The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-09-17
TIE FINANCIAL QUESTION.
HISTORY OF RBPUBLICAH ACTION
ON THIS SUBJECT

Futis, ~ Y. on F,tl1g. SEPT 10.
Mn. PRESIDENT AND GENrLEMEN: IL is
! our fortune to live IN cOuntry prominently
blessed with every essential condition to render
n the home OF uumcro us, uto-'erous' anu
happy people. Comprising forty de-roes OF lati-
tude, and one hundred degrees OF lonvitudc'
with almost every variety Of climate ana WITH
poii OF unsurp isscd fertlity,i isn' eX iggerA-
hon to say that tho United states of America
constitute to-day nationality inc0ntesIa9 ~ the
greatest In the history Of tue world. Foreeeeing
It's mighty destiny the Father cf his Country
predicted tnat "tnia stupendoIs fabric OF free
dom and empire" would become the asylum
for the poor and oppressed Of all uat ms and
religion" Timc si-nally verified the pre-
dicti,n. The friends II hoerty In otner lands
are looking with anxious Interest upon our proe-
tess bearing WITT ". In future ages, tho Tor
tunes ct thr human rarc.
D,srito these NJ oful augnries dcspite tho
unuumUci"d DOuntiss OF "a OeneAcen, Prove
dcnce. miinous OF our people are destitute II
smuluyu eut, and, rs CunSouu nee. are sun r.
Ink all tho evii- e poverty. famine. and dc-uait.
Oar Industries are pataiyLcd. tomn,tc, lnh
Euishes ani sands still. oar uauuf ciuries
have been closed. The aros nave gone
out IN our iuruaccs. rolling mills, aud iofkrs.
Public improvements have bee arrested. oar
railways have GO sed for "a" most art, 20 pey
divldends to their shareholders. or even To earn
sufficient to meet the aCcruiug ~ terest Oh th1ii
bonded deUt. From Il ~ ~ ito.en.
diminishes IN value, nd the run ~ our earn
mgs turns to duet aud usncs ON our hrs. As
might DO expected, universal b,nkrdptci Is
rnpidly advancing unnt sue cuuili4. bdlnr M
nrst six months OF loo. the ne ftutiis failures
Anuunted To- tie appalling number 1895. ~
solving au ag-fclatc SUM - Ioo+t,Sob. DIrihG
The cutrc- pOuHing pcri "a OF tai. year. thc f.u
ur,s lehed the alnu' Incredible nUmuer "
Lu0, nd amounted t. the enormous sum of
kVs4l54l9 DO not these tacls futeshadOw
genera national dis..-t aud ruihl
While this state Of thiugs is. nerhar~, in some
measure. due 80 agencies inscptruuie from the
var OF the reoclhOn. i,s chiei source Is TO oe
found In tho perye. sion ol the powers oi gov
70
rcss. Foremost IN tho catalogue OF errors,
an honest financial policy. lie ,io.1ti~,
the Government will inev,tanl produce a
harvest of individual cdliuit,. Goa hiia-
self has decrccd tutt Where stu -.suir.N su..il
snsvpr II - Without uecc.sity | md lui.-t Al
without the shadow Of Justification. tue u re-, IN
power ovei threw the tlu c-nuuVt. q Safeguards OF
the Constitution ana nolded the cou.lN Ms"
hundreds OF millions of lrrcdevn aDie, Il tctutt-
Ing, anu for "A tine almost WORTHLESS uaie,. Bst
this was not AL. wan an utter disrosard 81
thtt IL othes nations aud times. coy declared
this trash to Do q icgri t,fdcr IN pa ment 81 all
debts, pubic aud privat.. Win tnr cAccp. ION va
the duties On imports and interest GA O., uaD-
lie uebt. Accordingly it me to ot--, Ia pro-
cess of time, that when tucsc bfo~on p.DSr
promises became deprecated -u tuat tue, ~e.e
wor.h only hurry I've cents On the dollar. our
brave and suffering soldiers and sailor, the
hard. wotk,nE depositors Ia our s.Ning- u"nss,
tnd those whp' 1ui a sGoft un4e tel'sr, n.u
sold their Ir perry fNr goud h1uey. we've ci.u-
pelled to accept thes. printed lies in payment
Of their honest dues.
Decisive SCHEME.
That scheme oi nnance So grossly dishou,, Il,
and so fraugnt with untuld Vyil 80 every rtgAtt.
BILE class ~ the community. and above all 10 too
toiiiDg millions, should still delude any one ot
ordiugry Intelligence, seems iucteulrit. OF
course ~ Is To be expected tuat p4f.is ~ cIa-
tlderatlons will prpn.pt those who h'Ie To-
profit by the continued ascendency OF the party
In power to insist that the financial measures
adopted At the commencement e HE " " cou-
yitute just claim 20 the confidence a 4 .p-
port OF the county some, Ike tuui notorious
eharl tan ANA IuhAn, james 9. Balm, may
even have the hardihuUG to afi i,n liza all s. so
opposed Tue infamous scheme ia Its Inception
were disloya TO the country In the crucial u ur
OF ie t.te. ma' ce perhitt'd 10 say lh"t 81 l.,
not IN the mouth OF Blaine OF 81 any other ~ IA
OF like record, either In peac, OF VIZ. so i'm
pugn my devotion to he Interests aud honor Of
tbe country. For one confidently believe tht.
ON the page Of TN. aTtial history when tr.tli
shall have iriumphed over delu-ion. the authors
OF the leg.l-tender paper ctcul lt,on viii ue
held up as the worst enemies OF tho people.
