Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1876-02-18

ton up to the close OF the war, Mr.. Blame
said: When the war was over and the
Union saved, one of the first duties Of the
government was to improve its credit and
restore sound currency to the people
and here We might have reasonably expect
cd The aid of the Democratic party. But
we do not receive it. lrreconcilably hes
tile to the issue OF legal-tenders when that
form OF credit was needed for the salvation
of the country, the Democracy, as soon as
the country was saved, conceived violent |
love for these notes, and demanded an al
most illmitable issue Of them. Mr.. Sey- |
mour, as the Democratic candidate for pres
ident in 1868, scouting the four hundred
million pledge. stood on a platform demand
ing that sixteen hundred millions of five
twenties Re paid off in legal tenders ; and
be SO heartily approved this policy, that IN
his letter of acceptance be declared that
- he should strive to carry it out In the 10
ture, wherever he might be placed In pollti-
cal or private life" His position at that
time was approved by every Democrat OF
high or low degree in New York, was unani-
mously reafirmed in their State convention,
was sustained by all their newspaper or
gans. and wes the recognized creed OF the
party, East as well as West. Mr.. Sey-
mour and his political associates in New
York have changed their ground. and now
proclaim an honest financial creed and,
after the manner o. the Pharisee, they
broaden their phylacteries. make loud pro
LESSONS OF superior zeal, and thank tod
reverently that they are not as their sinful
brethren of the Ohio demOcracy-those
financial Sadducees, who cor nue. 70 reject
ali idea of resurrection or demptlou fJr
the lega-tender.
have thus briefly reierrt to the past,
I A.. lx
an important bearing on ii. present and
the future. | do not assume that the Re
publican party can possibly discharge its
pending responsibilities by merely pointing
10 its former grand achievements Let
not virtue seek remuneration for the thing
it was But do claim that on this imam
cial question the course Of the Republican
| party IN the past Is a guarantee Tor tae ID
ture, and that equally the course OF the
Democratic party. Of both wings and all
shades, is a menace and warning TO the
people.
Mr.. Chairman, the country Is suffering
under one Of those periodical revulslOns IN
/ trade common to all commercial nations,
and which thus far 10 wisdom Of legisla-
ton has been able to avert Uncertainty as
10 the value Of the currency fIGm day 10 day
Is injurious to all honest industry And
while that which i known as the debtor IN
terest should be fairly and generously con-
sidered in the shaping Of measures Tor
specie resumption. there l. no justice IN
asking for inf4tion on it. behalf. Rather
there i the grayest injustice for you must
remember that there Is large class OF most
deserving persons who would be continually
and remorselessly robbed by such policy.
mean the lobor Of the country, that's COM
PEELED to live from and by it, daily earn
lngs The savings banks, which represent
the surpl,s owned by the laborers OF the
nation. have deposits, to-day, exceeding
eleven hundred millions OF dollars-more
than the entire capital stock and deposits
If the national banks. The pensioners who
represent the patriotic suffering OF the
country have a capitalized Investment OF SIX
hundred millions OF dollars. Here are sew
enteen hundred millions Of money lDcapa-
bic Of receiving anything but instant and
lasting injury from imitation. W hateyer
impairs the purchasing power OF the dollar
/ CORES pOndinglY decreases the resources OF
the savings bank depOsitor ard the pen
sioner The pensi0ner's loss would be abso-
lutte, but 1t would probably be argued that
the laborer would receive compensation by
his n0minaly larger earnings. Bot this
would prove totally delusiye, Tor no posi-
bic augmentation Of wages IN time OF
initiation will ever keep pace with the still
greater increase Of price IN the eommOdI-'
ties necessary 10 sustain life. except and
mark the exception-under the condition
witnessed during the war, when the num-
Der of labOrers was continually reduced by
the demand for men to serve 10 the army
and navy.
