The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-10-09

9 nent ana reliable, could rest npon bol
8 rowed gold Public confidence an
D financial stability cannot be made t
: rest upon borrowed gold." Whe
, trade and commerce gave assuranc
} that the supply OF the precious metal
r was permanent, and would constantl,
+ increase, then confidence became es
tablished andthe paper currency tool
, its place by the side Of gold and silver
You all now know that resumption
has come of trade. and commerce, tn,
result of foreign balances in our favor
and not at all becanseo OF any congress
ional declaration or. reqpirenent. The
resunp ton clanse was properly de.
nounced by the st. Louis convention
as hindrance to resumption. It was
4 as we'll a hindrance to prosperity. I!
It was terror to capital and stood in
the way of employment of labor. Our
money, paper and com, is now OF
equal value and readily convertible,
and we9indulge the hope of better
times in spite Of the resumption law
and Of its kindred party devices. All
EalopE the pathwsyIof that measure. are
strewn broken fortunes and ruined
enterprises. liss 3i.Ifiej 80
Do you believe our country needed
to have besn, the seeneo . sfnancial
and commercial panis7 6nr lands are
rich, o6rpeople intelligesta Ind indus
trious and the worlds markets have
been opened to our products Yet the
panic did come and Its continued and
terrible hold upon the country for the
long period of Eve years, in spite of
the great efforts of the people, showed
that its causes were to be found down
deep in bad public policies and in NAL.
administration. may not state what
suferings it inflicted, nor what hopes
of happiness lie buried amid its ruins.
May give you an illustration7 When
the war was over was it. not most
obvious duty to reduce the public ex-
penditures by the most rigid econo-
my3 It was not done. From 1865 to
1875 the expenditures continued enor-
nous and extrayagant. Then the Dem
ocrats came into power in the House
and at once established the fact that
the public service could as we'll and
efficiently be administered with an an
nual reduction of $3OOOO,O0O.
At their first session that was the
reduction. Now, please tell me, had
that reduction been commenced in
1865 and continued for eight years and
until 1875; had $50, ,OO0, 900 of the taxes
been left uncollected, to circulate in
the channels of trade, giving life and
energy to business and commerce, do |
you believe there would have been a
panic and such financial disaster as
covered the land with ruin? Reform
in that one particular alone would |
have saved US.
Mr.. Sherman tells you that prosper
ity is now coming and that he is its
author. You and are then mistaken |
in supposing that economy on the
part of the people reduced the pur-
chase abroad. 1t was not the diligent
labor of the people, the rich lands, the
rains in their. season, and the
great crops that enabled US to supply
The extraordinary foreign demand,
such demand indeed as we never
knew before. Mr.. Sherman did it.
It was his tears of sympathy over the
'ufferings of the people, and not the
rains falling from the clouds that
moistened the earth and caused it to
yield SO abundantly. Never was
claim made 90 bold and brazen and
yet so false. To him and his party
We reply: You sQuandered the public
money; you continued extravagant
appropriations; you hindered pro-
luction by promoting the strife of
'ections and hatred of races; you leg
slated for favorite interests and
Iga1nst the people; and now, when
he rigid economy of the people and
'ropitiOus seasons and q favorable
condition of the foreign market COM
line to give us better times and to
'ladden us with the hope of return.
ag prosperity, you can not claim mer-
or support. The equality aud con-
'ertibility of our currency is in, spite y
# the hindrance of the resumption
aw and we cherish the hope of better ,
lines in spite Of the evil Influences of
ad policies and maladministration.
The great difference between us was
hat we insisted upon reaching specie ,
ayments by an increase of the prec-
ous metals and you by q reduction of
be paper money-bys contraction.
Eou provided for your policy in the
act, in violation of the
ledge made to the country in the act :
t juno previous that the legal-tender
otes should not be reduced below
3S2, 100000. Under your policy re- :
was impossible short of uni /.
ersal ruin, for contraction hindered !.
1t was q Democratic de.
land that remonetized silver and pro-
ided for its coinage. 1t was Dem.
cratic House that modified the re-
law aud stepped contraction :
y the act of May 81, 1878, which for
ade the Secretary of the Treasury to
anoel or retire any more of the legal
,nder notes and required him to keep 8
lem in circulation. The remonetiza-
on of silver (over foolish veto) and
le protection of the legal tender cir .
llation and our immense crops North :. :
i'd South and the great demand . .
broad haye brought all classes of the :,
to par and give promise Of a
prosperity. a9i'4{f5'. e
The contest in which you are en- F
aged is characterized by reckless ac- IS
lsation. Why charge the Ohio De- n