The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-08-14
WHOLE NUMBER 641.

ers, in which the business men of the land pay
for the music
We must however, also look up the expense
account, SO that we may know what these
manipulations cost Was it right TO allow
banks II per cent commission and three
months time to pay them 10 when ell these
bonds could be sold without commission and
for cash? I know of no public reports where
the profits of the banks are officially stated,
but l can estimate them and state the amount
found, to wit, $4,000, 600 at least
Fur further elucidation let us use the newest
treasury statement. In it we find that there
were in the treasury July l, $430, SOC, 900. And
to whom does the money belongf
5.128, ,s76.T7 belong to interest overdue.
65.3 $3.50 20 belong to bonds long called In.
171s0 66O 90 belong to gold and silver certificates.
26,295, 900 90 belong to greenback deposits.
s,4os, ,106Oo belong to outstanding fractional
1859 III, ,O60 90 belong to bonds called in for the
new per cents.
14b, ,331 1853 belong to resumption and general
s4sO5a ,aa.72 -"
An immense sum Of fugitive money that was
flying from insecure private credit and bust
ness to pampered public credit and to treas
ury strong boxes secure as they were believed
to be against the ordinary rowing tramps and
tricky borrowers. Sherman smiled grimly at
this flight Of treasure to his hands. BE quick
ly huuOuQCeQ n1IQsolI tQ6 fI6elu6uCy..
We might assert that all this money is inn
properly in the treasury, for an able Minister
of Finance would have no surplus for any pur-
pose; he would any way keep out Of all such
advance politics and let his payments follow
quickly the receipts. But we do not want to
judge Sherman too rigidly. He himself, how
ever, would not claim more than $40, ,000, ,000for
the public service There remain, therefore,
s410, 0,O00,0 900, all money, that remain in the
treasury, bscause it belongs to folks who can
but won't have 1t, and prefer to leave it without
interest, because outside it cannot, as they
think, be safely invested.
On these $40 000, 600 the United States pays
interest on corresponding amount of 4-per-
cent bonds in circulation. which is $16 400, 600
Deduct from this the s13, 600 600 and it leaves
~, 600 600 interest which is unnecessarily paid.
The housewife that dished up salt pork and let
the fresh meat perish has in Sherman hen
al er ego.
That Sherman did not for single moment
believe in the practicability Of true resumption
appears to me, knowing him for years and hav-
ing observed him closely, an indubitable fact
He never understood that resumption requires,
as precondition, a restoration of stable stand
ard Of value, and that resumption, not redemp-
ton, was the point. ALI his preparations prove
this, and besides that he deceived himself as to
the people, He believed them to be gold
hungry, while they wanted only the specie
standard. They wanted sterling dollar, q
definite unit of account and money Not re-
demption, but redeemability, and it not under
Sherman's difficulties, but with facilities Our
population does net consist of gold children,
that want to hear it chink; but Of business
folks, who want lawful money standard.
Besides, Sherman misunderstood the people.
He gathered gold and is now astonished that
nobody wants it by the roundabout way that he
provides He was educated in political econo-
my in bank parlors, and never had the courage
to tell the many he served to their faces: 9You
must resume with the treasury or else resump-
ton is an illusion and the specie standard an
idle dream"
For the rame reason has he walked and still
walks devious ways, and turned the whole
thing into bond operation instead of lasting
regulation of the money standard That it re-
auired constitutional solution he overlooked,
at least concealed it Such an old bankman as
he has butt against all straight roads He
does not feel secure, unless he can cover him
self behind some great special interest, and
that makes him an intense partisan He
knows such bodies are grateful! The press
controls or serves them, as the case may be!
There the praises are coined which are the
measure of value in parties.
Sherman has always saved the banks; in
deed he has subsidized them. The whole bur-
den of so-called resumption, magn1ied as it has
been by him, has been thrown upon the country q
swell came that rifted everything, and he would
exclaim, with Schiller's ''Diver:"
1t was for my safety, for it raised me aloft.
Sherman still mistrusts things; he throws
out suspicious against others to draw off the
peoples eyes, His miscarried candidacy for the
Governorship of Ohio showed his mistrust, and
Foster has to fight the battle for which Sher-
man was too cowardly.
And, now, in conclusion, you must allow me
have satisfied you that the Republican party
does not deserve your support, itisright thatyou
should cooperate with the Democratic party.
You know would rather plead for an entirely
party-free country than for party rule of any
Kind; but the necessity Of oyerthrowiDg the
combination that now rides the Republican
party and the country, and has ridden both
all who agree on this point do not regard
the Democratic party as close corporation
1t is now, as think, the proper rallying organ
against those now in power And, being an op
position party, it is not bound to close its rank
| nor its programmes. The party in power mus
have, as well as stand by, definite measures
| and have an expressed policy: 1t is always ex
ton, on the other hand, while gathering ant
| developing into an organism, have an opel
mind for all suggestions, and it must try then
literally, co that it may eventually settle upol
| correct final conclusions. To cooperate il
such development binds all who join in it +
nothing more than this.
There is, however, an insuperable reasol
| why the elaboration of definite measures mus
| be deferred until after the victory is won. l
| proposed before, it would be intrusting thei
execution to those that are opposed to them
| who would either strangle them, or delay them
or carry them out defectively. The opposition
s,,&,, na1 To-
son well said that If he thought his right arm
knew his intentions he would cut 1t off and cas-
it into the fire The Republicans were an opel
party until up to 1860. There is test, how
ever, that ought to be applied to opposition
| parties. And / think no one can read tn
Democratic platform of Ohio without bein
satisfied that it is vastly superior to any whlc
we have had for years. The tendency is clear
ly the one from local prejudices to national in
telligence, virtue and wisdom. All nationalisr
that does not mean this tendency is not onl
nonsense, but wickedness, even il every lette
in the word were written in capitals.
Our gubernatorial candidate, Gen. Ewlne
has correctly stated the situation. The Obi
election this fall is whether we like it or mott
reconnaissance in force with q view to nel
years Presidential contest. The Eastern Dem
ocrats have taken liberal view Of our acho
here They wish us to win. and concede to III
as we to them that each State must this yea
fight in its own way the common enemy. An
why commons Because the whole Union need
the removal from power Of party and an ad
ministration that is ever raising questions an
never settling any. Take civil seryice reforms
our foreign relations, our Indian policy, on
military organization, our Judiciary, the pui
lie lands, tho relations Of the States to II
Union, aud last, not least, our money an
finance. Where is there definite solution
Where is there even an open ayowal! Cles
and divided in nothing, it deals only in false a.
cusations against its opponents and hypocri
ical pretenses as to its own virtue.
think have shown this in my argument {
the special subject of money and finance
is the only point on which there are any g.
csptions taken to the ground that the Dem
cratic party should be preferred to the Reru'
lican party. And have heard Of no reason f
this except the one that the Republicans ba'
at least done faithful work as to Tesumptio
That this is untrue have tried to prove to 70
To me, who have for nearly half csntur
both in public and private kept aloof. on Il
one hand, from foolish bullionism, ard on Il
other from wild paper money, 1t is now clea
er than ever that what stated, as the repI
sentative of Hamilton county in 1851, in L
Constitutional Convention of Ohio, in discu
sion with Senator Hawkins (see volume \
! pages 406- 412 Constitutional Dehates), is 81
the correct principle, to-wit: that all power
! the subject of monev being intrrs' ed to t
General Government, it il its right and duty
,. secure to the country stable specie standa
, Of value, and that no money should be issu
: not based uponit