Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1879-10-16
Speech of Ex Governor Hendricks
ON THE
POLITICAL ISSUES OF THE DAY.


POSES THE NEUTRALITY-SUSPICIOUS. OF
THE sRALwARTs ON FINANCE
AND SOUTHERN ouTRAGEs,
AND ARRAIGNs THE RE-
PUBLICAN PARTY FOR
NAL. ADMGNIsTRA.
TIoN or PUBLIC
AFFAIRS.
FELLOW CITIZENS | need not remind
you that during the years following the
close of the war your minds were dis
turbed by the most profound anxiety
for the public welfare. There was no
more work for the sword. Overcome
and disbanded the troops of the South
had returned to their homes. Acquies
cence in Federal authority was complete
and universal. Nevertheless, ia, oritism,
extravaganza and corruption pervaded
and poisoned the public service and
went unrebuked and unchecked. Ur.
necessary and extravagant expenditures
burdened the people with oppressive
taxes and withdrew large volumes OF
currency from the channels OF trade
and added to the evils of contraction.
Finally, in the fall of 1913, the evils OF
vicious administration and OF unequal
and unfair legislation eliminated In
financial panic and disaster that struck
and paraly zed all the business pursuits
and useful enterprises of the country.
At once the people realized the extent
and magnitude of the calamity. They
abandoned faith and hope in the Re
publican party and trusted to them.
selves for the recovery of lost prosperity.
Promptly and earnestly the work was
undertaken. Eighteen hundred and
seventy.four became "A memorable year.
A Democratic House was chosen, charg.
ed with the duty OF retrenchment and
reform. In every household an econo.
my was adopted more rigid than
ever before known. Lato was active
and dilge1t to the utmost extent OF
possible employment. The results are
now seen and realized. Individual
economy, practiced everywhere through.
out the country, had the effect to re-
duce our purchases abroad as follows
From 1872 to 1874 the reduction was
ST4, ,T29, ,S6S from 1874 to 1879 1t was
$34. 4OO,9O6; from 1873 to 1876 So, ,2GI.
30; from 1876 to 1877 $9,4ls,6l5, and
from 1877 to 1873 the reduction was
$l4, 27I ,594. The economy or the peo-
pie in 1878, rs compared with 1873, in
the consumption of foreign goods, was
about $200,OOO,00O
During the same period the diligent
industry of the people so increased our
agricultural productions, and such was
the condition of the foreign market,
that our exports for sale abroad in 1873
were $l72,369.l39 more than in 1873,
and in the year 1873 our exports OF mer-
chandise exceeded our imports by the
sum Of $257. .79G. .964. 1t is striking
fact that in 1878. the year before the
Democratic House was chosen, our pur.
chases exceeded our sales abroad by
Sllg.656, ,2SS, and that after three years
of Democratic control of the House the
figures were reversed, and as | have
said the exports in the year 1878 ex.
ceeded the imports by $25I. zoe, ,9Gi.
The balances against us in 1878 marked
the increase OF our Indebtedness and
the figures OF 1873 indicated its reduc
tion.
Our exports OF merchandise during
the years 1874, 1876, 1877 and 1873 ex.
ceeded our imports in the sum of sos.
1926. | am not able TO give accurate.
ly the excess for the present year, but |
suppose it is safe to state it at $2iOOOO,.
600, making iS,449,23s for the five
named. In these statements rely
upon the tables prepared by Mr.. Spot.
ford, the Librarian OF Congress.
Mr.. Sherman claims for himself the
credit Of resumption. and that the poll
cies Of his party have given us assur-
ances of better times. What had he or
his party to do with resumption2 How
have they contributed to a return OF
prosperity In the winter Of 1875 Mr.
Sherman, as the representative Of par.
ty caucus. reported and urged the Re.
sumption bill. IL became law by the
vote OF all the Republicans. and over
the vote against it Of all the Democrats
in Congress. Who now claims for that
measure that it facilitated resumption,
or in any degree alleviated the calami-
ties Of hard times, or that its tendency
was to place the business of the country
upon a firmer and surer foundation
Is any man so credulous "a to believe
that resumption, permanent and relia-
BILE, could rest upon borrowed gold ?
Public confidence and financial sta
bility can not be made to rest upon
borrowed gold" When trade and com.
merce gave assurance that the supply
Of the precious metals was permanent
and would constantly increase then
paper currency took its place by the side
Of gold and silver.
You all now know that resumption
has come of trade and commerce, the
result of foreign balances in our favor,
and not at all because Of any Congress
sional declaration or requirement. The
resumption clause was properly de-
nouuced by the st. Louis Convention as
hindrance 10 resumption. 1t was as
well hipdrance to prosperity. II was
n terror to capital, and stood in the
way of the employment of labor. Our
money, paper and coin, is now Of equal
value and readily convertible, and we
indulge the hope of better times in
spite Of the resumption law and of its
kindred party devices. All along the
r,aihYay of that measure are atEewn