Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1879-09-24
CLEARFIELD, PA, WEDNESDAY, SEPTEMBER a. 1879.
Neither individuals, banks nor tho Gov.

d
Neither individuals, banks nor tho Gov
crnment mako payments in specie.
But, while we have no specie pay
monts, accurately speaking, l admi
that our paper money has been brough
to par with specie. OF the sacrifice
suffered by the people in order to bring
this result about, Of tho shrinkage o
all values, the paralysis of all indus
tries, the thousands Of laborors throw
out of employment, the bankruptcies
amounting to hundreds Of millions o
dollars, shall not speak tonight, |
there is any one who thinks that W,
have not paid very dearly for the
whistle, will not, tonight attempt tC
disturb his belief. But when the Sec
retary of the Treasury perambulatel
the country, boasting Of the achieve
ment of bringing greenbacks to pal
with coin, IL is not improper TO poini
TO him the graveyards through which
we have passed in our dreary march
to this result, And when he claim.
that consummation was brought about
by the resumption act, aud his exeou
ton of it, it is emlnenlly proper tc
show him how baseless is his claim
how hollow is his pretension.
There are various causes that have
operated to bring our paper money to
a par with specie and among them the
resumption act is the least, Had that
act never been passed, and had Con,
gress authorized what the Secretary OF
the Treasury, without authority OF law,
now permits, the receipt of greenbacks
in payment OF customs duty, they
would have been at par with specie a
year at least before the time fixed for
resumption by the resumption act.
When the act was before the Senate,
moved an amendment providing for
the receipt of greenbacks in payment
OF custom duties. The Republicans
voted it down. have said that had
the resumption act never been passed,
greenbacks would have reached par
with coin. 1t would have never been
through great suffering aggravated by
that act, but it certainly would have
come.
About every two years we have a
commercial revulsion which, for brew.
ity's sake, we call panic when the
country wakes up to the TACT that, ow-
ing TO an important extension of credit
or bad legislation, or both, it is not
able to pay its debts on demand. A
long period of suffering, generally five
or six years, ensues, and then, having
reached the bottom any change must
necessarily be for the better, and then
business begins to revive. Specie pay
ments are resumed, as II is called, that
is, paper money and specie come to
par 1t is not this resumption, SO call
ed, that produces revival OF business,
but it is the revival OF business that
produces the resumption.
But another cause has largely con.
tributed to our so-called resumption,
and for this cause our Republican rul.
ers can certainly claim no credit
Owing to bountifu crops in America
and short crops in Europe for three
years, the balance of trade, instead of
Ssi being GssS aSga,nsSth SthHgS; HgS; Reaebgsn, gHGTy Og'
ing shipped, in large amounts, to this
country to pay for bread.
Another cause that has facilitated
the equalization of paper and coin, was
the Democratic measures of remone.
tizing silver, which President Hayes
vetoed, but which we passed over his
veto.
Still another cause, was the Demo-
cratic bill that put an end to the de-
struction of the greenback. For with
out the greenback in existence, neither
Secretary Sherman nor the National
banks would have the audacity to pre-
tend that they could maintain actual
specie payments. In a word, my
friends, the claim of the Radical lead.
ers, to your support on the ground that
they have brought about prosperity
to the country by resumption of
specie payments, is bold pretense,
without any foundation in fact, and
that can deceive none but those who
are ignorant or those who wish to be
deceived.
In conclusion, upon this subject, let
me say that they who charge us with
a purpose to undo what has been done,
and to plunge the country into wild
career of imitation, do us the greatest
injustice. However much we deplore
the suffering that has been caused by
Radical measures, and especially by
the contraction of the currency, we
have no purpose to embark upon q
career of wild and senseless specula-
tion. There never was platform
adopted by political party in Ameri-
ca that insisted so strongly upon q
staple currency as does the platform of
the Ohio Democracy To that plat.
form we can safely point for complete
reiutation of the false accusations OF
our enemies.
RADICAL INVENTIONS.
Ny friends, i have but one thing
more to say to you tonight, for it is
IL ,...r Il q