The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-08-27
POLITICAL.
Not Very Good Auth priv.

The Massachusetts Young Republicans.
WORCESTER, Aug. ga meeting of young
Republicans from various sections of the state
was held here today, all the Congressional dis
tricts but one being represented Col. w. S.
b. Hopkins OF Worcester presided. An exec
utive committee representing each Congress
sional district was appointed with power to
create subordinate committees who will work
in connection with the regular Republican or
ganizatlon, the principal object being to create
an active interest in political questions among
those VINO have attained their majority within
the last ten years. Resolutions were reported
and referred to the executive committee with
Instructions to prepare an address to be pre-
sented to the voters of the state The rssolu.
tions consider the real issue politically today to
be between honesty and dishonesty, demand
retrenchment in expenditures, higher moral
standard among Office holders, specie resumn-
ton on the day fixed, redemption of bonds in
gold and condemns an irredeemable issue of
greenbacks, demands that the people take
more interest in politics, that congressman do
not attempt to dictate appointments and COM
mend President Hayes for what progress he has
made in civil service reform while admitting
that some of his appointments have bsen indie
feasible. Honorable efforts to bring about
| good feeling between all sections of the cOun-
! try are approved, and attempts to secure per-
sonal or party success by stirring up hatred are
condemned. Those who attempt to raise
| issues and excite jealousy between capital and
labor are condemned, and it is demanded that
government confne itself to the simplest pos
sible functions, leaving the business relations
Of the people as free as possible. The state
government is urged to revise the tax laws and
| an appeal is made to all to support the ad
vancement CT social and political purity and
honor.
Speech Of Secretary Sherman at Toledo
TOLEDO, Aug. 26.-The political campaign 10
northwestern Ohio was opened TO- aight on the
| the part of the Republicans by Secretary Sher-
mar, who addressed largely attended meeting
1 ~ uhoo Inrsc ho,v Thn a.
voted his remarks mainly to the consideration
| of the financial question. Daring his speech
| he read letter from q correspondent of the
| Cincinnati Enquirer of today, in which the fol-
lowing questions are asked about the trade dol
| lar:
First-What is the matter with the trade
| dollar? 1 expect you to say it is not a legal
| tender, nor is it for 80 cents.
Second-The government received dollar for
| dollar when it put the trade dollar out.
Third-Did the person on receiving the trade
| dollar from the government do SO with the I'M
| Outstanding that lie had to take it to China to-
| spend it? If anybody is to blame who is it?
He said the trade dollar was not legal ten
| der but is worth 80 cents as bullion. The stan
| dard dollar is a legal tender and therefore
| worth par. That is the difference. To the Sec
ond question he answered that the government
| did not receive dollar for dollar for the trade
| coming each dollar for private bullion owners,
| that was all. 1t was the miller that ground
| the grist for small percentage. To the third
| question he replied that the bullion owner did
receive the trade dollar for expectation to
| China, a device made to give MIN marekt for
his bullion and by the fall of silver it was per-
verified by him as means of cheating our own
people.
He continued as follows: What I want is
the largest amount OF currency that can be
maintained at par with the established coin OF
the country. From the diversity of our wants
| we must have many different kinds of money
to measure the great wants and little wants.
| We must have coin money and paper money,
plenty of both. What contend for is that,
though our money may be OF many kinds, 1t
must have the same purchasing power. The
essential qualities of all good money are
stability. equality and convertibiity. No
distinction should be made between coin
money and paper money. or between the
The money provided by the government should
| pay all debts and should be used for all debts.
Subject to these conditions am for the largest
amount of each kind of money demanded for
| use of silver and its free circulation are in
| dispensible to any system of money that can
| be devised, but like all other money it must be
| kept in some way at or near the intrinsic
| value of other money. If silver is coined at
less than its marked value and issued without
limit it will as surely displace gold as water
will displace air. Therefore fractional silver is
limited to $50,000,00O, and is only issued when
| required 10 exchange for United States notes.
But gold also Is a standard of value. 1t
measures all the larger transactions of business
LITE. am in favor Of SO adjusting this matter
| that both metals will circulate at par with
| each other that you will have gold eagles and
| silver dollars and dollar of either will pur
| chase precisely the same commodities. This
| can be dore while the market value of silver is
lower than its legal ratio with gold, either first
| by limiting the amount of silver to be issued or
| second by readjusting the relative weight of
cit hvys ft,o.
of the silver coin or lowering the weight of the
| gold coin, or equalizing them by Increasing the
| weight of silver, or lowering the weight of
| gold; or third, by the International conference
between the bi-metallic nations now in session,
| which sincerely trust may arrive at some
| practical result. Either plan or any other to
| Keep these coins on par with each other will
meet my hearty concurrence. but am utterly
| opposed to any measure that will. deprive US Of
the use of either coin circulating side by side of
| equal purchasing power, at par with each 9TH
er. assure you in all frankness that the sill
yer question must be solved in some such way
or we will have to adopt the single standard of
silver like the Chinese and other Asiatic ma
tionS.
And now come to the most important ques-
| ton of this canvass. Our paper currency is
now happily brought to very near par with coin.
Will you insist upon keeping it at par or will
you by repeating the resumption act retrace the
steps already taken and embark again upon a
sea of irredeemable paper currency? Shall
our money hereafter be redeemabe in coin up
on the demand of the holder and be maintained
at par with coin, or shall it be what its friends
call it fiat" money, irredeemable in coin, de-
pending upon daily trade marks OF bankers and
brokers for its value, and upon the changing
majorities in Congress for its amount and quail
ttyY
make our paper money equal to coin. 1t was
not the best possible measure, but was the only
one that could be agreed upon. 1t was very
general in the provisions, but it did give ample
power to prepare for and to maintain resump-
ton. 1t did not abolish the greenback. On
the contrary the greenbacks were expressly to
be retained to the extent of $300,000,000 as
part OF the permanent currency of the country,
and this was on the first of January, 1879, to
reissued as money of the people-the founda-
ton of our currency. This was to be the full
hlment of our promises. This was our answer
to those who said the greenback would never
be redeemed.
And now fellow citizens, the resump tion &C
has vindicared itself. We will be prepared
when the time fixed shall arrive to execute it
and maintain it with entire confidence in its
happy effect in the revival of business and the
restoration OF confidence. -Four months before
the time fixed silver and gold and paper are al
most on par with each other. Your green
backs will now buy within 0ne-half of one per
cent as much provisions, clothing and other
things as the best gold coin ever issued from
euO AAiuu 4uc ldUUIluS mdu HAS d oGduudTu VI
value equal to that of the bond-holder. The
only promise unfulflled by the Republican
party is almost performed.
Sherman continued at length combating
what he called Judge Thurman's plan which
he said would directly violate the provisions of
the loan laws under which both the United
States bonds and notes are issued, and which
limit expressly the amount of greenbacks to
$400,000.000. This would be a violation of
public faith and impair at once the public
credit, and do inconceivably more harm than
it could give profit to the government.
The election in Louisiana was alluded to and
Mr. Sherman said the criminal conspiracy BY
which the Democratic party of that state at
tempted to control the election of 1876 SO as to
cast the vote of that state for Gov. Tilden has
never been fully told. 1t extended to more
than ten parishes and counties, and held in alb
solute terror five Republican parishes that had
always since the war given about 1000 Repub-
lican majority.
The policy of President Hayes, his earnest
desire and hope is to destroy sectionalism, to
invite by kindness and forbearance like kind
ness and forbearance to the Republicans of the
South. If this effort fails the South
will be Numbering volcano which
some day will break forth in retaliation
fnr frnpnoan HAVING itntio olrioh