New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-12
EX-SPE1KBR GROWS SPEECH,

EX-SPEAhER GROWS SPEECH,
We give elsewhere in full the speech with
which ex-Speaker Grow opened, on Saturday,
the Republican campaign in Pennsylvania. 1t
is significant speech because it proves that
the Republicans of Pennsylvania are losing
sight of personal considerations in unlver-
sal determination that the Democracy shall
not capture the National Government. MIR.
Grow was the leading candidate against Colo
mel Hoyt for the nomination for Governor,
but now is the first in the field in behalf OF
his rival. For a more important reason, also,
the speech is significant. 1t is plain, straight
forward appeal to the masses for sound money
and the honest payment OF the public debt.
1t comes from one of the trusted leaders OF
the Republican party, in State where
the greenback craze has made thous-
ands of victims, and it means that the
Republicans of Pennsylvania have placed
themselves where THE TRIBUNE hopes to see
all Republicans-squarely on the SIDE OIL
honesty and good faith. This speech Is the
keynote of the Pennsylvania campaign, and
was admirably adapted for the purpose, being
full of terse, homely sentences that 90 straight
TO the marrow of things. What, for instance,
cOulu uIlVe lnb lIutl HOiho iu''hNA y" ~
average citizen than this comparison OF the
coin dollar and the gTeenback:
The paper reads its face, promise TO pay real
value; the coin declares It's face, am real value.
The com dollar needs indorsor The paper one is
worthless without IT, The coin dollar runs through the
commercial world by its own inherent strength and
upon its its real value The paper dollar has
not strength enough stand alone ana bears upon IT'S
fsce only promise which, II ts iuhment to be ndct-
nitoy postponed worthless as the rags OF which 1t
is made.
Or this brief answer to the people who want
greenback mills in every county:
The mere fact OF coming money by tho Government,
or the stamping OF engraved paper by ITS printing
presses matter TO what extent. does not thereby
make money plenty. For however much the Govern
ment may have in its vaults 1t can pay out or put in
circulation only the amount OF is actual expenses II
ITS annual expenses are 100000 that Is all IL can pay
out aud il collects in and returns TO ito Treasury
during the year that same amount.
Here is q short sermon on the war
"pTices which so many are TegrettiBg:
Flush times, as they are called, come not from In
creased coinage or additional printing. but from In
creased demand and consumption OF the products
Of labor. The flush business umcs Of the war were
not because the Government issued greenbacks but
because Il paid annually over thousand millions OF
dollars for labor and It's products inead Of as n0w less
than three hundred millions. The sudden demand
caused by the war for almost everything Increased the
consumption. and thereby enhanced the price War
prices can be continued only by continuing the war that
produces them
And here is a terse description of what
statesmen of the Butler school call under
consumptiOnn After depicting the over
consumption" or extravaganza which has
resulted IN bankruptcy and ruin, Mr.. Grow
says:
The statcsmanshp which excuses such a state OF
things BY calling It underconsumpton IS AKIN to that
which claims that money worth nothing makes coun-
try rich There Is a remarkable instance o. under:con-
sumption IN the case Of the Prodgal Son, when be fed
upon husks bat It the necessary aud inevitable re-
suit Of eztrayagant and riotous living.
The ex-Speaker attacks the Democratic
marty as the exponent of policy oppressive
TO the worbingmen of the country. He says:
1t il neither wise statesmanship nor real economy,
In times Of great depression IN business, for the
Government TO stop all OUTLAWS for necessary and
indispensable public works Not that the Govern
ment should create necessity for expenditures, but
when that necessity exists why give 90 unemployed
labor the benefits resulting tbcrcirom IN the times OF IT,
greatest need especially the Government would have
the advantage la such times OF oheapuoss 10 doing It's
worki This Kind Of craftsmanship most conspcu-
ously illustrated by the Democratic party In the last
Congress- and upon such record Il appeals TO the
people for a renewed lease Of power
With this pungent sentence he meets the
Free Traders:
With the land filed with unemployed labor who would
suggest the importation Of aborers remedy for
business sl Yet bring the products Of their labor
10 supply our market has the effect upon uncIn
oyed labor al would the importation OF the labOrers
themselves
One of the most important portions of this
address is that in which Mr.. Grow dspOses of
the Greenback proposition TO tax Government
bonds. In discussing this subject, he calls at
tention to decision of Chief-Justice Marshall,
the application of which TO this question will
be fresh to some of our readers. The decision
was that bonds and notes of the United
States were necessarily exempted from
taxation by State and municipalities, be-
cause estate Governments have no
Fright to tax any of the constitutional
"means employed by the Government TO
"execute its constitutional powers" To these
words of the great Chief.Justce Mr.. Grow
adds
Local taxation Of Government bonds and notes is the
same a. the taxation OF It's creG IN times Of danger
were II CONSTITUTIONAL hostile communities could within
their respective lursdlcOns tax its credit out Of exist
ence.
As for taxation by the General Government:
There would be such thing as the sale of bond
bearing per cent interest II 1t subject taxation
What advantage then, would It DO TO the Government
10 pay or per cent interest and then collect back
or per cent taxation II in the rate Of inter
est about the amount It would collect taxes and the
cost OF collecting the tax.
With this one question we can close this
series of brief extracts:
Will the Nation redeem It's phghted faith and pay, IN
the day Of It's safety and power 1t promised In the
nighttime Of it, disaster and peril
This is the sum and substance of the whole
matter. This is the whole controversy. The
Republicans of Pennsylvania, heretofore some
times wavering in their support of hard-mOncy