The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-08-14


the hank note, and an end put TO the cNaction2
And consider further, that Tor every green;
back II ms issued the Goyernment has received
value. That greonbeGk has paid for serviccs
rendered, or materials furnished. or IL has dis
charged portion OF the interest hearing public
debt. There IL thus n saving to tho Govern
ment. or to the people OF nm amount equal to
interest upon the outstanding grecnback cirru-
lation; for had the greonback not been issued.
the Govrrnncnt would have had To raise the
money, hv loan or taxation. to meet its oxpendf-
lures. II II raised N by loan. II would. OF course,
have to pay interest upon the lnan. II u raised
II by taxation, tho taxpayers lose tho interest
their money would have earned had they not
boon compelled TO give II to the Government
Tho grcenbacks now outstanding amount to
fN6 .GSl Ol6. Computing interest on this sum
at the lowest rate at which the Government can
borrow money. per cent, and we have an an
nual saving To- tho people. resulting from the
usc Of the grecnback, of tl3SGi2ln But u
greonbacks were substituted for tnc s522 Uou.uVO
Of national bank notes now outstanding, thero
would bn n further saving to the PEG pie ot ! per
cent annually on that sum. namely. SlZ HOuu
making u total annual saving by the use OF
tho grernhack Of s2G.747. 24O. From this how.
ever. deduct the taxes on their circulation pnid
by the banks. amounting to about s3OOQOW
annually and the net saving would be- about
f23 100 600 Perhaps. in strlctncss, this de-
durion for taxes ought not to be made. for II is
probable that the banks throw the burden " the
taxation upon their customers who in turn
shit 1t to the shoulders OF those with whom
they deal until like all other taxation, II finally
falls upon the great body Of consumers. the peo-
have thus given you, fellow citizens some
bank notes now proceed To- consider the only
objection to the substitution that seems to have
much weight. II is said that If grcenbacks were
to constitute our only paper currency its vol
ume would depend upon the action OF Con-
gress and not upon the natural laws Of trade;
and that NJ Congress Is liable to- be Influenced
10y popular feeling on the one hand or the arts
and appliances of special interests on the other.
the currency would be- subject To- imitation or
to degree that would bc ruinous to business
and prosperity.
that 1t is not without force have to say. in tho
first place that 1t Is equally potent whether our
paper currency he grrennask1 rAcinsiVely or
the other, Congress would have the power To- ex-
pand II or contract 1t at will. For instance.
were Congress to repeal the tax on state bank
circulation multitude Of banks would spring
up under state laws. and great imitation OF the
currency would take place, On the other hand.
grecnbarks as tho Republican ilnancicrs de-
mand. u frightful contraction would result In
brief. II Congress should have neither sense
nor honesty. Il might for the time being. ruin
the country; but TO assume that 1t would do 80
would be to condemn our form OF government.
But our platform squarey meets this difficult
ty. II condemns contraction on the one hand,
or kiting' on the other, 1t demands that the
amount Of issues lgreenbacksl Ice 80 regulated
by legislation or organic law a. To- give the peo-
pie an assurance OF stability IN volume 81 cur
rcncy and consequent stability OF value. aud.
In unmistakable terms. ii opposes the demonc-
tzation. or disuse. Of the precious metals.
Could anything. appeal TO you. bo moro CON
conserve the interests oil the people al large
and not those of n particular class Can any
intelligent man reasonably Object g. a policy
TINT preserves gold and silver from destruction
and demands a stability in The volume and
value Of the currency greater than has ever yet
Fellow citizens. our platform has been de-
nounced 10y men who never read IT, aud hy
others whose interests or preludiers incline
them 10 misrcpresent II and now the answer
make 10 them Is 10 ask YOU - read and 10 study
it, II Is in vain Tor ts enemies 20 say that II
means what II does not express. lts language
is too plain to be misunderstood by candid
man and the character the committee that re-
ported. and the Convention that adopted IT, is
sufficient 10 shield il from the charge OF deep
ton II L. AN honest platform and meant Just
what II SAYS. ltmeans opposition 10 monopoly
opposition to special privileges. opposition TO
contraction of the currency. opposition 20 the de-
monetzation II the metals. opposition to waste
full expenditure, and opposition TO a never end;
Ing public debt. And II means equal rights and
privileges an honest and stable currency, a
strict economy and lighter taxes, and faithful
payment Of the public debt. IL gives no sane
lion to irreigion and Communism; but it
fully recognizes the dignity Of labor. and sim
cerely sympathi7's with the lahoring man in his
toll and priVution. IL asserts the principles
upon which the Government was founded and
which are essential 10 its usefulness and pcrpe.
