Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-05

by the same population in any portion of the United
States. II is 10 you Republicans wish 20 address
what have to say tonight.
THE REPUBLICAN PARTY THE PARENT oP GREENBAcKs
It was the Republican party which devised and
issued the greenbacks. and which has thus far sus
tanned them and advanced them by SLOW and grad
ua processes TO with coin. No doubt there nave
been honest differences it is natural there Woulo
be. as to the means by which the result has been
brought about, but there should be no difference
among Republicans as to the desire that the money
contrved by their policy and the chosen instrument
by which the forces of the United States were
marshaled during our war, should De made anq
kept equal TO coin However varying currents OF
public opinion temporary depression OF industry
may tend 70 disturb the public Judgment il should
be the Will ana the duty of the great party TO which
we belong TO make gooSthe promises printed on the
face Of their United States notes, especially when
this is demanded not only by the national honor,
but by the elearest public policy. This money is
our own in which we naturally take pr1oe. We
guarded II in its cradle when It was reviled aho oe
rided by our political adversaries. at time when IL
was said ii would wander like Cain with marx
upon its brow. dishonored and repudiated We be-
lieyed in it then and we believe in il now.
We PROMISED To REDEEM IT IN GOLD.
When we issued it we promised to redeem il in
coin and every fresh issue was by afesn
promise. In 1866 We not only by law promised 10
redeem it. but provided for the gradual contraction
OF the amount In 1868 we suspended the contrae-
ton, but renewed the promise In 1869 we solemnly
pledged the public faith to redeem these notes in
coin. No step, however was taken 20 redeem these
pledges, and under the stimulus Of imitation, specu
latiOn riot visionary schemes were entered upon
exravagance prevailed, until in September 1873 me
bubble burst prices fell, the wild deusions OF the
time dissipated, and business men had to lace
the inevitable evils that always come from ire
deemable paper money. Then, after fifteen months
debate in Congress and before the people,
remedy for the evils were suffering, the re-
sumption act was passed. The only object was 10
make paper money equal to coin. II was not the
best possible measure, but was the only one that
could be agreed upon. 1t was very general IN It's
provisions but did give ample power to prepare for
and 10 maintain resumption. II did not abolish the
greenback. Or the contrary the greenoaczs were ex
pressly be retained to the extent OF 00OOOOO as
part of the permanent currency of the country
good as coin, to be redeemable in con and to be
issued and reissued the money of the people, the
illnent OF our promises. This our answer to
those who said the greenback would never be re-
deemed.
RESUMPTION ACT HAS INDICATED ITSELF.
And now, fellow citizens. the resumption act has
vindicated itself. We will be prepared when
the time fixed shall arrive, TO execute it and
maintain ii, with entire confidence IN It's happy
effect in the revival OF business 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
per cent as much provisions, clothing, and other
things as the best gold coin ever issued from the
mint The laboring man has a standard OF value
equal to that of the bondhoder. The only promise
unfuIfilled by the Republican party is almost per-
formed
Now, the steps by which the result has been
achieved were simple, lawful, and benefcent, and
perhaps it is best for me to state them briefly as
can.
HOW IT WAS INDICATED.
First-Silver coin was gradually substituted for
fractional currency. The amount of fractional cur
rency redeemed TO the 18th of this month is SIS SO
609. The amount of fractional silver coin issued 10
the same date is $50 $780, Here has been no con-
traction but an increase of S14 600 coo current
money by the substitution OF durable coin Tor an
expensive and wasteful note
Second-A gradual retirement of United States
notes from s3S2 100000, January 1875, TO s346 68l
0l6 now. This reduction was made only as eircu-
lating notes issued to national banks, and only
to the extent of so per cent of the notes so issued
This to be continued until the amount outstand
ing was $500 000000 but Congress- during the recent
session. in view of the general desire to stop reduc
tion, suspended it and fixed the amount OF United
States notes at S346 6Sl GI6, the amount then out
standing Though this adds to the difficulties of
executing the resumption law, still have entire
confidence in our ability to maintain that amount
in circulation.
GOLD ACCUMULATED AT THE RATE OF 100000 PER
MONTH.
Third-Bv the accumulation of coin in the Treas
ury in view OF resumption. The authority to thus
accumulate is plainly given by the resumption act,
and was the chief means provided TO secure and
maintain resumption. My predecessors. no doubt
believing that this accumulation ought not TO com-
menee during their terms, had taken
no steps under the provision of the re-
sumption act. When ! assumed the
duties of nv present Office after careful study of the
whole ouesiidn determined that il would be nee
essary to accumulate, in addition to the surplus
revenue. the sum of Sl000O0,000 of gold coin, and
S5 100000 month from the lst of May 1877, to the
date of resumption. 1t confidently declared by
those who opposed the law that it would be impossi
BILE to accumulate this coin without putting up the
price of gold and thus defeating the object but the
experiment shows that it not only feasible but
advantageous the current business of thecountry
We accumulated readily during the eight months
Of that year at the rate of S5UO0C00 month, with
gold constantly declining in psice. This process
was arrested by the debates in Congress and the
threatened repeal OF the resumption act, but was
again resumed in the spring OF this year. when it
found still more easy accumulate coin by the sale
OF AZ per cent. bonds, and the original plan
ecIfted sooner than was anticipated, by the more
rapid sale OF bonds that the 10Th OF this month
the Treasury of the United States supplied with
S2O9 OIL, ,753 10 gold and silver coin and bullion.
PRECISE CONDITION OF THE TREASURY RELATIVE TO
SPECIE.
have received recent statement from the Treas
urer of the United States which shows the precise
condition OF the Treasury in view OF resumption
follows:
TREASURY OF THE UNITED STATES,
WASHINGTON, D. c.. Aug. 20, 1878. ( .
"SIR: have the honor to advise you that on
August TO- 1875, there were in the Treasury fol-
lows:
Gold coin SlS5.213 Ole IS
Standard dollars. ..... 1885 266 90
Gold bullion 6-03965I 50
Silver bullion b SiZolZ II