Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-08-02

sponsibilities which attach to those who have
| American people. This statement, howeyer of the
| New York Tribune no; necessary to those who
have weighed the events of the last fifteen yea 5
| with unbiased minds. Every law on the statute
books on the subject OF the finances is the creation
Of the Republican party. Let US be just and Iair on
this point and whatever there is TO the credit OF that
party let II be awarded. We are sometimes remind
| der nOte-tue greenDack dollar-is OF Republican
origin This is true. and yet It is melancholy fact
that when the gIeenback dollar had been used at
fifty sXty cents on the dollar, by capitalists, TO
| load themselves up with government bonds, then
| this kind of money As sosn as II was found
| that legaltender notes constituted a cheap and
safe money Ter tue eOpie a. cOua no longer serve
the purposes OF retired, inactive Understanding
capital. they became an object OF pronunciation and
prescription at the hands OF those who brought them
into existence. Democrats. on the other hand who
| were in congress in 1862, and l among them
doubted the success of the financial policy then
proclaimed When however, its beneficial features
became manifest, and IL was disc Jvered that some
when discovered that the system of United States
legal-tender notes was especially adapted to the
| business wants and interests of the American peo
| Pile we became their advocates and supporters
| THE FINANCIAL ISSUE.
The spirit of hostility against the greenback cur
rency having been once aroused by those who in
teresied in return to specie payments through the
oppression followed each other in rapid succession
| While the Republican party held both branches
/ money power enacted into a law without
hesitation; solemn pledges made to the people were
set aside laws for the payment of large portion of
our public debt were repealed and others enacted.
increasing the value of our bonds in the hands Of
their holders many millions of dollars the burdens
of the taxpayers were multiplied many fold. and
1 their ability to meet their obligations diminished
from year to year by the policy OF contraction. On
| many of these points it is unnecessary for me to
/ dwell in detail to-day have discussed them so
recently In my place in the senate, and my views
| have been so generously received by the people of
Iudiana that am content to leave the principles of
| the as have already declared them There
is duty, however, which remains TO be performed.
propose briefly to examine and compare the records
of the two great political parties this vital and
permanent question. shall content myself with a
review of the legislation and the proposed legislation.
or the present congress- though comparison OF the
work OF the senate and house of the congress prev
Gus to this would not be without profit. 1 take my
stand with the Democratic house of the forty-ifth
congress- and shoH that it true to the of
the people, while the Republican senate was not.
Promptly. after the converting in October last, the
house of representatives proceeded far as it was
legislation. The Republican party had placed
ban on the American silver dOllar-bad declared it
10 be no longer money-and had driven ii from the
uses of trade and commerce. This act, In itself,
| was an unparalleled outrage, and the manner In
which IL accomplished added to the peoples
sense of wrong. The silver dollar had been demon
cited secretly and i0r the purpose OF
in circulation, cheapening property and enhancing
inc EaISe oi me Oney when Ieiaie2 Ipaneipay
had also enacted law fixing day when every debt
in the United States should be payable at the option
of the creditor in specie With silver destroyed as
| money. gold became the basis of resumption. The
specie basis being thus reduced to the narroWest
/ possible compass, additional argument fur
nished for the wholesale contraction of our paper
currency These two measures had largely cOntrbu-
/ ted to bring upon penteous land the evils of
restitution, want of employment, vice and wretch
edness. They were at once grappled as monsters of
evil by the house of representatives. and repealed
| Bills to that effect sent from the house TO the
| senate during the early weeks of the session. II
there any here to day who have been in the hab
it of asserting that the two old parties occupy the
| them to look candidly at the history of events
What action did the Republican senate take on these
| two measures of relief rendered by the house? 1t
is true that after protracted struggle and memo
| dollar was carried through that body by distinct
| majority am not disposed to deny to Republican
due nor shall defend the course of the few Demo-
cratic senators who opposed it, When the bill. how
| tive, inspired and guided by that architect of uin.
