The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-08-23
REEMEIIN'S LOGIC.
The Political Situation Scanned
by a Veteran Observer.
The Republican Party and Re.
sumption.
TFrom the Cincinnati Enquirsr.l

tfrom tne Clncinnau EnquirerJ
Inasmuch as the speech Of the Hon. Charles
Reemelin, delivered at the Democratic Gouven-
ton in Springfield, Ohio, has produced g much
CONSERVATION in Republican quarters, it is per-
haps well enough to have the full text of the
same Herewith is a verbatim report:
MR. REEMEIINs SPEECH.
Seneca tells us,thai ~men must be educated in
virtue and truth; vice and error they learn Of
themselves" l shall, as always, bear thus
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 pubic life. / shall
not cater to them by discussing before you such
Improbable questions az whether business lie
good, and If bad, which party is to blame, but
pass at once to the essential poiut whether
those in power are pursuing rightful policy
from the ethical standpoint as to money and
finance IL they do, they deserve our support
II not our opposition. On that issue we have
a right TO arraign them, while the merits or de-
merits of hard or easy times are always divided
over society and its economic ways aud means,
and present questions hardly proper amid our
political partisan discussions.
That it is just now peculiarly difficult to find
ourselves to rights as to financial politics can
DE uenled ODlY by persons lnsnareu III 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 a
man standing outeide of our politics, who is one
of the best thinkers Of Europe on money
matters, A. B, Bischoff, of Basic.
He writes in the last number of Hildebrdnd's
Journal Of Political Economy, published at
lena:
%There prevails at this time in the United
States on the subject of money such distracted
ness and unreliabihty that il is impossible to
form judgment as to the future money policy
of that country"
These words express, as think, no moro nor
less than the sorrowful truth as TO the political
situation among us Against them stand the
bold, unscientifically formulated assertions of
the Republican party Of Ohio in the fifth article
of its PLATFORM as adopted at it's late State Con-
yentioii, which ask leave now to read to you:
The 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 tho
national debt, in refunding large portion OF
the same at a rate of interest one-third less
than the former rate, thereby alone saving TO
the treasury s13 000, 600 year and enhancing
the national credit to standing never before
attained. is a source of just pride to the Repub-
icans of Ohio and deserves the warm approba-
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 schol-
ar's pride by saying, Your pride shines
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 claimy 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 s13,000,000 has followed that the
public credit stands higher than ever? Were
these things true Democratic opposition would
be unjushfabe; 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 in
plain, truthful language.
We have, according to Sherman's own re-
ports, $346 6Sl ,016 Of greenbacks in circulation.
They are legal tender for all debts; their re-
demption is legally and actually in force; but
mind by the bi-metallic standard and redeem
able only at New York and Washington. The
option whether to pay gold or silver is with the
treasury officers, and we have, therefore, both
a limited as well as precarious resumption, and
all under difficulties
We have next in circulation $3.50, 00O, 600 of
national bank notes. which are now Increasing
daily at the rate of half a million. They are, by
law, redeemable in greenbacks. AS courtesy
TO customers, banks and others pay gold or
silver for them, but they can not be compelled
to do it. Since there are over 1900 national
banks scattered over the whole country, and
the notes of each never circulate near their
homes, there is in fact no redemption at all en-
forcible by law, except with great delays and
difficulties.
We have besides in circulation SIS, 0OO 600 of
trade dollars, whose final fate is entirely unde-
cided and floats in the air
Then we have about $50, 600, COO of silver of
various denominations. These coins are from
Is to % per cent under gold coin par, and only
the legal-tender quality holds them nominally
tpar in the retail trade.
We have also, partly in public, partly in pri-
vate safes, as well as in public circulation
about $3.50, 100000 of gold OF this metal no
one knows whether it is to be minted down to
the silver standard or whether silver is to be
lifted up to the gold standard.
There are also still out $l5, S74, 727 IL frac-
tional currency, that are redeemable only in
our silver coins.
Finally, we have $26, 295, 600 of certificates of
deposit, that are redeemable only in paper
money. And beside them, SIT, 900 in gold
and silver certificates, payable as expressed on
their fsce.
The gold notes of the gold banks-s4, 700, 600
hardly come within our purview. They prove
only that the regular national banks are not
specie banks.
We have accordingly about $76O 0O0, 600 Of
total paper circulation, unless we add the $685.
600 600 of 4-per-cent. bonds, which are largelya
circulating medium, which would make 81 49,
100000 And with it we have S3l5 1000, 600 of
metallic circulation. But we have neither a
money unit nor unit of account, nor fixed
legal standard of value. Tell me, then, who is
right--the Swiss objective scientific thinker or
the Ohio Republican platform thinkers?
That our vaIuta, as science expresses it our
waehrung, as the Germans say; our standard
of value, as we have it, is not definitely settled,
is undeniable. And it is therefore wind work,
yea, dare say it, it is fraud to talk of resump-
ton ON a par value. while this is not legally set
tied All our paying transactions are incom-
plete. We are still in the meshes Of the money
job3ers, and our condition is that of Italy, OF
which the Belgian delegates to the late Mint
Conference at Paris said, men, con-. that it has
no rightful basis and is violative of existing
treaties.
Resumption de facso is not then resumption
de jure! And partial resumption il not full
resumption Business regulation is not
legal rule, because it establishes nothing, and
every hour may bring change The relations
of debtor and creditor, those of buyer and
seller are subject to accidents and they lack
the lawful freedom OF action which complete
resumption alone can givs. To speak Of re-
sumption as accomplished, under such circum-
stances, is-salve venia-an i1Dpert;nence
Please tell me what we have resumed on, and
will retract my harsh accusation.
We stand before a dozen money questions