The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-04
HON. I. A. HENDRICKS.
A Speech to the Ohio DEM
OcratS.
A RALLY FOR GOVERNOR ALLEN
The Financial Policy of the Admin
istration Denounced.


Amer aludng TO the question of the Gubernatoral
election and urging the ACCESSIBILITY OF the re election Of
Governor Allen he considered the republican financial
policy OF which he sad-Upon finance, what do you
want your vote 10 mean2 DO you wish II
10 be an approval and Endorsement Of the
policy OF the republican party on that suolectr That
policy found in the act of the l4h of last January
Governor Morton informed the people of Ohio that II
the result OF consultation and compromise, and
that every republican Senator voted for IT, rs
did all the republicans IN the House except few from
the Eastern States No democrat IN the Senate voted
for it, and ! am that it received any demo
cratic support IN the House In his speech at
Marion Mr. Senator sherman declared that
he reported the measure advocated and voted
Tor IT, and heartily defends and approves
IT, that it the result of the most careful debera-
ton; that it definitely declares public policy and
al 1t fixed policy Of the republican party and
no step backward And now, that act declares the
deliberate purpose and fixed policy Of that party upon
most important question, it should be accurately and
generally understood The first section provides for
the substitution Of silver coin for the fractional cur
rency. The silver is the Treasury and must be
purchased The special despatch to the Cincinnati
Commercial of the 14th OF last month says:The Secre
larry OF the Treasury will be obliged TO sell $50 900 600
and $40 600 600 OF five per cent bonds for that purpose
The direct effect is to increase nterestb bearing
debt about forty millions In other words it is the
version of domestic debt, which bears interest
into foreign debt bearing interest Silver coin, when
so issued will not be legal tender beyond 50 Its de-
probation below gold will be nearly, il quite,
great that of the currency which it is to displace
The second section repeats the law which allows
charge for coming bullion, and is proper. The third
and remaining section removes the legal restrictions
and limitations 10 allow free banking
PAYMENT PROVISION
1t also provides that upon the issue Of bank bills to
the banks the Secretary the Treasury shall redeem
legal Treasury the of eighty per
of the bank bills issued until the volume of the
legal tender Treasury outstanding shall be reduced
To $500 900 The effect of that provision to sub
sute national bank paper for legal tender the
of about Ss2 900 of the latter section
then provides that ION and after the LIST day of January
A. D. 1879 the Secretary OF the Treasury shall redeem
ia coin the United States legal tender notes then
outstanding their presentation tor redemption al the
Office of the Assistant Treasurer Of the United States
in the city Of New York, in OF not less than $50"
Thus by the process of redemption and substitution
all the legal tender notes are 10 be taken from crcula
ton and the currency the country Is and
bank bills; in other words it is intended to give the
national banks the entire field, notwithstanding that
the same Congress in the month of June before had
given the country the that the legal tender
circulation should remain at 1892 coo 900 Such was
the construction given TO the act Of June, 1874 while
it pending IN the Senate have given you
The language OF that provision of the act
requiring the Secretary Of the Treasury, the first
tender notes then outstanding because il had been
stated to the people Of ohio that 1.-THE bill provided that
the greenbacks should not be retired leave less
than $500. 600 600 in circulation"
POLICY CALANTOUs
From the language OF the law you perceive that all
the legal tender notes that are not displaced by bank
bills to be redeemed and taken out of circulation
DO you wish your vote to approve tins measure and
fasten il upon the country.
Mr.. Hendricks then reverted to the probable calam
Gus effects OF tins policy on finance and sald;-ls this
terrible blow fall the industries the country
Ohio stands in the van. She should make her great
strength so felt that even Senator Sherman, who re
ported the measure, VIII respect IN movement for
repeal Ii Governor Allen be elected believe Il Will
be repealed-so great is the power OF the peo
pie. But Senators Sherman and Morton, in their key
note speeches declared TO the people OF Ohio that this
Is party policy, to be approved and stood by May it
well be claimed that Governor Aliens defeat would
show 1t TO be approved and ndorsed by the pcopleg
win you then expect the Senate to consent to It's
peal
UNIVERSAL BANKRUPTCY
However earnest We may be for return to specie
payments we cannotwish TO reach through universal
bankruptcy and frghtfu increase of foreign pub
lie debt Because OF my strong belief that this
ure IS fraught with calamity 70 the commercial inter
ess 10 the industrial pursuits and to the labor OF the
country have responded to the committees invita-
ton without reference to many other questions that
may be discussed among you. Having stated my Oh
econs the last developed financial policy OF the adj
ministration and its party, | ask your permission TO
read what said TO the people OF Indiana last year in
respect 10 specie payments.
PART OF AN OLD SPEECH.
1.-The expression IN favor OF return to specie pay
very general but the real question is when and
how that be Accomplishment so long a the supply
Of com small a compared with the paper money
IS impossible. The effort now would probably result
In commercial disaster The people SO believe. No
sentiment attributed Mr.. Greeley in 1872 was more
hurtiul his political fortunes than the demand for
immediate specie payments To render II
possible without hurt the country coin
aud paper must come nearer together In
quantity They will then be nearer, If uniform in
value How shall that be brought aboutr BY reducing
the paper currency With the present burden Of
tiona State and local taxation and the large volume Of
other Indebtedness TO be provided for THAI be
borne. II would cramp business and par'dyke labor.
No one desires return to specie payments
nestly than myself for believe gold and silver the
real standard VI values, universal and permanent AS
had occasiOn once before 10 say, the existence Of
commercial mediums OF different values, descrip-
ton Of money for one class and purpose and another
for different class and purpose Is serious evil
be long endured All the money Of the country should
be OF uniform value and readily convertible; but
not in that condition Our paper money exceeds our
coin nearly So to ST. How shall we bring them
together IN quantity that they may approach and
In vaueS Shall We commence the top
and tear down, or at the bottom and
build upY Business enterprise and labor every
important interest Of the country demand that the
value Of the currency be maintained their
qurements, but every interest will be siren ghened by
increasing the supply Of coin. How is that be-
cOmplishedf BY encouraging increased production
Of great staples that command the foreign market;
BY reducing expenditures IN foreign purchases and
by reversing the fatal policy which has sought 10 make
our debt a foreign debt when we purchase less Of for
egn goods and sell more OF our own productions abroad
and cease to pay so much Of the interest
debt abroad and pay II 10
citizens the current Of gold will turn toward
shores and then specie payment will be certain natural
ing prosperity As soon the business Of the country
and the condition OF European trade will justify the
opinion that gold Is accumuating and Is likely TO
main Congress may safely Fix the time and provide Tor
The redemption Of the Treasury notes
BORROWED
When addressed these sentiments 10 my fellow
citizens Of Indiana year ago il did To
that there craftsmanship beyond and above all
had thought 10 be found simply ia borrowing gold,
increasing national debt and the recurring pay
menI Of interest abroad. had supposed that our
ability At all times 20 redeem the paper currency gold
depended upon permanent well a sufficient
supply. had thought that gold brought the coun-
try under the Influences Of Increased production and
commerce would remain, but that borrowed gold would
not stay. Ny confidence Is IN the development of the
resources OF the country, the extend
ing productions and stable laws that regulate trade
aud commerce rather than IN temporary aud arbitrary
devices by Congress More than during the war
under the lead OF Senator sherman Congress undertook
IN Inn m ..IL u-L...