The New York herald., 1878-09-11


in the past and win be In the iuturo in the direction
OF liberty, justice and equal rights and the very bes
interests OF all the people But hog. the Secretary
asked wo TO judge of this Ho answered his own
inquiry by referring 10 what tho party had done II
the past
But because he claimed credit tor The republicaH
party for having carried the country successfully
through the dark days Of tho rebellion II by means
pese reconciliation and hearty union with the poo
| Pile Of the South adopted General GRANTS motto,
Let US have ss@ 81 pssy M
ceptod good iaith the legitimate results OF the war
But while standing firmly BY the great principles ol
was fought aud won; while FIRMLY demanding always
and everywhere all the fruits OF our success IN thu,
| struggle, sound policy requires that ve welcome
to political fellowship all Who now heartily aud
honestly with US upon the great aud essential princi
spirit OF the republican party to day toward the peo
plo Of she South desires peace, union, prosperity
| and happiness Tor the whole country.
DEMOCRATIC ECONOMY.
Passing to financial questions the Secretary
characterised tho arbitrary reauction Of the appro-
priation bills OF The democratic House In 1856
tho Presidential election The House claimed first a
claim to $780, C0O The books, said the Secretary,
posted, and wc find that since the Presidcn-
% no sgsesas to 81 aod
about one million Of aedcienoy items have been
ss ss In session. ss w oS 'a
tho aggregate OF appropriations Tor 1876, when tho
democrats Of the House preparing for the cleo
same appropriations for 1873, passed by the same
party managcr Is sta 57d 692 To- or an increase IN
1878 over 1870 OF SPA O40 S93 IA Now when II is
membered that the republican party, while In power
from 1866 to 1875 continuously and rapidly reduced
.na TIA, M the a ye's O. oS a
last years reduction OF $2s 600 0O0 thinK
we may larly challenge comparison between rspub-
| lican and democratic expenditures.
SOUTHERN CLAIMS
Abiding TO the Southern war claims, which the
| claimants, but which the Southern democrats are
silent about, the Secretary asked II there Is pur
pDa bee CousCs .hs doos
Tor these claims Is once opened shall live to
tho loyal people OF this country heavily taxed pay
the losses incurred by rebels engaged effort, by
force OF arms, to destroy the government. And you
may rest thai the door will be opened II the
power in tho government which they held before tho
war. and which enabled them then, as It would again,
| TO dictate terms to their Northern allies.
NATIONAL pgBr-HARD MONEY
Tho Secretary pointed with pride to the steady ro.
duc.,on OF tho national debt republican rule.
| The aggregate OF reduction since March 4, 1869,
has reached the sum of S4S9 $50, 1856 IL, whereby
there Is annual saving Of $si, 2os, ,542 so IN
1866 exceeds the enormous OF over SG72. 900 600
about onc.thrd Of the prosent deoi-and Sc
than S4s,OO0 900. Our national credit, always
tho un0rring test OF the wisdom ana sound
ness OF our national policy, has steadily aud rapidly
we are able to borrow money. at homo or abroad. al
four per cent interest; and the process Of converting
our six per cent bonds into tour per cents Is
satisfactorily The sales OF -four per cont bonds for
sixty days past have averaged $780, per day.
the has sold par S2 600 oOO Of Tour asd
half per cent and $l29 00O 900 Of four per
bonds largely 70 our own citizens ur.nsr nos .g
CON- which was 341S per cent Marc I. 1866. ana
which was BIZ per cent on March 4, 1869, Is now
only one-haf OF one per cent We back again To
a solid basis-wo down to hard pan. We shall
shortly resume specie payments, thus releasing tho
medium amounting 10 over 5000. oco ooo s 'shas are
dollars, each ana every OF which worth pre-
ciscIy 100 cents. we shall resume upward career
OF prosperity.
SECRETARY THOMPSON ON THE FINANCES.
INDIANAPOLIS, Ind, Sept. 10, 1878
r. W. Thompson, Secretary Of tho Navy,
spoke at tho opora House tonight lie
confined himself tic, the discussion ol
the financial question: considering that tho most
portant now demanding public consideration.
He considered tho Issue distinctly made
up that IT, could not be evadsd Two
plans Of currency in direct opposition TO each
other aro proposed-onsa paper circulation redeem
able par in coin the pleasure OF the holder
limited by the necessi,ies VI trade and com
mcrco; the other paper circulation, limited
no" no relation % 70 specie value. and no. rsd..msSis
IN anything. Tho currency question ough
not TO be party question, ought mo-
side to 1t, for II concerns ALL OF evory parry Bu
the democrats have mado IL SO. In 80 far ouI
present financial system Is concerned, that sysieu
IS emphatcay republican, conceived ana fostcred by
the republican party, which chcorfuy accepts all the
Dy The war. rns adm,u,s,ra,,on ~ OF % Bocbaosn haS
SO impaired the pubic credit that moaey
could not be borrowed by the for less thar
twelve per cent, and under this atatc OF things
would have beon impossible TO conduct tho foi
the Union. The administration OF Lincoln had to
produce a better state OF affairs sunsr the gov
ernment to be destroyed.
ATTITUDE OF THE DgxocRAra
This had TO be done by borrowing mouey upon
governments bonds and issuing greenbacKs; but al
every step IN the Of these
met with opposition from tho democral,c party.
That party supported the proposition 70 pay ths
interest upon the bonds coin, but opposed the
issue OF tue bonds. and denounced tho polcf which
sary 10 sustain the Union and declared toe
to be utterly worthless le fraud upou thoir
ernmen, had none. aud their ISSUANCE TO be in ysoa
tion of tho constitution. The most eminent leaders
OF tho party declared that the constitution gave
Congress only tho power 20 coin money and regulate
the value thereof, ana that the money II meant was
gold snd silver, nothing else could bo coined and
by their steady opposition 10 all tho measures upoa
which She present is based the hav
made the financial question IA party one. Tho :
sequences whatever injurious results may sprug
publican party, will stand oy the system to tho end
not only because 1t has been the means OF sustain
ing the the hour Of its greatest poril
but because IL reached It's consum nation by
tho practical resumption OF specie pay ments. ana
promises shc most certain means OF extending tho
already revived trade OF tho country.
Mr.. PRNDLrToy's ADDREss-THE ISSUES OF
THE CAMPAIGN RgpUBLIoAN sHAMs-DEMo-
CRATIC CuARGEa
COLUMBUS. Ohio. Sept. 10, 1878.
George II. Pendlston addressed his fellow citizcns 8
at this placo tonight, and enth usiasticaiiy
ceived. lie began by lkoning the republican TO tho
mushroom growth, but the democratic TO the oak.
The democratic party he said, has IT'S foundation In
tho conct eternal IN civil society between tho
OF men and tho franchises Of corporations and tho
special privileges Of wealth. The democratic party
has always stood nrm for tho people against the
classes for the individual against the masscs the
powers reserved against tho powers granted, aud
therefore It will exist ia oil governments ona
the aspiration for the nmolorauon mans condition
exists tho human heart II will exist In our gov
crnmont long the aspiration for constiutio nal
liberty and tutionai union are tho tests OF