John Sherman, and upheld by his entire cabinet, he
public opinion as was ever developed on any ques-
| ton in this 'untry An Endorsement of
| ment of this act as well as of the gen
eIal financial police of Secretary Sherman.
| the coinage of the American silver dollar would
| never have been resumed, and this favorite money
Let II be borne in mind that the silver dollar
stored in spite of Republican administration, and
that its restoration originated in the Democratic
| house. The bill for the repeal OF the resumption
act Jared much worse in the senate than the silver
/ bill 1t was compelled to remain unnoticed and I'M
considered the table of the finance committee of
greatest difficulty and only by persistent efforts that
it secured hearing at all 1t was finally defeated
Even the substitute which contained some measures
| of popular relief, long time denied hearing
in the senate after it was re0orted to that body Up
on test vote between the adoption of the substitute
and the BILL it came from the hou e. the substi-
tute eventually prevailed by one majority, thus de-
| feating the repeal of the resumption act in the
| senate. The fact, therefore, should con-
stantly be borne in mind. that but for the action
| of the senate the resumption act would not this
hour be standing as fatal threat to the country;
the banks would not be boarding their circulation in
fear of resumption, and prosperity would be spring
Ing up around us Does some one answer that not
prosperity is returning TO the country? Is there any
one here who has been deluded Ly that false asser-
ton often heard, that the worst is over that the
| bottom has been reached, and there being no fur
| Their depths OF business calamity TO fatbom, we
must necessarily be emerging into better condition
Ii So let me call his attention to the dismal bank
rupt record the United States during the last six
| months. By the report of a well-znown mercantile
agency of New York We are furnished with the fol
1 lowing instructive statement of facts:
BUSINESS DEPRESSION.
During the first six months OF the year 1870 the
business Failures numbered 1868, having liabilities
to tue amount of SIC 344.266. During the fist six
months of the year 1876 similar business failures
reached 1900, leaving unpaid liabilities to the
| amount of S1OS,415.429- During the first six
months OF the year 1877 those who failed in bust
ness numbered Att, and their liabilities reached
of the present year 1878, are larger than all their
| predecessors. During the period from January to
reduced to bankruptcy, and the debts which they
we're unable to pay reached the enormous sum OF
| highest development can form no adequate cOncep-
ton of the sorrows, the bitter hopeless tears the
the h.san hearts, the blIghted lives which those
R 6fg''ss9 H45 merely faGis gas
1
are dependent upon the prosperity Of bust
| ness for an opportunity TO earn their bread have
| No herald proclams the sufferings of the humble
poor the bes and Pharisees by on the other
What is denominated a specie basis. how few even
pause to reflect the awful penalty which the PEG
| object! However desirable object may be; how
ever much the human heart may long for what it
cnnceiveS to be great good yet there may be Sacri-
| fees so horrible required in its pursuit that they
| world render that good an IN nixed evil The re,
L n ~
the hight of American craftsmanship; and yet to at
tain it the prosperity of the country has teen rod
den into the dust, and battered of all shape and
recognition The poverty the dc ISOLATION, the indie
Scrbabe sorrow OF private families which this poll
cy has cost can be expiaed; will those who
have fastened this policy on the country. with Its
given by the American people The serViie castles
| the East indies, with a blind and Ignorant faith,
| worship tie Juggerniut and feel no resentment
| when mangled and cIIs ned by their hideous deity.
1t is not so; nor will it ever be- with the American
| shrine They will rather teach their children, and
their chdrehs children to execrate the authors of
| their misiOrtunes
Il MEASURES OF RELIEF.
The contraction OF the currency being the funda-
mental of the general business depression the
Democratic house Of representatives during the last
session oreinated and passed bill prohibiting the
secretary of the treasury from canceing or retiring
another dollar of the greenback currency from what
| ever source received into the treasury, ana COM
polling him to reissue the same for circulation This
| Wholesome and just measure finally became a law.
| t passed the senate under the management and
control OF Democratic senators This law, it is true,
has been slow in coming but equally that 1t
would not have at all but for the ascenoency OF
the Democratic party in branch of congress, and
its power and approaching aScendency IN the other
Another measure Of almost equal Importance
originated in the house, and passed that body Moth
ing could be just on the part or the government
than for 1t 10 receive its own money for Its own dues
bill was therefore, introduced into the house and
| passed that body, making legal-tender notes re-
ceivable the same as coin in payment OF duties on
imports. Such is not only an act Of Justice
in itself, but iii also W. ldeseryed mark OF honor
to the greenback ancy, aiding it TO stand on an
| equality with the precious metals. The senate ala
not act on this house bill, but after severe contests
passed similar measure, coupling It with PROPOSE
ton to authorize the secretary OF the treasury TO re-
ceve the legal tender cuTren in eXch tnge Tor -FOUR
per cent government bonds The house rejected this
latter proposition, fearing that 1t might enable the
present secretary IN spite of the law TO the con-
traTy TO retire and hoard the currency received In ex-
| change for bonds. The other provision making du-
ties payable in greenbackS was again passed by the
house and reached the senate on the last day OF the
| session. 1t defeated simply by thai rule of the
} senate which enables single objection prevent
| the second reading of bill on the same day 1t Is
called up As your representative pressed II until