Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-09-19
Speech Of Hon. l.. Danford.
[CoNTINUED FROM FIRST PAGE. I

refer you to one fact. Since the pas
sage of the act authorizing four per
cent and four and a half per cent
bonds of the United States, there have
been taken by the people two hundred
and fifty millions Of four and half per
cent, and one hundred and forty one
millions Of four per cent bonds.
| The rate Of interest has declined in
the county of Belmont from one and a
nalf to two per cent. There was money
enough last year to move the vast grain
lcrop from the West to the East, and at
Igood figures; and there is money
enough to move it this year at fair
prices. But now come to the figures.
believe that l can show from a stnte
nent made by the Secretary of the
Treasury in 1865, and the last statement
Of Sec. Sherman, that there is more cur
rency now in circulation and ready to
be put in circulation by the policy OF the
Republican party, by two hundred mil
lions of dollars, than there was in 1865,
| shall begin with the last statement OF
the Treasury.
The outstanding legal tender notes
notes TO $324, ,514, ,284; the remaining
outstanding fractional currency to $751;
652, $50; coin in the Treasury S238, ,42O,
sos 81; (this includes, as L understand
it, subsidiary cOin); coin in the hands
OF the banks about 10000, 600; coiu IN
the hands of the people about $l1O, ,OOO,'
600. These figures, except the last, are
taken from official statements, and the
amount of coin in the hands of the peo'
pie is the estimate of Senator Morrill,,
made more than one year ago. These
figures aggregate 81 ,052, ,268, ,699. 81. AS
will be seen more than one thousand
millions of dollars, and this money the
policy of the Republican party, by the
first Of Jsnuary next, il not earlier, will
be available as currency with which TO
do the business of the country; more
currency upon its face, than we have
ever had at any previous period in the
history of the country. In 1865, taking
into account $193, 756, ,080 of compound
interest notes, and 81, 49, ,7lO of the
one and two year notes Of 1863, the to-
tai amount of the currency aggregated
$983, BIS, ,6S5.76, nearly $69, 200, 600 less
than the amount now circulating and
ready to be put in circulation. This
was the very largest figure that 1t ever
aggregated upon its face at any one
time, and S240, ,OOO, 900 of this was really
not currency. But the value of this
currency, including these compound
interest notes, averaged but 70 4-lO
cents to the dollar, and the entire
1888, BIS, ,6S5 rs had an actual value, as
compared with coin, of but $685., ,256,-
354.77, while the currency that we now
have was worth on the first day of the
present month 994 cents on the dollar,
and this morning 992; the aggregate
depreciation on our present currency
of more than a thousand millions, be-
ing but a little over five millions oi
dollars. And by little perseverance,
d little longer holding on in the right
direction, and in the language of the
Democratic party of the State of New
YORK, taking no steps back ward" in
few months it will be worth 100 cents
to the dollar, and we will have, from
actual figures made at the Treasury
Il Department, available as currency, over
l 600 millions of dollars, every dollar
worth 100 cents, being, estimating our
population at 46,0O0,0O0, $2l Is pei
capita. And shall we turn away from
this fair prospect? Shall we go back
over the long weary years of struggle
and disappointment in order to crafty
the visionary schemes OF men who
want to try absolute" or Stat mon
ley? '''7
L don't believe that the leaders Of
this movement desire to see the green
back equal to gold. l don't believe
they desire to see the money of Lin
coin, and Chase, and Thadeus Stevens
the money of the Republican party
that was brought forth in those dark
days, in doubt, and with fear and
trembling, launched upon the country
as an experiment. l don't believe they
want to see it redeemed in gold and
silver. l don't believe they desire to
see the promise written upon the face
of the greenback and deferred for six
teen long years, made good. believe
they want TO deal little longer in the
lcalamities of irredeemable paper cur.
rency. Mr.. Ewing, early in the extra
session last October, introduced a bill
repealing the Resumption act. That
bill was passed by the House with g
Substitute offered by Mr.. Fort. 1t went
to the Senate, and there, after discus
Ision, it was amended, and on the 18th
day of June, the very day befole ad
ljnurnment, it came up in the House o1
Representatives for action. These gen
tlelnen had learned by this time, Mr.
Ewing and those who acted with him
that the Senate of the United State:
would not agree to repeal the Resump'
ttiun act. The Senate sent the HOUSE
lthiS amendment, which was to strike
out all after the enacting clause. and
Insert the following: "That from anC
after the passage of this act, United
States notes shall be receivable the
same as coin, in payment for the foul
per cent bonds now authorized by law
to be issued, and on and after October
! /, 1878, said notes shall be receivable
for duties on imports"
This amendment came from the
ISenate to Us. 1t was an amendment
. that great many gentlemen have fol
years believed would make the lega
tender dollar as good as gold.
THE GREENBACK DOLLAR.
D have had the proposition thrust il
my face for ten years at least, "Why
don't you make your greenback dollul
good for all purposes? Why do yol
discredit it by saying that it shall no
be receivable for duties on imports
, Here was proposition at last TO d,
away with this discrimination agains
the legal tender money. We were call
, ed upon to face that proposition in tht
closing hours of the session. The vote
was taken, and the ayes were 140 anC
the noes 112. And it requiring two
thirds vote to pass the amended ac
! under a suspension of the rules, the bill
was lost. And now while it VS. per
fectly consistent for the hard money
Democrats of the East, ,Ilike Hewitt snC
others of his way of thinking, Il
: vote against the bill, yet, to the sur
! prise and even astonishment of very
, many who believed in their honesty
and good faith, every one Of the sever
Democrats from Ohio voted against the
bill-vOted against making the legi
} tenders receivable for custom dutie
. and the four per cent bonds.