The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-08-15
THURMAN'S SPEECH
SENATOR ALLEN G.. THURMAN
At Hamilton, Butler County, Ohio, Tuesday,
August 10, 1873.

august lOS 1000
Mr.. PRECEDENT AND FELLOW CTTIzENs-I have
seen several statements In the public press 10 the
effect that the object of my appointment to ad'
dress YOU to-day was that l should Sound the
key note of the campaign" Iwish, in the very
outset of my remarks, to disclaim any such pre-
tension. Under free institutions, 1t is for the peo-
ple to give the key note and, so far as the De-
mocraoy of Ohio are concerned, they have dis
charged that duty In the platform adopted by
our late State Convention. | stand squaTely on
that platform. / have advocated It's principles
heretofore and continue TO advocate them. Per-
haps this Is all should say about myself but,
inasmuch as in certain quarters, am denouhceu
asa man who has surrendered his convictions 10
appease popular clamor, 1t may be pardonaDle
In me TO occupy a few moments IN repelllhg this
charge The accusation has reference 70 my sup
port of the financial plank in the platform. NOW,
what demands the repeal Of the resumption act
advocates 1.-THE removal of all restrictions to the
coinage of silver, and the reestablishment OF Sill
yer as a money metal, the same as gold-the same
as 1t was before its fraudulent decentralization;
the gradual substitution Of United States legal
tender paper for national banknotes, and It's per-
manent establishment as the sole paper money OF
the country, made receivable for all dues to the
government and of equal tender with CONT the
amount of such issues to be regulated by legisla-
ton or organic law as to give the people assur'
ance of stability in the volume Of currency and
the subsequent stability Of the valuei no further
increase In the bonded debt, and no further sale
of bonds for the purchase of coin for resumption
purposes, but the gradual extinction of thep public
debt rigid economy, the reduction OF expendl-
lures in all branches Of the public service, and
tariff for revenue only" These are the financial
doctrines of the PLATFORM and now, confidently
defy my critics. one ant all, to name any vote
that have given, during the nine years that
have sat in the Senate, that was inconsistent with
these principles. l have steadily opposed con-
traction ever since 1t was inaugurated. spoke
and voted against the Resumption Act when II
passed. and al the last session Of Congress voted
for its repeal. worked hard to restore silver to
the place 1t held before Its demonetzation, Sew
eral years ago drew resolution for our State
Convention favoring the gradual substitution OF
greenbaCks for national banknotes, and that res
olution, injudiciously amended, as believe eV-
cry one now admits, was passed by the conVen'
ton. was one Of the first to propose in the Sen
ate that greenbacks should be receivable for GUS
tom duties and at the last session voted for the
bill making them thus receivable. l have been
the advocate of stable currency, and your plat
form demands stability have contended that
the precious metals ought not to be demonetized
and the platform asserts the same doctrine. l
have spoken and voted against an increase Of our
bonded debt l have advocated, to the best OF
my ability, strict economy, reduction OF expendi-
lures, and revenue tariff. My course, therefore,
has been perfectly consistent with the platform Of
our convention, as the journals and debates of
the Senate will show. And l beg leave to add
that have never given vote, in the nine years
I have sat In the Senate, to which exception was
taken by the Democracy Of Ohio, so far as l
know, or have ever heard.
Fellow citizens, trust that have not offended |
propriety or good taste by making these few Ie
marks about myself You are portion of my |
constituents and have a right TO know whether |
have represented you correctly or otherwise. II
have reputation worth preserving, II is for |
your interest as well as mine that II shall not be
uDjustly tarnished. But enough upon this |
theme.
fully sorutinized It will be found that Its princi-
pie feature is the proposed substitution OF green
tkcks for national banknOtes. think that do |
them no injustice when say that the leaders OF |
the Republican party are IN favor OF directly tne
opposite course-that is to say, they would retire
all the geenbacRs in order that their places
might be filed with national bank k-nOtes. Let
either course be taken and the metallic money OF
the country remains the same. use elther klno
of paper and the amount OF coin In actual circu'
lation, apart from the small coins used Tor
change, will be comparatively small, go long as
one and two and five dollar notes are freely
Issued, for such notes always drive coin out OF
circulation. And whenever conversion into coin
Is practicable and desirable, 1t will be Just as easy
to convert greenbacks as to convert bank notes.
