Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-10-27
RESUMPTION Is OPPRESSION
81 SPEECH OF
SENATOR WALLACE,
Lafayette Hall, I'tfssbwrxh, Pa,
Thursday Evening, Oct. 2lst. 1875,

Lafayette Hail, I'tfssbwrxh, Pa,
Thursday Evening, Oct. 2lst, 1875.
What relief is there for the business
MANI Is it TO be found in the verifca.
tion Of the standing threat for rcsump-
tion in 1879? Shall Pennsylvania
follow Ohio These are momentous
questions. The business life of many
within sound of my voice hangs upon
the answer to them. Not here alone,
but in all our broad State, wherever
enterprise and energy find scope and
purpose, outside Of agricultural pur-
suits, the same result portcnds. Where
ever the roar of the furnace, the crash
of the forge, the clattcr of the mill,
tho shrek OF the engine, the hum Of
the spindle are heard wherever the
derrick, the sawmill, the fire OF the
puddler, the coke oven, the shaft and
the drill are seen in all the busy
marts of trade, on the wharf and in
the counting-room, men are found un.
easy. anxious and earnest in attempt.
ing to find a safe path of relief from
the almost universal dread of bank.
ruptcy and financial ruin. Disaster
and distress have already visited many
happy homes. The comparative afllu.
enee of Yesterday has piyen place 10
the poverty of TODAY. The cordial
grasp and cheerful greeting conceal
but lily the care that sits entbroned
within the heart of many who meet,
You in the hours of business. and these
give place 10 depression and gloom
when the circle of home is sought and
the welcome of loved ones is chilled by
abstraction and tbouobt ,Ohliv;on e
often the refuge of these whom forti.
tude deserts. or an unhingcd brain
usurps the place of Judgment and of
reason. How far distant is the hour
in which every one will be ready TO
seize his neig6bor by the throat and
say, "Pay me what thou owest ?"
Confidence has gone, distrust has come
and terror and despair follow closely
in their wake. emanufacturcr and
the merchant look around upon their
stocks and where they could count
their thousands they now count but
hundreds and for their merchandise
there are no BUYERS even at these
ruinous prices. Iron is stocked in the
mill-yard, furnaces cease to blast. mills
are untenanted, artisans are idle, goods
are unsod, notes are protested, and
the summons of the creditor is in the
hands of the Sheriff. Is this an over.
drawn picture? Your own city is the
best proof Of its truth. Here in your
midst is found the realization OF the
whole.
Whence shall come relief from this
condition Of affairs d? The answergiyen
us by those who rule is "Resumption
of specie payments in 1872 If this
answer be the true one. then Pennsyl.
vania should follow Ohio and vote to
retain those in power tho have enacted
the statute for resumption. If You
believe, as | do. that this is but an
aggrayation Of your present ills, and
that statutes for resumption without
preparation are only vicious and evil
continually, then PENNSYLVANIA should
not follow Ohio, but should as becomes
her dignity and powcr-as befits her
magnificent domain, her immense but
now prostrated industries, and her
sturdy, energetic, but suffering people,
speak for herself and recognizing her
obligation to pay in coin the uttcrmost
farthing of the bond, demand that
time be given her to recupcrate her
energies, to re.invigoratc her industries
and to honestly prepare for honest
payment. The cry Of our oppressed
people found eloquent utterance at
Erie, when the Democracy there de-
manded that the policy "of forced re-
of specie payments which
had already brought disaster to the
business Of the country and threatens
general bankruptcy be abandoned
do but repeat what ] have before said
in this canvass when | ask, may we
not ask for time to breathe? Is il
strange that the people grow rcstive
under the system that so heavily OPP
presses thcmY Are there TO be no
moments OF rest for those who have
saved as well the unity as the faith of
the republic2 2 Is this generation TO be
forced into bankruptcy in order that
the next may be freed from debt2 No
wise government will bankrupt its
people for fanciful idea.
Where are the evidences of our
ability to pay our notes2 Where are
the signs of preparation for resump-
tion 2 When, by following the path
of frugality, the ability to pay shall
have come and our promises do not
bear o ialsehood ON their face, then
resumption is no longer farce and
statutes for resumption are no longer
shams. We believe in paying our
debt in gold when we shall have re-
covered from the exhaustion consequent
upon fearful civil war and from the
extrayagance that has followed in its
wake. We believe in saving our
money TO surely accomplish that re-
suit. We do not believe in bankrupt
ing the people to try the fanciiul ex.
pertinent OF specie payment without
preparation. II is the path OF prach-
cal craftsmanship TO postpone the hour
OF resumption until the people are
rested from the cxhausting processes
OF the past ten years. IL should be
the last resort OF n government oil the
people, by the people, Tor the people
either to initiate or maintain policy
which tends to produce financial DIS
trIess and where conclusive PROOF Is
given that such is the case, unless some
great principle lntervenes, or greater