The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-08-29
Hon. A. G. Humans Speech.

We publish on our first page the speech
of Hon. A. G. Thurman, delivered at Ham
ilton, Ohio, on the 18th. The subject dis
cussed was that iof finance not, however,
in bread and statesmanlike manner. 1t was
more of an apology for the views advanced
because OF their direct antagonism to those
heretofore expressed by the same gentlema n,
and a very unsatisfactory excuse for the at
ttude he has assumed Of bowling to the
rant and fustlan of the greenback advocates.
1t only demonstrates that Mr.. Thurman has
a good deaf of human nature in him OF the
piiable kind and that our ''great men,
are subject TO the same kind of intluence
that less pretsntious individuals are. 1t is
rather strange, however, that he should
have declared sentiments which the record
he has made confronts and that he should
have dealt in sophistries that the veriest po-
litical tyro might confute, and made asscr
lions which current and familiar facts con-
tradct.
In assuming that the Republicans were
opposed to the legal tender circulation il
face of the fact that the law creating them
was of Republican origin and passed by
Republican votes, with nearly every Demo-
crat in Congress voting against it, with the
four democratic judges OF the United States
Supreme Court pronouncing it unconsti-
tutional in the case of Hepburn VS.. Girls
world, and the bitter warfare waged against
the legislation until the last few years-in
view of these we'll established facts-Mr.
Thurman has certainly presumed largely
upon the ignorance of the American people
in this assert ion.
1t is true the legal tender act was a war
measure, and the issue of the greenback
currency necessity in the exigency of the
Union, yet according to Republican reason
ing, it found warrant in the Constitution as
means of providing for the public welfare.
Mr.. Thurman and his party, however, never
until recently conceded that it was a con-
stitutional currency. The platform of the
Democracy in 1876 expressly declared for a
return to specie payments, and arraigned
the Republicans for not accomplishing that
result before that time-they nominated
and supported Mr.. Tilden as particularly a
hard money candidate. and demanded ali
early return to a specie basis for the bust
ness of the country.
Nor is he any less unfortunate in his
arraignment of the Republicans for con-
traction of the currency. The first legisla-
ton of Congress, providing for contrac-
ton of the currency, by the retiring of
s44,000,000 of legal tender notes, was emil
nently Democratic measure. 1t passed
March 26, 1866, by vote of SO yeas to So
nays. OF the yeas IS were Republicans and
nays 50 Republicans. There were % Dem
| ocrats who voted yea, to only one who voted
nay. The Democrats had the balance OF
power, and under the leadership of Ram
dali, Brooks, Ker and others directed their
efforts and votes to the passage OF the law
drawing in s44, 100000 legal tender notes,
$23, 900, 900 of which were subsequently, re-
issued by the Republican Secretary of the
Treasury, after the panic of 1878, without
really having legal authority to do so.
Mr.. Thurman, however, confined his re-
marks to the period subsequent to 1875, after
the passage of the resumption act. He says
on January IA, 1875, there were outstand-
| ing Of greenbacks, in round numbers,
1882, 100000 ; on June 1873, $346, 6Sl, 006 !;
decrease $50, 1928, 9S4. On January..14, 1875,
there were outstanding OF national bank
notes. 1851, 1861, 450 on June l, 1878, $780,
SIS, 965-decrease, 500, 305, 4s5. SO since the
passage of the resumption act, the decrease
in g1eenbacks and bank notes, has produced
a contraction Of $64, G34 ,469, and adding
$ll, 55O,903 greenbacks on deposit in the
treasury for the redemption OF bank notes,
| SIG, 900, in round numbers. This is Mr..
Thurman's statement. Let us see how it
| stands with actual facts. The whole amount
of currency in circulation, including legal
tender, national bank and State bank
notes, in 1875. was s773, SAG, 72s. In 1878,
s6Ss, 1897, 275-decrease $50, 049, 453. From
this should be deducted $4,000, 1000 subsd-
larry coin put in circulation since the passage
OF the resumption act to take the place of
the fractional currency retired; which gives
q 0COlCdoC III tilC tOiuLlC VI CuIICllCy VI
| s41, 049, 455. The money value OF the s773.-
| ,72S in 1875, was $614,6l9,947. The
money value of $6Ss, 597,2 25 in 1878 is
| 1854, 4G5, COL showing greater purchasing
| power than in 1875, of s9,S45,744. Add to
this the s44, 100000 of subsidiary coin, and
we have an Increase of the purchasing pow
er of the currency in 1878 over 1875, of
| $50, S45, IA. Instead, therefore, of there
having been a contraction of SIG, O00,0 900
since the passage of the resumption act.
over $3.50, 744, or the currency now in cir
culation has purchasing power to that
amount in excess of what it was in 1875.
1t must be borne in mind, too, that the
decrease of 100000 in national bank
| notes, was the act of the banks, as they
could not use the circulation they had, and
returned it to the government. The stag
| nation in business after the panic of 1873,
resulting from contraction of confidence,
and not of currency. threw upon the banks
large amount of their circulation, for
which there was no well secured demand,
and hence it was retired. This was not
the result of legislation, but OF business dis
orders growing out of the withdrawal of
| confidence from industrial enterprises, con-
sequent upon the collapse of Jay Cooke &
Co. and the Northern Pacific Railroad. In
1874 Mr.. Thurman maintained that the pam
ic was the ''result of over trading, excess
cessive Indebtedness, "-s'that it was over
trading, running Goo much in debt, embark
ing in unremunerative enterprises, and no.
tably, that it was the Northern Pacific Rail-
road enterprise" Not only this but during
the debate on the ''inflation bill," in the
United States Senate in 1874, Mr.. Thurman
strenuously contended for the early resump-
tion Of specie payment and denounced the
imitation bill as meaning simply ''that no
man of my age shall ever again see in this
country that kind Of currency which the
trainers Of the Constitution intended should
be the currency of the Union which every
sound writer on political economy the world