The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-08-07
a.n party has been the accomplishment of gold

ing street as the result of resumption? That
gold would flow out in circulation, and that
we would have fuller volume Of money act
uslly current and consequently d general res
toration OF prosperity?
well, we have had gold resumption for over
six months past We have had, moreover, for
three years past two unparalleled favorable
oincldences-enormous crops at home and
great foreign demand for our surplus Che
Republican party did not give us these two
blessings. A kind Providence, looking down in
pity on the industrial distress inflicted by the
ingenuity of theorists and usurers, relieved its
asperlty by bounteous harvests at home and
eager markets abroad. But for our self in
ficted troubles these great erops would have
flushed urr country With ekuberant prosperity.
But in epite Uf these good prbFidsnces, In con.
tadiction OF all the pledges OF gold resumption,
which led the people to patient but longing
endurance of their trials, the promised prosper
ity has not come. The paper dollar is equal to
" kept huarded In the treasury. The money
actually current is no greater now, il as great
as it was one or two years ago. Every little
debt you owe still nettles you. Every large
debt still threatens you with the loss of your
home, your farm, your factory, or your store.
Every tax you pay calls for more labor or
lhborers still hunt for employers instead Of
employers seeking labofeis, and 1t is at last be-
coming apparent that the condition Of things
last year and the year before is to become the
permanent condition under established gold
prices Of labor ana property
Fellow-citizens, when the Republican party
started to lead the people by contraction to the
promised land Of specie payments itnever talked
about gold prices and gold resumption, but
only Of aspecia payments" which meant re-
sumption In silver and gold-each equally the
dollar, the unit, the full legal tender. Contrac-
tion of currency and shrinkage of values were
not thought by any body below the bl-metallic
level But the demonetization of silver in Ger
many and the United States, and the initial
steps of demonetization Of the states Of the
Latin Union, practically destroyed the chief part
Of the silver half Of the currency of the great
nations, and caused such increased demand for
the gold half that the purchasing power Of gold
rose between 1874 and December, 1873, q little
over so per cent. throughout the commercial
world In other words, the gold prices Of land,
labor, and property throughout the world sunk
over "a per cent: Our people, therefore,
were not led back by the resumptionists to
the bi-metallic level of prices, but in place
of the double standard the single gold standard
was set up and that 80 increased in value
that it cost any man so per cent more in land,
or PrPdpct s9 pay in gold debt Of
cost In 1874. That is, so per cent was added
by the demonetization Of silver to all the debts
and all the taxes payable to the people of the
United States. do not make this statement at
random, but from tables of prices elaborately
prepared each year by the New York Public,
the highest authority in the United States on
prices of commodities. have made the same
statement twice on the floor of Congress, and
no man has questioned its accuracy.
Now, consider, fellow citizens the effect Of
adding SO per cent to the burden of all the
debts and taxes in the United States. 1 have
shown, in speech made in Congress on the
22d Of February last, that the public and pri-
vate debts of the Uni'ed States which have
I, been carried over since 1874, and still remain
unpaid, amount to little less than $40 000 0O0 600
This demonetization of silver and consequent
enhancement of gold has added, therefore, in
the neighborhood Of 5000, OOO, GOO to the debt
burdens of the people; and, as our taxes for
national and local government amount to about
$500, 10000 year, it has also added $780,
100000 year, in practical effect, to the tax
burdens of the people.
Do you wonder that every man who is in
| debt at all, and every man who has to pay
taxes groans under the weight of these in
creased obligations? When you sell your pork
at 81 25 q hundred, your labor at 80 cents a
day, and other things in like proportion, to pay
| debts and taxes, you are enjoying the blessings
| of silver demoDetiZation. Republicans of Ohio
debtors and taxpayers, employers and work
! lugmen, farmers and tradesmen, now throw up
| your hats if you will for Sherman, Foster, and
SOlu pIlCOs. NOlC tlo party
Vote against the restoration of the old metallic
level Of prices through the unlimited coinage
| of silver; but do not growl at hard times, low
wages, want of employment, pressure of debts
and taxes, because that is what you vote for;
and because by so voting you declare your
willingness to bankrupt yourselves and imgov-
| erish your families merely to keep the office
holders of your party fattening at the public
| crib.
These are the financial achievements of the
Republicans for which they demand renewal
of their already unparalleled lease of power
They claim Endorsement for their economy
when the reductions of expenses actually ef-
| fected by the Democratic House show that
they have wasted at least S2l 600, 600 year in
prohlgate expenditures, and when it is appar-
ent that they are still wasting at least So, ,O0O
600 q year. They ask credit for reducing the
public debt when they have for seven years
| past largely increased it They boast of re-
| funding accomplished by squandering $13,-
0O0, ,00u of the public treasure in commissions
and double interest. by largely increasing the
principal of the public debt, and by general
massacre of business through contraction of
values to reach the gold level Of prices abnor-
mally sunk by the destruction of half of the
metallic money. They demand the grateful
approval of the people for having accomplished
gold resumption, regardless of the fact that all
their pledges Of renewed prosperity are falsi-
fed, and that the four years march to it is
strewn with more wrecks of the fortunes, hopes
and happiness of the people than marked d the
four years of our tremendous civil war
Finally, the Republicans claim popular in
dorsement because of their avowed purpose to
have no further change in the financial legisla
tion of the country. They tell US to let the
finances alone, that agitation will only produce
mischief, and that everything is lovely as the
law now stands.
Fellow-citizens, it is idle to talk about either
party letting the finance question alone. The
Republican party does not intend to do it. Did
it favor the present law providing for even q
very limited coinage of the old silver dollar?
No, the great mass Of the party resisted it to
the utmost. Their President vetoed it, and it
was only carried through q persistent popular
agitation by the Western and Southern DEM
ocracy and the Nationals, before which por-
ton of the Republican party weakened and
voted for the bill
a Mr. Sherman says in his last annual report
that the present law providing for the coinage
of $2, ,0O0, 600 month cannot stand without in
time overthrowing the exclusive gold standard.
He has prevented that result heretofore by
boarding the coined silver as a resumption
fund; but he knows there is a limit to the
amount of money which the people will suffer
to remain piled up in the treasury, and that the
day will come when they will demand that a
very large proportion Of that boarded silver
shall be applied to the eXtinguishment of the
| DODuGu uoOt, duu way luo C0uulEy Will
be forced from the gold level of prices to b.
metallic level Therefore, he says that the
time will soon come when this coinage of the
old silver dollar must cease. Neither he nor his
party has any intention to permit values to rise
above the low gold level Hence the question
must yet be settled whether we are to have and
maintain the gold standard only or restore the
bi metallic standard by the unlimited coinage
of silver.
} The two great parties are squarely at ISSUE
on this question. The Warner bill, which gave
the whole profit of the coinage to the Govern,
ment, but provided for placing silver exactly
on par with gold in respect of unlimited coin,
age, and of the issue of certificates for silver
bullion, passed the House after an intense ani
protracted struggle, every Democrat but sever
voting for the bill and every Republican bu
four voting against it That bill will pass the
Senate next December in spite of the opposition
of half dozen national bank and gold,
standard Democrats. The almost complete
unity of the Republican party in the Senate ant
House against the bill, with MIR. Shermans
known hostility to it, assures veto of tina
great measure of relief. The contemplate
cowardice of the Republican party of Ohio il
failing to say word on this great question il
at once an evidence that the people demand thu
relief and that the Republican party are de
termined not to grant it.
If that measure we're passed almost all th