Havng been myself chosen t. the Thirty
seventh Congress COntemuortneOusly win Mr.
Lncolns nrst election 10 the l'rcsid ~ncy. and
resar9ins The measure As a nalpabl, v,ol.tlui. %
the Constitution, / need hari,5 say tuat op-
posed II to the utmost extent II ml a'luty. ln
common with other tepuhicAn hepes 'nf ,tiNes
sought the opportunity g. stAtr the rrnund OF
party inexor.tly denied tue privilege oi
d, uate. In the sen lie, where tne ~! :
Of procedure sLch e. p.Thlt
freedom Of speech solemn and earnest pfot p. l..
wero uttered AGAINST tue measulc. -. ID. ui
CollImef, himself a JIfist and former Ca! met
Munster, as well ~ Ia Statesman Of the Li-i ~
order, PRONOUNCED the eCt a violation ci t.o
eEaanie law. The odtn which rave taken -
tuppprt tue Constitution saiu he, "is rrc1rd,d
10 heaven rs wei - on r-fth. aha even II t ls a
necessity, | c.nuot vOto for tne bill" n a
nordinsN moved 10 STRIKE vlt tne ,esai tcnd,I
Preston King deVl red that uruyisi % O. o. tl
sonsttutiond aud recorded tneir vote as-ia,'
r. Montgomery blaif, 'ne P'stmastef e ncra
Ia Mr.. Linculn's CHhlHef, dcnouus, ~ as ..u0l
kbins Inone,." Cnarlss Francis Adams said
"1he great OtJectiuu willch have TO the eti &
ment of legA tender Is IA 4 The tOuniri ttr, U-i
has. for the hist tine, breu tau-nt a lesson ol
fraud" and, he added, 81 do not see wherein
The Guyernnent can, ~ the mere fore. ul IL
Hepzih, make eredi or Take less tnau tat
tmount honestly due 10 bIu.'
Our revolutionary history had taught the
uern ana memorable lesson thar -lhv attempt
70 deHay the cA.eh-ts Of war 10y Inc o.
81 aper monei falher than uyre.ula taN-.i ..
bad proved VAIN and iluaory. As mode 90
raIsiuE revenue, the paper money might Oe coin
pSFea 10 LIZ, the cAptnses ~ COL c'lhs " Lie.
we're ten tinics as EIesi ~ Tie suns 10 OA-ni mt
HE Treasury. Tue benehs whicu tue Govern
meht derived from II was IA ~ way cu inmcusu'
ratr with the burdens Wbicu IL lmp POSED on Ia,
people Inc Coulinrntil money ~da, ia rs tn,
ghaiacteE' simple evidence VI deht tie bS H.,
Government; and may, as sucu, ue Duu44.i Cd
20 tue forced loans wui tne pJttutates oi
EUROPE have irom time To Time tNtlrted irtn
thersdbJects As a forced c.I.clts Il ti.s D..
eOuIbared to The base com which t.ese atiu.
potent nave isaIod Ia ,eAs"Ns ". tu..i- 49,.
IL edn be 1ustinei, II II can be hsIned ~ nil
onli On tle plea Of STATE II crss.tf-a iisa
which, 10 Di 80 :, h4a begn tus l,..ay res1lt "a
Oiauis' ai.c which is never 10 % admNteu win
gu. u CLOSEST examination. Tue historian 81
cult to b hc,e tAat a Lvopic 80 devoted = 90.
Ameilcaus u TIA, dAy were 10 the @ Else Dl llu
cry Moui4 have scrubbed about & Allg ,t.e "a
penses VI tue wuI. lut they were taugnt ~
some OF inelr leading Acu tnlt t.AatIla " .
quite uhheet7sht. AID That pay 4 ulu4.y ro.4.
SUPPLY every financial want. l. b.. ported Ga a
wnen prOpOrlti' Mas made 900 & Iu.f--. 3D. .-
tabiisl are venue aNatetn, one iAt.lD.IvN t.I,,.!
DO YOU think, gentlemen, tA.I nlll CON .,...
10 load ms Constituents with taxes, Whrt. SIC. d..
send ~ our priuter and get a wagon load d,
money one qulro Of which Will pas Ia "a.
NhulsY'
Tue best, II not the only excuse, Tor the pol ..,
which WAS pursued Is, IeInaya. to he fO4ud %
te otlulJn tLcn prevalent, that money va
something vi ich derived its value f.ltn 1.
authority OF q government. In no other way a.
We apoiogze tOr the acts which Imposed artef,
Bshaities On those Who refused 10 * aAn.
sbeir merchandise fur paper gLG which iu .uin,
Anstalcos OuthUtd the supposed onchdcr.
DEPRECIATION OF CONTINENTAL MOAEY.
Yet In the face OF THIS penal Legislation. IN
depreciation Of the Continental mouty was .iu
nressiye and rapidly accrieritrd. lulu tu
Assion exceeded f9,ODouUO hero was Goo c--r'
! sal decline Ia ITS value. But an JANUARY, a..
ono year aud uve months after the hr-t . nl,-lp
tho depreciation Was about IS per cent. ..un
lar aud quarter OF Cuntiueatd nl1ues hell
equal to one dollar Of hard money. IA Maich .
shat year the exchange Of the tuntlueuiii a.
hard money was at 10 D.; m July, 3 u 10 ID.
4 "a 1 "a he Nt.ar II ti4f t