Daily globe., 1878-09-13


ia as clearly defined as in time of war. Hr ne
views the well-known legal tender decision ~
the supreme court in order to show that moth
ing therein contained denies the right to issue
greenbacks at any time. and concludes: am
aware. also, that have quoted at great length,
and perhaps. have become tedious, but I de-
sired to prove to You. tn prove beyond doubt
t" our antagonists that there is not one W. I'd
in that long opinion to sustain the statement
So often made. that the supreme court has de-
cided that war greenbacks" are constitution
al, and peace greenbacks" are unconstitu-
tional. trust have dene so.
INDUSTRIAL sTAeSAT1oS.
Mr.. Pendleton closed his speech in the f.l-
lowing words:
The Democratic platform charges that the
industrial stagnation and consequent depres-
sion and suffering in the country are due to
the pernicious legislation of the Republican
party.
1t charges that it enacted sweeping change
in the measure of value, wholly in the interest
of the moneyed capital, by demonetizing silver
and decreeing the destruction of legal-tender
paper"
1t charges that by pursuing its merciless
policy of contracting the paper and holding
gold it has increased continuously the value OF
money and securities that partake of the en-
hancement of money and decreased the value
OF all other property, and especially of capital
designed for productive use and required for
the employment of labor, thus repressing in
stead of fostering industry, compe ling iule-
ness instead of sustaining trade and COM
merce.'
ARRAIGNMENT OF THE REPUBLICANS.
The charge contains statement of facts and
| of their effects. Are the facts true? Did the
Republicans demonetize silver? You know
| that the law passed in 1873 when the Re-
publicans had control of both Houses and the
Presidency. and that its contents were kept so
| hidden that not twenty men in the cmntry
knew of their existence till year afterward.
| and the partial restoration of the silver cur
| rency and coinage has only been accomplished
| by the united efforts of all the Democracy
With some Republicans, against an adverse
Senate and vetoing President. Did he Re-
publican party decree the destruction of legal
| tender paper?
The resumption act of 1875 provided for the
redemption of all the greenbacks in coin on
their presentatinn TO the treasury. This pro-
| vided in law for their destruction. It provided
in fact for their destruction. The gag was ap-
/ piled. debate was prevented. The chairman "f
| the finance committee. MIR. Sherman refused
TO explain. The destructives and anti-destruc.
tives came together believing they cheat
ing each other. As usual the party of the peo.
| pie was worsted. Secretary Brstow interpreted
redemption to be destruction. The party of
inactive capital interpreted it to be the same
| thing. campaign was fought that inter
| pretation, and no potential dissent was heard
| until the exigencies of the Presidential can
yass in Ohio, in 1876 induced Secretary Sher-
! man to announce different opinion.
He greatly shocked his eastern associates.
| who believed this was heretical concession to
THE OHIO IDEA"
and he now conci'iates them by holding that
| while he may not cancel and destroy. he NAV
| ,yith frrr ocirc latio
| volume of green hacks, as in his opinion may
be mere ssary to facilitate resumption purposes.
1t is the party to-day pursuing the policy of
contracting the paper currency? and to-day
boarding gold? will go only to our opponents
for proofs.
Mr.. Sherman, in his Toledo speech, says that
on the 10th of August The precise
| CONDITION OF THE TREASURY
was this: that it had in
Gold coin, standard dollars. gold
bullion and silver bullion. s2O9. .00l. .7s5 Il
| OF which there will be needed
tn pay unmatured calls for
500 bonds. coin certifcatea,
| principal and interest. esti-
| mated to be due at that date 1886. 100 0t
Leaving boarded. unused. idle. while the out
standing bonds which purchased it are bearing
5 per cent. and * per cent. interest, the enor-
nous sum of hundred and twenty three
millions and more dollars. Does not this make
good the charge of boarding gold?
| Mr.. Garfield, alwavs well informed and ac-
curate says in his Massillon speech that
The volume of paper currency in
1873. just before the panic was, S759, ,000 coz
That in 1874 the secretary of the
treasury reissued in addition. 26 600 OOt
Making ..................... 1856, 900 0O(
And that the official reports show
thaton June3 30, lh7S the volume
of paper currency was. ....... 6s3. .00O0O(
Decrease. NEUTRALITY-SUSPICIOUS.. S97, 900 0G(
That is TO say, there has been steady con.
traction for four years Of more than S2.O00.0nf
official statements differing somewhat from
these. hnt the results vary in the least degree.
Judge Thurman. with his accustomed caution
| and indisposition tn err on the wrong side puts
it at only $85. 100000.
Have not proved that the Republican party
! s still pursning the policy of contraction? II
| is true that the law of last winter forbade the
reduction of the volume Of greenbacks below
the amount then outstanding, about S347. 900.
100. But the secretary has stated officially.
| publicly, that he has and will exercise the
power to hoard, to withhold from circulation
to keep idle in the treasury-hut not to cancel
the greenbacks required by this law to be
outstanding.
TIE LAW FoRBIDs THEIR REDUCTION;
forbids their cancellation. Says Secretary
Sherman, will obey the law. I will neithe,
reduce nor cancel. will only pack them away
uncanceled, unused, and call them part of the
currency.
For you and me, plain, common sense
honest-going pe' pile, what difference is there
practically between destroying the currenc,
and hiding it away. So that it is ot used?
Examine this policy for one moment. dn
not go into the far past. tread on no doubt
| six years.
THE DEMOSETHAT1oN OF SILVER;
the resumption act; the contraction of one
hundred millions of paper money; the hoard
ing of one hundred and twenty millions OF
gold; the declaration of the secretary that the
bonds are payable not in coin bnt in gold.
Is it not true that this policy has increased
most necessarily increased-the value of none,
and of securities that partake of the enhance
ment of money, and decreased the value of al
other property. and especially OF capital de-
signed for productive use. and requiring the
employment of labor? and does it not follow
'.as night the day. that this represses in
dustry and compels idleness?
Look around yon. on every side failures,
bankruptcies, manufactures closed, or work.
ing half-time and half-pay, men thrown out OF
employment, and
FAMILIES SUFFERING.
One instance tells the whole story. An hon
orable industrious, intelligent career fol
twenty years, marked by foresight, prudence
thrift, honesty. and. consequently sustain. Il
unquestioned credit, accumulated large for
tune and large business. To-day all hav,
gone except honesty and honor. Real estat.
has fallen one-half in value. and cannot be solf
At that price; stock in hand has fallen, anf
must be sold at sacrifice Debtors reasonahl,
believed to be perfectly solvent have failed
from like causes, and cannot paw their debts.
For years-through all the distress of thes.
many years-the house has maintained itself
erect; but this merciless policy. SO long con
timed has at 1aef dane ;ts nronor pnrL Al