New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1878-09-21

the Constitution and before the law.
Mr.. McCary then reviewed the Demo
cratic professions Of economy, the ques-
ton of Southern war claims, and then
coming to
Tire Financial Issue,
spoke as follows:
The Republican party points with JUS |
tifable satisfaction to its record upon |
questions Of currency and finance. In |
answer TO the clamor Of our opponents |
about these questions, we appeal with
confidence to an honest and intelligent
people, and simply ask for comparison
/ of our financial situation of to-day with
that of ten years ago. The record is one
in which not only every Republican, but
every citizen as well, should feel just
| pride. The burden of our national debt
has been steadily decreased. The aggre-
| gate Of reduction, since March 4, 1869, has
reached the sum Of S349, 8e2, 7S5 16, where
BY there is an annual saving of $31, 208,-
| 5l2 SO in interest. The aggregate of re-
| duction since March 4, 1866, exceeds the
enormous sum of over $672, O00, 000-about
one-third of the present debt-snd secures
an annual reduction of interest Of more
than $4S, 600, 600. Our national credit,
always the unerring test of the wisdom
and soundness of our national policy, has
steadily and rapidly improved until to-
day, for the first time in our history, we
are able to borrow money, at home or
abroad, az four per cent interest; and the
process of converting our six per cent
bonds into four per cent bonds for sixty
days past have averaged over 5000, 900 per
day In spite of Democratic opposition,
we have adhered to the policy of simple
honesty-the policy of keeping sacredly
the nations pledges; the policy of treat
ing the greenback as promise to pay
an obligation, q debt to be paid, not in
another promise, but in dollars, as plainly
expressed on the face of the paper; and
by this policy, and by this alone, the
money Of the people-the greenback-
has been brought substantially to par
with gold. To show you how our nation
al credit has been preserved and improved,
it is only necessary to state what the re-
cord shows to be true, that since the in
coming of the present administration, the
government has sold at par $500, 600, 600
of Al per cent, and over $l29, 600, COO of
per cent bonds, largely to our own
citizens If this is not enough, let me
call your attention to the further most
significant and gratifying fact, that the
premium on gold coin, which was 34b per
: cent March 4, 1866, and which was 312
per cent on March A, 1869, is now only
one-half of per cent know well that
these results have not been reached with
out some shrinkage in values, and conse-
quent loss and suffering; but these were
! inevitable, and happily the worst is over.
We are back again to q solid basis; we are
down TO "hard-pan." We shall shortly
resume specie payment, thus releasing
, | A. 1lraa than With
q circulating medium amounting to ovel
. | nine hundred millions of dollars "thRt are
dollars, each and every one of which il
, worth precisely 100 cents, we shall resume
. our upward career Of prosperity. The
. road to specie values has not been, in al
respects, o pleasant one TO travel. We
have been compelled to come down from
= very high horses; we have ceased to rid
Q upon the wave OF speculation and to reve
9 in the excitement which came with tn
u war and remained for a time after it wal
over, caused by q superabundance of cur
> reney of uncertain and shifting value-aI
Z: excitement which was unnatural and nee
esssrily short-lived. When prices are
Z measured by a fuctuating currency o
! doubtful value and uncertain quantity
they must, of necessity, be fictitious. lie
: us rejoice that we are back again to tn
: safe foundation of
s stable, Equal, and Honest Dollars.
" Nor have the "hard times" through
:, which we have passed to reach this en-,
l. been an unmixed evil. We have learne,
o by experience lessons of economy, indus
It try, prudence, and frugality, which on
i fathers understood and practiced, bu
l. which we had forgotten, and should NO
r have learned in any other way.
: No Step Backward.
e The great question between the Repub
l. licans and their opponents is this; Hay
It ing reached this solid footing, having Sc
l. cured q currency equal to and interchange
# able with coin, shall we abandon it, tc
If gether with all hope of resuming speci
10 payments, and plunge again into an ur
70 certain sea of imitation? Shall we hav
1t fiat money to be issued only by the GOV
d eminent, and m such quantities and q
7, such times as Congress may direct? Surel
+ the people Of Iowa can not long hesitat
4 about answering these questions. 7
le abandon the policy which has brought U
y so near to perfect financial health Woul
D. be as absurd and suicidal as would be til
= act of q man just recovering from Ion
d illness who should, Of his own choice, see
A. q relapse.
ID The principal plank in the fnancii
Of platform of our opponents, and upo
g; which Democrats, Nationals, and Greer
ss hackers seem to agree, is this: The abb
70 lition Of the national banks and the issJ
es by the government direct of so much Gu
le reney as the wants of trade or the bus
" ness interests of the country may demand
n Let me speak briefly Of the objections
IN this policy.
ID All first, why abolish the national banl
Id ing system It is admitted that it afford
u a safe, sound, and perfectly reliable Gu
r. rency. good alike in all parts of the Uniol
10 and familiar to the people. Its vast 81
periority over the old Democratic Sta
bank currency is Of course conceded.
or Any satisfactory discussion of the que
rs ton whether this system should be abo
le ished must include D consideration of Il
le merits Of the system proposed to be sui
be mitted for it. Let US inquire, then, in
II the strength of the objections to the n
er tional banking system presented by oil
if opponents, and follow this with a stat
ic ment Of our own objections to the ne
en- system proposed, viz the issue by Il
IL government of all our currency.
20 What are the objections to the nation
RI banking system, IS presented and urge
is by opr opponents Let us enumerate az
as answer them.