Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-09-04

lam utterly opposed to any neasur
that will deprive us of the use {
either coin circulating side by side, {
; equal purchasing power, at par wit
each other. / assure you in all franI
ness that the silver question must b
solved in some such way, or we wi
have to adopt the single standard {
, silver like the Chinese and other As
attic nations.
And now, fellow citizens, come I
the most important question of t.
+ canvass.
: THE MOST IMPORTANT QUESTION OF TIL
CANVASS.
Our paper currency is now happil
brought to very near par with cOin.-
Will you insist upon keeping it at pa
or will you, by repeating the resump
ton act, retrace the steps already ia
ken and embark again upon the se
OF irredeemable paper currency
} Shall our paper money hereafter b
redeemable in coin upon the deman,
} OF the holder and be maintained at pa
i with coin, or shall it be what it
; friends cali "fiat" money, irredeem
able in coin, depending upon the dai
ly trademarks Of bankers and br o
kers for it's value and upon the chang
ing majorities in Cong ress for II
amount and quality?
1 This county of Lucas hss alway
been good republican county. /,
earnestly supported the administra
uon of Abraham Lincoln, supported
4 81 the measures of the war, and il
patriotic exertions and sacrifices fol
the cause of the Union was not ex
celled by the same population in any
portion Of the United States. 1t is te
you as republicans that wish to ad
dress what 1 have to say tonight.
THE REPUBLICAN PARTY THE PARENT OF
GREENBACKs.
| 1t was the republican party which
devised and issued the green backs
and which has thus far sustained them
and advanced them by slow and
gradual process to par with coin Nc
doubt that there has been honest diff.
ferences, as it is natural that there
would be, "a to the means by which
the result has been brought about
but there should be no difference
among republicans as to the desire
that the money contrived by Their
policy, and the chosen instrument by
which the forces of the United State.
were narshaled during our war
shonld be made and kept equal Ia
coin. However varying currents OF
public opinion or temporary depres.
sion of industry may tend to disturb
the public judgement, it should be
the will and the duty of the great
party to which we belong to make
good the promises printed on the face
of their Uniied States notes, especial.
ly when this is demanded not only by
the national honor, but by the clear.
est public policy. This money is our
own, in which we naturally take
pride. We guarded it in it's cradle
when it was reviled and derided by
our political adversaries, at a time
when it was said that it would wan.
der, like Cain with mark upon its
brow, dishonored and repudiated.-
We believed in it then and We believe
in it now.
WE PROMISED TO REDEEM 1T IN GOLD.
When we issued it we promised to
redeem 1t i'll coin, and every fresh is
sue was accompanied by fresh prom
ise. In 1866 VIC not only by law
promised to redeem it, but provided
for the gradual contraction of the
amount. In 1868 we suspended the
contraction, but renewed the promise
In 1863 we solemnly pledged the pub
lie faith to redeem these notes in coin.
No step, however. was taken to re-
deem these pledges, and, under the
stimulus of imitation, speculation ran
riot, visionary schemes were entered
upon, extravaganza prevailed, until
in September, 1873. the bubble burst.
prices fell, the wild delusions Of the
times were dissipated. and business
mon had to face the inevitable evils
of an irredecmable paper money!
Then, after fifteen months debate in
Congress and before the people, as a
remedy for the evils we are suffering
the resumption act was passed.
The only object was to make our
paper money equal to coin. 1t was
not the best possible measure, but il
was the only one that could be agreed
upon. 1t was very general in its pro-
visions, but did give ample power to
prepare for and to maintain resump-
ton. 1t did not abolish the green.
back. On the contrary the green
backs were expressly to be retained
to the extent of $500, 200, 600 as q part
OF the permanent currency of the
country, and this was, on the lst of
January. 1879, to be made as good as
coin, TO be redcemable in coin, and to
be issued and reissued as the money
of the people, the foundation of our
currency. This was to be the fulfill
ment of our promises. This was our
answer to those who said the green
back would never be redeemed.
RESUMPTION ACT HAS INDICATED IT.
SELF.
And now, fellow citizens, the Re-
sumption 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 busi-
ness and the restoration of confidence.
Four months before the time fixed,
silver and gold and paper are almost
on par with each other.
Your greenbacks will now buy
within one-half Of per cent. as much
provision, clothing, and other things
as the best gold coin ever issued rom
the mint. Tho laboring man has a
standard of value equal to that of the
bondholder. The only promise un-
fulfilled by the republican party is al
most performed.
Now, the steps by which the result
has boen achieved were simple, law
full and benificent, and, perhaps, it is
best for me to state them as briefly as
| can.
HOW 1T WAS INDICATED.
l. Silver coin was gradually sub
stituted for fractional currency. The
amount of fractional currency re-
deemed to the 18th Of this month is
$25, ,0SO,609. The amount of fraction
al silver coin issued to the same date
Is $39, ,3O7 $50. Here has been no con-
traction, but an increase of over $l4,-
100000 current money by the substi-
tuition of durable coin for an OK
pensive and wasteful note.
2. A gradual retirement of United
States notes from 1882, 100000, Janu-
ary, 1876, to $346,6Sl ,Ol6 now. This
reduction was made only as circulat-
ing notes were issued to national
banks, and only to the extent Of so
per cent. of the notes so issued. This
was to be continued until the amount
outstanding was reduced to $500, 0,OOO,.
600, but Congress, during the recent
session, in view of the general desire
TO stop reduction, suspended it and
fixed the amount of United States
notes at $346, 1851 ,Ol6, the amount then
outstanding. Though this adds to
the difficulties of executing the Re.
sumption law, still / have entire con.
fidence in our ability to maintain that
amount in circulation.
GOLD ACCUMULATED AT THE RATE OF
$5,0O0,O00 PER MONTH.
3. BY the accumulation of coin in
the Treasury in view Of resumption
The authority to thus accumulate is
plainly given by the Resumption ACT