New-York tribune., 1875-09-27

\,
dress Of the Hon. Galusha A. Grow al the Repubh-
can mass meeting last night:
OVR INSTITUTIONS AGAIN on TRIAL.
FELLOW CITIZENS Accept my grateful acknowledge
mens for the cordalty Of this greeting Withdrawn for
years all participation in politics. wholly absorbed
in industrial pursuits come before you at this time on
tie invitation of your Committee, only from sense OF
duty such every good citizen owes to his country
With views unchanged on all questions OF National I'D.
mnistraOn. shan call your attention only to BRIEF
consideration q the financial questions forced INTO e
psy amS o, e Day G sayg a o sosc VI Who S are
10 follow me- when the rrepresshle conflict between
freedom and slavery, which for almost hall century
shook the Rcpubc With its earthquake throes s2a d in
The emanepation OF race nUe r,nnnr .Iat
ns nsa ~G"G inrn PfSR sr GSed denon to Jl the
encouragement Of the industrial Interests, the
Of the labor of the country We had then just passed
sceessfy the third Of the three great stages Incident
first 10 carve ont a national existence That fathers
did in the Revelation. Next they have to prove their
ability to maintain their position at the heye OF nations
by rcpelling all external sggrcs ons That was done in
the vindcaion OF the nvolabity OF American citizen
trcss Of the seas shores Next they must prove
their ability TO protect themselves agalnst theiseycs
OF half million hero martyrs will stand forever monu
men; 10 that achievement In each OF inese tlilS the
great requisite OF the nation was the heat oi oak anu
nerve Of steel.
The institutions Of free elective government are again
on trial The capacity OF man for segovernrnt is now
TO pass seycrst test In this ISSUE forced upon the
Democratic
esy and virtue enough discharge faithfully all national
yra IL onv raGIircs for success FIJI issue the common
honesty that belongs to uncorrupted human nature.
AN ATTEMPT To DEFINE THE DEMOCRATIC FINANCIAL
PLATFORM.
The Democratic party OF Pennsylvania, in almost exact
imitation Of their political brethren OF Ohio, declare in
their platform of political faith:
"That tie contraction Of the money currency and cir
ri attr1rrr ed bprpfO
party and the further contraction proposed by with
view 10 the forced resumption of specie payments, has
arcady brought disaster to the business OF The country
aud threatens general bankruptcy Nedcmand tha TINS
made aui Kept equal to the of trade leaving the
restoration vi legl-enders to par IN gold TO De Drongh
by DESTROYING them. =, and that all the Ma
t.,nai bank circulation be promptly and permanently
tired and full legal tenders he issued III tlof place
.That the public interest demands that the Govern
mcnt should to d5cred its own money, and sloul
make IT, legal tenders receivable for all public dues, ex
cep whore respect for the obligations OF contracts re-
qniIes payment IN coin"
The same class of men who made these declarations
when the legal tenders first issued denounced them
as unconstitutional and predicted that the time w0uid
come when would take bushc Of grecnbacks TO buy
bushrl of potatoes, and yet to-day they desros
OF having enough issued TO make their prediction good
One year go in convention in this State they declared in
favor steady effort 70 bring the Government notes
TO par with gold, and 10 secure a return 10
spccie payments at tho earliest possible period
that resumption could be effected with safety"
In National Convention at Baltimore they declared that
"a speedy return to specie payments was demanded
alike by the highest consideration OF commercial mo
raiy aud honest government Ihey Sc med 10 Dc very
much, on this question: lac the sch9Oi cacher VINO III
the examination, when he was ASKED II me world was
round or dat said hc would teach round or at ust as
The parents preferred 80 they would teach round Oh
fat' in considerations OF commercial morality ana honest
ends OF party. Mighty changes have been wrought in
three years In thcr views Of commercial morality and
They seem be like the Indian who rrofessed Chris
tianil aud when detected in stealing aud INC mis- oLary
asked hif lie did nt known honesty was the Dest policy
said yes but never could think oil H.
THAT THERE HAS BEEN CONTRACTION DENIED.
The first as sumption, that there has been contraction
the currency moi true in factor there has been no
contraction. What do by currency IL is that
which is used to make the exchanges Of commodities and
property II may be paper, il may be coin or both
To-day we have in currency and all paper, $3s2o0000o
of lega cdcrs in round numbers $50O0O,000 Of fIac
tiona currency OF bank circulation, 3ijc00O00 max
Ing tho whole circulating medium today 600 0C0
There 0OOO0oO in 1873, Tbs3,O0o,oOO IN lSbI
S3l2 100000 in 1860 We have greaier volume OF cir
culaon to-day than At any preceding period N the ms
Io ID pTevoa s 10 sco So a, the present disaster 70
traction of currency; and If general bankruptcy s
threatened" it comes not from this cause.
WHAT PRODUCED THE PANIC.
Wha. then has produced the depression in business
First the war that destroyed productive industry and
called from every branch Of business men to the field 10
uphold the standard of the Republic. The war increased
prices by making greater demand, which stimulated
production That OF ITSELF stimulated large addition in
the produetye industries over any previous period
of prices still further increased by tho
issue Of large AMOUNTS OF rrcdeemabe paper These Two
things stimulated all the productive industries but when
the war ended and the from the field went back
ueers these production
thus they filed the markets OF the country with large
surplus Of products and the demand not being equal to
the supply. the production went on until the stock was
large be carried by the manufacturers aud pro-
doers Hence the first great failure, that Of the
spragues which mnaired he business confidence OF tho
country with sorehOnses filed from cellar garret with
products for which there was no ninhct When pro-
ducOn Is larger than the demand prices OF necessity
,tSff fall xha f.l