The question then is narrowed down to this:
Shall our paper money be national BANK notes or
han ku9 mr. |
briefly state, l think that the latter are prefer
able.
/. In the first place. @ national bank currency
means the indefinite perpetuation OF the national
debt, The national banks so far as their circula-
tion is concerned, are founded on that debt. 1t
Is the security for their notes; and whenever the
debt be paid the banks must retire their clrcula
tOn and cease TO issue notes. In order, therefore,
TO perpetuate their privilege Of Issuing notes
they must strive to perpetuate the national debt
And you may rest assured that they will do So
and the influence of more than two thousand
such institutions spread all over the country
will be very powerful indeed.
Now, l am not one of those who believe that
national debt is national blessing. believe
that the reverse of this lB is true ana tnat sucn
debt Is a national curse. To say nothing of its
corruptiug influences, its drain Of the resources
of the people to pay interest is fearfully oppres
siye, especially when large portion OF the debt
is held abroad. In comparatively brief period
the amount of interest paid exceeds the princi'
diminished force. Heavy taxation is the neces-
sary result and every one who has studied the
subject knows that oppressive taxation is one OF
the worst foes TO the industry and prosperity OF
a country, Il is true that the national debt can
not be speedily paid but we ought not TO put IN
necessary obstacles In the way OF its payment
The national bank-nOtes are such an O0stacle ana
for that reason are Objectionable. Your platform
wisely advocates 1.-THE gradual extinction of the
public debt" 1t thus faVors Its honest payment,
and opposes Its indefinite perpetuation. Ana IN
strict harmony with this principle, 1t condemns
bank.nOte system that tends to perpetuate IT.
2. A second objection TO the national bank sys'
tenn is, that 1t tends to combine concentrate, ana
ntensitp the money power. l shall indulge IN
no defamation against the money power. Iseek
TO excite no passion, no prejudice / wish to rea-
son fairly, and wish you 10 judge fairly. And l
do reason fairly when say that In view OF the
undoubted fact that during the whole period OF
the unlimited sway Of the Republican party, the
legislation Of Congress steadily favored the moni
ed interest and thereby greatly added TO the
burthenB Of the people, that the purchasing pow. |
er Of money has immensely increased while the
exchsngeable or purchasing power Of everything I
else has remained stationary or has diminished;
and in view Of the further fact that the national
bank system confers special privileges upon the
banks that no other institutions and no indiVld- !
uals enjoy; that 1t combines more than two {
thousand institutions now, and, II parpetuated. !
may combine Thousands more, In common pur- /
pose and with a common interest 10 maintain
their power and prolOng their privileges; that /
these INSTITUTIONS are scattered all over tne re I
public Rnd acting openly or in secret are able TO
influence legislatures Congresses, and thousands I
of voters 1t ID not injustice, but on the contrary
It is the expression Of wise anxiety to suggest |
that such system Is fraught with danger to the I
Of the people and 10 the purity of their
government. II, In the time of Andrew Jackson, t
the existence OF national bank with capital OF e
only thirlyhve millions Of dollars, and few /
branches here and there, was considered danger c
GUS to the welfare and the institutions of the '
country, what 8hallWe say of widespread COM [
bination OF two thousand national banks, now '
welding nearly five hundred millions of capital a
and destined, If perpetuated, to vastly multiply
in number, and to control thousands of mil a
lions? C
8. third objection TO the National Bank cir a
cuauOn is that II is special privilege that puts Il
many millions Of dollars annually nIo the pOCk. g
cts OF the shareholders and takes many millions '
out Of the pockets of The people. n
The general rule is that person pays interest L
hfrt In ha NJ n han |