The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1878-09-05
you as Republicans I wish to address what ]

| you as Republicans / wish to address what T
have to say tonight.
It was the Republican party which devised
and issued the greenbacks, and which has thus
! far sustained them and advanced them by slow
and gradual processes to par with coin. No
| doubt there have been honest differences as il
| is natural that there would be, as to the means
| by which the result has been brought about.
but there should be no difference among Re-
| publicans as to the desire that the money con-
| trived by their policy, and the chosen instru-
| ment by which the forces of the United States
were marshaled during our war, should be
| made and kept equal to coin. However yarv-
ing currents of public opinion or temporary de-
preston Of industry may tend to disturb the
public judgment, 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 United States notes, especially when this
| is demanded not only by the national honor
but by the clearest public policy. This money
is our own, in which we naturally take pride
We guarded it III Its cradle when it was reyiled
and derided by our political adversaries, at
time when 1t was said it would wander like
Cain with mark upon it's brow, dishonored
and repudiated. We believed in it then. and
we believe in it now.
When we issued it we promised to redeem it
in coin, and every fresh issue was ACCOMPANIED
by fresh promise In 1866 we not only, by
law, promised to redeem it. but provided for
the gradual contraction of the amount. In
1868 we suspended the contraction butrenewed
the promise. In 1869 we solemnly pledged the
public faith to redeem these notes in coin. No
step, however, was taken to redeem these
pledges, and, under the stimulus of imitation.
speculation ran riot, visionary schemes were
entered upon, extravaganza prevailed, until in
September, 1873 the hubble burst, prices fell,
the wild decisions Of the times We're dissipated.
IIv1n Y1 h0S fo &coA Ill
evils that always come from irredeemable paper
money. Then. after fifteen mouths debate in
Congress and before the people, as remedy
for the evils we are suffering, the Resumption
act was passed. The only object was to make
our paper money equal to coin. It was not the
best possible measure, but it was the only one
that could be agreed upon 1t was very general
in its provisions, but did give ample power to
prepare for and to maintain resumption. It
did not abolish the greenback. On the contrary
the greenbacks were expressly to be retained
to the extent OF $3.50, 100000 as part Of the
permanent currency of the country, and this
was, on the LIST of January, 1879, to be made as
good as coin, to be redeemable in coin. and to
be issued and reissued as the money of the
people, the foundation of our currency. This
was to be the fulfllment of our promises.
This was our answer to those who said the
greenbacks would never be redeemed.
And now, fellow-citizens, the Resumption
act has indicated itself. We shall be pre-
pared, when the time fixed shall arrive, to exc
cute and maintain it, with entire confidence in
it's happy effect in the revival of business 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
from the mint. The laboring man has stand
ard of value equal to that of the bondholder.
The only promise unfulfled by the Republican
party is almost performed.
Now, the steps by which the result has been
achieved were simple lawful, and benefcent,
and, perhaps it is best for me to state them "a
briefly as I can.
l. Silver coin was gradually substituted for
fractional currency. The amount of fractional
currency redeemed to the 18th CT this month is
$25, $780, 500. The amount of fractional silver
coin issued to the same date is $3.50, 3O7, $50.
Here has been no contraction, but an increase
of over $14, 100000 current money by the sub
sttutlon of durable coin for an expensive and
wasteful note.
2. A gradual retirement of United States
notes from $382,O00,000, January, 1875, to
1916, 681, 016 now. This reduction was made
only as circulating notes were issued to nation
al banks. and only to the extent of 80 per cent.
OF the notes so issued. This was to be con-
tlnued until the amount outstanding was
$500, 0O0. 900, 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, 681 ,016, the
amount then outstanding. Though this adds
to the difficulties Of executing the Resumption
law, still have entire confidence in our ability
to maintain that amount in circulation.
B. By the accumulation of coin in the treas
ury in view of resumption. The authority to
thus accumulate is plainly given by the Re-
sumption act, and was the chief means pro-
| vided to secure and maintain resumption. MY
predecessors, no doubt, believing that this &C.
emulation ought not to commence during
their terms, had taken no steps under the pro-
visions of the Resumption act When I as
sumed the duties of my present Office, after
careful study Of the whole question, I deter
mined that it would be necessary to accumu-
late, in addition to the surplus revenue, the
sum of $100, 900 Of gold coin, and that it
100000 month from the LIST Of May, 1877, to
the date of resumption. 1t was confidently
declared by those who opposed the law that it
would be impossible to accumulate this coin
without putting up the price of gold, and thus
| defeating the object, but the experiment shows
that it was not only feasible but advantageous
to the current business of the country.
we accumulated readily during eight months
of that year at the rate of $5, 100000 month,
with gold constantly declining in price. This
process was arrested by the debates in Con-
gress, and by the threatened repeal of the Re-
sumption act, but was again resumed in the
| spring of this year, when it was found still
more easy to accumulate coin by the sale Of AZ
per cent. bonds, and the original plan was exc
| cuted sooner than was anticipated, by the more
| rapid sale Of bonds so that on the 10th of this
month the treasury of the United States was
| supplied with $209,011, 1915 gold and silver
| coin and bullion.
have received recent statement from the
| Treasurer of the United States, which shows
| the precise condition of the treasury in view
| of resumption, as follows
TREASURY OF THE UNITED STATEs,(
| t WASHINGTON, D. c., Aug. 20, 1877. {
SIR: have the honor to advise you that on aug
49, 1878, there were in the treasury as follows:
Gold coin .$185, 273, 0168 81
Otanudiu uoAidIs. lo,ooo,LOooo
Gold bullion. ACKNOWLEDGEMENTS. $3.50 6oI %
Silver bullion. 6,812, 812 Al
| Total. Observation-Disclosures. $2G9, O14, 1853 IL
! Of which there will be required for the .tf
| following payments
Unmatured calls of $40 bonds.. S As 0O0, DOC
| Coin certificates outstanding on that