Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1879-08-06
FINANCIAL FACTS.
Speech Of Hon. John Sherman at Port.
land Maine.
Arguments of the Greenback Dema.
gOgues OverthrOwn.
Following is the able address delivere
by Hon. John Sherman at Portland, Me-,
on the 23d inst:

Following is the able address delivere
by Hon. John Sherman at Portland, Me
: on the 23d inst:
3 FELLow-CITIzsNs: l accepted the invitation o
your dsstingnisned senator to speak In the stat
Of Maine during my brief vacation from offlcia
duties, mainly that might present to you tn
mode by which, in spite Of much opposition
coin, and some reasons why there not, ough
hereafter to be redeemed in coin at the demand O
the holder. instead Of being, ~ formerly, IRE
, deemable, deprecated, and dishonored. Ypu vii
naturally expect me, as public oficer. 10 spesl
mainly on this and kindred financial topics con
nected with my ofhcisl duties.
are questions involved In our political cont 4 thii
fall more important than those Of hard money OF
soft money, sreenba ks or bank-notes.
REVIVAL OF GID ISSUES.
II felt at liberty to choose the theme most I'M
portant to you and to the whole people Of the
by the Democratic party Of the southern de ctr'ne
of states rights. This doctrine b,s b; en- the evil
genius Of American politics. 1t VIZ, born of ho,
tilify to the Union. 1t WI tfe buwark OF Amer.
ican slavery. 1t poisoned I'd est-auged ,1rge
section of the count j. Under the nr ne Of * ,es
sion, it led to the 'ste rel ION, and aimed to
the national government. Ever fe ,riHcs !,
and the treasure thst was ted in that r, were
the bitter fruits Of tbs doctrine.
Now it takes the form Of nu''ifcation- not nulli-
fcation by ltate officers as when General Jackson
throttled 1t, but nulhfcation by members Of con-
gress, the sworn agena sad officers Of the general
essential power, OF the ma ora government,
nulliny Its laws, cr.p~'e Ia executing
its conceded powers, and make 1t con-
federate instead of national goyernmont In the
arrogance Of their power one Of the'- leaders de-
olared that It was their fixed purpose to wipe out
every vestige Of war legislation.
Their chief effort in the last two sessions Of con-
gress has been to nullify law OF congress provd-
ing for an honest election Of members Of congress
"a law passed In pursuance OF plain provision Of
essential to the preservation Of the government;
law which has been sanctioned by eight years Of
practical execution, which has been appealed to
by both parties, whose constitution slity has never
been disputed In the courts, aud which is the only
guard provided by congress to protect citizens Of
| the Uaited States in the elective franchise. The
movement fer multiplying This law was made posi-.
ience, and fraud, and by crimes that disgrace our
civilization Over the white men Of the south,
war, the "united south practieed social ostra-
cisna and violence. Over the poor blacks, whose
! rights were granted, and as we foolnhly thought
sufhciently secured by theconstitution, II tramp
led with midnight murder aud masquerads, and
| last year it capped the climax by election frauds
more shameful than the ballet box stufRing and
repeating of Tweed and his infamous ring in 1868.
Several members OF congress who were confess
sedly elected by tissue-bSllot.box stufing, the
meanest form of crime against the elective fran
s.ry sppropriatOns for the supp y, Of the eces eov
! eminent unless the president would spl rove the
repeal of the election laws. When, by the firm-
object. they sought by conditions in appropriation
bills to compel him to agree to nufy laws in vio-
lstion Of his oath OF Office.
When the president again defeated this scheme
by his veto they refused to appropriate money to
enforce the judicial mandates Of the government,
and the United States courts are now powerless to
the peaee unless the no
the pay Axed by law. In this way msjority Of
either house may nulify any law and Dc ,troy the
government We thought all of such dogmas were
overthrown by the amendments to tie constitution.
Such q policy, If sanctioned, will nullify the
amendment, and is more dangerous than secession
state nullifcation. 1t is revolution and anarchy.
