The daily Cairo bulletin. (Cairo, Ill.) 1878-1???, 1878-08-25

he Democratic NIHIc plullpTH nus
plak vronouncing in favor of rcinacting
thi law. and to-day the Republicans are
drlouncing that plank Of our platform from
th stump,
had the pleasure Of listening to Gen,
Ilgun's speech ut Carbondalc. In that
speech he charged that the Democratic
party was in favor of increased taxation,
AID in proof of his charge he cited this
pink in the Democratic State platform.
! IT, said they wanted 10 levy II tax upon the
! irOmcs and this was increased taxation. !
| hive always entertained very high regard
for Gen, Logan, both for his physical cour-
! age and mental abilities but did feel on
! this occasion that such an argument was
unworthy Of an ex-Unitcd States Senator.
Gen, Logan must know that he was guilty
of pcrpctrating false logic opon his hearers,
Now, if the leyying of II tax on partic-
ular commodity increases the amount of
taxes 10 he raised, then the repeal of law
taxing particular commodity must lessen
the amount of tax to be raised So We
might 20 on repeating the tax upon each
commodity until all were repealed and all
taxes wiped out and the government would
run of It's own motion, and Gen. Logan
would he entitled to patent for invcnting
government perpetual motion
Not satisfied with all that had been done
in favor of capital, in 1873 the Republican
congress passed an act demonetizing silver,
and adopted what is denominated the single
or gold standard. We had what was known
as the double or silver and gold standard,
The bonded debt of the United States
has been created and was in full force un.
der the double standard, and TO be paid in
the standard coin of the country, silver or
gold, AT the option of the government.
We were paying at that time ninety to
one hundred millions annually in interest.
At the time of the passage Of this act silver
and gold were being received for custom
dues. Greenbacks were at discount and
were not receivable in payment of duties
on imports SO that the merchant or importer
whose trade was based upon greenbacks
was compelled to buy coin to pay duty on
his imports, Now the more coin there was in
the country proportionatc TO the circulating
medium. grecnbacks the chcpear, he could
buy coin to pay his duties,
For the law Of supply and demand was
the same in this case as any other. The act
of 1873 dcmonetizing silver diminished the
supply of coin in the country and tended
to increase the price of gold or to prevent
its decline in the market.
We were anxious to see specie payment
resumed but the act Of 1873 diminished our
ability to resume. 1t took from the gold
market It's competitor. silver, and increased
the demand for gold just in proportion as it
withdrew silver The act created the trade
dollar but desired legal tenders qualities
Notwithstanding it contained more pure
silver than the old standard dollar. Public
sentiment forced the repeal Of this nc.arous
law, but the repeal of the law was opposed
by the leading Republicans in both houses
o" congress 10y the president and secretary
OF the treasury. The bill was vetoed 10y the
president but was passed over his veto. 1t
was contcndcd by the enemies of this bill
that its passage would increase the price Of
gold and lessen the value of the circulating
medium of the country Yet during the
excitement attendant upon the discussion of
the bill gold continued to decline and has
continued to decline since the act became a
law, and the secretary Of the treasury has
been forced to admit that the repeating act
had had different effect to what he had
expected and would greatly aid resumption.
Yet by untriendIy construction Of the act
he has done all in his power to prevent the
circulation Of silver and for time refused
to allow the newly coined silver dollars TO
20 from the United States treasury for any
cause except the exchange Of gold and his
allies, III" national banks. TO aid him in his
'ight against silver circulation refused to
receive foreign silver coin on deposi, except
~ ten per cent discount. And to-day the
national bmks all over the counr y are adj
vrrt,ing that they willnot receive the trade
dollar on deposit only for ninety cents on
the dollar, notwithstanding it contains more
pure silver than the standard dollar, The
postotiiccs will not take them for stamps.
The customhousc will not take them for
custom dues. National banks and the sccrc-
tary Of the treasury have combined to pre-
vent silver from coming into the circula-
ton. This is all done to prevent practical
resumption through the force Of trade. If
the secretary OF the treasury and the ma
tiOnal banks had been friendly towards the
silver bill we would have had
resumption to-day without the aid
Of "A resumption act. The Gold Exchange
Of New York would have been closed and
the gold market "A thing Of the past, and
gold and silver in as free circulation as
l.. ,,,l nn,i,,,l l.,1.