Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1878-08-30


States 1t is 70 you Republicans wish to address
what have 70 say tonight
THE REPUBLICAN PARTY THE PARENT OF GREENBAcKs.
Itwas the Republican party which devised and
tanned them and advanced them by slow and grad
ual processes 10 par with coin No doubt there have
been honest differences as i is natural there would
be. as 70 the means by which the result has been
brought about, but there should be no difference
among Republicans as % the desire that the money
eontryed BY their policy and the chosen instrument
by which the forces OF the United States were
marshaled during our war, should be made and
kept equal to coin. However varying currents of
public opinion or temporary depression OF Industry
may tend 70 disturb the public Judgment II should
be the viii and the duty Of the great party 70 which
we belong to make good the promises printed on the
face of their United States notes. especially when
this is demanded not only BY the national honor,
but by the clearest public policy. This money is
our own In which We naturally take pride. We
guardedit in its cradle when ii reviled and de-
rided By political adversaries, at time when it
was said it would wander like Cain with marx
upon its brow. dishonored and repudiated- We be-
lieTed in it then and we believe in it now.
We PROMISED TO KEDEES IT IN GOLD
When We issued it we promised to redeem It in
coin and every fresh issue accompanied by fresh
promise. In 1866 we not only by law promised to
redeem IL but provided for the gradual contraction
of the amount In 1868 we suspended the contrac-
tion but renewed the promise. In 1869 we solemnly
pledged the public faith to redeem these notes in
coin. No step, however, was taken 10 redeem these
pledges and, under the stimulus Of imitation, specu-
atOn ran riot visionary schemes were entered upon,
eXtraYagance prevailed until IN SepteDe 1873, Inc
bubble burst prices fell, the wild deusions of the
time disSipated, and business men had to face
the inevitable evils that always come from ire
deemable paper money. Then, after fifteen months
debate in Congress and before the people as
remedy for the evils we were suffering, the re-
sumption act was passed. The only object was TO
make our paper money equal to coin. 1t was not the
best possible measure, but was the only one that
could be agreed upon. 1t was very general in its
provisions but did give ample power to prepare for
and 10 maintain resumption. II did not abolish the
greenback. Or the contrary the greenbacks were ex-
pressy to be retained TO the extent of $500 goo as
part OF the permanent currency Of the country,
and this was the LIST Of January 1872 10 be made
good as coin, to be redeemable in con and to be
issued and reissued the money of the people, the
foundation OF our currency This was to be the tul
tillment of our promises. This was our answer to
those who said the greenback would never be re-
deemed.
RESUMPTION ACT HAS vINDIcATED ITSELF.
And now, fellow citizens. the resumption act has
vindicated itself. We will be prepared when
the time fixed shall arrive, to execute it and
maintain it, with entire confidence in its happy
effect in the revival OF business and the restoration
-Four months before the time fixed silver and gold
and paper are almost on a par with each other.
Your greenbacks will now buy within one half OF
per cent as much provisions, clothing, and other
things as the best gold coin ever issued from the
mint The laboring man has standard OF value
equal to that of the bondholder. The only promise
unfulfled by the Republican party is almost per-
formed.
NOW. the steps by which the result has been
perhaps it is best for me to state them as briefly as
can.
HOW IT WAS vEDIcATED.
First-silver coin was gradually substituted for
fractional currency. The amount of fractional cur
Tency redeemed to the 18th of this month is SIS 0SO
609 The amount of fractional silver coin issued to
the same date is $50 307 $780, Here has been no con-
traction but increase Of over s14 900 coo current
money by the substitution of durable coin for an
expensive and wasteful note.
Seeond-A gradual retirement oil United States
notes from SSs2,O000 000 January, 1875 70 s346 $751;
0l6 now. This reduction was made only as circu-
hating notes issued to national banks, aud only
to the extent of so per cent OF the notes so issued
This was to be continued until the amount Outstand
ing was $500 co., but Congress- during the recent
session. in view of the general desire TO stop reduc
ton, suspended il and fixed the amount OF United
States notes at SS4668lG Gl6, the amount then out
standing. Though this adds 10 the difficulties of
executing the resumption law, still have entire
confidence in our ability to maintain that amount
in circulation.
GOLD ACCUMULATED AT THE RATE OF 5000, 900 PER
MONTH.
Thirdly the accumulation of coin in the 1feas-
ury in view of resumption. The authority to thus
accumulate is plainly given by the resumption act,
and was the chief means provided TO secure and
maintain resumption My predecessors. no doubt
believing that this accumulation ought not to com
mence during their terms had taken
no steps under the provision of the re-
duties of nv present office after careful study of the
whole question: determined that il would be nee
essary 10 accumulate in addition to the surplus
rSN6lue. me Ol Ot EOlu cOlls anu
that it ought TO be accumulated at the rate of
So 600 900 month from the LIST OF May, 1877 to the
date of resumption. 1t was confidently declared by
those who opposed the Law that it would be impossi
ble 10 Accumulate this coin without putting up the
price of gold, and thus defeating the object but the
experiment shows that it not only feasible but
advan to the current business Of theIcountry
We accumulated readily during the eight months
of thst year at the rate of S5OO0,000 month with
gold constantly declining in price. This process
was arrested by the debates in Congress and the
threatened repeal of the resumption act, but was
again resumed in the spring of this year. when it
found still easy to accumulate coin by the sale
of AZ per cent bonds and the original plan ex-
eeuted sooner than was anticipated, by the more
rapid sale OF bonds that the 10th OF this month
the Treasury of the United States was supplied with
500 oil ,753 Is gold and silver coin and bullion.
PRECISE CONDITION OF THE TREASURY RELATIVE TO
SPECIE.
hsve received recent statement from the Treas
urer of the United States which shows the precise
condition of the Treasury in view of resumption, as
follows:
TREASURY OF THE UNITED STATES,
WASHINGTON D. c., Aug. 20 1878.
"SrR: have the honor to a1vise you that on
August 10, 1875 there were in the Treasury as fol-
lows.