, 1879-08-21

I mai rtn-l -l.tj;tp.
hIi his n,,,, s,mHc @ .sr ~ .tM VAS .rf ill.,
nWa, ~ iosa ~ .i'in ,i,rnn trar p,rb.
iiM IN i. .l,m".s l., a.. ,,ni,} lps lt", one III
;i,n ~ r.s,,,t. NJ tn ,a,,Ic If 1871,
wv 's'e'A''"' W. 49, , .,,,,,
rALtAcf "F 'S'''st,"S' @
Now, ns to thr rr'ncIv. l'''r !irecnnhtk
friends psonosrtl 10 meet ne f,a''fc ol 1911 Nv
large tss,u Of irrctlcc'naMe rahcf money.
volume Of the e,lrrct,tv Hcft. Hrant ulu aM!n.'r
tao thr issue Ut S2tEn'l.9 nt lnii,Hi stnsrs
noirs that sat hcrn fetiEca rsior 20 .Ns ia's
action had '1nk t''r shGhtcst eiltet 10 hrres1nn.
tint lantr, Tut trndef ra'lHf ~ 'hil'ntr enul4
ncnrc atnl cause lie Jst'ast!the u eheslni. ftcG
banking, also, was retnrtcV H. n,"i was nne o.
~" provisions OF ne Krs"iptIon act. unifr ,1,
tllai art, bnnk'slG became as .see IN my @ n.nss
trallc ur oeSi!,ation' anu my hn,o>sht ni pn!Fr
m''sls deposited III tlnr Treasury. Nut. nl-
though ths privilege was oprn 70 every one'
steS s s at nS taSs II s,rsss ws1s i ersaer s @ wa
fssic'l undef TINS enen pslviieee wa lfsctS Fnr-
Fc'llcrcd, because IT, eo',a i'os ne aSen. I'VE
Hreehhack fslchne "oi'u nave inFlcu ~ lss'ao
Of m largo IN amount Of 'rrsdsemaolo rancF
money ~ 10 haSe 1i1t~doht 81 ucbt ~" yrehtGst
slRrhot ~ tnr country. !hcs p4t'se9 :" ~. ~.
wretxs OF bsaKen lortnhcs stra,lac,l nloilE '!s..
great ocean o1 l''lsihess, a'ls, urtti,lcu ihuncf
snnueh III pe pat a"oA1 10 fa'se 'ne'i "'' ''''
H. .,rs.,, u, =. All, ,o,a ,,ov ~ fin
i]ter,lssion. Ia mini mi, The fnltncy OF ihrsc
Wild un,l reckless schemes Of yIsio,,Rrv enthu-
sitlsta. WIN wutl i,ny,. tf,ta1e1 tllr wbotc cout
tr, cstrnr nj yaii,rs. un,l driven lie Million
jnt,, universal bau;ruotcy. nsuj compelled tt to
rrturn. thrln,,,h f,nrtrr Il, eoIn nrnin. Tic 3D.
icr f,,t!rn,ent t,f mr. neunle hns so ottpr cnl1.
t,mni thit ,l,nt Il IA srsrrcr ,,r,r.sary for me-
to puint out the Inevitable effects ot s.lch NJ,
issue OF nnrcr money, tcp,,blit.l,,s ns well ns
Democrats shared III tl,r de[,lsi.,ns ot ,e timc;
hut AS thr sijsru,siu,l nrorcect, u,,l The tublir
,itl~ncmt VIVA r,rnrrI III. ilrnu,Iirnn arty
lid, on it has uniformly dsnc ior Tic last twenty
Years, take thr responsibility nt proposing i
u Nc were suffering. EIrhteen 1nop.ns of failure
and ,lisuster had nroccctlrti brfmc tie Kep,,b.
iienns could BIZ 20 lar uu,tc,l as To pyoposc smi
nass ths I,csulnu,ipn act through boil, Houses
OF Congress; an'l THU WIS Intended rs ,sw rom.
rdy fnr Tie manic. Tie final Judgment Ut
lis licpubllrnt, party was, lint ihe
only ptopcr remedy was to baso our
currency rpon coin stnnt.nrA a,,l
issuc no rnfuey In any farm cxrcot lint w1ic,,
wus redcrtnn},tc iu gold u,ul silver coin. This
ceufral ldcu Ind been uniformly nlyocatcd py
the leaders oil tic Democratic uarty; but they,
M on other n11cst,ps tiulluir tin responsibility
Resting tin , ur.n The Ropubi!cans, M aud wlInE !"
mike oltticai capital out u any net, h,wevor
meritoroIts, that lie i,eni1bIIcnns might uass
voted aganst tlc Resumption att. and linus
been been supported by uyerybniy In tn lind.
s,.c,~a, ~ ,,,,,,,,,,r,ox.