Mr.. Blaine next discussed the initiation
measures, which propose the abolition OF
national banks. and the issuing OF legal
tenders + take the place Of the bank notes
Withdrawn. and argued that i II were
otherwise practicable, toe faith OF the gov
eminent was pledged 10 restrict the issue Of
legal tenders 10 500 coo 600. and the pro
posed change could not be made without
violating that pledge. lie claimed that
the national banking system was immeas-
urably superior to any the country has ever
bad. and that the country would never con-
sent 10 put the currency wholly IN the pow
er and under the direction Dt Congress.
Once adopt the insane idea that all cur
rencv shall be issued directly by the gov
eminent. and that Congress shall be the
Judge q the amount demanded by the
e wants OF trade, and you have this
country adrilt. rudderless. on sea OF
troubles, shoreless and slGncless.
Among the anomalies presented IN the
currency discussion. Mr Chairman. Is. that
the West and the South should have 30
large an clement clamOrous for imitation.
OF all sections Interested in the specie
standard. the " est and the South stand first.
The great staples produced in those vast and
fertile regions, wheat, corn, Hour, beet,
pork. hides, tobacco. hemp, cotton, rice
and sugar, are lnevitably~snd peremptOrhy
subjected 10 the gold standard when sold.
IT. I -NN
much determined By the gold standard a.
that which i exported 10 Manchester. and
the breadstutf- sold IN New YORK are daily
eQuated with the prices Ct the Liverpool
/ corn exchange And SO Of al the other
commodities And Yet We hear representa-
tives Of the great Interests that are thus
compelled 70 sell at gold prices. res0lute
| and determined in their demands that they
shall be allowed TO purchase al their sup
/ plies on the paper basis When it Is re-
/ membered that the whole of the annual
crop IN this county,. reckoning all products,
reaches the enormous amount OF three thou
sand millions on the gold basis, and that
the surplus not consumed by the producers
i many hundreds Of millions Of dollars. and
| that the value of the whole Is estimated by
the gold standard, the farmers Of the coun-
try NAV End profitable food for reflection in
0
loses every year by an irredeemab!e paper
currency.
1t Is often made the subject of reprOach by
the opponents OF the republican party that
ten wears have elapsed since the war closed.
and nothing effective has been done toward
/ the resumption of specie payments Even
| if this were true, the Democrats are not
| justified il making the charge, for their
| party organization has been the principal
| obstacle and stumbling block in the way OF
resumption Bot. IN tact, great deal has
/ been done toward specie pay ment by pre-
venting IL faIion and keeping the govern
ment thus tar within the ur-huudred mil
l lion Isn't To d. tai AZ ha- bsen necessary
| to wage very sharp war With the Demo
| Gratis. and. against their demands that the
national debt be paid II Highlander notes,
/ the Republicans have had their hands full
/ thus far to maintain the demands and dues
! If common honesty.
/ Asamatter Of fact. however On quite
willing to admit that during these ten years
no positive and vigorous steps have been
taken toward specie payment. SO long ss
I the business Of the country was progressing
reasonably well. it was not practicable or
possible TO set to work deliberately without
/ the pressure Of necessity. TO force specie re-
sumption.
But now the ease Is changed Over trad
4 ing. the wild spirit of speculation. the IN
due expansion OF credits, enormous invest
ments IN premature enterprises. have work
ed out their legitimate and inevitable re-
suits, and with a foil volume of paper
money the crash came prices have fallen,
settling day has arrived, painful liquida-
ton proceeds. snd the whole commercial
and finan cial ia6Tia II settling down on a
sOlid foundation EKperisnce cOnvinces
where preccpt tails only or deaf ears. and
to-day, We haze men by the thousand long
ing and asking for return to specie, who,
three years ago would have violently OPP
posed it To attempt now TO build mp busi-
ness BY further il fation OF the currency in
wolves theory so wild and destructive that
it requires man of great nerve or of great
Ignorance TO propose 1t. Indeed. the shock
70 enn6Arnce by the uania of lS13 WAS so |