. They promise not |
to contract the currency, but go ON contract |
ing at fearful rate. We say "Ihlt the con-
traction Of the currency and circulating me-
dium heretofore made by the Republican
party, and the further contraction proposed
by it with view to forced resumption of
specie payments, has already brought disas-
ter to the business of the country and threat
ems general bankruptcy" They have con-
tractpd the currency. though they say they