Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-11-07
The Merchants Meeting.
SECRETARY MoRRrLL's ADDRESS TO NEW YoRl
BUSINESS MEN.


half past twelve O'Clock with a crowd awaiting the
arrival Of the Hon. Lot NJ. Morrill, Secretary of
the Treasury, who was TO deliver an open-sr ad =
dress on the political outlook. AT about O'Clock
large body of dry-goods merchants arrived,
headed by band. Soon after this Secretary Nor
ill and the officers of the meeting appeared upon
the PLATFORM and three cheers were given by the
crowds in waiting.
Mr. Morrill,, after the applause occasioned by
his reception had subsidized, began his speech as
follows
FELLOW -CITIzENs-This looks to me very like
business Applause. feel grateful and the coun-
try feels grateful that at length the business in
stlncts of the people have become conscious of the
impending danger, and hail it as a harhinger of
that success which in the providence of God and
in the right we shall witness next week. Now, a
hundred years since the great declaration of hui
man rights, standing upon the ground made sacred
by the Inauguration of Notwithstanding
here, also, fifteen years after the salvation of the
country from disruption by civil war
he thanked God for what had been accomplished
Mr.. Morrill, said that the questions to which he
should direct the attention OF his hearers were few
and plain. Elementary questions had been before
the country for sixteen years. one of which was
whether the country should live or perish. Six
teen years ago last March, when the republican
came into power. the government of the country
was broken asunder and seven states were in
open rebellion. The credit of the government
was below par, and in Europe this great matte
had neither nationality nor credit. What did they
say of it to-day All the powers of Europe had
greeted us on our Centennial anniversary, and
sent their treasures here TO do us honor. APP
plausel Now, what next Why was there any
doubt that we were not now firm and strong in a i
respects Eternal vigilance was the price of lib
erty, and it cost not less to preserve that treasure
than to acquire it. When our national indepen-
dence was achieved our forefathers thought they
had accomplished something. But TO preserve
this heritage had cost the country eleven billions
of dollars in the last sixteen years. Some SAID
that part Of this had been squandered, but he
would come TO that by and by. Laughter This
work had cost great deal, but II was worth all It
had cost Applause. The entire cost of the gov
eminent since 1889 had been little less than
fifteen billions and of this he had said, eleven
billions had been expended in the last sixteen
years. This seemed extravagant, but by it the
Union had been preserved, and its institutions
made in harmony with the Declaration of indie
pendence. Applause.] If any one wanted TO
know how that money was spent, he had bet
ter go to the battlefelis of the South and dig
up the bones of the patriot dead. The demo-
Gratis said they had "solid South" Well
they always had it. Laughter What did
this cry mean nowi A voice-"Another rebel
lion 1t did mean incipient rebellion, and that
the President of the United States had to send
troops to the South to preserve ORDER The
solid South was the Trojan horse of American
politics, but he thanked God that his managers
did not have the same chance they had once. The
American people had learned something, and the
greater part were not Bourbons. Applause.
Mr.. Morrill, then took up the question OF the
public credit He said that result of the
question of finance came up, involving an enor'
nous debt. When the war closed this debt
amounted to 81 500, 100000. There
suit of the disordered currency, which was
an evil to every class. Anything which tended to
injure the credit of the Government was an inju-
ry to the credit of every citizen. What was now
to be done in regard to the payment of the debt
and the resumption of specie payments ? What
did the democrats say Oh these questionsi The
speaker then read the declarations Of the demo-
cratic platform on these subjects, quoting the
words, "Reform is necessary to restore the public
credit" Laughter Now, if what he had said
was true, the public credit was already restored;
the question was how to maintain it. Loud ap-
plause. This platform also said that reform
was necessary to maintain the national honor.
That was rich. Laughter. This came from
party whose administration, when the rebel
lion broke out, said it very sorry, but it could
do nothing to preventit. Mr.. Morrill, then spoke
of the great reductions Of the national debt under
republican administration, and said that year by
year the public expenses had been subjected TO
the most rigid scrutiny. They had been reduced
from 10000 COO year to S250, 900 900 in the
last fiscal year, 10 round numbers including the
payment Of 100000 900 of the national debt. The
speaker referred to the reduction of direct taxes
by the republican party, and said that If those
naming upon whiskey and tobacco bore too hard
upon the members of the democratic party they
ter. Now, the national debt would not pay il
self. What did the democrats say in their plat
form about paying it ? Not word. What
they thought about it could be inferred from the
record OF the party. The republican platform
contained pledge that every dollar of that debt
should be paid in coin. Loud applause.
Mr.. Morrill,, after dwelling upon the unsatisfac-
tory position of the democratic party upon this
point, said The republican party has passed
act pledging the resumption of specie payments
absOlutely I hat I'D tba
democrats say about that! They got that question
up in the last Congress and passed an act repeal
ing that date. A voice,-"How are you going
to resume Z 1t IS not question of resumng,
but OF maintaining resumption. We can resume
at any time, but we mean to make resumption
permanent. Everything is now in favor of re-
sumption. business is improving. The balance
of trade, which has long been against YOU is with
you, and my friend there will wake up one fine
MOI ming in 1879 and find specie payments begun
our side, and the victory we to register early
IN next week will enable US to accomplish our
pledge. II any one votes on this assurance and it
fails, will never look at him again.
Everything favor ed the resumption of specie pay
mems in 1879 if the republican party
remained in POWER. Some question had
been raised In this city as to the comparative cred
1t OF the government in 1860 and at the present
time. lie would read from very able and spe-
cious speech in which it was maintained that the
government in 1860 was able to place a loan of
five per centum bonds at six and six and one half
per cehtum. Having read an extract from this
speech (of Mr.. Belmonts) Mr. Morrill, said that
its author was mistaken. The government was
able to place small part of loan of $40 ,0O0, 900,
but large part of it could not even be put upon
the market. In 1861 an effort was made to place
loan of 100000 OF this amount SS,00O,-
900 were disposed of at IL per centum discount,
but the remainder was not SO taken. The records
showed that bonds which were sold in 1861 at
about ~ were quoted now at LOG in gold. GAP.
plause) On one side, in this election, lay safety,
and on the other uncertainty. twas said that
Governor Tiden was hard money man. Well.
that was good, but whether he would remain 80
might depend on who elected him and what com
pany he kept. Granting that MIR. Tilden was for
hard money, what was thought of the other end
of the tickets Was that hard or soft ? Voices
Soft ~ 1t was; very soft. Laughter Now.
If the strength of that ticket was in the tail and
not in the head, the tail would wag the dog.
lLaughterl
Mr. Morrill, then spoke Of the Southern ques-
ton lie referred to the discussion after the war
oil the question whether the freedmen were citi-
Gems by the fact of their emancipation. Every
democratic senator in Congress maintained the
negative except Reyerdy johnson. The demo
Gratis IN the South believed that the negroes had
no right to vote, and they thought it was an out.
rage that the North had permitted them to vote
With such a record as the democratic marty had
lA