Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1878-09-16
GREENBACKs AND GOLD.
MAsTERLY SPEECH OF GEN. JAMES A.
GARFIELD.

In opening he said that we were just
now at the close of the war. By this he
would have it understood that there are
different stages of a great war. There
is the war of arms. This was ended
when the last prisoner was exchanged.
Then the war of diplomacy, which was
ended when the fishery award at Hail.
fax was made. The war of legislation
was closed when the reconstruction act
was passed, but we are still in the last
war, the war of finance. The patriotism
which stood by the guns during the re-
bellion was no greater than the patriot
ism which enables men to stand by the
sacred pledges of the Government made
during the dark days of the war. A
man who refuses to pay, or pays, Gov.
eminent debts is not patriotic. 1t was
during the dark days of the war that
we said to the rich of this land; "Send
US money to help carry on the war. If
you will, we will pay when we are able"
We said to them: "You shall be paid"
In 1862, in a great emergency, the
greenback were issued. The limit was
put at $400.000,000. Every act of Con-
gress said that the volume should not
be increased, for to increase would d.
minish the value. 1t was on this con-
dition that every greenback was taken.
The money was poor enough, but, with
out limit, it was seen that it would
be worthless. This point was illustrated
by the speaker very forclbly. This law
that an
INCREASE OF SUPPLY AND AN INCREASE
OF DEMAND
will cause depreciation in value is as
the hills and as sound as possible. Not
withstanding all these safeguards, pru-
dent men were afraid that resumption
would not be effected. Almost every
Democrat in Congress voted against the
issue of greenbacks. The Republicans
voted for it because the Government
was in very hard place. The duties
were made payable in coin, so that we
should have something to pay the inter-
est with on our hands. When green
backs were issued in 1862 there was
scarcely man in the country but what
said they should be redeemed, and that
to, in coin. Now there has come up a
party, the members of which claim more
wisdom than this generation, and they
claim it's all wrong. If l knew they
were right and / was wrong, l would
still insist that the nations promise
should be fulfilled to the letter. The
Republican party ought long ago to have
resumed. 1t should have been done be.
fore these hard times, and then we
should not have felt the depression SC
much. After trying time and again in
1875 the resumption bill was passed
Senator Thurman, the leader of his
party in the United States Senate, said
that the law was unconstitutional or else
he would favor it. The Democracy
fought it generally but it was successful
We have partially resumed. The SCRIP
has gone out of use, and we have silver
We are now within half cent of re
sumption with $l35. 100000 of coin il
the Treasury and no other demand fo
it.
WHY SHOULD WE NOT RESUME ?
But just here we find the Democracy OBJ
posed to us again. Three years ago tn,
Democracy denounced the resumption
law as efficient. Now they denounc
it for its ineficiency. They know tina
its enactment strengthened the publi
credit and increased the coin reserve
The moment that greenbacks are equa
to coin there will be added to our effec
tive currency the whole volume of GU
coin. The Democracy would proven
this. They denounee US for making tn
greenback better. They seek to max
it worse. If the farmers and laborer
of this country want their money t
! shrivel in their hands, let them help +