Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-01-01

nomination for President. He was
the recognized leader of that party,
which opposed the redemption OF
the greenbacks, in accordance with
the promise made when they were
issued. He failed to get the nomi-
nation, but it was given to Horatio
Seymour on Pendleton's platform,
and upon that the cavass was made.
The Republicans nominated Gen.
Grant, the greatest General of mod.
ern times and the hero of the war
for the preservation of the Union.
They nominated him on a strong
national credit platform. He was
triumphantly elected, and with him
Republican Congress, with more
than a two-t thirds majority. One of
the leading questions of the CAM
paign was that of sustaining the
national credit, and the people once
more said with emphasis, that they
would trust its settlement to the
Republican party.
Gen. Grant was inaugurated and
in his inaugural address took strong
grounds in favor Of redeeming the
promises of the nation. The first
act of that Congress was the "Public
Credit Act" and it was the first
law approved by President Grant.
The Democrats in Congress, as
usual, opposed its passage. By it
the pie dyes of the Government were
renewed. Since then, few Demo
cratic stump-speakers have appeared
before the people without denoun-
cling this act of Republican Con-
gress and a Republican President,
as a measure for the benefit of the
rich and oppressive to the poor.
But what has been the result? That
act did restore the public credit.
Because of this pledge the country
was enabled to sell more than
tn ousand million of bonds bearing a
less rate than six per cent. interest.
Bonds worth LOG and 1.O7 before
the election Of 1878, rose to 100
in June, 1879. The Government
has been able to take up its bonds
bearing high rate of interest and
replace them with bonds of lower
rate so that the saving to the peo-
pie in interest on the national debt |
has reached about S50,000,000 |
yearly. Pursuing this policy, we |
have been and are rapidly selling |
bonds at Il lower rate than the |
legal rate of interest in any State |
in the Union, proving that after all |
honesty is clearly the best policy. |
When the financial reverses of
1873 overlook the country, as every
intelligent man who knows anything
Of the results Of civil war knew they
would, sooner or later, these dema-
yogues cried Il told you So" and
Immediately began to exercise their
levilish ingenuity to poison the
popular mind, and indoctrimatc the
people with all manner of financial
leresles, for the purpose of defeat
ng the honest policy of the Repub-
lean party.
But in 1875, Republican Con-
,ress said the time had come when
/ period should be fixed at which
he Government would resume
pecie payments. Again they met
With opposition from Democracy,
md again, in spite of this opposi-
ion, the first day of January, 1879,
Tas fixed as the time for resuming.
The Democratic politicians on the
lump, through their newspapers,
nd in their party platforms de-
Lounced the measure and said it was
n impossibility. They said there t
7as not enough gold in the
Torld with which to resume,
.ot thinking perhaps that ,
heir false assertions would so soon
e exposed. They began to advo-
ate the widest and craziest infat-
ng schemes, and many of them f
dvocated the foolish doctrine, ex-
loded centuries ago, that CONNER
lal and general prosperity p
ould be brought about by y