The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1876-08-05
DEMOCRATIC FINANCIAL RECORD.

DEMOCRATIC FINANCIAL RECORD.
While admitting that the financial record
of the Republican party in congress is far
from being sound on the hard money qucs
ton, the New York Euenihg Post takes
pains to summarize the action Of the Demo.
cratic party in congress to show that on the
same question it has been still less reliable.
We copy the summary of the Post below,
with the single remark, that while the record
as here given certainly fails to show that
either the democrats or republicans in con
gress very strongly favored early specie pay.
ment on the one hand, or initiation on the
other, it does show steady effort On the part
of the democrats to substitute greenbacks for
national bank rags, while the republicans
with the same persstency opposed such sub
stjtuton la the interest of the national banks
Now in the west, at least, we are unable to
see why there can be no return to specie pay
ment without Withdrawing all the greenbacks
and turning the profitable job Of making all
the paper money of the country over to the
national banks; nor or we able To see why an
exclusive greenback paper currency must
necessarily be inconsistent with rigid adj
herence to a specie basis:
Following is the Posts record
On the Nth OF June, 1870, Mr.. Randall
Dem, Pa introduced in the House OF Rep
resentalives bill making 1t unlAwfu for any
"indiyidual association or corporation to is
sue AS money any note or bill not authorized
by Congress-" and directing the Secretary
Of the Treasury to issue government legal
tender notes, not TO exceed S3Oo,0OOO0O, in
exchange for National Bank notes which he
was to cancel This was decidedly not step
toward specie payments, but II received the
votes of forty.one Democrats, while only six
Democrats voted against it; on the other
hand one hundred and five Republicans voted
against it, while only ten Republicans voted
for it.
The same day Mr. Morgan Dem, o. in.
troduced bill authorizing the Secretary OF
the Treasury to issue S400O00OJO in govern.
ment legal-tender notes, and with these re-
deem and cancel all National Bank notes and
$1,000 900 of G20 United States bonds,
Thirty.four Democrats and only three Repub
llcans voted for this bill, while one hundred
and sixteen Republicans and only eleven
Democrats voted against it.
On the nth of January, 1870, Mr. McNeely
Dem, I'D moved that the House Committee
on Banking and Currency report bull for
issuing Treasury notes in place OF ali Nation.
al Bank notes. Fifty-three Democrats and
only three Republicans voted for this reSolu
ton, while one hundred and twelve Repub.
llcans and only two Democrats voted against
| it,
On the nth of March, 1872, MI b. +. But.
tln rIll aS
and pass bill authorizing the payment of
one.third OF all customs dues IN United States
legal.iender notes Forty four Democrats and
forty five Republicans voted for his motion,
! and seventeen Democrats and fifty one Re.
| publicans voted against IT.
Coming down to 1874, we find that six
| Democratic senators voted tor HE Imitation
! bill which President Grant vetooi, and that
seven voted against IL had three OF the Dem
ocra,s who voted yea cast their votes with the
opponents of the bill it would hive been de-
/ feated. In the House of Representatives
thirty. five of the one hundred and forty votes
in favor OF the bill were cast by Democrats,
any twenty OF whom could have defeated It,
In April, 1874, Mr.. L. II. Hoarproposed TO
enact law providing that aiterJuly 4, 1876,
only gold and silver should be illegal tender
in the United States, and that alter that date
. L nlttiu NihttS uOtCS w iub'N" ~ Nh''
4 ed States bonds, bearing interestat for and
half per centum, payable in gold in thirty
: wears. Forty.eight Democratic Representa-
lives voted against and only twenty-five for
this preparation for resumption When, in
that same year, Mr.. Dawes moved To limit
the United States legal tender notes to S3o6,-
600 900 only twenty-five Democratic Repre-
sentalives voted for his resolution while fifty
one voted against it; had the Democratic
negative votes been cast in the affirmative the
resolution would have been passed.
We might continue this examination mach
further We do not make the comparison TO
relieve the Republican majority in Congress
of its responsibility for It's failure 10 secure
the needed financial Legislation. But the
} comparison shows not only thatihe majority
of the Democratic members of Congress dur
: ing these eleven years of peace" have been
opponents of all efforts 10 securelhe payment
: of the government notes, but that II was In
the power of the Democratic minority, had
they voted always for honest money, to secure
: legislation IN the direction which the Demo
cratic platform is now protesting 10 demand
i The following are the State elections &c
be held previous 10 the Presidential election
In November:
i Kentucky, first Monday IN August.
4 Alabama, first Monday in August.
! Vermont, first Tuesday in September
4 l. -