The daily gazette., 1878-09-07

iiaprishei aud yet ho, TAB Re, nut ti'at, 10
'e TO 4c remembered, is precisely that in
/. IS. yl...o mas received the fostering care
of Republican legislation. Now, my
friends, 80 far as this deplorable state of
things is the result of vicious legislation
or of the omission of wise legislation, the
Republican party, or at least those who
have controlled 1t, are responsible. From
the 4th of March, 1861, to the first Mon
day in December, 1875, more than four
teen years, that party had uncontrolled
power in every department of the Fed
eral Government, and since then IL has
continued to hold the Senate and the
Presidency, and to have the consequent
power to negative any measure of relief
Democratic House of Representatives
might propose.
Is there, then, any injustice in calling
that party to account for the evils the
country has suffered and yet sufferers
Can it with truth be said that these evils
could not be foreseen, or, if forseen,
could not have been avoided or dimiaish-
ed? He would be bold man who
would make that assertion. For, al
though no Government ever was, or
ever will be, omniscient and omnipotent
although disasters have happened that
no rulers, however wise, could have fore
seen or averted; yet the disasters of
which l am speaking are not of that
character, and might have been foreseen
and, to great extent, prevented. 1t is
but justice, then, to say to our Republi-
publican rulers, you have had every op-
portunity to do good and avert evil, and
you have had every opportunity to do
good and avert evil, and you have failed
to do either. You have had opportuni-
ties such as no other party ever enjoyed
to benefit your country, and you have,
by want of intelligence or virtue, or
both, brought it to the verge of ruin. 1t
is time, high time, that you surrender
the reiDs of government.
First. And now, fellow-citizens, as
pertinent to this topic, let me call your
attention to some particulars. 1t is not
uncommon to hear it asserted that there
has been no contraction of the currency
and it is but few months since the chair
man of the Finance Committee of the
Senate asserted that the charge of con-
traction was simply ga contraction of the
truth" But what is the truth? shall
not go into the disputed question of what
forss practical purposes, constituted our
at the end of the war and font
several years afterward. / shall condne
myself to the three years and half that
have elapsed since the passage of the re-
act, January IA, 1875, and to |
what is undeniably currency, namely |
greenbacks and national bank notes.
Now, ON January ID, 1876, there were |
Or greenbacks, in round num-
berS. ......S3ol ,OOO, ,0OO |
On June l, 1873. .............. 47 ,681 ,O16
Decrease. e................. $50, 1926, 1884
OnJanuary IA, 1876, there were out
Of national bank notes.. 1881 1851 ,450 |
On June l, 1873. ........."... 322, ,515, ,965
Decrease ................. $29 800, 485
So that,since the passage of che resump-
ton act, the decrease in greenbacks and |
bank notes-S35, 1876, 1884 plus $29 ,305, ,485-i
has produced contraction of $64 634 1859. !
If to this be added the S11 $50 ,9W of green /
backs ON deposit IN the Treasury for the |
of bank notes ,and which are,
withdrawn from circula- |
ton, the contraction amounts to over
sc, ,OOO, 900, being at the rate of over SILL
Boz, 900 per month.
But, say the advocates of the resump-
tion act, this contraction was necessary
in order to resume specie payment on
January 1, 1879. Now, fellow-citizens, it
Is one thing to begin specie payment, and
it is quite another thing to maintain it.
1t is quite propable that the Secretary of
the Treasury can begin to pay specie for
at the same time, but the
great question remains could such specie
payment be maintained If it could not,
whyshould the people be ground between
the upper and neither milestone in order
TO begin specie payment somewhat ear
ier than the condition of the country
would insure Its continuance? On this
question the following facts are of value
Great Britain and France are pre-emi-
nently the hard money countries of Chris
tendon. The former has in coin and bu-
lion about three dollars for every dollar
of her paper money. OF course she can
maintain specie payments; at least so
long as she avoids war. France has more
metallic than paper money, and, when at
peace, can easily maintain specie pay
inent But the United States have at
least three dollars in paper. for every
dollar in coin, and even a little war, or
change in the balance of trade, might,
50 long as that disproportie,n exists, make make
ment. According to the best informa-
ton 1 can obtain, the product of our
mines is likely to tall off. 1t is probable
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