Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-09-26
FEr. COnkIiug's SpeecIs.

CARATUGA, u. LII OtptCGlpGI ~. 1A' A'"
publican State Convention assembled here this
t2oraug .Eoo. Roscoe Couklug was chosen
temporary chairman and permanent president.
On taking line chair he said
We have met in a year likely to be the hinge
On which much 10 tho future will turn, agar
which iu its political results Will leave deep
and lasting impress on other years. America
in common With every land in Chrlstendom has
been passing through o period OF depressed H.
dustries and commerce, labor and capital have
both suffered every where; hard times have
fallen on all lands, not on all alike because lcss
heavily on ours than on others, Great Britain,
Germany, Russia, France and other countries
are passing through deep tribulations. Webave
overpassod the worst and restoration gradual
but constant, is sure unless want of wisdom and
faIaoious measures block the way. The match
less resources Of the country and the matchless
enterprise and activities OF our people will lot
fail to cure our business disorder if three things
can be assured.
|. Congress must not destroy tao Roadway
which has been made and launch the country on
new seas of confusion and agitation by wild and
restless attempts to control the laws of trade
and to create values by legislation. Financial
stability and certainty on which men can rely
and calculate ahead must not be exchanged Tor
exploded theories or novel devices. Porma-
nruco and fxedness In laws arc often better
than philosophy or even perfection.
.. We must have frugal, honest government,
earnest ard steady administrations aud honest
constitutional currency with tho public credit
kept high and untsrnlshcd and tho public treas
ury defended against unfouodc claims and
apainst all eohtmcrs, Of plundorers and specu
latorS.
3. Wo must have poaoo and order mod pro-
lection, full and equal before the law, for the
rights Of all men everywhere, North and South
The object Of Just government is not to carry on
business. but to protect fo,property and rights,
and thus so leave every citizen Tree and safe IN
all lawful exertions, opportunities aud cntcf-
prisos in which he chooses to embark.
Wealth or property cannot be cGrJ ured up Dy
legislation ror by political parties; 20 slelght OF
hand can produce it. No philosophers stone or
pcrpetual motion can be discovered by legislative
device, however cunning; property ii tbs product
OF Iahor. 1t must believed out ofthe forest, powcd
out of tho field, blasted OUT Of tho mine, pound
cd cut OF the anvil, wrought out IN the factory
and tho furnace Labor IL OF tho bottom OF 1t
oil, and tho nation In which there arc the most
laborerp, aud in which labor is best cherished
and cared for, must be tho richest and most
prosperous. Capital and labor arc natural allies.
When thoy work together both are enriched.
When they arc hostile or separated both sui
fer. What is tho difficulty now? business Is
stagnant, capital is afraid, and labor lacks
employment. Capital is always afraid when
labor lacks employment; Whenever capital Is
not afraid there is q brisk demand TOR labor
| 1t has been asserted again and again that three
| million laboling people in the Unltcd States
| who want work arc cut OF employ, but
| everybody knows this cannot be true. The
| lieturo has been overpantcd. Tho truth is
bad enough and sad enough; business is de-
pressed and honest, honorable labor is suifell0g.
Can these evils be cured by such projects as
arc now urged upon u? 1t is said We should havc
| new and large issues of paper currency. What
| for? is not currency piled up in every bank
| and money centre and depositary? Cannot
| money bo borrowed in millions at the honest
| rates Ct interest? When all the paper and coin
in the country is put into active circulation
| will there rot be abundant currency? Con
| fdenoe, stability and assurance that credits
and values viii not be tempered with,
will unlock capital, and put money 10 crcula.
| ton, but schemes for watering the currency
and shrinking its purchasing power, and thus
|
capital and make it hide.
What is to be done With a new issue OF
paper? 1t is TO be paid We ore told to bond:
holders What are they to do with it? viii
they give it away? They will keep it on loan.
What good will that do? If put into circua
ton it will dilute and deprecilte the whole
ourrerc7, and put up prices for the poor to
paw and the wages Of labor viii! not advance
| fast enough to keep up with tho advauce OF
prices of food and commodities; all borrowers
| with security can borrow at tho cheapest rates
Of interest nowthis is all they can 90 after more
greeDbacks are issued. But 10 pay OFT bonds
With paper currency will stop S much interest.
| Yes, but what stands 10 tho way2 Gold car
be bought too dear. In the frat place, thl:
would BE- fat reputation. Why? The bonds
themselves for years have said on their face,
and laws and resolutions Ia every solemn form
Of plighted faith have said that the bonds
should be paid 10 honest, hard money-in
coin. Savings banks, trust companies AMI
dividends have bought these bonds for widows
and orphans and soldiers on this plightcd
faith. The bonds are not held by the rich;
| most Of them arc held by or for those
| who arc not rich. Again tho Uovernmnnt
and tho American people in Congress
| assembled said when they asked money for bonds
that more than $40O,OOO,0OO Of legal tenders
nevar should be outstanding. This was to say
| the bonds should never be paid by legal tender
notes. This pledge obtained tho money. aud
there it stands TO be kept in honor or repudiated
| in dishonor What is the reason for striking
at the bonds Of the United States or at those
who hold Thorn Tho chief ohI lection now seems
TO DO that the bonis arc not taxed. There arc
several answers to this. 10 tho first place they
we're aud arc taxed, and taxed in advance. The
man who pays par in gold for bond bearing
only per cent, interest, sod thus loans his
money for per Ct, or only traction more than
half the legal and usual interest 10 this State,
pays for the exemption from further taxation
in advance, and pays pretty largely tor it. TO
tax again, or differently now, would be to broak
the contract just as much as to refuse payment
in whole or in part. Tho bonds and The legal
tooder notes were issued 10 save the nation g
life in an hour Of dire extremity. and now it is
proposed, in violation Of the laws and faith of
tho American people, to repudiato and depre.
ciatc both. 1t is proposed to uproot our whole
financial system, when Its worst evils have been
% to