Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1876-08-25

opposite constructions Of what they have done they
viii seek 10 perEerI, mislesd and deceive you In
New York they will talk about resuming and Cover
nor Tilden's plan Of resuming In Ohio and Indiana
they will say they repealed, far they could the
Resumption Act, and promise more gFeenbaeks.
Feow-sitizsus, if there is anything which ought to
settle the late Of the Democratic party with quiet
do what right it is the position of the Democratic
party on the Resumption Act. PEOpOs-
ing no measure themselves, for Gov
ernor Idens letter is the rs suggestion of plan by
any leading Democrat TO secure resumption, abusing
year for wishing TO resume and the nsxt year
for hndering resumption having fixed principle;
openly surrendering all they struggled for during the
war not daring take issue with the enforce
ment tine elsction laws, and creeping through the
most ridleulously small hole in the Resumption Act,
the Democratic party of to-day stands before you
without single principle or measure that it dare pro
claim
WHAT IS THE RESUMPTION LAW7
Let Us now briefly state what this Resumption law
is 1t contains several distinct provisions, but all Of
them intended TO bring up our greepbaeks and bank
for the substitution Of silver coin for fractional
reney. The reason Of this was that this
small currency was very perishable, lasting
ing ST. 10000 year. or three and one-half per cent
on the amount OF it. Ii WAS not money, but prom
Use to pay money, while silver coin was money OF in
trinsie value thar redeemed itself and cost nothing
for coming only and onehalf per cent and when
coined lasted indefinitely. We were able TO buy sill
thus redeem costly, perishable, dirty paper money
with bright, shining silver coin-real money. Now
this has been DONE aud thus this part of the Resump
ton Act is executing itself daily, and now every BODY
agrees that this was wise provision.
Another provision Of this act for free banking.
Before that, the organization OF National banks had
become a monopoly. The limit of the law had been
reached, and new banks could be authorized. Tne
Resumption Act threw down all barriers 10 the number
of banks, and put them the footing Of all other
trades or business. All persons can now engage in
banking on equal terms; start bank or wind
it up; issue circulation or retire it precisely
any man can do as slorekeeper or laTmer This
simple provision DESTROYED all the Illusions about
banking. We hear more Of excessive profits. What
any can do at any time he is not so anxious to
do. Under free banking more banks have been dis
continued than organized, more circulating notes
tired than issued. This is regulated by what our
trade and business" This provision is 50 eminsntly
Just that he would be a bold who would propose
to repeal 1t and restore the monopoly of banking.
PREPARATIONS FOR RESUMPTION.
Another provision of the Resumption Act was that
as new bank notes were issued United States notes
should be retired until the amount was reduced 10
$500 100000. This provision has been criticized, but
in practical e1seg5Sn TegIs UDsS sS7sd s.ss rs
notes is diminished without diminishing
the aggregate Of circulating notes. The only con-
traction Of the currency is in the voluntary payment
and retirement OF bank notes by the banks that issue
them and this is the necessary result OF free backing
Under these provisions the United States and the
banks are gradually preparing for resumption, and
these notes approaching the gold standard United
States notes are redeemable in silver coin, and
could if Congress would permit it, be redeemed in the
old silver dollar We have already two years before
the Resumption Act takes full ehect reached resumP-
tion in silver coin.
coin United States notes as may be presented on
and after January l. 1879 than two years hence
NOW, that ought to do that that We eau do IT, and
that when do it, prosperity viii at revive
mstters Of opinion about which there is great diver
sity. You know my opinion, that not only public
honor but the interest Of every citizen demands
that this promise be faithfully kept, and that if
we adhere firmly 10 it, resumption in gold and silver
coin will come quickly, surely and impereeptibly
as resumption in silver coin has No DOUBT it is
expeden for Congress to pass acts in aid OF resump
tion. have often urged ii. 1t may be that Congress
will have to postpone she day OF resumption and II
So is to be presumed that Congress will do its dutY
but the obligation make notes eqnal 10 gold and
silver coin, and steadily 70 pursue policy that
end is obligation OF National honor TO which the
Republican party is committed, and from which 1t can
not DEPART
Another and the only remaining provision Of the
Resumption Act Is the authority granted to the Sec
retary of the Treasury to issue United States bonds to
enable him prepare for and maintain resumption.
do not believe 1t will be necessary to use this power
further than il has been used for the surplus
and the sinking fund.- available for this purpose,
wil believe, be suticienti Dut at all events, the
interest on the bonds that needed for this purpose
Is insignificant compared with the great object that
will accomplished BY the resumption OF specie pay
ments in this country.