T',, " "~' ..o.
nus w hepnonsa1 passY .o91 ~ .1'o IT, rGspIs nn1t
atfl burden vi controversy, anA now prolasy
points 10 Us eAeeu.,o', ~ ~ III " n.a ~"
simniv for t1,. ,,ra',uaI iss,,a f silycr rttn tn
ta:c fie rfnre nf fractIunoi CURRENCY: and src-
only, ibnt, on the lit OF January, 1s7t,, ,l,r
Un;ssed Statcs would redeem, In col,, any IL It's
nntpa tl,ut were r,rrsplltct1 1T she Sub.freasury
| in New Ynrk 1Ilis nrt rayc full 1owrr ,,,,l Ill.
rrrttnn IN liz. s,crntnrr Of lin Treasury m make
suitable preuoratous tor tic execution OF til,
lnw. It Is Seen thut the I;csunpiion acs did
/ not tal;r effect from it's passage. except
to make bankny frce, mid for ll,r
gradual substitution Of silver coin for frne-
! tleiln1 currency; while its Inntn provision did
ot tuku ctIect until Jan. l. 1870, Ain! III net was
done under It until April. 1877. Il WAS quite
tton act was tlle cause Of the hard times; hit
(ien. Ewfi. Is. tlllnk, tic only nlan Who really
hns pressed this strange dugnln,-lor strange
1s7:sto M net that was not pnsssd until JANUARY.
1871, u,lA was not even commenced to be put in
force in t!eiinisr wav until April, 1871 nsu u
not take full effect Until January. 1S70.
OF ihc cronEtnc an,l evil prophecies and warn
inns OF our Grccnback and DCnlocratIe friends
OF It's failure aud evil effects. You can still
hear tf,eLr warnings In the aIr; anil Gen. Ewing,
especially, to whom thu Resumption oct was
iiKc wntgr to nnA dog, advocated lts repGal
even IN Dereinber, 1875 when IL was practically
executed: lie could sec nost,lng t!Ht evil u tiic
ttthes. NO eottei-sr,nScIy eouao 1a,., uo oanS"
rupt suceu'a'ut cu'su ~ a"a3t Jul H'e Ae'
Sumption nct WAS the 1ataI causc'
THE REVIVAL or INDUSTRY.
I.ook nov over n,,r broad country anil hotc
| t.e c0utrnst between our condition 0t, The 18th
.Iay Of ,Jan,,Rry, 1873, when thr Rcs,itnptIon urt
passcd, aud on the 1tth tay of sluy, 1877, When
t,ret,oratlups to resume p1mmenrcd, and now,
o,, thiy 2Ot., tluv OF august 1870, more Than
seven months after re hare resumed, Bctwcc1,
these Gatcs tho general rnte OF interest on pu,,-
| liz nrll D,iyale Indebtedness hus been reduced
| 81 nrr ccnt,
Tin ,o,,,o ,r ,xn,rt. ~ ,,o-cbo,a,,o f~o,,
Aha lint III atotea ti,,rl,,s lin war a"s1eI 'i,mn
9n ,11s ,.,s SstV III ~ ,i,,r,,," H. uaa ,nf
W, i,,'" ~ IL 1SS7 + os s,H t1S nS. a, 'r
H., ,, renr ~ s"i 1nn" N i3n i, ,tos ~ e71n
-; ~ aSS !shn,v,,, ~, in.r.oec ovsr is-s ~ StW
tnt , w. ~ Ic:r - SIM nra NJ ", ~ - =.
",,t n'.r ~ nxnort. ~ ,,nr",,,'1i. " ,,,,r
r. r. ~, ~ "e nr rror ,ha, T... 49,,
;ea . IT, ~, fdtnrv IT .,,,r Ir ~ ,,,,. w
'n's'o v.u ~" ,rnosa of ixnorts ,rar .~nartu ri
,.a9a.',s .S ,'so ,tnrr H., war on's %i,r, N
IS-E nnn,"I ~ sid III, S.i,. |rin,, ttn vn%, v
;i imna d, 1S7S H. xrnsu f nynnrts ca,
. Ints" ~ ,,nI - s1.i ia hi. ~, 1uss
M .1.1 i,,,n ~ a 1a.ti !, r,,sn " :, 4s
nrs ntn V.na,,,- ~, Inrrorse tr e,,ch eT,,ss :.
t t i w. n,,,rn ,r tn,, IL ,or can, +, ,rr "
| Rltt.Iufft!Vp VI Aoao toA't ~ FIt NNHk III I'M