Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-09-18
THE FINANCIAL ISSUE.
SPEECH Of
ENATOR WALLACE,
AT LOCK HAVEN,
MONDAY EVENING, SEPT, 9th, 1878.

MONDAY EVENING, SEPT. 9th, 1878.
The financial issue is like Banquo's
ghost-it will not down. A distressed
people attribute their ills to vicious
financial policy ,andthey seek remedy
We are confronted by it at every turn.
The homes of our people, their daily
life, the bread and rooi for Uncertainties
compel us to discuss and frankly meet
this issue. At whose door lies the re-
sponsibility for these evils? Whose
policy and whose legislation are the
fruitful parents Of the wrongs com.
planned of? What modern Cadmus
sowed the Dragons teeth that now
spring into vigorous life in every local
ity, equipped and organized to battle
for new thought Z Whose men and
whose measures-whose policy and
whose practices have controlled and
moulded government and law during
the last ten years ? The Democracy
have never had an hour in that time
in which their power could either
make or unmake law or governmental
policy. The wrongs lie at the doors
of Republican Legislators and Repub-
lican officials the distress and penury
flow from their policy and their legis-
lation. The new organization is the
outcrop of dissatisfaction with Repub-
lican men and measures its life is to
be measured by the extent of the dis
integration of the Republican party
and its unhealthy drift toward the
loosening of National obligations by
the measure Of the unjust demands Of
the money power through that party
upon an honest but over burdened
people. The Democracy has none OF
the responsibility, and Democrats who
now desert the standard of their faith
weaken the only power that can re-
dress these wrongs, and aid in main.
tanning the control Of the law-making
power in Republican hands. Why
shall Democrats abandon their ranks
at the very hour in which Federal
power is within their grasp2 We can
spare those who seek to foist them.
selves to place by the aid of dissatis-
fed Republicans and the desertion Of
their ancient faith, for if we preserve
our wondrous discipline and our ardent
devotion TO our cause, we will co-erce
victory without them.
Let us take up the attitude Of the
three parties in Pennsylvania upon
this question and examine each.
The Republican party in its plat
form of 1878, dodges the financial is
sue. 1t discusses tariff with an assur
ance that forgots that every Pennsyl
vanian who loves his State will saeri
fee all else to protect his people and
their interests. 1t prates OF labor and
singularly omits TO hold both capita
and labor TO a rigid Accountability tC
law. 1t declares that commerce should
be fostered, and ignores the pregnant
fact that seventeen years OF Republi
can rule has well nigh banished oul
commercial marine from the high seas
Having given away all of the public
lands to railway corporations, it pro
poses to reserve the remainder for actu
alsettlers. 1t opposes the payment O
Southern claims and does not refer tC
the constitutional prohibition against
their payment or to the horde of Re
publican lobbyists who own and press
them. While Republican Legisla
ture defeats laws intended to prevent
freight Determinations, il coolly de
clares they ought to be prevented. Il
sympathises with Southern Republi
cans and totally forgets to eltogize Mr.
Hayes for anything, and Omkindos
cut of alD il endorses Gov Hartrani'
and totally iorgets my colleague ant
his predecessor. SO earnest and $,
full Of sympathy for every interest be
yond the State, why has it no word o
sympathy with the unemployed labor
er, the struggling business man, or th'
manufacturer within the State who i
crushed by the wise of viciou
financial policy. The Republican par
ty is for the Wall street policy Of fore
ed contraction so vigorously engineer
ed by Mr.. Sherman 1t favors the re
tiremcnt Of the United States lcga
tender notes by their paymet in coli
at the earliest practicable moment
, 1t is against the repeal Of the rcsump
,, ton statute of 1875. II is for the per
pctuation of the national bank monor
: oily with all its centralizing power, an,
for the increase of the interest bearing
debt of the nation TO give to them tn
entire control of paper currency. w
have the right to charge this, Tor thei
State platforms of 1877 and 1873 bein
silent, they stand upon that plank q
their national platform of 1876 whic
declares
"ln the first act of Congress signe
by President Grant the National Cox
). ernment assumed to remove any doubt
of its purpose to discharge all just oil
legations to the public creditors, ar
"solemnly pledged its faith TO max
}, provision at the earliest practicabl
' period for the redemption Of the I'm
ted States notes in coin. Commercii
prosperity, public morals and nationi
credit demand that this promise B
fulfilled by a continuous and stead
progress to specie payment"
This was the Act of March Is, 1856
and was called the Act to strengthe
the public credit" By the letter
: the law, under which the 500 bono
were issued, they were payable
grcenbacks. This Act was dcsigne
b to enhance their value by making thci
payable in coin. When the bill can
70 up in the House, debate was cut o.
10 aud Il was passed under the gag Ia
% of {" the previous question The vol
~ in the House was
10 For the bili-Democrats, Republicans, %
% Against tho bill--Democrats, "a Repub
d. cans, 70.
IN In the Senate the vote was
Z For the bili--Demoora,s, o Republicans, ~
- Against the bill-Aa the Democrats Repub
cans, 7.