The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-08-14
REEMELlN's LOGIC.
The Political Situation Scanned
by a Veteran Observer.
The Republican Party and Re-
sumption.
From the Cincinnati Enouirsr.l


Reemelin, delivered at the Democratic Conven-
ton in Springfield, Ohio, has produced s much
CONSERVATION in Republican quarters, it is per-
haps well enough to have the full text Of the
same. Herewith is verbatim report:
MR. REEMELINs SPEECH.
Seneca tells usthat Smen must be educated in
virtue and truth; vice and error they learn of
themselves 1 shall, as always, bear this
axiom in mind while am speaking to you, and
address myself therefore to what are at this
time the more dangerous self-learned errors
and vices prevalent in our public life. I shall
not cater to them by discussing before you such
Improbable questions as whether business lie
good, and if bad, which party is to blame, but
pass at once to the essential point whether
those in power are pursuing q rightful policy
from the ethical standpoint as to money and
finance. If they do, they deserve our support;
II not, our opposition. On that issue we have
q night to arraign them, while the merits or de-
merits of hard or easy times are always divided
over society and its economic ways and means,
and present questions hardly proper amid our
political partisan discussions.
That 1t is just now peculiarly difficult to find
ourselves to rights as to financial politics can
be denied only by persons insnared in party
prejudices, who do not see the deep shadows in
which we all stand. Such folks will also reject
my statement that the main source Of the tat
tered condition of the public will springs from
the vacillations Of our Government at Washing
ton. will therefore present the opinion of
man standing outside Of our politics, who is one
Of the best thinkers of Europe on money
matters, A. B, Bischoff, of Basle.
He writes in the last number of Hildebrand's
Journal of Political Economy, published at
Jena:
&There prevails at this time in the United
States on the subject of money such distracted
ness and unreliabihty that it is impossible to
form a Judgment as to the future money policy
of that country"
These words express, as think, no more nor
lees than the sorrowful truth as to the political
situation among us. Against them stand the
bold, unscientifcally formulated assertions Of
the Republican party of Ohio in the fifth article
Of its platform, as adopted at its late State Con-
ventioni, which ask leave now to read to you ::
SThe financial administration of the Govern
ment by the Republican party, in accomplish
ing the great work Of the resumption of specie
payments, in restoring our currency to par
value, in greatly reducing the burden of the
national debt, in refunding large portion of
the came at a rate Of interest one-third less
than the former rate, thereby alone saving to
the treasury s13, GOO, COO year and enhancing
the national credit to standing never before
attained. is source Of just pride to the Repub-
licans of Ohio and deserves the warm approha-
ton of the American people"
You see the impartial Swiss republican
thinks very different from our partisan Repub-
licans in Ohio. The free look of the Swiss
thinker is angered by looking at the policy of
our Government on money matters, while our
Republican party politicians are proud of it.
Who does not recall to mind in view Of this the
remark of Socrates when he censured q schol-
ar,a hr Chi
through your rags! !" Or am l in error? Has
| the Republican party really cause to plume it.
self? Is che, or, better said, are her leaders
animated by good motives? Have they really
achieved what they claim? That's the point of
this election campaign. ask, therefore:
Is it true that the Republican party, or re-
spectively its administration, has accomplished
resumption; that our paper money has par
value; that the burden of our national debt has
been reduced one-third; that saving Of inter-
est equal to S13, ,0Co, COO has followed; that the
public credit stands higher than ever? Were
these things true Democratic opposition would
| be upjustifab.e; indeed, the elevation of Sher-
man to the Presidency would be but the logic
of facts.
Let us now, with view to clearness in this
matter, place before us the actual situation il
plain, truthful language.
| We have, accoi dirg to Sherman's own re.
ports, 1916, ,6Sl, ,0l6 Of greenbacks in circulation
They are legal tender for all debts; their re-
| demption is legally and actually in force; bu
mind! by the bi-metallic standard and redeem
able only at New York and Washington. Tnt
option whether to pay gold or silver is with the
| treasury officers, and we have, therefore, bott
limited as well as precarious resumption, ant
all under difficulties.
