The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-08-21
The. Speech Of the Hon. A. q.
Thurman Delivered at Ham,
ilt0n, Ohio, Yesterday.
A Mastery Review of the Financial
Issuss-0bjections to the Ma
tional Bank System.
Details of the Ruinous Policy of the Re-
publioans---Facts and Figures
for the Millions.
OHIO's SENATOR.
The Meeting at Hamilton Yesterda.
Senator Thurman's speech.
| BY Telegraph to the Sentinel

senator InurmHu8 SDtcCns
lBy Telegraph to the Sentinel
HAMILTON, o., Aug. Ex-senator Thurman
opened the campaign here this afternoon,
speaking to an immense crowd. The follow
ing is a report of his speech in full:
Mr.. PRESIDENT AND FELLOW CITIZENs-I
have seen several statements in the public
to the s t9ss t Yon GSsE av % %as H a APP
should "sound the key note OF the campaign"
i wish, in the very outset OF my remarks, TO
stftuii9ns Il is for the people to give the key
note; and, so far as the democracy OF Ohio are
concerned, they have discharged that duty in
the platform adopted by our late state conven-
ton. 1 stand squarely that pla form.
have advocated its principles heretofore and
shall continue TO advocate tnem PerhapS
this is all 1 should say about myselfS but, in
asmuch as, in certain quarters, am de-
convictions to appease a popular clamOr, it
may be pardonable in me to occupy Jew
moments in repelling this charge. The accu-
financial plank in the platform. Now, what
is this financial plank? 1t condemns contras
t i0n 9 1e act adyocates tRe REMOVAL
of all restrictions TO the coinage
of silver, and the establishment
the same as it WAS before its fraudulent de-
mOnetizatiOn; the gradual substitution of
United States legal tender paper for national
bank notes, and its permanent establishment
SeceivaBe or ali dues 10 the aoveTnment and
of equal tender with cOin-the amount of such
issues to be regulated by legislation or or
ganic law as to give the people assurance OF
consequent stability of the value; no further
increase in the bonded debt, and no further
sale of bonds for the purchase of coin for re-
sumption purposes, but the gradual extinction
of the public debt, rigid economy, the reduc-
ton of expenditures in all branches OF the
public service, and a tariff for revenue only"
These are the financial doctrines of the plat
form, and now, confidently defy my critics,
one and ali, to name any vote that 1 have
crfxr Anrfr fha inn ~aQr / a
in the senate, that was inconsistent with these
principles. 1 have steadily opposed contrat-
ton ever since it was inauguratsd. L spoke
and voted against the resumption act when it
passed, and at the last session of congress
voted for ITS repeal; woke hard TO restore
ZatiOn. Several years ago drew resolution
for our state convention favoring the gradual
substitution of greenbacks for nationarb a ak
amended, as believe every one now admits,
was passed by the convention. l was one
that greenbacks should be receivable
for custom duties, and at the last session
voted for the bill making them thus receiv-
able. have been the advocate of stable
currency, and your platform demands stabil-
ity. 1 have cOntended that the precious
metals ought not to be demOnetized, and the
platform asserts the same doctrine. have
spoken and voted against an increase of our
bonded debt. have advocated, to the best OF
my ability, strict economy, reduction of ex-
penditures, and 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
beg leave t. add that / have never gwen a
vote, in the nine years that L have sat in the
senate, to which exception was taken by the
democracy of Ohio, so far as know, or have
ever heard.
Fellow citizens, L trust that L have not
offended prOpriety or good taste by making
theSe few remarks about myself You are
portion of my constituents and have a right
TO know whether have represented you cor
rectly or otherwise. Ii l have a reputation
werth preserving, it is for your interest as well
ffnsaff NCro
But enough upon this theme.
When the currency part of the platform is
carefully scrutiniZed, Ii will be found that its
principal feature is the proposed substitution
OF green backs tor national bank notes. /
think that do them no injustice when say
that the leaders of the republicah party are in
favor of directly the opposite course-that is to
say, they would retire all the greenbacks in
order that their places might be filled
with national bank notes. Let either course
be taken and the metallic money of the cOun-
try remains the same. Use either kind of pa
paper and the amount of coin in actual circu-
lation, apart from the small coins used for
change, wi be comparatively small, so long
as one and two and five dollar notes are freely
issued, for such notes always drive coin out of
circulation. And whenever conversion into
coin is practicable and desirable, it will be
just as easy 10 convert greenDackS as 70 con-
vert bank notes. The question then is mar
rowed down to this: Shall our paper money
be national bank notes or greenbacks? For
several reasons that will briefly state, L think
that the latter are preferable.
l. In the first place, a national bank cur
the national debt. The national banks, so far
as their circulation is concerned, are rounded
on that debt. 1t is the security for their notes,
and whenever the debt be paid the banks
must retire their circulation and cease 20 issue
notes. In order, therefore, to peTpetuate their
privilege of issuing notes, they must strive TO
perpetuate the national debt And YOU NAV
rest assured that they will do so; and the in
f1uence OF more than two thousand such insti-
tutions spread all over the country will be
very powerful indeed.
Now, am not one of those who believe
a "a N hohf fC Nnl
| believe that the reverse OF this is true,
and that such a debt IS ma
rupting influences, its drain of the resources
of the people to pay interest is fearfully op-
pressive, especially wnen a large portion ofthe
period the amount of interest paid exceeds
the principal of the debt, while the dram con-
tinues in undiminished force. Heavy taxa
ton is the necessary result, and every one who
has studied the subject knows that oppressive
tax -tion is one of the worse foes to the indus
Try and prosperity OF country. 1t is true
that the national debt can not be speedily
paid, but we ought not to put unnecessary OBJ
uonal bank notes are such an obstacle, and
Ior tnat reason are Objectionable. Your plat
FORM wisely advocates 1.-The gradual extinction
OF the public debt" 1t thus favors its honest
payment, and opposes its indefinite perpetual
ton. And in strict harmony with this princi-
tends to perpetuate it.
2. second objection to the national bank
system is, that it tends to combine, coneen-
indulge in no defamation against the money
power. seek to excite no passion, no preju-
dice. wish to reason fairly, and / wish you
toJudge fairly. And do reason fairly when
say that, in view Of the undOubsed fact that
during the whole period of the unlimited sway
OF the republican party, the legislation of con-
gress steadily favored the moneyed interest
and thereby added greatly to the burdens OF the
people: that the purchasing power of morey
has Immensely increased while the exchange
able or purchasing power of everything else
has remained stationary or has dimished !;
and In view of the further fact that the nation
al bank system confers special privileges
upon the banks that no other institut ons
and no individuals enjoy; that IL combines
more than two thousand institutions now
and, perpetuated, may combine thousands
more, IN a common purpose, and with COM
mon Interest to maintain their power and
prOlong their privileges; that these institu-
tions are scattered all over the republic, and,
acting Ope My or in sec ct, sac able to infiu-
ence legislatures, lngreSses, and thousands
Il voters; 1t Is not INJUSTICE, bat, on the con-
tfary. it is the expression of a wise anxiety to
suggest that such a system is fraught with dan
ger TO the prosperity of the people and to the
nuFlfu of their If In the time