Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-09-27
1ne Yeso York Republicans.

convention organized to-day with Roscoe Conk
ling as temporary chairman and permanent
president The Senator, after acknowledging
his hearty greeting, began his speech. H,
said.
We have met in a year likely to be the hing
upon which much the future will turn;
year which in its political results will leave
deep and lasting impression other year.
America in common with every land in Christ
endom, has been passing through q period of
depressed industry and commerce. Labor ant
capital have both suffered much everywhere
Hard times have fallen all lands-not ON al
nike, because less heavily on ours than others
Great Britain, Germany, Russia, France and
other countries are passing through deep tribu.
lations. We have overpassed the worst
and restoration gradual but constant is sure
unless u want OF wisdom and fallaci0us meas
ures block the way. The rnatchless resource.
OF the country and the matchless enterprise
and activity of our people will not fail to cure
our business disorders, if these things can be
assured
First-Congress must not destroy the head
way which has been made and launch the
country on new seas of confusion and agita-
ton by wild and restless attempt to control
the laws of trade and to create values by legis-
lation. The financial stability and certainty
on which men can rely and calculate ahead
must not be exchanged for exploded theories
or novel devices. Permanent and fixed laws
are often better than philosophy or even per-
lection.
Second--We must have frugal, honest gov
eminent, earnest and stately administration,
and an honest constitutional currency with
public credit untarnished and the public treas
nry defended against nnfourded claims and
against plunderers and spectators.
Third-We must have peace and order and
...o1culon, 1uli, cquuI, pu."4. MO h." $3.50
IT.. Il
object of Just government is not to carry on
business, but to protect life, property and
rights and thus SO leave every citizen free and
safe in all lawful exertions, opportunities and
enterprises in which he chooses to embark.
Wealth or p'oEerty can not be eonjured up by
No sleight Of hand can produce
motion can be discovered by legislative de-
vices, however CT ming. Property is the pro-
duct of labor. 1t must be hewed out of the
forest, plowed out OF the field, blasted out of
the mine, popndedl out Of tt'e anyils wrought in
The Factory and furnace. Labor is at the bot
tom of it all, and the nation in which there are
the most labolers and which labor is best
cherished and cared for must be most wealthy
and most prosperous. Capital and labor are
natural allies. When they work together both
are enriched. When they are hostile or separ-
ated both suffer. What, is the difficulty now?
labor lacks employment. Capital is always
afraid when labor lacks employment. When
ever capital is not afraid there is brisk de-
rnand for labor. 1t has been asserted again
and again that three million I4boring people in
the United States who want work are out OF
employment but everybody knows
this cannot be true. The
picture has been overpainted. The truth is
bad enough and sad enough Business is de-
pressed and honest, honorblc labor is suffering.
Can these evils be cured by subj projects as
are now urged upon us? 1t is said we should
lave new and large issue of paper currency.
What for? Is not currency piled up In every
bank and money center and depository! Can
not money be borrowed in millions at the low
est rates of interest? When all the paper and
coin in the country is put into active clrcula-
ton. will not there be abundant currency?
Confidence, stability and assurance that credits
and values will not be tempered win, viii UNI
took capital and put money in circulation, but
sChemes watering the currency and the
shrinkage of it's purchasing power, and this
changing of bargains and transactions will
brighten capital and make it hide. What is to
be done with the new issue of paper? 1t is to
be paid, we are told, to bondholders.
What are they to do with it!
Will they give it away? They
will keep it or loan it. What good will that
do? Put it into circulation it will dilute and
deprecate the whole currency and put up
prices for the pay and wages of Labor will
not advance enough to keep up with the prices
of food and commodities. All borrowers with
security can borrow at the cheapest rates OF In
terest now. This all is they can do after more
rreenbacks are issued. But to pay OIL debts
With paper currency will stop so much inter-
est. Yes; but what stands in the way3 Colo
can be bought too dear. In the first place this
would be flat reputation. Why? The bonds
themselves for many years have said on their
face, and laws and resolutions in every solemn
form of plighted faith have said, that the
mouey-in coin, Savings banks trust com pa
MICS and individuals have bought thu
bonds for widows, and orphans and soldiers OF
this plighted faith. The bonds are not held b.
the rich. Most are held by or for those VIII
are not rich
in Congress assembled said when they aske
money for bonds that not more than 4OO,OOO,
600 Of legal tender should be outstanding
This was to say the bonds should never be pai
by legal tender notes. This pledge obtalne
the money, and there it stands to be Kept =
honor or repudiated in dishonor. What IL tn
reason for striking at the bonds of the Unite
States or those who hold themP The chief oh
lection to be that the bonds are no
taxed. There are several answers to this.
The first place, they were and are taxed, an
taxed in advance. The man who pays par i
gold for bond bearing only per cent. intel
est, and thus loans his money for ITO, or onl
a fraction more than half the legal and usua
interest in this State, pays for exemPtlo
from further taxation in advance, an
paws pretty largely Tor IT, j
tax again or differently now, would b
10 break u contract just as much as to refus
payment in whole part The bonds an
nations life, and,nOW it is proposed, IN VOL
ton of the laws and faith OF the America
people, to repudiate and depreciate both.
Ia proposed to uproot our whole financial sy
tenn, when it's worst evils have been ov
passed, to overthrow the banks and to g
shifting Congressional maj jrities, caucuses al
coalitions printing paper promises or ma
money as much and as often as they pleas
Such action would unsettle values, would l
Hate or debase the currency would cheat lab
of lust wages, would breed corruption al
gambling and speculation, would battle
calculations of business, and make ira
worse than u ratIle-a rattle
w WITCH honest hone industry, not shire,
canital, would be the heaviest, sorriest utter
The Republican party is against 1t. and one
it's missions is to manage to final success O.
relief the ugly financial legacy of war WIN
r. did not make-a war in which every Repu
lican in every State and on every spot was
his country's side. Look on the country a
see the position of the Democratic party.
last national convention demanded the rep
of the act to resume specie payments M
January. Now, when gold and paper Ia
come together, months beforehand Senat
Thurman and Pendleton in Ohio, Sena
Voorhees, and Gov. Hendricks in Indiana
Johnston in Virgins, the Western and Sou
ern leaders of the Democracy generally, a
Democratic conventions even IN n
England, call aloud for n,
schemes of more paper money. IN the "
l. In NQrfu