The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1878-08-23
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that acceptance. He gave reasons foF
preterring grconhacka TO national bank
notes. They were first national bank
currency means tho indefinite perpotu.
alton Of tho national debt; second, che
national bank system tends TO combine,
concentrate and Intensity tho monoy
power; third. tho national bank cifou.
lation is special privilege that put
many millions annually into the pock.
cts Of the shareholders and tAkos as
many millions annually out of The
pockets Of people. Ho went into an
extended analysis Of the State platform,
showing that il was not favorable 20
imitation or kiting," but demanded
what tho public had long asked for. he
continued:
Now, has the rule Of the Republican
party. since the close u tho civil war,
Is years ago, been wise aud beneaconti !
l think thatlthis question must be an
swered in tho Negative. II Is not nee
essary 70 60 into a detailed examina-
ton Of al It's measures, nor could that
bo dono In the limits Of speech, or
indeed In many speeches. Nor Is II
necessary TO assert that all its measures
have been bad and injurious. II q
sufficient to look at the general result
and SEQ whether Il has resulted in good
govoramout and prosperity, or tho re
verso. Now, certainly no ono will de.
ny that this country has for the last
year suffered a. no other country ever
did suiEar from depression in oVory
braneh Of business. In every indus.
trial occupation tho entiro body Of the
producing classes, employers, employees
and middlemen have boon affected.
Bankruptcies arc numbered by tens, Il
not by hundreds, Of thousands, and tho
aggregate losses almost de6es oomputa.
ton. The number Of laborcrs thrown
out Of work or reduced to half timo
and diminished wageahas been estimated
by millions, and however exAggertcd
tho estimate may be, thu extont Of the
evii has no parallel in tho history oi
this, II Indeed IL has in tho history 81
any people. Startling as IS thu fact,
and at frst view almost inoonpFsheaxi-
hle that In = country whoSe fopulation
averages but ffteea 4EDns 70 the
square mile, there have bean and there
vet arc thousands destitute Of bread
The money interest AlOao had aourished
He argued that vast contraction bad
taken place, even daring the three and
N.Nf <4..s.,t. -, IA 49,
ed S35, ,O00. 600, and national bank
notss Se9, 900, ,00o, besides. $4,000.
600 greenbacks dcpoaissd FOR the 10
demption Of bank notes. OF the posi-
bility Of making resumPtian 81 specie
payments, no Baid Great BritaiR aHf
Franco arc pre-smineatly The hArd
money countries Of chrisseadors. Tks
former has iusoin and bullion aboui
three dnllAua for every dollar az pApol
money. OF course shs can maintaiS
specie payments, at loass ~ long As Sh'
avoids war. Franee has nors metals
than paper money. and when AZ psaol
can oasly maintain specie payment
but tie United States have 1t leaS
three dollars in paper for every dolla
in coin, and even little war OF /
change Of shs balance Of trAdO might
10 long as the diaaroportion exists
make shipwreok Of their pretendes
specie paYment. According to tho bel
information can obtain, tho produc
cf our mines Is likely to fall OF. lei
probable that the maximum prodne
has beon reached, and that nnless stes
valuabls mines aru discorernd shes
VIII henceCorth DO steady decrease {
production. But nevertheless, II th
balance Of trade should continue in OF
favor the influx Of gold and silver 4
gether with the product Of the minf
would enable as 70 begin and naintai
specie payments quite as soon as justit
to the debtor class would admit.
this 10 true,why resort to forced rcdeml
tionl Why crush the unfortunate
order to anticipate BY a comparative
brief period an event that would con
naturally and unattended with sOveI
distress.
i He then shovel that tho expenses
the last year Of domestic administratioi
ending June, 1868, were only fifty-nil
millions, while IN the last year in whis
the Republican party had unlimite
control, that ending June, 1873, Il
expenses were, exclusive Of pension
and interest, ono hundred and fort
millions, or two and onc-half times
much as the Dsmocratic expenses. IT
average expenditure per capita fro
1858 TO 1860, under the Democral
was 81 81. and from 1868 TO 1875, 4
der Republican rule, 4 was, per capt.
so IS. He declared the credit mob
y Ter, the Pacific mail, tho Belknap tri
! the viIlninies of the custom house, I
straw bids Of the post office, tho Ihdi
and whisky rings and the long list
. defaulterH in every department, ha
become matters Of history and atts
too clearly for controversy the need
!, reform.
Z But no substantial reform you M
! rest assured will take place so long
Republican rule shall prevail. I
: evil is too deeply seated to be reach
3 anything short Of an entire change
: administration.
nI He denourceg the anethod BY VIII
: President Hayes was seated. He q
cludcd with 4 warning that the Rep
lican leaders intend to perpetu
q their power By keeping alive the II
: ional animosity which has cursed
: nation.
!, Fellow citizens Nothing Eaorepnj,
! nothing more unpatriotic, nothing m
s.,;,,,.tzs,.e t. 41sa ,,ooa. ,evnl lfa~a and r,