tuity. II promotes fraternal feeling throughout
tho length and breadth Of the repu 1lic. anu con-
demns sectionalism rs the worst Too OF tho
Union. In word, II is an honest platform u
honest men, patrlouc platform Tor patriots 10
stand upon.
Fellow citizens If am not in error in what
1
why there should be change in orr Federal
administration. II our financial policy il cor
rect. that Of the Republican party. or at least q
those who shape ito legislation. Is wrong. II
! this he 80. then, "a soon ~ the forms 81 tho
Constitution will permit that party should
But there are other reasons why there should
| be "A change, and To- some " them wish briefly
! g. call your attention.
! ton ~ lis rule necessarily involves an inquiry
! into It's policy aud government IN NE past. II
| It's past rule hH- been vicious or unwiso.
prudence obviously dictates that an end for the
! time being at least should be Tut ~ It's do
Now. has the rule Of the Republican party
! since the close 81 the civil war thirteen years
| ago, been wise and benehccntf | think
! that this question must Dee answered in the
! negative. II IL not necessary 10 60 into de-
| tailed examination OF all its measures, nor
! could that be done in the limit OF speech, or
To- assert that all its measures have been bad an i
! injurious. 1t s sufficient to look at the general
suit and see whether that is gool govern
/ ment and prosperlN or lhr reverse. now ",i-
/ taiuy no one will deny that this country has for
/ the last i've years suffered. Ms perhaps NO olheT
country ever did suffer, from depression ~
/ every branch Of business. in every industrial
/ occupation. The entire body Of IN" produrlp,
classes-erlploycrs employees and middle
/ n,rn-have been affected BANKRUPTCIES are num-
I her,d hy tens II not 10y hundreds ~ thousands
and tho aggregate OF losses almost deies com,
/ of employment or reduced 10 hall time and di'
/ mini~hed wages has been estimated - millions
] Gut however exaggerated Tue rHt HlHl' llltA lf
the extent Of the evil has no parallel in th" ms
tory ~ this If indeed II has IN the history u ans
] people. Startling IL the fat ana 40 hrsi view
! almost incomprchensib that in country
4 whose population averages but eleven person.
! e. the square mile there have been, and thrr'
! Yet are. thousands destitute OF bread. singh
/ interrst-iho mOneyed interest-has fourlsilot
| and yet nuurshes. and that. It Is 10 be renem
b.rel Is precisely that interest that has receiN'C
| hefu-ierlng care u Republican lcgi Station. Now
my friends 50 far as this dellorabe state o.
! things is the result ot vicious Station, or OF
the omission 81 wise lcgisl atl m tho hepunllcai
! party or 40 least those who have controlled il
/ are responsible From the Attn day If Mar b
! ls6l "a tho first Monday in December. 1919
] more than fourteen years, that party hnd I'M
/ controlled power in every department OF th'
1 Federal Government and since then II has con
/ tiuued o. hold tLs Senate aud the Presidency
/ aud 10 have the consequent power % negUlv'
/ any measure Of relief a Democratic House %
, Representatives light propose.
l. there, then, any injustice in calling tina
| party to account for the evils the country has
/ suffered and yet sufier-i Can II with truth h'
, said that these evils could not be ioreseen. Qr
! II iOreseen. could not have been avoided or III
miuishedf He would be bold man who woul1
| make that assertion. For, although no govern
| meni ever was, or ever will be. omnlsclent ant
| Omnipotout although disasters have happened
that no rulers, however wise could have fore
seen or Averted vet the disasters ~ which an
speaking are not of TINT character and mgh
l have been fOrrspCu and, 10 q great extent. pre-