Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1876-06-29

the support of some who have found
their way to high places with no
other claim to their honors than noisy
professions of party principles and adj
ministration of the great chieftain.
| | have said that | opposed some of
the measures of the late Administra-
ton from a conviction that they were
erroneous. Although | believe that
the late President was honest in his
intentions, / consider that some of
those measures were injuries in a
high degree to the best interests of
the country. Among the most promi-
nent of these, were the removal OF
the deposites and the specie circular.
1 have always been, and still am OPP
posed to the Bank OF the United
States, yet thought at the time and
think now that the removal of the
deposites was unwise and .unneces-
sary. From the period we may date
the great extension of local Banks,
the enormous increase OF banking
capital and bank facilities, the unex.
ampled rage for speculation which ex-
tended until every one became ex-
cited with the fever, and which has,
in its consequences, brought uniyer-
sal distress upon the country. Under
the operations OF the specie circular,
gold and silver have vanished from
the land. / have been acquainted
with the business on the frontier for
more than six years before the order
was issued, and during that time,
even ia this remote region, there was
more specie in circulation in proper
ton to the paper currency, than was
necessary to tho want of the COM
munity. Current bank notes were,
all the time, readily convertible into
gold and silver, and from their con-
venience for transportation, were
generally preferred. / have often
seen persons anxious to exchange
their silver for paper and unable to do
so. Since the issuing of the Treas
ury order of last summer, nearly all
the gold and silver has been drained
from the country and lodged in the
Land Offices. The Banks in the
vicinity OF the Land Offices were
compelled Immediately to suspend
their discount, for while the land
fever was up and the land Specie
system in operation, it was impossi-
BILE for them to sustain themselves
and continue their issues. From that
period the people on the frontier be-
gan to feel the pressure. The specie
thus drawn from the country; passed
through the Land Offices into the
deposite Banks who now refuse to
pay it out either to the Government
or to the holders of their notes, and
now we find ourselves without a
currency of any fixed value, destitute
of the necessary change for our mar
kets and hostages, and universal dis
tress pervading our country from one
extremity of the Union to the other.
l do not pretend to say that the
operations of the government have
been the entire cause of the great
pressure, nor do | believe such to be
the fact; but do believe, most sin
cerely, that the measures to which |
have alluded have been most efficient
auxiliaries in producing the present
crisis as it is termed. | am not skilled
in financial operations. Even those
who are, differ in their opinions when
they undertake to solYe the inexplica-
BILE state of things as they now ex-
list. / think however, that it re-
quires no extraordinary sagaclty to
perceive, that the overtrading OF the
community and the wild and reckless
system of speculation that has been
pursued, have done more than every
thing else to bring about the disas-
trous results under which the country
| is now suffering. Whatever may
have been the cause, it is perhaps,
not important to inquire. 1t is use
less to indulge in accusations, IN
| elimination and re-crimination upon
tie subject. We find ourselves in
the midst of general distress; the
remedy should be subject of our seri
our consideration. To effect this, it
| is not necessary TO embitter the feel
ings of party. 1t is unwise and un-
generous in time of general suffering
to accuse my party as being the will
ful cause of our disasters, for surely
it never could have been the design
of any to infiict SO great an evil upon
the country. 1t becomes men and
Patriots to look calmly on and con-
slider what is yet left in their power
to do for the good of the COM
munity. Let all exercise generous
forbearance towards each other;
cherish mutual confidence, and en-
deavor to maintain mutual credit.
Let US curtail our expenditures and
redouble our industry; dispense with
Injuries, live within our means, and
save all that prudence and economy
will enable US to save, to meet our
engagements honestly. Brave the
storm and never yield to the pressure
however heavily 1t may press upon US.
If the people generally, and the rep
resentatives of the people will act
upon these principles and not waste
their time and energies IL valhy en-.
deayoring to seek out the causes OF
their misfortunes, in short time all
will again be well. And although we
may not, after the struggle is over,
have realized those dreams OF fortune
and magnifcence which few months
since filled our imaginations with all
that was bright and glorions, we
may maintain competence with the
satisfaction of having discharged our
duty as men to ourselves and to the
country, and the spirit OF contentment
will bless us with its peaceful vista
ton, more valuable by far than
wealth and honor with all her pomp
and splendor can give. !,
In making these observations, and
some which l intend to offer before
taking my seat, feel every respect
for the feelings and opinions OF those
whose judgments may differ from
mine. Upon ths hallowed day, l