The New York herald., 1878-08-26
GARFIELD'S VIEWS.
THE REPUBLICAN, LEADER OF oHp REPLIES
TO SENATOR THURMAN.

Ala republican mass meeting, neld n Massllou,
Ohio. on Saturday evening" General Garfield spoke At
length on national iesues. and, acknowledging that
great principles affecting the manasemer OF the gen.
erai government were involved In the ,oming eiec-
ton, he entered upon the subject Of federal
finances and said: -
The Ohio democrats have gone huufred bowshoss
beyond their Eastern associates earring spirit
OF revolution into their financial policy They throw
their whole weight against the sumpton OF specie
payment demand tnat the national banks ba
aboiished that S322 000 600 additions greenbscks be
issued, aud that protection c American industry be
ovefthrOwn These radical and viosn cha anges in the
eeslaolsned policy OF the governsnare proposed 70
the people OF Ohio in utter disregard both Of the
ancient policy and recent deciaraon,f ,f the natsna
democracy. Have the democrats OF Ohio com.
pleely abandoned their tradional doctrines Of hard
money! Have they forgotten that il the Presiden-
tal contest OF 1879 they declared Doth their Gin
cinnatland Baltimore conven nLons tina speedy re
turn TO specie payments rs demanded alike by tho
nghest considerations OF commercial morality and
years ago, In National Conventen OF ST. LOUIS
they denounced the republican party for It's "aiiurs
oorans Al those eleven years OF peace make good
ih0 promise OF the legal tender notes which a
changing standard OF value In the aands oil the
people, and the non payment ei which isa disregard
ol the plig hted fsitn OF tne naliony' Were Lhose
declarations at Cincinnati aud Baltimore and
st. Louis true or fasof Did tho National
democracy. OF which the ONO democrats fern
spicuous part believe them when they uttered them?
II they did what revolution has then occurred
tho inmutabe laws oil valuey BY some strange act
Of oblivion, or some still stranger act Il apostasy
they have rcpudated all these utteraucss ana cast
loose from every recognized principle oil tbs Old dem
ocratic party. There can be but one explanation OF
this strange and startling apostasy The new and evil
doctrines OF absolute money winch have cuPtIvateo
many shallow thinkers and have risen ~ sudden
but transient popularity aro deiuding ths Ohio de-
mocrscy by the vain hope that This wave OF unreason
ing tumut 10 permanent force which viii carry
them into power.
RESPECTS THURMAN.
The present attitude oil our senior OHIO Senator on
this question has filled with surprise aad regret
am not 80 much of u partisan 10 be unable to
recognize hign aud commanding Quaii,its IN the
kS and huv Ia auch
pride In contemplating tno large culture aad sturdy
force with whicn that distinguished gentleman has
hitherto resisted ths evil tendency OF fragment OF
his party to abandon the Old paths OF democratic
finance. II Is true that he aud OF mis- party
sociates IN tho Senate voted against the bill tor the
resumption OF specie payments. Thoir reasons Tor
that vote are on record The criticism Of leading
democratic Senators indicated that tnet- opposi-
ton TO the bil was based upon the TACT that
II would not bring about specie payments; and
TINS was consistent with their subsequent declara-
uoh at ST. Louis when they denounced the
republican party for not having redeemed the green
backs according TO tho promise OF the law. Blu, we
now nnd that Senator Thurman, in his late speech at
Hamilton, gives hrs unqualified indorsemelt 10 the
OHIO platform, winch demands absolute repeal OF
the Resumption act, aud that too, when resumption
Is almost accom- psned. Inc only pretcxt offered py
the ONO democracy for demanding Its repeal Is the
charge that business distress or the has
been caused by the operation OF the Resumption law,
and by wnat they call "ihe merciless policy OF con-
tracing the currenoy noarding gold and increasing the
value oil money" This charge Is beth reckless and
unjust ask every man who believes IN tnis aiega-
ton 70 wrestle with tue following iacts:--Iu 1860
u
ofdemocratc rule, this country had S207 000 900 OF
paper currency Up TO that time s2l5. 900
was the largest amount OF paper currency ever
IN circulation any one time 10 ihis country Bang
ing Was tree IN most OF the States, and BANKERS were
issuing all the currency they ooud keep in cirsula
tiop. No one then caimsd that there was an INSULT.
e'ent voiame OF currency, and doubt whether any
reasonable mau will now claim that the currency of
1860 Was lnsuilicisns in amount Now, IN ths month
ofJuns. 1873 just before the groat panic u.s.
our outstanding paper currency was $3.50 O0o 00O
more thsu lnres times the ain cunt IN 1850 In the
the panic Of 'T3 was caused by insufficient volume
oil paper currency2 The volume In 1873 was greater
than u had been 10 the SIX previous years. IL
$50 O0O 700 greater than 1870 In the panic Of
73, like all lis predecessors, occurred when there
ana credit aud do not hesitate to decare that inaa
ton was one OF the leading causes OF that panic.
