The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1876-08-23

IL may make, the utteiancc of its leaders,
its own traditions and the conduct Of the
house of representatives. of the present
congress, all prove that the return of that
PARTY to power in the national government
would be followed by reaction measures,
dangerous to the peace of the county and
to the perpetuation Of what has been
achieved in the last fifteen years. Quee-
tons growing out Of the war would be re-
opened, perhaps reversed. Whether the
work of reconstruction has been always, In
every particular, done in the wisest and
best way, 1t is now substantially accom-
plished, aud any attempt to undo or mod
ify it would lead TO renewed aci q.
ton in the south infict inca Gu
liable mischief on the whole country,
better let it alone now. What the south
needs is political repose freedom from agi-
tation, andsperfect acquiesence in the re-
suits of the war. These will follow the
success of the republican party and COM
petc abandonment of all hope of reaction
airy measures through the return of the
democratic party to power. Permanent
pacification of the south can only be Sc
cured by giving to all citizens full and
equal protection in the enjoyment and ex-
ercise of all vil,politcal and public rights.
To enforce and secure these the republican
party is distinctly pledged, and it3 chosen
standard bearers have announced their
views and purposes in this regard in lam
guage which cannot be misunderstood.
Gov. Hayes in bis letter Of acceptance says
to the people of the south, "your moral
and material prosperity can lie most af-
fectively advanced by hearty and generous
recognition of the rights of all, by ala re-
cognition without reserve or exception"
and promises that when this is done all legi-
innate agencies Of the general government
| shall be used to promote the efforts of the
people of those states to obtain for them
selves the blessings of honest and capable
local government. This Is the only true
road to permanent publication and good
government and If the southern people con-
| suit their own best interest they will not be
led out of IL by following the false lights
of the democratic party.
Another matter of paramount importance
10 this campaign is the currency question.
| 1t is needless now to consider the causes
| which led to the large issues of rrcdeema-
| bic paper currency. 1t is another of the
| evils resulting from the war Nor need |
| stop to impress upon an intelligent New
| England audience how the use of such
currency produces fluctuations of values,
| and introduces into all business and COM
| mercisl transaction an element of uncer-
| talnty, thus disturbing the confidence SO
essential to all material prosperity. There
| can be no permanent relief from the pres
ent prostration and depression of business
| without restoration of confidence, and that
| must rest upon sound and stable currency.
The uncertainty and 1uctuation of values
resulting from an unsound currency OPP
presses all classes. The ireland poor, the
laborer on1 capitalist, suffer alike. though
not equally, for the greatest loss falls
| eventually upon the laborer and producer.
| To remove this hindrance to a he .lthy re-
viva! ct business and general prosperity is
| the duty of practical craftsmanship. 1t has
| been already too long delayed. After long
| discussion the republican party has pledged
itself to remedy the evil at fixed time in
the near future and has passed law for that
| purpose. But here too we fad the democrat
| ic party indulging in reactionary practices.
| While protesting to favor return to
| specie payments, it deliberately cxerts all
| its power to repeal the only act OF congress
which names time for resumption and
| provides means of preparation for it. BY
its platform it denounces the republican
party for its failure to make good the prom
| ises of the legal tender notes, and immedi-
atsly thereafter a democratic house under
the dictates OF its party attempts to repeal,
and does repeal go far as it has power, the
only act Of congress which authorizes the
redemption of the notes. 1t dominates for
the presidency citizen of New York,
who, by his letter of acceptance, an
nounces himself strongly in favor of early
resumption, and in the same document
| substantially advlces the repeal of the act
I!of republican congress which authorizes
! resumption on the 1st of January, 1879,
| and gives the secretary of the treasury
power to prepare foT IL it gives the second
place on the ticket 10 citizen of Indiana
who is the political favorte of anti-re-
| sumptionists, and whose nomination for
the first place was strongly urged by the
| widest inflstionists. Ii has spread II sail
| for every breeze, and has SO ranged its
| rigging that the most skilliul mariner
| would not be able TO take the ship into any
given port BY its platform it denounces
| the resumption clause of the act OF
| 1876 as hindrance to resumption, ard
| for this cause demands its repeal Mark
| the duplicity and obvious bad faith Of
| this declaration. The inflationists of the
| party clamored for the repeal Of the re-
sumption clause, because it means resump-
| ton, which they do not want. In order to
| conciliate that turbulent and powerful fac
| ton the party unites in demanding repeal,
| but to avoid giving offence to another fac
| ton, the clause is denounced as hindrance
to resumption and its repeal demanded for
that alleged reason. BY this arrangement
the inflationists get the substance and the
so-called resumptionists attempt to cover
themselves under the shadow of false
reason for their surrender. Pursuant to
| this arrangement the democratic house pro-
| ceeds to repeal so much of the act of 1875
| as provides for the redemption of legal
tender notes on and after the first day of
January 1870. If this demand for repeal
had been acquiesced in by the senate and
the president it would have completely
lates to the redemption of legal tender
notes. 1t has been asserted that such re-
peal would have had no other effect than
to abolish the requirement for resumption
| at the particular time named in the act aud
that it would not have had the effect to
take away or modify the power given the
secretary of the treasury to prepare for
resumption by the sale of bonds and &C.
emulation of gold for that purpose
But reference to the language and
obvious meaning of the act shows
the utter sbsurdity Of this pre- rrcr
The act is short one containing Only
three sections. TIE first section author
ICES the redemption of fractional currency
by the substitution of subsidiary coin.
This has been put into operation and is be-
ing executed as rapidly as practicable. The
second section abolishes the charge for
gold coinage at the mints. The third sec.
lion repeats the limitation on national
bank note circulation and directs the re-
demption of legal tender notes to the ex-
tent of eighty per cert of the circulating
notes thereafter issued to such banks, until
the whole amount of legal tender notes
outstanding shall be reduced to three humid
red million. The section further provides
that on and after first day of January 1870,
the secretary of the treasuary shall redeem
in coin the legal tender notes on their pre-
sertstion in sums not less than fifty dollars
and to enable the secretary to prepare and
provide for the redemp ions authorized or
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