Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-28

shareholders, this again is assured. The gov
eminent pays nothing and contributes nothing
to bank. The shareholders buy the bonds of
the government and deposit them with the
government Tor the security of the note-hold-
ers. II the bank retires, the bonds belong to
the shareholders and not to the government.
Nor can the government pay these bonds in
any other way than it could paw the bonds in
the hands of individuals. The government
would pay the same interest on these bonds
whether held by the bank or by any citizens,
or in Europe.
He says that the government ought to issue
these notes. The answer is, that if the govern
ment issues them it must undertake to main
tain them at par with coin, or else the people
must suffer from the evils of an irredeemable
currency. The cost Of this redemption by the
banks is already SO great, before specie pay
ments have actually come, that this so-called
special privilege is getting to be special bur
den, and more banks are surrendering their
circulation than are taking circulation. 1t is
special privilege that more seek to avoid than
to acquire.
WHAT JUDGE THURMAN PROPOSES.
He proposes to issue more notes without any
provision for their payment, when our reve-
nues are ample to meet our expenditure, in a
time OF profcr1id peace, when there is no mo-
tive OF patriotism or duty or safety to impel
such course, and this merely to save the in
terest of per cent on 1922 900, 600. But this
very act, if adopted, would prevent our selling
LOCO 1000, GOO Of per cent. bonds with which
&c pay an equal amount of per cent. bonds
and IN this work an annual loss to the govern
ment of 800 600, 600, or s., 600, 900 n year more
than the entire pretended saving by his pro-
posed policy.
Again, what moral right has the government
OF the United States to require its citizens to
take Its notes as money and a standard of value
IN of
on these bonds? In time of war we NAV con-
cede this, but in time of peace there is no
legal or moral foundation for such claim un-
less the notes are maintained at par and re-
|, deemed at par; Is not the United States able
to pay the interests of its notes.
THERE HAS BEEN CONTRACTION OF THE CURRENCY.
Judge Thurman says there has been contrac-
ton of the currency. No one disputes that
tnefe mas been contraction of the currency.
The amount of United States notes retired
since the passage of the resumption act is, as
he states it, $25,328. 1884. But there was issued
to national banks in place of this $44, 161 1876
Of circulating notes. 1t is true that national
bank notes have been retired, but this has been
done, not under the resumption act, but by
the voluntary action of the banks They are
free to issue or retire their notes and they have
done so.
Now, these are the objections stated to the
national banks by Judge Thurman, and my
answer to them. 1t comes back again to this
Shall we have in the United States currency
.edeemable in coin? Will we to save interest
bear IN the future all the evils of an irredeem-
able currency, tear up system of banks infin-
itely better than ever before enjoyed in this
country, compel these banks now to call in
their loans and close up their accounts and add
| to the distress of the times by dangerous and
almost revolutionary proceedings against cor
porations of our own creation which have nc
| special privileges and which contribute to the
| general good by paying large taxes and by act
ing az convenient localized agencies Of loans
and exchange?
OREGON, FLORIDA AND LOUISIANA.
And here might leave Judge Thurman's
speech, but there are two or three points
which regret to have to answer. He says:
THE seat of the chief magistrate-that seat
that in times past has been and in all times
shonld be an emblem of purity and honor
is occupied by man who was never elected tc
it and whose elevation was accomplished by
the grossest frauds and boldest usurpations
that ever disgraced the history Of free
people,"
This declaration is gross injustice and ]
believe Judge Thurman will live to regret that
he ever made it. He was member of the
| electoral commission which passed upon the
returns of the votes of electors for President
Lie hHoWS every ELECTORAL vote OF every
| State cast for President Hayes was received by
him without dispute, without any pretentior
OF fraud OF error except the votes of Oregon
| Florida and Louisiana.
In Oregon there was an attempt by acknowl
edged agents of Gov. Tilden to cheat ust
the word in its worst meaning-the Republican,
out of that vote and to bride an elector, and Ii
failed. In Florida there had been great irregu
| laritles, and frauds committed by the Demo
M tO ayfa IN
frauds on the part of Republicans officers bu
the evidence before the returning officers a.
| we'll as that taken in the contest for the cleo
ton of member of the House of Representa-
tlves shows that majority of the votes il
Florida were fairly cast for the Hayes electors
| AS to Louisiana, | had better means of in
formation than Judge Thurman, and l say t,
| you that the criminal conspiracy by the Demo
cratic party of that State to control the cleo
| ton of 1876 so as to cast the vote of that Stat
| for Governor Tilden, has never been fully told
| 1t extended to more than ten parishes OF coun
| ties, and held in absolute terror five Republican
parishes that had always since the war givel
about 1000 Republican majority. 1t led to
and included in its plan and scope scores o
murders of Republicans, white and black
Imainly intelligent black leaders of their race
1t wounded, whipped and manned Others drov
hundreds to the swamps at nigh and spread uni
versal terror among this ignorant, superstition
\ PSoP1C WIZ lldu luc SitilG legal r1nnU, ana
| better moral right to vote than their prosecutor
whose hands were only recently red with tn
blood shed In against the Union. Th
| chosen agents of this infamy were Democrat
rifle clubs fully armed marching at night il
| disguise, distributing anonymous threats an
| occasionally executing them and leaving nc
tlces to leave the parish with the more intel
ligent, accompanied with threats and device
to excite fear and terror. Such were the mean
used by the Democratic party to carry Louisi
ana. Ihey may here and there induce
disappointed office seeker like Anderso
and Weber to falsify their forme
oaths, and even prevail upon poor negroes lik
Amy Mitchell and Mrs. Pinkston to withdra,
their former dispositions; but the scores of dea
men killed by the rifle clubs speak from thei
graves, and the men who killed them and rod
their nightly rides of terror know now in thei
hearts that all that has been said of them i
true. The statements and afidavits made b
these people were submitted to the local re
| turning officers selected by the State legisla
ture, composed of two white men and two co
ored men, all natives of the South, and thes
men, who knew the surroundings and man
of the facts, decided, in strict com oil
ance with the law of that State, that unde
TINS law these parishes and polling places mus
be excluded, and it was done. Thus Go,
Hayes got the vote of Louisiana as lawful
and fully as that of Ohio All this cry q
fraud and usurpation, ought, in the minds Q
just men, to react with fearful effect agains
the Democratic party, for it was their organize
crime and violence that created the douI
which the returning board and electoral com
/ mission decided in our favor
/ MISSISSIPPI AND ALABAMA
And it must be remembered in this cor
nection that there is strong conviction. a
least among the Republicans in this country
that the States of Mississippi and Alabam
were successfully secured for Gov. Tilden b
the same unlawful means, but the laws Q
those States provided no remedy, and the
were counted for Tilden
LABOR QUESTION.
And now, fellow-citizens, in conclusion, lie
/ me