TIE SILVER QUESTION.
do not now fellow-citizens, enter fully upon the
great question of the restoration OF the old silver
dollar as the money of account for It has not yet
sumed party aspect. | have given the subject the
most careful consideration, and the first 70 pro-
nose the recoining of the old silver dollar. hat il
viii and ought 10 aid greatly 10 the problem Of
specie resumption, have no doubt. But there are
connected with the Of this dollar details about
which there is and will be wide diversity OF opinion
how rapidly it be coined; how far it shall be
made legal tender; the purposes to which II shall be
applied whether the redemption OF the greenbacks
feet to demonetize gold and its true rela-
tion to gold All these are questions wise man will
consider fully before deciding.
7 anh nF no Conmfttnn q
two Houses the silver bill. am not at liberty to
what occurred except as is shown by the action
OF the two Houses. Both Houses were In favor Of is
suing the old dollar-the dollar in legal existence
since 1892 containing Az $40 grains, and only demon
etized in 1878 when 1t was worth two per cent more
than the gold dollar. 1t then, and for twenty
wears had been only issued for export and was not
in circulation STILL 1t legal standard of value,
as we'll as gold always had been, aud 1t the right
Of anv debtor 10 nav in silver dollars as well as gold
dollars. 1t his legal option. The relative value
of the metals had often varied BEFORE and still
the right remained to the debtor pay in either dol
lar and therefore, in the cheaper dollar. The mere
disuse OF the coinage of the silver dollar could not
and ought not to. effect pre-existing contracts,
And now, when all domestic contracts have
been based upon deprecated paper money, made
legal tender for all debts public and private, except
customs and duties and interest of the public debt Il
would seem not only legal but right, in the broadest
sense Of the term that should avail ourselves Of
the rapid and remarkable fall OF silver bullion TO re-
coin the old silver coins. including the old silver dol
lar the Oldest Of eons and with them pay our de-
precated notes. and thus restore the old coin standard
Ibelieve decided majority OF Dolh Houses were IN
favor of this policy, but its execution is work Of
time. There is a limit to ability 10 coin silver
pieces, and mints can not be improvised 10 year.
I'VE therefore provided for all the silver eOinthat by
possibility can be coined at the mints OF the United
States driven to their utmost capacity, until July,
1875. So far we agreed. Aud we could have agreed
upon recoinng the old silver dollari but whether it
ought to be received for customs duties, now
payable in gold be paid out for interest on the pub
lie debt, We could not agree. We concluded, there
fore, that it could not be coined for more than
year, 10 organize commission, composed OF members
change, with view to collect and report the fullest
Information poss,ble Thus the question Of the old
silver dollar postponed until next winter when 1t
may be decided with ali the lights that discussion
may through upon it. I know that it can be and
ought 10 be made an instrument OF resumption as
well a vast relief to all industrial classes These
questions will be decided by the Republican party as
all the great questions Of the past sixteen years nave
been decided and to advance the general inter-
esis Of the people. The Democratic party, as usual,
will denounee what do, then hesitate then aequi-
esce, then approve, and then embrace
RETRENoHNENT AND REFoRH.
And now, feIow-citizens alter statement Of the
principal subjects that have been before us; after
showing you that upon all the questions Of the war
aud growing OF the war, the Democratic party has
confessed its errors and that upcn the vital topics,
protection 10 all, OF equal rights, the purity oi eec-
tions, and specie payments, its position is either
eOwardly, evasive, uncertain, or radically wrong;
and that does dare stand before the people
on any question, measure, or issue taken by II as
party within twenty years, come directly to examine
ekuf .tun Qu1Wtr WlI