The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1877-10-18
THE CAMPAIGN,
Speech of Judge James A. Mallory at
Milwaukee.
His Views on the Questions of the
Hour.

10th, to ratify the nominations made by
the Democratic state convention. The
following speech, delivered by Judge
Mallory, was received with great enthu-
siasm:
Mr.. CHAIRMAN AND FELLOW CITIZENS
GU are assembled for the purpose of rati-
tying the nomination of state officers. made
by the Democratic convention at Fond du
Lac on the Goth of last month. The nomina-
ton for governor of Wisconsin came to me
late at night of that day unexpected and un-
sought; after my refusal to be considered a
candidate many times expressed. Under
such circumstances | did not feel justified in
refusing that nomination. The practical
results of the last presidential election. have
| awakened serious thought as TO our ability
TO perpetuate our free institutions. The
ma Ority-rule, which is the corner stone of
our Republican form of government has
been violated. / do not believe that anv
honest Democrat or Republican in this
country doubts that Tilden and Hendricks
were fairly elected. But subsequent events
well known to all, prevented their inaugur-
alton. ! firmly believe that the people of
this country will rebuke that act by an
overwhelming majority at the next presi-
dental election, against the party which
perpetrated that great wrong
1t is gratifying to know that the present
national administration has felt constrained
to adopt and practice the very policy towards
the south which We have advocated during
the past ten years.
The duty of Mr.. Hayes to his Cwn party is
of no interest to Democrats let Republi-
cans settle that matter among themselves.
have always believed is to be the duty of
the United States government upon the
close of the war to restore self-government
rho
carpetbag reconstruction, backed by mill
tary force, which caused strife and turmoil
during many years, stands to-day practically
acknowledged by the Republican party TO
have been failure and fraud
L favored the nomination of Chief Justice
Chase III 1868 for President, and supported
Horace Greeley in 1872 for the purpose
among others of abolishing military rule
and restoring local self-goyernment in the
south.
The moral effect of the large majority of
the popular vote, in favor of the Democratic
ticket in the last presidential election, con-
strained the present administration to adopt
a Democratic policy. Thus far our princi-
pies have conquered.
There are, however, other great ques-
ons of national policy, which Democrats
are in duty bound to advocate, one of
which is the proper regulation of the cur
rency.
The currency question is the attractive
political topic of the times. The continued
depression i'll all kinds OF business, except
speculation in gold and bonds, has caused
the people to inquire into the causes
Legislation has taken a wide range, COM
mencing with the act of congress Of Feb. %,
1862, which authorized the issue of the first
Sl50,000,0 600 of greenback.
BY the act of July II, 1862, we issued
Inv ha Of y
1868, another $780, 900 wasissued, making
total of 800, 100000.
These notes were declared to be a legal
tender at their face value, for all debts pub
lie and private, except duties on imports and
interest on the public debt. Many able
tinanciers are of opinion, that the first fatal
mistake was made by agreeing to pay the
interest on the public debt in coin, because
it created demand for coin, and was made
the pretext for declaring that the legal
tender notes should not be receivable fer
duties on imports; thereby causing the gov
eminent to place itself before the world in
the anomalous position of issuing its notes
to circulate as legal-tenders among the peO-
pie, and refusing to take it from the people.
Why was not the governments profnissOrv
note called "greenback" made legal-tender
in payments of duties on imports? Simply
because Wall street spectators desired to
enrich themselves by obtaining premiums
on gold. If greenbacks had been made legal
tender for all purposes, as like currency is
in France, who can doubt that they would
be as good as gold? and consequently re-
sumption acts would be unnecessary
A gentleman of this city who was travel
ing in Europe year or two ago has told me
that he accidently carried about 5000 of
French paper money into one of the other
European countries, and found that it passed
there at par for ordinary purposes, and was
exchangeable INTO gold at & of one per cent
between the two countries.
The act of 1869 which made bonds pre-
viously sold) payable in coin, which were
upon their face payable in currency, and
were purchased by American and European
capitalists with greenbacks that cost from
40 to 60 cents on the dollar, was an act of
unparalleled injustice to the American tax
payers, because it was donation made to
bondholders after they had purchased the
bonds, and added about % per cent to the
national debt
Next came the act of 1873 demonetzng
silver, by declaring that it should not be a
legal tender for more than So. What was
this for? To enable the bondholders to re-
ceive gold for his bonds instead of coin,
which includes silver, as provided in the
act of 1869. How stands the account now ?
The bondholder gets gold for his bonds, and
the laboring man gets silver in half and
quarter dollar pieces which lack lit is said
or grains of silver to the dollar of being
up to the standard of the honest silver dol
lar called the trade dollar, which was coined
for trade with the heather Chinee; 49,
100000 of such adulterated silver coin has
been issued in the place of the fractional
currency.
The banks are refusing to receive it on
deposit, and farmers are refusing to take it
from the millers for wheat This coin cir
n lot inrfr LII
This is the money of "Our Fathers" This
is the honest money which the Republican
party has been promising to the people.
That party evidently means by the term
hard-money; money which is both hard to
get and hard to get rid of.
! There is another act of Congress known
! as the resumption act to which we are
pointed as sure to bring relief; cannot see
/ how it will be possible to reach permanent
resumption through the instrumenlafitv of
that act and leave any currency for the peo-
pie to use.
! think Secretary Sherman, in his long
lOOked-for speech in Ohio in August last
shows that the act will prove a failure. He
says: " There are two modes of resump-
ton, either to diminish the amount of notes
to be redeemed, or by an accumulation of
coin in the treasury to maintain resump-
/ ton"
/ He says: "There is one practical defect
in the law the secretary is not at liberty to
sell bonds of the United States for United
States notes. Bonds are in demand and can
readily be sold at par in coin and still easier
at par or al a premium in United States
notes.
The process of selling for United States
notes need not 90 far because the mere fact
that they are receivable for bonds would
bring them up to par in coin; and THIS is
/ specie payments.
! The secretary further says: "The reason
of the refusal of congress to grant authority
+ TO sell bonds for greenbacks, often asked of
it, was that it would contract the currency;
and this fear of contraction has thus far pre-
vented congress from granting the easiest,
/ plainest and surest road 10 resumption"
/ This is the opinion of the man who is 10
/ bring Us to specie payments by the enforce
ment of the resumption act, and he tacitlv
admits the act failure.
+ If per cent. bond would contract the
currency it must be because the rate OF in
terest Is too high. statesman like Mr..
I Sherman ought TO be able TO devise bond
with such a rate OF interest as would keep