REASONS FOR RESUMPTION
In reply 10 all assailants base the policy OF re-
sumption on these impregnable grounds:-
FUSt-The publc latin demands II. BY oil tho
solemn pledges which nation can give the restora-
tion oi specie payment was promised when green
back was issued. That promise ought TO have been
Kept long ago, and II rs as unpatriotic as II is dis
honest TO attempt TO prevent its tuiniment now
!Second-rhe highest interests both OF labor and OF
capital demand resumption. Uncertainty Is the worst
element that can enter into tue business
Of men, and the uncertainty which legislation brings
Is the worst form oil uncertainty. The government
must get out OF the way and let prosperity return.
II can DO this best ny putting II out OF The power OF
Congress cnange STANDARD value Dy its votes
Ihird-rhe chie hardships OF resumption have
already been endurod. When the law was passed Ia
1875 our paper money was at discount OF thirteen
per cont. Since then II has slowly steadIl bo-
come better month by month, until 1t IL but half
cent below par Tho short step TO stability and
tainty VIII hurt tar less than TO rctrace steps
plunge back again into the evils IRON which we have
escaped should We now retreat the unsettled trans
coniusion II we now abandon the attempt at re-
SUMPTION the iuture Will be clouded with uDcer-
tSinty that Will destroy confidence ana prevent
return oil prosperity.
GgEESBAcKs IN PLACE NATIONAL BANK NOTES
Fearing thar even ny the Repeal OF the Resumption
act they not now be able prevent the restora
ton o specie pay ments. the Ohio democracy arc de-
tcrmined To take such further steps snail render
resumption impossible. rncy demand tho abolition
ot The national banks and OF 1924 0OO O0O Of
greenbacks ~ place Of the national bank notes to be
destroyed. The objections To this are:-
EUst-i hat 1t Is HAT violation OF the constitution.
Every democratic member OF the Supreme Court
declared that even our present issue Of grceubacks
Second-rhe proposed substitution renders re sump-
lien Impossible. As tho law now stands tho govern
ment must maintain S345 000,0 900 OF grecnbacks al
par with coin, anu the Treasury Is amply able to do
II. The national banks are required to march abreast
with the government and at their own expense ep
their own notes ut par.
Third-lhis substitution would entail grievous bur-
dens upon the taxpayers of the country. AS the law
stands greenuacks arc exempt IRON taxation.
Poor men, VINO hold but iew, gain little advantage
IRON THIS excmption bui IL Is we'll known practice
OF our capitalists TO put their rpius means into
greeubacks the day when the state assessment lor
taxation Is made aud thus escape largo snare OF the
pubic burdens.
Fourth-If this attempt Is successful IL win result
In the restoration OF the wreched State bank system
tnat prevailed before the war
greenDacks Tor national bank notes Is tins, that II
makes complete divorce between me business OF the
couutry anu The volume OF It's circulating medium.
Finally, 10 make resumption douUiy Impossible, the
Onio democracy denounce that policy OF tho govern
mcnt wnIch provides or "a cou reserve TO fnaiu
tam Resumption, ami they do TINS tho OF
lac that tner last National Convention coDdoinn ned
the republican party Tor not having provided re-
serve OF coiu against the day OF Resumption. ihs
talk ia thor platform aad speeches about keeping
paper and coin Ia equal circulation throughout Inc
country insult 20 tho nsiligence OF people;
ior Ihey propose ~ take away Inc only means by
which tho cola sbali he supplied and by when tue
paper shall be kept at par
TnE PUBLIC PEAcB.
Just now, more than at any recent period In our his
tory, the Two great poitcaI parties called upon
exhibit an intelligent ana sLeadItst courage IN resist
ing the dan that nroaten the honor peace Of
tue II itioD. Never before have the Old World doc
trinos OF the Commune made any Threatening demon
strnti0n In this country. Bat now are passing
through a period OF unusual peru, Ia which tue
ouu datons oil civil order are threatened dear
interess OF society are mperiiicd. How has ,ho
democratic party met these dangers In tho of
the alarming iacts Of July, 1871, when lo.OoO,O0O