The evident purpose Of those now dominating
in the Democratic party is to belittle ana
degrade the national government. tol
weaken he he tie that binds this vast coan.
try into nation, 80 that the winds and waves OF
faction may beat upon il and shatter it. General
does not c1re whether the candidates hard
money or soft-money, so they are Democrats.
few Democ ats from the north, elected upon any
false issue or artifice whatever, give them, with
the solid south, the control of the electoral
and Of the senate and house. Through the caucus,
conducted in secret and controlled always by the
violent men, in which the solid south LAS the
majority, they hope to rule this whole country,
and sap and mine all the streng foundations Of the
power and authority upon which the national
government rests.
This ID the issue before which questions of mon
ey, labor property sink into comparative insig-
! nificance. While intend in the remainder Of my
remarks to confine myaef to financial questions,
beg you to remember that the battle for national
authority, for the right of the United States to
force It's laws and protect Its citizens on every foot
Of land and water within Its limits, though once
won, Is In danger of being lost Remember that
the national debt, wothirds Of the national taxes
the destruction OF our commerce on the high seas,
all the sacrifices whit h accompanied and followed
the war, were caused By the very party and the
very men who now seek to divide as on the Ques-
tions OF political economy, 30 that through our
divisions they may, with unchanged principle,
seize upon the govornms Mt that was defended
against their arms by millions Of our countI ymen.
trust to the well-known patriotism Of the people
In our camp about money matters while our old
enemy 10 reviving the lost cause and eapping and
mining the national govornment.
FINANCIAL.
Mr.. Sherman then proceeded 10 review the fnan-
cisl history Of the government, beginning ut 1879.
about eighty-scven cents on the dollar. The
amount outstanding was larger than ever before.
The rate OF interest In 1873 waa higher than before
or since. The current rate may be seid to have
been 10 per cent 1t was period Of wild and reck-
less waste and extraysgance. The panic Of 1873
called halt, paralyxed all domestic industry, and
spread ruin and bankruptcy far and wide. When
congress met in December various remedies we're
proposed for the relief OF the prevailing distress.
an measure. Many Democrats favored It, but party
discipline led every one OF them to vote against It,
A widespread feeling prevailed that resumption
times. During all Of 1870 and 1877 the act vas de-
nounced. The absurd notion was put forward that
| Il was the cause Of hard times. The Democratic
| VOORHEES, and Tllden openly Endorsed the view
taken Of 1t by the Democratic party.
He then quoted from reports and speeches Of
the Republicans on the resumption measure, but
the very announcements OF the purpose TO resume,
With dennite plan Of resumption, had reviving
l>A~ BtHA Il - c.rzt t<nnA f~n
creased. crease This induced shs treasury deparsmen. to
withdraw them, and place the per cents. on the
market. Il was critical experiment. but proved
| grees met, We had accumulated coin reserve Of
| Nse, ,0oO. .o00 Resumption practically came one
month before the dste A.sd BY law; Our notes
al parts Of the country. In California sreenbaohs
rose to, and are now at, premium. No aseistanc
wnsssser W a. ~ y iI "a "a o.
mum Of the notes on which resumption was 70 be
maintained and made the work Of the department
Referring to the appropriation Of e2c 800 600 Tor
A1RxAAs or PENSIONS,
10 said:
Fortunately the increase OF revenue caused By
enable The treasury 70 pay every dollar appropriated
| tor arrears Of pensions BY the 18th Of January
next, without any other increase Of the public
debt than tbst caused By the temporary application
Of the fund for the redemption Of fractional cur.
rency.
aince the ii Of January. and prior to the lst Of
1s K 5sys re s01 sSn .s ca
0l0o sol % Unied States bonds with United states
nstes. OF the enormous sum Of called bonds pAia
81 ana SS. s. y
have paid, aud are paying daily, the Ayetwsniy and
| tsnforty Donds IN SurreDcy.
- fnsnossiiie & ~ - nssst. sssSs a fhs