The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1878-10-25

Paiu-lH ilohcy-ln WUaG IL real anu SUD
stantial money-gold and silver or the
equivalent of these coins-and it must be
paid gradually, by economy, by increasing
our income and reducing our expenditures
This is the great work before us.
The Democratic party began it in the
Forty fourth Congress, it has continued it
in the Forty-fifth Congress, and am here
tonight to urge you to push it on by secur-
ing Democratic majority in the Forty
sixth Congress. The proof by the econom-
ical measures devised by that party and the
results attained are in nutshell. Since
1875 we reduced the ordinary expenditures
ofthe government at the rate of $20,0 00,0 900
a year.
For instance to give you an idea of these
expenditures In 1860, the last year of a
Democratic administration, the net ordina-
ry expenditures of the government were
$60.056,000. In 1874 they amounted to
$194,110,0O0. In 1877 they were reduced
by the Democrats to $144, 209,00O-a reduc-
ton of $50, 900, 900 as between the years of
1874 and 1877. This is the foundation
upon which all efforts to emancipate the
people from the public creditor must be
based-the reduction of expenses and next
to this renewed prosperity TO the people
and increased income with less burden.
Prosperity cannot come without conf
dence. The vault doors do not open for
capital to flow out without faith. There
can be no confidence until the debtor, whose
obligation to pay is suspended, begins again
to make payment. There can be no real
prosperity or sound business ventures until
we resume specie payments. This is the
very essence of financial health. "Resump-
ton Of specie payments" is the Democratic
shibboleth. Applause and cheers Take
care that the Republican party, having
stolen the old Jeffersonian party name, do
not rob you of this cardinal Democratic
doctrine! Applause.]
The act of 1875 fixing January l., 1879,
as the day of resumption, was, as the detec-
tives say, a "put up job )" it was intended
AS sham and Il snare, and it was so de-
nounced by the Democrats at the time, and
in July, 1876, the Democratic national con-
vention demanded its repeal. But why9
Not because Democrats did not want re-
sumption in January, 1879, but because
they then thought the law hindrance to
resumption and calculated to deprive the
people of that blessing instead of securing
it to them as soon as possible.
But things have changed since July, 1876,
and now paper is but half per cent below
gold, and gradually the two kinds of cur
rency are getting nearer, and by January /,
1879, we shall have resumption without a
struggle, and that which was, indeed,
sham in its inception shall become reality
in its termination. What man of sense and
Democrat wants to repeal the resumption
act now, and throw the nation again upon
the waves of uncertainty. Horace Greeley
said the way to resume was to resume
When he uttered that it was premature, for
we were not in n condition to resume, but,
with $232, 10000 of coin in the treasury
against 1916, 100000 of legal tenders out
standing, we are able to resume, and not to
do it at the time indicated would be Grim
inal triiling with the best interests of the
working men.
Your interests are bound up in sound,
redeemable currency. You have had
enough, in your day, of shinplasters, Of rail
road scrip and wild cat bank notes, and
you have right to demand for your Ia
Dor sound money, coin or its equivalent,
paper, convertible into coin; precisely as
good money for you, the working man, as
that paid to the bondholder Coin or pa
per redeemable in coin, alike for the cti-
zen as for the government! Applause.
Another proposition of the Grcenbacker
is to substitute legal tenders for national
bank currency and this is the "Ohio idee"
of some of our prominent Democrats
Others suggest the total extinction of ma
tional banks and that the government shall
have exclusive charge of the currency Is
the government to do II banking business
and discount notes and loan money! Heav-
ell save the small borrower who gets his lit
tie discount at his bank nowadays. Why,
Jay Gould and the Wall street sharks
would gobble the whole surplus in the
treasury, Just rs the Washington crowd
swallowed the Freedman's Bank.
But if the government does not become
banker how is the money to get to the peo-
ple2 No money goes out OF the treasury
except by appropriation for debts due or
for public improvements. Then how
would it help trade any more with money
lying in the vaults OF the treasury than it
does now locked up in the Golfers of the
national banks No man who wishes fl
nancial prosperity and has a spirit of equi
ty within him can advocate violent changes
in the national bank system. 1t would be
the veriest folly and the cruelest injustice
to wage wild crusade against the nation
al banks. These institutions were driven
from their position rs State banks by the
most onerous taxation levied against them
by the Republican party to force them I'M
der the dominion of the federal govern
ment.
Now, am no advocate and no apollo
gist of the national bank system. hold |
in my possession letter from Andrew jack
son appointing my father government di
rector in the United States bank, to pro-
tect the interests of the people, at the time
when the Hero of the Hermitage, with our
own Roger b. fancy, was battling with
that monster corporation. l was taught |
then that is was unconstitutional for Con- |
gress to charter one bank, and Ihave never
been able to see where it found the power
to charter two thousand banks.
Five years ago ! opposed, in speech in
Monument square, the present SYSTEM of
national banks. opposed the deposit of
government bonds, bearing interest, paya-
bic 10y the people, and the issue of 80 per
cent. Of their value in national bank notes
to be used as currency for discounting
paper. oppose still the vicious system
which requires you to pay over SIG 900, 900
by way of interest for giving these banks
the privilege ofdiscounting their customers
notes. The whole system is wrong and
should he corrected.
do not suggest any sudden change of
policy, but currency should be substtu
ted on another basis ofsecurity which will
relieve the people of this vast burden ofin-
terest. | cannot agree to the substitution
of illegal tender" for national bank cur
rency l deny the right of Congress to au-
it II "legnl tender" between private creditor
sanctioned such IN issue of paper money
in time of war, us justified by extreme ne.