The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1876-09-09

members Of his own party voting against
it,) and for which, therefore, his party was
not responsible, but for which the John
son party or the Democracy were respon.
sible. This denunciation, on that ground,
of President johnson, of Secretary Me
Culloch, and of Democrats, aud this fatal
defence Of his own party, he repeated often
in that campaign, notably at Sidney, Ohio,
on the 4th of September.
Amasa Walker used to say aThere
has never been but one difficulty in secur-
ing sound currency, and that has been
aud is the indiposition Of the Government
to convert its demand notes into time
bonds"
But perhaps you will rejoin that Gov.
Hayes has since changed his opinions, and
now entertains sounder ones. The fact is
this, that Gov. Hayes opinions on the
changing phases of the currency question
have always been merely those of opposi-
ton TO the opinions of some Of the Ohio
Democrats. They are strong men, with
the courage of their convictions They
never gave up till they were squarely de-
feated in the National Convention. They
always defined Gov Hayes aud gave him
his boundaries never he them. He has
at no time had grounded, independent
judgment of his own in these matters; an d
since both parties in that State have chas-
seed and changed partners with great
freedom, his testimony can be invoked for
almost any error, as well as for several
truths.
So recently, however, as the canvass of
1875, the position of Gov. Hayes was pre-.
cisely that which you attribute to Mr..
Hendricks now, but which in fact better
corresponds to Senator Morton's position
at the same or an earlier period. At
Marion, Ohio, on the 3lst of July, 1875,
Gov. Hayes said: The Republicans of
Ohio "do not propose to force resumption
by contraction Of the currency. They
are satisfied to leave to the influences of
time and the inherent energies of the
country the work that yet remains to be
done to place our currency at par"
THE GROWING UP TO RESUMPTION POLICY.
Do you recognize the mellow buncombe?
--"leave to the influences of time and the
inherent energies Of the country" What
energies? Which influences? And why
not leave to the same energies, which be-
ing "inherent" make no demand on good
men, and to the same "inhuences Of time, :"
which need no aid from human hearts or
brains, every other reform as well rs tine
reform of the currency?
When you wrote that "Gov. Hayes is
as sound on free trade and hard money
personally as you are did you really be-
lieve your friend capable of the foolish
faith of Gov. Hayes and the soft-money
men in the growing up-to-resumptiou'
policy? That is fat ignorance. To be-
gin with, our currency sufhced in quantity,
twenty-five years ago; and the more rapid
circulation since insured by checks, book
credits, clearing houses and other exchange
contrivances, constantly enables our cur
rency requirements to expand much less
rapidly than our wealth and population
increase. Great Britain, for example, has
doubled her population, aud more than
quadrupled her exports and imports in the
last half century. Her people, neycrthe-
less, are able to transact their business
with paper circulation no larger than it
was fifty years ago. Our own population,
from 1850 to 1875, not quite doubled.
Our wealth, from 1850 to 1870, little
more than quadrupled. During the same
twenty years our currency has been more
than quintupled. If Gov. Hayes and his
party ride the hare at this speed, the tor
toise, left to "the influences of time" and
his "inherent energies" has stern chase
and long one. So much for Gov. Hayes's $
growing-up-to-resumption policy.
WHO CAN BEST EFFECT REFORM.
But your correspondent is not in ques-
ton. 1t is parity of power in the chiefs
Of the two parties that you affirm. Can
you then possibly think any man competent
to lead his party to specie payments who
is not competent to lead them to effect
great reduction of the aggregate of Fed
eral taxation, not to say great improve
ment of its modest Not every party
leader could accomplish that, had his
partisans an interest in all established
abuses. But besides the incompetency
Gov. Hayes enjoys in common with any
Republican Candidate, he has an incompe-
tency all his own. For, of the just men,
toned condition of currency reform he
betrays blank Inconsistencies. His
record, too, as Congressman and Gov
ernor leaves him with his proofs to make.
Not so Governor Tilden. His proofs are
made. Not merely in what he as persist
emily written, but in what he has success
fully done, has he demonstrated his ability
to take that indispensable step toward
resumption of specie paymonts-the re-
duction Of taxation-the administration
of the Government upon smaller scale of
expense. In two years he has reduced
the State taxations of New York nearly
one-half.
In the improvement, moreover, of the
modes of Federal taxation, is it delegate
to the Cincinnati Convention of 1872
(Which remitted the question of Free
Trade to tho Congressional districts) who
now expects more Of party controlled
by protectionists, whoever their titular
head, than of trained and instructed
economist like Gov. Tilden, leading par
ty which in its st. Louis platform dared,
mem. con to denounce in sum and in de-
tail, in cause and in consequence, the
monstrosities of the present tariff, and
upon that issue goes to the whole country !?
But as to the immediate problem of
specie payments and the parity of power
in the chiefs Of the two parties-nay, let
me rather say, as to the capacity Of any
Republican President to carry out that
reform, the evidence to satisfy or even to
encourage you is far to seek. Gov. Hayes,
as an exhorter to specie payments, would
never surpass General Grant. He would
never approach his personal supremacy.
What has Gen. Grant done for specie
paymentsf That he did prevent one
worse imitation let us gratefully remem-
ber. But with all his exhortations and
all his personal supremacy, what has he
been able afiirmatively to effect. Like