The Worthington advance., 1878-10-10
GREENBACK MEETING.
SPEECH OF PROF. POWERS.

Powers, of Fillmore county, addressed
the people at the School House, in
Wortllington, Oh tile political issues
of the day. This was the first oppor-
tunity our people had had to hear the
Greenback side Of the issue presented
and goodly number Of both Republic
cans and Democrats assembled, who
listened to the Prof. with the greatest
interest for oyer two hours, some pro-
nouncing the speech the most interest
ing political address ever delivered in
Worthington.
The main effort of the Professor was
to show that the financial policy of the
Republican party had prostrated indus
try and that the remedy was to stop
the ruinous contraction of the past few
years and give the country more cur
rency.
This involved pretty thorough con-
sideration of the whole botd question.
The Prof. said the Greenback party
favored paying bohds in gold and in
coin when 50 stipulated in the bonds,
but all others should be paid in the
money with which they had been pur-
chased, viz, in greenbacks. lie read
from Senator Sprague, Thad. Stevens
and others to show that it was the i'll!
tention of Congress that all bonds, not
otherwise stipulated were to be paid
III grcenbacks. lie made 4 capital
point by reading 4 letter from John
Sherman in which the Secretary took
the ground that the bonds weit to he
paid in greenbacks: but one year after,
Sherman was in favor of paying them
in gold.
AS to how the bill was forced through
making them payable i'll gold, lie said
Il party of foreign capitalists came to
this country with a million dollars
which they expended in getting the bill
through. Afterward, August Belmont
gave them 4 dinner in New York, and
under the influence of !,!s wine they
boasteu that it had cost them a million
dollars to secure the passage of the bill
but that they had made five hundred
millions hy it.
To illustrate the practical effect of
such legislation, tile Professor said
suppose a farmer gives his bond to pay
1000 bushels Of wheat at 4 specified
time. It is understood at the time of
making the note that 90 pounds is 4
bushel. Meantime Congress passes a
law making 20 pounds bushel. The
farmer then must pay 10 pounds
more OH every buslhel than he agreed to
pay.
The speaker read fron1 Allison's His
tory of Europe to show the effect of a
law like OUR own fixing tile date of re-
sumption within four years. The effect
was the same in both countries: Real
estate declined until it was not worth
the mortgages on it, wages fell one
half, factories were closed; and so great
was the distress that the government
was compelled to make an issue of cur
ACllCy w
AS showing the effect in this coun:
try, the Prof. said that women in Dos
ton were making cloth caps at a cent
apiece and fancy white aprons at %
cents a dozen, while it took them two
days to make dozen.
AS t::othe remedy, the speaker gave
the greenbach idea substantially as
follows: Tile Government to take up
the bonds and pay tller1 in gfeehbacks.
The people will thus save tile interest
ON the bonds which amounts to between
eighty and one hundred million dollars
a year in gold. The bond-hol2ers, hav.
ing the greenbacks paid for the bonds,
will then have to put thetii to work by
loaning them to manufacturers, mer.
chants, farmers, etc., ut low rates OF
interest. The effect of this would be
to revive industry, supply work for the
laboring men; and put money enough
aaoat to carry on the business of the
country.
The speaker alluded to the policy OF
France as striking Illustration of the
effect of a similar policy. BY an issue
of paper money the Government sci
manufactures to going and gave AZ
impulse to general industry, so that ir
two years, France paid to Germany the
enormous indemnity Of One Thousand
N lions of Dollars, nearly half our na
tional debt.
To sum up, the general drift of tl,t
speech was to the effect that the finan
cial policy of the Republicans, or ait
undue contraction of the currency, has
wellnigh ruined the Industrial interest:
Of the co%,ntry% coy, that t, in issue ct green
depression Of business; that the finan
tial policy Of the p*!rty in power is ir
the interest Of the capitalist and bond
holder, and that every fnancial meas
t,re adopted has tended to make the