American citizen. [volume] (Canton, Miss.) 1864-1890, 1878-08-24
that it is-why should it not be substituted
for the bank-note, and

And, consider further, that, for every
greenback it has issued, the Government has
received value. That greenback has paid for
services rendered, or materials furnished, or
bearing public debt There is thus a saving
to the Government, or to the people, of an
ann eal to upon h sns tp
back not been issued, the Government would
have had to raise the money by loan or taxa
by loan, it would. of course, have to pay in
terest upon the loan. II it raised It by
their money would have earned had they not
been compelled to give it to the Government.
The greenbacks now outstanding amount
to S346 ,6s1 DIG. Computing interest upon this
sum at the lowest rate at which the Govern
ment can borrow money, per cent, and we
ing from the use of the greenback. of $13.s
2i0. But, If greenbacks were substituted for
the S322, 900 ,0o0 of national bank notes now
outstanding, there would be a further saving
to the people of per cent. annually on that
sum, namely: 81, SsS 0O0-making total an
n1Ial saving by the use of the greenback of
1854 ,2lO. From this. however, deduct the
amounting to about $4,000 annually. and
the net saving would be about 81, 1000.
Perhaps, in strfctness, this deduction for tax
es ought not to be made, for it is probable
that the banks throw the burthen of the tax
alton upon their customers, who, in turn,
shift it to the shoulders of those with whom
they deal, until like all other taxation, it fin
ally falls upon the great body of consumers
the people.
1 have thus given you, fellow citizens,
some reasons in favor of substituting green
l.
slider the only objection to the substitution
that seems to have much weight. 1t is said
only paper currency. its volume would de-
pend upon the action of Congress, and not
Congress Cong s is liable to be infaenced by popa.
lar feeling on the one hand, or the arts and
appliances OF special interests on the other.
contraction, as either influence might pre-
vail, to degree that would be ruinous to
In answer to this objection, and admitting
that is not without force, have to say, in the
first place, that it is equally potent whether
our paper currency be greenbacks exclusive
ly or bank notes exclusively; for, let 1t be the
poacer to expand 1t or contract it at viii. For
instance, were Congress to repeal the tax on
State bank circulation, multitude OF banks
would spring up under State laws, and
great imitation of the currency would take
place. On the other hand, should Congress
retain that tax and retire the greenbacks, as
the Republican fnanciers demand, fright
full contraction would result. In brief, If
esty, it might, for the time being, ruin the
country; but to assume that it would do SO
would be to condemn our form of govern
ment.
But our platform squarely meets this DIM
hand, or kiting" on the other. 1t demands
that 1.-THE amount of such issues lgreen-
backs1 be so regulated by legislation or or
ganic law as to give the people an assurance
of its stability in volume of currency, and
subsequent stability of value = and, in un-
mistakable terms, it opposes the demonetiza-
ton, or disuse, of the precious metals. Could
any thing, appeal to you, be more conserva-
tive than this, If conservatism means to con-
serve The interests of the people at large, and
not of those of a particular class? Can any in
that nreserVes aoid and silver from destruc.
ton, and demands a stability in the volume
and value of the currency greater than has
ever yet been attained?
Feliow-citizens, our platform has been de-
nounced by men who never read it, and by
them to misrepresent it and now the answer
1 make to them is to ask you to read and
Il means what it does not TT express It's LAM
guage is too plain to be misunderstood by q
candid man and the eh nn sne tha
adopted it, is sufficient to shield IL
from the charge of deception. IL
Just What It says. It means opposition to
monopoly, opposition to special privileges,
opposition to contraction of the currency,
opposition to the characterization of the met.
ais, opposition to wasteful expenditure, and
And it means equal rights and privileges, an
honest and stable currency, strict economy
and lighter taxes and faithful payment of
the public debt. 1t gives no sanction to ir-
religion and Communism; but it fully recog-
nizes the dignity OF labor, aud sincerely sym,
and privation. 1t asserts the principles up,
ON which the Government was founded, and
petuity 1t promotes fraternal feeling
throughout the length and breadth OF the
worst foe of the Union. In a word. it is an
honest platform of honest men-a patriotic
Fellow citizens if am not in error in what
have said, have given you sufficient rea-
ES1 way homd be eo oar
policy is correct, that of the Republican par
ty. or at least of those who shape its legisla-
ton, is wrong. II this be so. then, as soon as
the forms of the Constitution Will permit that
party should cease to rule.
should be a change, and to some of them
wish briefly to call your attention
THE RULE OF THE REPUBLICAN PARTY.
longation of its rule necessarily involves an
past. If its past rule has been vicious or un-
wise, prudence obviously dictates that an
end, for the time being at least, should DO
IN Now w has the rule OF the Republican party
since the close of the Civil War, Is years ago,
been wise and benefcent? 1 think that this
question must be answered in the negative.
1t is not necessary to go into detailed ex.
be done in the limit of a speech, or, indeed,
of many speeches. Nor is it necessary to as,
sert that all its measures have been bad and
injurious. 1t is sufficient to look at the gen.
eral result, and see whether that is good gov
aad w Or de sne tSa &
country has for the last I'VE years suffered,
as perhaps no other country ever did suffer,
from depression in every branch OF business,
in every industrial occupation. The entire
body of the producing classes-employers,
fected. bankruptcies are numbered by
tens if not by hundreds of thousands, and
the aggregate of losses almost defies COM
pntation The number of laborers thrown
out of employment or reduced to half time
and diminished wages has been estimated
by millions; and however exaggerated the
estimate may be, the extent OF the evil mas
no parallel in this, if, indeed, it has in the
and at first view almost incomprehensiDle,
that, in country whose population averages
but eleven persons to the square mile there
have been, and there yet are, thousands des
titute of bread. A single interest.the mon
eyed interest-has fourished, and yet -four
ishes; and that, it is to be remembered, is
precisely that interest that has received the
fostering care of Republican legislation.
Now, my friends, so far as this deploraDle
state of things is the result of vicious legisla-
tien or of the omission of wise Legislation. the
Republican party, or at least those who have
controlled it, are responsible. From the 4th
day of March, 1861, to the first Monday In De-
cember, 1873, more than fourteen years, that
party had uncontrolled power in every De-
partment of the Federal Government; and
since then it has continued to hold the Sem
ate and the Presidency, and to have the
consequent power to negative any measure
of relief a Democratic House OF representa-
tives might propose.
Is there, then, any injustice in calling that
party to account for the evils the country
has suffered and yet suffers? Can it with
truth be said that these evils could not be
foreseen, or, if foreseen, could not have been
avoided or diminished? He would be a bold
man who would make that assertion. For,
although no Government ever was, or ever
will be, omniscent and omnfpotent although
disasters have happened that no rulers, how
ever WISE could have foreseen or averted-
vet the disasters of which am speaking are
not of that character, and might have been
foreseen and to IL great extent, prevented.
1t is but Justice, then, to say to our RepuD1-
can rulers: You have had every opportunity
to do good and avert evil, and you nave IAN
ed to do either. You have had opportunities
such as no other party ever enjoyed TO Dene-
lit your country, ana you nave, oy Tai ~ t o
the verge OF ruin. 1t is time, high time. that
you surrender the reins of government.
IN CONCLUSION
Senator Thurman reviewed the financial leg
isIatipn of the Republican party, showing