Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-28

Gen. GaihcId, On saturday evening" began ms
canvass IN ONO by an address to his constituents
at Mas Hon. la the course Of his address he
spoke as follows on the sutj ect of finance:
The ONO democrats have gone s'hundred bow
shots beyond their Eastern associate, in carving
the spIit Of revelation into their financial policy.
they throw their whole weight against the re-
sumption Of -pecie payment; demand that the
national banks be abolished, that S32l 900 600 adj
diuoua greenbacks be issued, and that protection
to American industry be- overthrow. These rad
zeal and violent changes in the established policy
Of the Government are proposed to the people OF
ONO in utter disregard both Of the ancient policy
aud recent declarat ions Of the National democra-
cv. Have the democrats OF ONO completely
aban Toned their traditional doctrines of hard mon
cy Have they forgotten that in The Presidential
contest Of 1872 they declared in both their Ciucn
natl and Baltimore Conventions that "A speedy re-
turn TO specie payments is demanded alike by the
highest considerations of commercial morality and
honest Government :" Have they forgotten that
only two years ago, IN the National Convention at
| ST. LOUIS they denounced the republican Party
for lis Failure during all these II years of peace
to make good the promise OF the legal-tendef
|
the hands of the people, and the non-psyment OF
which is a disregard Of the plghted faith of the
nation? :" Were those declarations at Cincinnati
and Baltimore aud 81. Louis true OF false Did
the National Democracy Of which the ONO dem
ocrats form conspicuous part, believe them
when they uttered them If they did, what revo-
luton has since then occurred IN the immutable
laws Of value BY some strange act OF oblivion,
or some still stranger act oi apostacy they have
repudiated all these uterances, ana cast loose
rom every recognized principle of the old demo
cratic party. There can be bat one explanation
Of this strange and Startling spostasy. The new
and evil doctrines OF absolute money which have
captivated many shallow thinkers, and have
risen to a sudden but transient popularity, are de-
hiding the ONO Democracy by the vain hope that
tins wave OF uureasonIng tumult Is permanent
force which will carry them INTO power.
| The present attitude of our senior ONO senator
on this question has filled me with surprise and
regret | am not so much OF "a partisan as to be
unable to recognize high and commanding quail
ties IN the ranks ol the opposite party and have
felt much PRIDE IN contemplating the large cul-
tuic aud sturdy force with which that distinguish
ed gentleman has heretofore resisted the evil ten
deucy OF fragment OF his party to abandon the
old paths of democratic finance. 1t Is true that
he and most Of his party associates in the senate
voted against the bill for the resumption of specie
payments Their reasons lor that vote are record
senator BaSard denounced the blll because ii did
not provide for the cancellation and destruction,
well as redemption, OF the greenbacks, and because
IN his opinion, it would not bring the RESUMPTION
| of specie payments. In the course of the same
| debate in Crucising the bill, Senator Thurman
SAID that If the reti ed greeEbacks were again to
he issued it would be a measure of Initiation; but
he did not believe that under Its provisions more
than SS0000O0 would be retired In four years
and then asked, What kind vi efficiency would
that have in preparing the country for the resump
ton of specie payments :" The criticism of lead
ing Democratic Senators indicated that their OPP
position the bill was based upon the fact that
would not bring about specie payments; and this
was consistent with their subsequent declaration
| at st. Louis, when they denounced the republican
party for not having redeemed the greenbacks &C
| c0rdlng to the promise OF the law. But we now
hnd that senator Thurman, 10 his late speech at
| Hamilton, gives bis unqualified endorsement to
| the OHIO platform, which demands the absolute
repeal OF the resumption act, ana that, too, when
| resumption Is almost accomplished. The only pre-
| text Oheled py tue ONO democracy iOr demanding
It's repeal Is the charge that the business distress OF
| the country has been caused by the operations OF
| the resumption law and by what they call "tbe
merclless pohCy oil contracting the currency,
hoa ding gold and increasing the value OF money
Tins charge Is both reckless and unjust. / ask
every man who believes IN this allegation 10 wres-
tie with the following facts
Ia 1860, year oI peace and, at least, of fan
prosperity, year OF democratic rule, this country
had 500 100000 OF paper currency. Up 10 thai
time S2IJ,OOU,OUO was the largest amount OF paper
currency ever In circulation at any one time liz
this couutry. Banking was free IN most of the
states, and bankers were issuing all the currency
they could keep in circulation. No one then
claimed that there Was an insult lent volume OF
currency, and doubt whether any reasonable
man will now clam that the currency of 1860 wa.
insufficient in amount. Now, in the month OF
June, 1873 Just before the great panic struck Us
our outstanding paper currency was $50 900 900
or more than three tunes the amount in 1860 In
the face of this fact. will any man of inte0encr
say that the panic of 1873 was caused by an in
sufficient volume of paper currency The yolume
in 1873 WAS greater than il had been in the -,
previous wears. 1t wa, $50 OO0 900 Greater than
ia 1870. In fact the panic of 1873 like all it, pre
dece.sors occurred when tber. was an inAa,rI
and Increasing volume of currency and credit
and do M, hesitate Ia doclare ,hat ,r4,. ian ,,a
one of the leading causes Of that panic. On hi,
point fortify myself by the great autbontv If
senator Thurman. ON The 94ih of Nah 1S-4
a newspaper extract was rcad IN the S.nsto s,ot,
ing that Senator Thurman in bis camnsian
.peeches had cbaracterized tho no,;c a. tba 80,
OF an etIo,t to force the resumnt,on ~ ssc,a
meuts In replv the senator denonrcad r.. ira,y
, - , ,sI'! 1e :. na''i uehouhceu thls state
"nch an ca "rl no thon 1t c. nT NV u'teIeu
clearpes. tho ,e.l casse. 80 ~, 80, - S
ovett,aa,n, ,,,,ri,,, too ,,,,,h l.; AZ, - -
IN unr4,nnne,st; ,torn-ie S ~ N.ts