Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-08-20
thurman and His Finances,
HE DEFENDS HIS FINANCIAL tsCONSIS-
TENCf-TIIE ELECTORAL FRAUD DE
NOUNCED.

Thurman and His Finances.
HE DEFENDS HIS FINANCIAL, 'CONsIS-
TENCT-TIE ELECTORAL FRAUD DE
NOUNCED.
Hon. Allen &. Thurman, Senator
from ONO, addressed the people of
Hamilton on last Tuesday, the 18th in
slant, on the political situation. He
began by defending himself from the
charge of having Surrendered his con-
Vlctiohs to appca1e a popular clamor."-
He had always been hard-money
Democrat, and the charge was that he
had surrendered his convictions to ap-
pease the clamors of the Green back rs.
This he denied, saying
II have steadily opposed contraction
ever since 1t was lnaugurated. | spoke
and voted against the resumption act
when it passed and at the last session of
congress voted for its repeal. l worked
hard to restore silver to the place it held
before It's decentralization. Several years
ago l drew resolution for our State
convention favoring the gradual substi-
tuition OF greenbacks for national bank
notes, and that resolution, injudiciously
amended, as | believe, every one now
admits, was passed by the convention
| was one of the first to propose in the
Senate that greenbacks should be re
celvable for custom duties, and at the
last session | voted for the bill making
them thus receivable. / have been the
advocate of stable currency, and your
platform demands stability. | have
conteAded that the precious metals ought
not to be demonetized, and the platform
asserts the same doctrine | have spok-
en- and voted against an increase of our
bonded debt. | have advocated, to the
best of my ability, strict economy, re-
duction OF expenditures, and a revenue
tariff. My course, therefore, has been
perfectly consistent with the platform
of our convention. as the journals and
debates of the Senate will show. And
l beg leave to add that | have never
given vote i'll the nine years ! have
sat IN the Senate to whi0h exception
was taken by the Democracy of Ohio,
so far rs know, or have ever heard.n
in regard to unlimited es pansion, Mr..
Thurman said -
ut is said that if greenbacls were to
constitute our only paper currency its
volume would depend upon the action
OF Congress, and not upon the natural
laws of trade, and that as Congress is
liable to be Influenced by popular feel
ing on the one hand, or the arts and az
planes of special interests or the other,
the currency would he subject to iDiia-
ton or contraction, as influence might
prevail, to degree that would be yuin-
Gus to business and property.
In answer &c this objection, and adj
uniting that it is not without force, |
nave TO say, IN the first place, that it is
equally potent whether ouf paper cur
notes %clusively, for, let it be one or
the other, Congress would have tho
power to expand it or contract il al will.
For instance, were Congress to repeal
multitude Of banks would spring up
under State laws, aud :. s4,ai imitation
OF the curren9Y would take place On
the ether hand should Congress retain
that tax and retire the greenbacks, as
the Republican tinanciers demand, a
trightful contraction would result. In
brief, il Congress should have neither
sense nor honesty, i AigAt for the time
being IqiA sAe country but to assume
that it would do 50 would be to condemn
our form of government.
"But our platform suuarely meets
this difficulty. 1t cond94.ns contrac-
ton on the GAe hand or 'kiting' OH the
othh9s. It demands that the amount of
such issues (greenbacks) be so regulated
by such legislation or organic law as to
give the people an assurance of stability
IL volume of currency, and consequent
stability of value, and, in unmistakable
terms, it opposes the demonetization Of
disuse of the precious metala.n