New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-14
POINTS OF THE SPEECH.

opened the Democratic campaign in Ohio here this
evening with a long speech, the greater part Of
which was devoted TO financial questions. He
SAID
Ihaye seen several statements the public press TO the
effect that the object OF appointment TO address you
to-day was that should sound the keynote Of the
campaign" wish in the very outset of my remarks,
to dscaim any pretensoD. Under free institutions
il for people TO give the keynote and, 80 far as
the Democracy OF Ohio concerned, they have dis
charged that duty in the platform adopted by our late
State Convention. stand squarely that platform
have advocated its principles heretofore, and shall
continue TO advocate them Perhaps this is all should
say about myself but inasmuch certain quarters
1 denounced a who has surrendered his con-
vIctons to appease popular camor it may be pardon
able in me occupy few moments in repelling this
charge The accusation reference 10 my support of
the financial plank the platform. Now, what is this
financial panki 1t condemns contraction Of tho cur
rency; demands the repeal OF the Resumption Act; ad
vocates removal Of all restrictions the coinage
OF silver and the establishment of silver money
metal. the same as gold-he IL before its
fraudulent decentralization; the gradual substitution Of
United States legaltender paper for National bank
notes. and permanent establishment the sole paper
money Of the country made receivable for all dues 10
the Government, and OF equal tender with cOn-the
amount Of such issues 20 be regulated by legislation
organic law give the people OF sta
bilty the volume OF currency, and the consequent
stability OF the value further increase I'm the bonded
debt, and further sale Of bonds for the
purchase OF coin for resumption purposes but the
gradual extinction Of the public debt rigid economy the
reduction Of expenditures in all branches OF the public
service and tariff for revenue only" These the
financial doctrines OF the platform, and now couf-
IDENTIFY defy my critics and ALL 20 any That
have given, during the nine years that have sat IN the
Senate that was inconsistent with these principles.
have steadily opposed contraction ever since 1t was in
augurated. spoke and voted against the Resumption
Act when passed. aud at the last session OF Congress
voted for its repeal worked hard 10 silver 10
the place It held before its decentralization. Several
years ago drew resolution for State Convention,
fayorng the gradual substitution OF greenbacks for Ma
tonal bank notes and that resolution, iniudeiOnsy
amended, ! believe every one now admits, was
passed by the convention. was OF the first to pro-
pose in the Senate that eenbacks should DO receivable
for oustomdutes and az TIT last session voted for the
bill making them thus receivable. have been the adyo
cate Of stable currency, and your platform demands
stability. / have conteudcd that the precious metals
ought demOnezod. and the platform the
doctrine. have spoken and voted against an in
Of bonded debt have advocated 10 the best
of my ability strict economy reduction Of
and revenue tariff My course therefore, has been per
fecuy consistent with the platform CT convention,
the journals and debates Of the Senate Will show And
beg leave add that have given vote. In the
nine years have sat In the Senate to which exception
was taken by the Democracy OF Ohio far as know,
or have ever heard.
GREENBAcKs AND NATIONAL BANK MOTIFS.
When the currency part OF the platform Is carefully
serutlnzed It Will he found that Its principal ature
the proposed substitution Of lrcenbacks for National
bank notes. think that do them injustice when
say that the leaders Of the Republican party favor
Of directly the opposite course-that Is 10 say, they
would retire oil the geeubacks In order that their places
might be filed with National bank notes. Let either
be taken and the metallic money Of the county
remains the same. Use either KIND Of paper and the
amount Of coin in actual circulation apart from the
small coins used for change, Will be comparatively email,
40 long as one and aud five dollar notes are freely
issued for such notes always drive cola oui or crcua
and desirable It will be just easy convert gresu-
backs TO convert DankiDOtes The question theu Is
tioual bank greeubacksi For several reasons
that will briefly state think that the latter prefer
/. In the first place. National bank currency means
The indefinite perpetnauOn OF tue National debt The
National banks their circulation Is concerned
are founded TINT debt. IL Is the security for
notes aud whenever the debt be paid the banks must
retire their circulation and to issue In
order therefore, 10 perpetuao their privilege OF issuing
notes they must strive 70 Pepetuate thc National debt
influence OF tnan 1000 such Institutions spread
al over ine ~Ii o. fety PometIuI lhaeed
debt Is National blessing believe that the Of
this true, and that such dsbt Il National To
nothing OF IT'S cOTrupng Influences It's drain OF the
OF the people 10 interest Is feaTfuly
pressft eeccdliy WHICH pOiNiOn OF ucDt -
held abroad
2 second objection to tho National bank system "a
that tends 10 combine, concentrate and intensity the
money power shall indulge m no defamation against
the money power. seek 10 excite passion no preju
dice. wish 20 reason fairly and wish you Judge
fairly. And do fairly when say that IN view
of the uudoubted fact thar during the period of
ton OF Congress steadily favored noncyed interest
and thereby greatly added TO the burhens OF the people,
the purchasing power OF money has immensely in
creased while the eXchangeable or purchasing power OF
everything else has renamed stationary or has dliu
I'D audi "A he
bank system coners special privileges upon the banks
thar no other institutions and individuals enjoy that
il combines more Than 1000 institutions now and II
perpetuated, may combine thousands more, IN a com
mon nnTpose and with a common interest 10 ma,ntan
their power ana prUOng their privileges that these u
situations are scattered all over the Republic, and act
ing openly IN secret able 10 Influence Legsla-
tures Congresses thousands Of voters II is not in
Justice but the contrary, IL Is the expression Of
wise nxisty to suggest that such a system is fraught
with danger 10 tho prosperity VI tie people and 10 the
purity Of their Government
g. third objection National bank circulation
is that IL Is special privilege thai puts many millions
OF dollars annually into the pockets OF shareholders and
takes many millions annually out OF the pockets OF the
people. The general rule il that person pays Interest
what be owes but in the case OF bank note this
reversed. The debt due by the bank,
instead Of paying interest upon 1.-the bank Is authorized
TO loan money, and take interest upon the loan. IL
thus enjoys privilege That no one else enjoys IL draws
interest upon Its Indebtedness and this privilege OF
the National banks brings them annual income Of
probably $ZOOOOOOO Their aggregate circulation is,
In round numbers 1922. 100000 think " rea-
sonably assumed that 1900 100000 OF these arc
loaned a. an at AVERAGE rate OF Interest OF az least por
cent II the annual Interest they receive from the
OF HOutl, not OF Capai, nut OF thtlf III
debtedness, f. S2l0OOOO0. And this Is taken out
OF the annual product OF the country, before that
duct is divided between labor and capital The general
rule that the product OF human industry ultimately
divided between labor and capital: but when bank
circulation s used. the banks first step and by virtue
OF their special privilege take large slice In the shape
Of their indebtedness. In the OF
our National banks this Slice have seen, amounts
SOL 1000 every year. Now n there Dc sound
paper currency but bank notes, then there Is nothing
left us bear this bHrthen try reduce tue
OF the eIaetion. But ~ the greeDback good
the bank note, and nobody denies that it u.s. why
IN laa ifr1fa
end put 10 the oXacnODl Aud, consider further that
greenback has issued, the Government
received value. That doenbaek had paid for services
rendered, materials furnished. ~ mas discharged
portion OF the DEMONSTRATING public debt.
There Is thus n saving the Government,