The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1878-09-03

paper money hereafter be redeemable
In coin upon the demand of the holder
aud be maintained at par with coin. on
shall il he what its friends call fiat
money, irredeemable in coin, depend
ing upon the daily trade, marks OF
bankers and brokers for its value and
upon the majorities in Congress for its
amount and quality?
This county of Lucas has always
been a good Republican county. 1t
earnestly supported the administration
Of Abraham Lincoln, supported all the
measures of the war, and in patriotic
exertions and sacrifices for the cause
Of the Union was not any portion OF
| the United States. Ii is to you ms Re-
publicans / wish to address what have
TO say tonight.
THE REPUBLICAN PARTY THE PARENT or
GREENBACKs.
1t was the Republican party which
devised and issued the greenbacks,
aud which has thus far sustained them
advanced them by slow and gradual
processes TO par with coin. No doubt
there have been honest differences. as
il is natural there would be, as to the
means by which the result has brought
about, but there should be no differ
ence among Republicans as TO the de-
sire that the money contrived by their
policy, and the chosen instrument by
which the forces OF the United States
we're marshaled during our war, should
be made and kept equal 10 coin. How
ever varying currents of public opin-
ion or temporary depression Of indus
try may tend TO disturb the public
Judgment, it should be the will and the
duty of the great party 20 which We
belong TO make good the promises
printed on the face OF their United
States notes, especially when this is
demanded not only he national honor,
but by the clearest public policy. This
money Is our own, in which We natur-
ally take pride. We guarded it in its
cradle when il was reviled and derided
by our political adversaries, nt time
when il was said il would wander Ike
Cain with a mark upon its brow, dis
honored and repudiated. We believed
in II then and we believe in II now.
WE PROMISED TO REDEEM rHFM II GOLD.
When we issued it we promised to
redeem it in coin. and every fresh is
sue Was accompanied bv fresh prom
Use. In 1866 We not only, by law.
promised to redeem it, but provided
for the gradual contraction Of the
amount In 1865 we suspended the
contraction, but renewed the promise.
In 1869 we solemnly pledged the pub
lie faith 20 redeem these notes in coin.
No step, however, was taken TO redeem
these pledges, and under the stimulus
Of imitation, speculation ran riot, Wis
ionary schemes were entered upon ex-
travagance prevailed, until September,
1873, the bubble burst, prices fell. the
wild delusions of the time were dissi-
pated aud business men had TO face
the inevitable evils that always come
from irredeemable paper money.
Then, after fifteen months deb ite IN
Congress and before the people. "A
ss4Day -. ti.~ "a - ,rf
the Resumption act was passed. The
only object was TO make our paper
money equal to coin. IL was not the
best possible measure, but IL was the
only one that could be agreed upon.
IL was very general in It's provisions,
but did give ample power % prepare
Tor aud to maintain resumption. 10
did not abolish the greeuback. On
the contrary the greenbacks were eX-
pressly TO be retained To the extent OF
1900, 900, 600 as a part Of the permanent
currency of the country. and this was,
on the lst of January, 1879. To be made
as good as coin, 10 be redeemable in
coin, and 10 be issued and reissued as
the money OF the people, the founda-
tion of our currency. This was TO be
the fulfllment Of our promises. This
was our answer 20 those who said the
greenbaek would never be redeemed.
RESUMPTION ACT HAS INDICATED ITSELF.
And now, fellow-citizens, the Re
sumption act has vindicated itself.
We will be prepared when the time
fixed shall arrive 10 execute II and
maintain il. with entire confidence in
its happy effect in the revival Of busi-
ness and the restoration Of confidence.
Four months before the time fixed.
silver and gold and paper are almost
on par with each other.
Your greenbacks will now buy within
one half Of one per cent az much pro.
vision, clothing and other things as
the best gold coin ever issued from the
mint. The laboriug man has a stand
ard Of value equal TO that of the bond
holder. The only promise unfuiflled
by the Republican party Is almost per-
| formed.
Now, the steps by which the result
/ has been achieved were simple. lawful
and beneficent, and, perhaps, II is best
/ for me 10 state them as briefly as | can.
HOW 1T WAS INDICATED.
/. Silver coin was gradually substi-
! tinted for fractional currency. The
amount Of fractional currency redeem
ed TO the 18th Of this month is S25, ,0S0.- -
/ 600. Here has been no cOntrac-
! tion, but an increase of over SlI,-
600. 600 current money by the substitu-
ton of a durable coin for an expensive
and wasteful note.
2. A gradual retirement of United
States notes from 1882 600, 900 January
1878, 60 only as circulating notes were
issued 90 national banks, aud only to
the extent Of so per cent Of notes 80
| issued. This was TO be continued un-
I'll the amount outstanding was 800.
600, 900, but Congress during the re-
cent session, In view Of the general de.
sire 10 stop reduction, suspended il
and fixed the amount of United States
notes at S3l6, ,6s1 ,0l6, the amount ther
outstanding. Though this adds 10 tn,
difficulties Of executing the Resump
tion law, still have entire confdenc,
ia our ability 10 maintain that amount
in circulation.
GOLD ACCUMULATED AT THE RATE oI
5000, 900 PER MONTH.
3. BY the accumulation OF coin IL
the Treasury IN view Of resumption
The authority 10 thus accumulate j
plainly given by the Resumption act
and was chief means provided To secur
aud maintain resumption. My prede
cessors, 40 doubt believing that thi
! accumulation ought not 90 commenc
during their terms, had taken no step
under the provision Of the Resumption
act. When assumed the duties Of IN
present Office, after careful study q
the whole question, | determined tina
10 would be necessary 90 accumulate, i
| addition 20 the surplus revenue. th
sum of 500, 600. 600 of gold coin, an
7 that 10 Ought 90 be accumulated nj th
rate of O., 900, 600 a month from the Il
Q Of May. 1877, 10 the date of resumT
/. tion. IL was confidently declared b
!. those who opposed the law that
+, would be impossible TO accumulate thi
2 coin without putting mp the price /,
!, gold, and thus defeating the objec
but the experiment shows that 10 vs.
= not only feasible hut advantageous /
v the current business of the country.