We have next in circulation $3.50, 600 GOO o.
national bank notes, which are now increasing
| daily atthe rate of half million. They are, BY
law, redeemable in greenbacks. As courtes,
to customers, banks and others pay gold o.
| silver for them, but they can no. be compelled
to do it. Since there are over z, 600 ma iona
banks scattered over the whole country, anC
the notes of each never circulate near thei
homes, there is in fact no redemption at all en-
forcibIe by law, except with great delays an(
difficulties
We have besides in circulation SIS, ,0O0, 600 o
trade dollars, whose final fate is entirely unde
cided and floats in the ar.
Then we have about $50, ,000, COO of silver O
various denominations. These coins are from
Is to 25 per cent under gold coin par, and onl..
the legal-tender quality holds them nominal.
atpar iu the retail trade.
We have also, partly in public. partly in pri
vate safes, as well as in public circulation
about $3.50, ,O00, 900 of gold Of this metal nj
one knows whether it is to be minted down t
the silver standard or whether silver is to b.
lifted up to the gold standard.
There are also still out S15, ,S74, ,72I12 frac
tional currency, that are redeemable only il
our silver coins.
Finally, we have $26, ,295, 600 Of certificates @
deposit, that are redeemable only in pape
money. And beside them, SIT, 76O, GOO in gol
and silver certificates, payable as expressed o
their face.
The gold notes of the gold banks-$4, 70O, 90
hardly come within our purview. They prov
only that the regular national banks are nc
specie banks.
We have accordingly about $3.50, ,0OO, 600 Q
total paper circulation, unless We add the 1855
000, ,000 of 4-per-cent bonds, which are largely
circulating medium, which would make 81, AS
000, coo. Aud with it we have $315, ,0O0, COO {
metallic circulation. But we have neither
money unit, nor unit Of account, nor fixe
legal standard of value. Tell me, then. who
right--the Swiss objective scientific thinker @
the Ohio Republican platform thinkers?
That our valuta, as science expresses it; ou
waehrung, as the Germans say; our standar
OF value as we have it, is not definitely settled
is undeniable. And it is therefore wind worl
yea, dare say it, it is fraud to talk of resumI
ton on par value whi' this is rot legally Sc
tied. All our paying transactions are incon
plete We are still in the meshes of the none
jobjers, and our condition is that of Italy, {
which the Belgian delegates to the late Mil
Conference at Paris said, nem con-, that it hs
no rightful basis and is violative of existir
treaties.
Resumption de facto is not then resumptio
de jurel And partial resumption is not fu
, resumption! Business regulation is not
legal rule, because it establishes nothing, al
every hour may bring change The relation
of debtor and creditor, those of buyer al
seller, are subject to accidents and they lat
the lawful freedom of action which compile
resumption alone can give To speak of r
. sumption as accomplished, under such circun
stances, is-salve venia-an impertnenc
Please tell me what we have resumed on, al
l will retract my harsh accusation
We stand before dozen money question
all unsolved Full resumption will exist on
after they are solved. We are even without
legal definition of the word dollar. France b
, the franc, England the pound sterling, Ge
many the mark as unit of value and accour
and every Judge can decide what is payne
by the law of the land Here the debtor d
, termines Cif only "dollars" are mentioned
, the contract) whether he pays in gold or silv
or greenbacks. And it is not only presumab
but cert'in, that ne will pay in the money
least value-perhaps in deprecated papt
More than "dollar" must be spoken or writ
. in a contract to avoid misunderstanding Al
wrongs.
g The Republican party has industriously C
q culated the statement that the Democrats alo
: mean to disturb existing settled moneyed re-
~ tions. But allow me to ask, Are they settle
e noaa not the Ranuhlitan marty itself intend