The daily gazette., 1878-10-29


the treasury, ia order TO reduce the pub
lie taxation.
The navy, during the administration of
General Grant, cost $175,000,000, and
yet 1t was practically unable to cope with
any European power, because this money
had been squandered. The money spent
during Grams administration was more
than had been spent upon the navy for
fifty years before the war. And yet the
navy Is inefficient, because the money ap-
proprialed for it had been wasted.
Senator Salisbury next referred to the
monetary system of the Republ' can party.
He traced the growth of the State bank
system, and its success up to the opening
of the war, when the State banks fur
nished the Government with large
amounts ofmoney. Then came the legal
tenders which were issued with the pro-
vision that they should not be accepted
for interest on the public debt, or import
duties. Thus it went out bearing t'le
brand of Cain, because it was made good
for the payment of debts between msl
and man, but not for the payment of
debt In favor ofthe Government. These
notes were also issued in defiance of
sentiment that their issue was in viola
lation of the plain provisions of the Con-
stitution.
The speaker next referred to the CEN
trallzing measures of tue general govern
ment during the administration ofGeneral
Grant, which caused the people to lose
sight for awhile of financial issues. But
with the close of this administration, the
danger of centralizing passed away, and
people began to look at the financial
question plainly.
Mr.. Salisbury said as a Democratic
representative of the people of Delaware
he stood fairly upon the platform adop.ed
by the last Democratic State Convention
in favor of gold and silver coin and
paper money convertible into coin at the
will of the holder. He said that the peo-
pie had now become accustomed to the
issue of paper money by the govel Dment,
and would not at present be willing to 60
back to the old time system. But he be-
lieved the time would come when the peo-
pie would demand that the issue of paper
money be taken from the government, re-
moved from the domain of politics, and
remanded again to the people. But until
that time the question must be dealt with
in its present phase.
The speaker claimed that the govern
ment could issue paper money, when re-
quired by the exigencies of the times, but
il should not be legal tender, and it
should always be redeemable in coin.
He was in favor, as long as the people
have not the privilege Of issuing paper
money, of the general government fur
nishing the circulation it has a right to
furnish and no other. And as the gov
ernment is the guarantor of the Naiional
Bank issues. he was in favor Of the Cow
ernment issuing notes, Iedeemable in coin
and receivable for import duties, instead
of the issues of the National Banks, and
thus save to the people the amounts paid
as interest on the capital of these banks.
For this purpose the government has paid
vast sums, some years as high as $24, ,OOO,-
600, and last year $17,000,0O0. The
speaker was willing to vole to substitute
Government no es, such as he had de-
scribed, ins cad of National Bank notes,
and thus save this great interest. He YVES
not, however, in favor of issuing more
paper money, because the issue was large
enough now ($650,0 ,0OO) and should
not be increased to an amount more than
can be redeemed.
Senator Salisbury briefly alluded to
the resumption question, favoring re-
sumption of specie payments gradually,
as soon as the coin reserve OF the govern
ment was sufficient for the purpose. he
concluded by alluding to the great fraud
by which the Democracy were deprived
of their legally elected President, and
hoped that on the accession of the party
to the control of the government their
efforts would be directed to restoration
of the government and the people to
their former happy and prosperous con-
dition.
Senator Salisbury address was listened
to throughout with the closest attention,
and was frequently applauded!
The President next introduced
COL. EDWARD L. MARTIN,
the Democratic candidate for Congress,
who was received with applause.
Col. Martin said he had come TO Will
mington in response TO the invitation of
the Executive Committee, TO discu
some of the public gu, stions which might |
arise in the Congress Of the country, and |
claim his attention should he by the suf- |
frages Of the people be elected to that
body. He would not go back to the past |
but v ould accept things as they are at
present, and see if the Democratic party |
could not promise a better state of affairs |
than now exist.
Col. Martin pertinently inquired why |
IN was that in 1860, with population of
about 90, ,OO0, 600 of people there were less
than 4O, 900 office holders, while 1t now
double that number, with the
only increased about ten mil
ions? He claimed that the government
,houldbe run on more economical pass;
its expenses should be cut down the peo-
pie had been brought down TO hard pan,
and the government should be brought
DOWN to the same basis. Formerly the
post master was the only Federal of11ct-
holder the people were much acquainted
with, but now you cannot turn oronnd
josthng against an official. This
,ort of extravag ance must be stopped anu
he speaker pledged h mself. If elected to
Jongr. IS, to support any measure for the
.ednction of the government expenses
On the financial question col. Martin
aid he did not believe the Government
lad power to issue any other legal ten
Ter money except gold and silver, and
,e would never vote for the Governmtnt
o issue any other kind of money. He
houpht the sooner the Government
divorced itself from the banking system :
,fthe country ,aud relegated it to thebusi- !
less men where it properly belonged the
ooner the financial question would be
ettled, to the satisfac ion of the people. |
Col. Martin spoke of subsidies, and said /