Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-19

the great central idea of the solid South
upon the currency question and upon
economic politics generally They are
only little more bold than their
brethren in Ohio and Indiana, and the
West, and have only declared in sd-
vance what the Democratic party of
Ohio would declare to-day if they did
not stand in awe of the honesty and
integrity Of our people.
BUT READ THE PLATFORM.
SIN the name of Democracy we de-
nOunce an interest bearing debt as q
public curse. We denOuuce protection
as public robbery. We demand the
repeal OF the decoration that the cur
rency bonds of the government shall be
paid in coin, and the payment n Treas
ury notes of so much of said bonds as
may be found due after deducting the
difference between the value of the
gold paid and the currency due there
on, according to the contract; the re-
peal of the resumption act, that the
odious National Banking act be repeal
Ned, and that greenbacks be substituted
| for the circulation of the National
Banks; that the Treasury notes be made
receivable for all government dues;
that no more interest bearing bonds be
issued, and that ali loans required by
the government be raised by the issu-
ance of non-interest bearing Treasury
notes."
Here sir, il reputation, open, bold,
defiant. Enact into law what is here
demanded and the measures to which
this party in Tennessee pledged itself,
and the hOnds of the United States
would be worth no more in the mark
cts of the world than are the bonds Of
the State of Tennessee today. And
your legal tender money that stands
now within one-half of one per cent OF
par, would go rapidly down the scale
until il would finally reach the gutter
in which the Confederate currency
rotted 10 years ago. 1t is the same old
war against the credit of the govern
ment that was begun almost as soon as
the War closed, and th II was thought
to have been settled forever by the act
of Marrh 18th, 1869, entitled "An act to
strengthen the public credit" And
here let me say of that act, that is so
often quoted by the Democratic plat
form makers and by Democratic speak
lars to the public burthens, that it was
passed in March, 1868, after the ques-
tion as to the payment of the public
debt had been discussed in the cam
paign of 1868, and while we are told
upon every hand that it WAS an act
mainly in the interest of the bondhOld'
er and Of the public creditor, OF the
banker, and all that, yet whilst they
had an interest in Strengthening the
public credit and securing an honest
and full payment of their bonds in
coin, yet take it that the legislation
commenced in 1869, and that culminat'
ed in the passage Of the Resumption
Act of 1878, while it strengthened the
public credit and while it benefited the
bondh jlder, yet, in the long run there
is no class Of people in this country
who have received and who will here
after receive more benefit from this
legislation than the poor man, the
laboring man, the tradesMan, those
who have but little of this worlds
goods, and that little mainly in money.
These acts were not intended solely
to secure the payment of the public
creditor inscOin but were intende1ste
the standard of coin the money of the
people. 1t don't matter to you or
whether the bOndholder receives his
interest and principal in gold or green
backs, provided always that the green
backs are equivalent to gold. . r-
Now those who cry out against the
act of March, 1869, cry out against
making your greenback equal in value
to coin. The very argument they use
is one in favor of keeping afioat
deprecated currency so that you may
finally pay the bondholder the princi'
pal of his bond, as it becomes due, in
dollar less than one hundred cents.
Ii their outcry means anything but
campaigning claptrap it means this. 1t
Is no advantage to the bondholder to
receive his interest in gold now, as it
was a few years ago. Then the money
in which he received his Interest was
worth ten. fifteen or twenty-five per
cent more than the greenback, more
than your money, ami by reason of the
legislation of tha last few years,
and above all, by reason of the
faith that the people in this
country have in 1.-THE honesty and 10.
tegrity of their Government, the bond.
holders money is no better to-day
budH LILO lnOOIluS ihou . ihOucys
THE LAST FIVE YEARS.
know that the Republican party has had
struggle of five years against the hard times,
against the prevalence of low wages, the
want of work, and especially the ge neral dis
tress throughout the manufacturing and min
ing districts of the country. 1t is to-day, and
has been for five years, contending against
the very condition of things that Mr.. Pendle-
ton md 9th lo0d nf ha
IN 1869 predicted as the inevitable result of
putting afioat legal tender money, and ire
deemable paper currency. These disasters
were foreseen, they were foreshadowed, and
the country was, TO some extent, fOrewarned
| in 1862. The oVertrading, the running in
debt, the speculative enterprises, the extrava-
gance in living that was predicted then, all
| followed, and we have been reaping the con-
sequences for five years. IN.
congratulate the Republican party of Ohio
upon the courage it mas displayed, and the po-
stion it has maintained since 1873, in the face
of all discouIagements; and still have faith
that the intelligence and integrity of our peo-
pie will carry US triumphantly through to re-
demption, to the time when our paper money
will be convertible into coin, and that we will
weather the storm, and not bring upon our
selves in our extremity, the disastrous conse-
quences of further departure from the poll
cy and principles of our fathers, as laid down
in the constitution and developed in the fnan-
cial policy of our Government in the century
preceding the war.
The outlook is not disastrous one when
we come to take into account the condition of
the public credit. The public debt has been
reduced from the highest point it ever reach
ed. amounting to about $4,000, ,000, 900 in
1865. On September 1, 1878, the total debt
less cash in the Treasury was $2, ,029, 105, ,020.-
OF.
| There has been reduction of interest on
the public debt, by the refunding of high rate
interest bonds into bonds of lower rate, to
the amount of $29, 160, ,642 SO annually and
the total reduction of interest upon principal
paid and upon refunding is So millions and
upward. #
From being compelled to borrow money at
a high rate of interest as at the beginning of
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