Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-08-10

At M'Arthur, Ohio, on Wednesday last,
General Tom Ewing was unanimously NOM
mated to congress by the Democrats of the
tenth congressional district of that State.
The utmost enthusiasm prevailed, and when
General Ewing was presented to the conven-
ton by the chairman, General Smith, the
widest cheers ensued, and for some minutes
it was difficult to restore order. This OBJ
tanned, General Ewing made the following
Speech.
GENTLEMEN OF THE Conventional
thank you for the marked honor of this spon
staneous and unanimous nomination to rep
resent the new tenth district IN the forty
sixth congress. | proudly and gratefully ac-
cept 1t as recognition of my fidelity to the
people. Our country is shaken with political
and social disturbances, which imperatively
demand recognition and remedy. No love or
hate, no pride or prejudice, born of old con-
fIcts over obsolete ideas, should control the
vote of a citizen in presence of the
crisis of to-day. The great questions
we must now meet are purely fnan-
cial. The south is restored to self govern
ment, and bayonet rule Is ended. The scheme
OF the Republican party to perpetuate its
power by sectional hatred, race feud, and
standing army, was utterly defeated at the
ballot-box In 1876. The weakness of certain
Democratic leaders, and the frauds and brag-
CART threats of Republican managers, gave
the Office of President to the defeated candi-
date. He was declared elected under the
forms of law and usage, and there is no
method known to the constitution to contest
his title. But he sits in his high office with
out the moral power which clothes peoples
President. The base perpetrators of the
fraud, though whitewashed with official sta
ton, are damned to lasting infamy; aud the
Republican party itself is paralyzed by its i'm
moral triumph. The details of the deed are
being exposed and recorded to be read and
abhorred as long as the government lasts.
The army, made an instrument in the crime,
has, by the determined action Of the Demo
cratic house Of representatives, been confined
to ITS appropriate duties. Henceforth con-
gress alone will determine who has been
chosen President, and he will be inaugurated
by force of public will before which all the
Grants, Bradleys and Chambers will quail
aud succumb
WHAT is THE MONEY QUESTION?
Is it not whether we shall hive coin or paper?
There is no such issue, and never has been.
Paper has long been and must hereafter be
the great money factor in new and highly
progressive countries. Gold aud silver accu-
mulate In countries which have approached
or reached their zenith, where gathered
wealth takes control of the productive forces
There concentrated capital, low interest and
cheap labor combine to make cheap products,
and gold flows there to buy them. But in
the United States, with our heretofore swift
development, distributed wealth and we'll
paid labor, we have never been able to get or
keep enough gold or silver to be the chief
currency, and have always relied and must
hereafter rely mostly on paper money as the
agent of industrial development. The prac-
teal money question In the United States is
therefore, not whether our currency shall be
coin or paper, but tohO shall issue the paper
money, and hOV shall its Uolume be deter
mined F.? And on the settlement of this ques-
tcn depends the solution of the chief political
and social problems which now agitate the
American people. What is the cause, and
what the cure, of
THE INToLERABLE PARALYSIS OF BUSINESS
destruction Of values, and degradation of
labor which now Cypress and alarm our peo-
pie? The cause, fellow-citizens, still in
sist, is the impracticable attempt to form spe
Gle payments 1t was perfectly apparent
from the outset, to every well-lnformed and
reasoning man, that the scheme involved this
distress, as inevitably as the amputation of
a leg involves serious shock to the nervous
system, We have too little coin, and too lit
tie power to keep it, to make permanent re-
sumption possible, without an enormous con-
traction of our paper currency We have ex-
lion dollars by cancellation, and much more
than that by boarding through fears of CAPT.
tallsts as to the effect of the resumption law;
and this contraction has resulted in an enor-
nous fall of prices, ruin of debtors and tax
payers, prohtless business, bankruptcy, pau
per wages, want of employment, starvation,
raggedness, beggary and crime. But we
are told there can be no further contraction,
because-thanks to the agitation by the Dem.
ocratic party against the
TO THE AGITATION BY THE DEMOCRATIC
PARTY AGAINST THE RESUMPTION LAW
--congress has forbidden the destruction of
the greenhack currency, and required the Sec
rotary of the treasury to pay it out when re-
deemed. But that law Is a deal letter on
our statue books, except for the moral effect
of the declaration that the greenbacks shall
not utterly perish. The secretary In his tel
egram to Hon. William A. Phillips, of Kan
sas, of June II, 1873, which you will find in
II 'PherSOH'S Political Manual for this year,
declares that he will keep in circulation all
United States notes that can be maintained
at par s0ith COIN" That means that he will
hoard all the redeemed greenbacks if neces-
sary to maintain resumption. The law of
January, IA, 1875, permanently appropriates
for resumption purposes ''all surplus moneys
In the treasury not otherwise appropriated"
When the greenbacks shall be redeemed
after the first of January next, they will be-
come at once appropriated by the law to re-
sumption purposes; and the secretary avows
his intention to hold and hoard them as far
as he thinks necessary for those purposes. In
other words, he thinks that the recent law
prohibiting the destruction of greenbacks
and requiring them to be paid out again only
requires him to pay them out In obedience to
appropriations, and that the sweeping ap-
preparation for resumption purposes of all
greenbacks that may come In by redemption
- H.
be made only If, and when, the needs of re-
sumption demand. What difference will it
be to the business of the country whether
greenbacks are destroyed or only boarded
and held fast IN the treasury? Mr.. Sherman
has repeatedly declared, and every body who
has studied the subject knows, that large
contraction of the paper currency Is necessary
to maintain resumption. So that, after the
first of January next,
CONTRACTION WILL GO ON
with all lts calamItous consequences. precisely
as if no law had been passed forbiddiDg the
destruction Of greenbacks. Because of this
construction by Mr.. Sherman of the resump-
ton law in connection with the law forbid
ding the cancellation of greenbacks, | re-
sisted and was instrumental in defeating, on
the eighteenth of June last, motion 70 con-
cur in the senate substitute for the house bill
to repeal the resumption law. That substi-
tute proposed to strike out all of the house
bill repeating the resumption scheme, and
insert IN lieu thereof a provision making
greenbacks receivable for customs and also
receivable for four per cent bonds. 1t was
drag-net devised by Mr.. Sherman to haul in
the greenbacks in payment for bonds, and
thus make them so scarce that few would be
presented for redemption. Three days later
the house passed a bill making green backs
receivable for customs, but not for bonds.
TLis bill will probably pass the senate next
Ill l,,i -
the resumption law, with Mr.. Sherman's
senate substitute, lies on the speakers table,
and hope the people this fall will tell the
house and senate in thunder tones that
THE RESUMPTION LAW SHALL BE RE
PEALED
without substitute or compromise Nothing
is more certain than that a further large con-