Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1879-07-31
FINANCIAL FACTS.
Speech Of Hon. John Sherman at Port
land Maine.
Arguments of the Greenback Dema-
g0gues Overthrown.
Following is the able address delivered
by Hon. John Sherman at Portland, Me-,
on the 23d inst:

Following is the able address delivered
by Hon. John Sherman at Portland, Me-,
on the 2Sd inst:
FELLow-C1T1sErs:. i aoocepted the invitation of
your distinguished senator to speak in the state
| of Maine during my brief vacation from official
| duties, mainly that I might present to you the
mode by which. in spite of much opposition,
! United States notes have been advanced to par in
coin, and some reasons why these notes ought
hereafter to be redeemed in coin at the demand of
the holder, instead Of being, as formerly, ire
deemab!e, deprecated, and dishonored. You will
naturally expect me, as public officer, to speak
mainly on this and kindred financial topics con-
| nected with my official duties.
But that
fall more important than those Of hard money or
soft money, ereenbacks 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
United States I would present the recent revival
| by tho Democratic party Of the southern doctrine
OF states rights This doctrine has been the evil
tility to: the Union. It was the bulwark of Amer
icsn slavery. 1t poisoned and estranged a large
section Of the country: Under the name Of seces.
destroy the Unton by an open armed conflict viii
Life %
the bitter fruits Of this doctrine. "'
Now it takes the form OF nullifcation-notn nulli-
fication by state officers as when General Jackson
| n
gress, the sworn agents and officers of the general
government. These officers would surrender
essential powers of the national government,
its conceded powers, and make it a con.
federate instead of national government. In the
arrogance Of their power one Of their leaders de-
every vestige of war legislation.
Their chief effort in the last two sessions of con-
gress has been to nullify law Of congress provid
ing for an honest election of members of congress
passed n vioi0 of
the constitution, declared by Mr. Madison to be
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 cOnstituionality has never
been disputed III the courts and which is the only
guard provided by congress to protect citizens OF
movement for multiplying this law was made possi-
BILE by "united SOUTH" united by terror vio-
lence and fraud, and by crimes that disgrace our
civilization. Over the white men of the south,
who were willing to acqulescs in the results of the
war, the "united south " practiced social ostra-
cisna and violence. Over the poor blacks, whose
rights were granted, and fOolishly thought
sufficiently secured by theconstitution, it tramp
led with midnight murder and masquerade, ana
more shameful than the ballot.box stufiing and
repeating of Tweed and his infamous ring in 1865
Several members Of congress who were confess
sedly elected by tissue-ballot: box stutiing, the
meanest form of crime against the elective fran
chise, participated in refusing the neces.
sary appropriations for the support of the gov
ernment unless the president would apl rove the
ness of the president, they failed in their main
object, they sought by conditions in appropriation
bills to compel him to agree to nullify laws in vio-
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
enforce their DEGREES, or to serve process, or to
keep the peace, unless tho marshas serve without
the pay fixed by law: In this way majority Of
government. We thought all of such doemas were
overthrown by the amendments to the constitution
Such q policy if sanctioned, will nulify the
or state notification. 1t is revolution and anarchy
The evident purpose of those now dominating
in the Democratic party is to belittle and
above to
weaken the tie that binds this vast coun-
try into nation, so that the winds and waves of
action may best upon it and shatter it: General
dees nat s7des from the north, elected upon any
false issue or a.tifoe ~h;teyer give them, a W1th
and of the senate and house. Through the caucus,
conducted in secret, and controlled always by the
most violent men, in which the solid south has the
and sap and mine all the sreng foundations of the
power and authority upon which the national
government rests.
ey, labor or property sink into comparative nsig-
ni6cance, While intend in the remainder Of my
remarks to confine myself to financial questions,
beg you to remember that the battle TOR national
force laws and protect its citizens on every loot
of land and water within Its limits, though once
won, is in danger OF being lost; Remember tnat
the destruction Of our commerce on the high seas,
all the sacrifices which accompanied and followed
the war, were caused by the very party and aH the
verv men who now geek to divide us on the ques-
tions of political economy, SO that through our
divisions they may, with unchanged principle,
seize upon the governme 1t that was defenoeo
(against their arms by millions OF our countrymen
trust to the well-known patriotism of the people
of Maine that they will not be diverted by divisions
in our camp about money matters while our olc
enemy is reviving the lost cause and sapplng anc
mining the national government.
| IINANCIAL.
Mr. Sherman then proceeded to review the fnan
cal history of the government, beginning at 1873
In that year our money was paper, Wortl
about eighty-seven cents on the dollar. IN
amount outstanding was larger than ever before
The rate OF interest in 1873 was hgner than oeiol
or since. The current rate may be said to nay, nay
been 10 per cent. It was period of wild and reck
less waste and extravaganza. The panic OF ls1
called - na dnd SnEruptcy m far and wide whe
congress met in December various remedies wer
proposed for the relief Of the prevailing distress
The resumption act passed in 1875 was Republic
an measure. Many Democrats favored it, but part
discipline led every one OF them TO vo'e agalnst
l. widespread feeling prevailed that resumptlo
tht i would sg 9s7 not }he ong
Q nounced. The absurd notion was put forward ID;
q il was the cause of hard times. The Democrat
}: party denounced it in its platform of 1876 Ewln
- voorhees, and Tllden openly indorsed the vie
6 taken of it by the Democratic party.
:, He then quoted from reports and speecnes
z distinguished Democrats who opposed the action
c the Republicans on the resumption measure, D
Il the very announcement OF the purpose 10 rcsun
- with q definite plan of resumption, had revlvi
- effect. The sale of ~ per cent. bonds was
a creased. This induced the treasury department
q. Withdraw them, and place the per cents. on
"a market 1t was q critical experiment.. but prov
nerfect success. At the end of 1873, before &C
!. crees met we had accumulated coin reserve
Sefore Sf f6sn ass "Rxea isw
G. were no longer at 4 discount. Resumption came
u all parts of the country. In California ereenpa
- rose TO- and are now at, premium. NO assisIai
-: =: whatever was extended ty congress III a,d OF
~ sumption, On the contrary, 1t Increased the ml
- mum of the notes Oh which resumption was "
M maintained and made the work OF the departm
er harder. - sos ooo ooo
ARREARS OF PENSIONS,
he ssid: ,, ,.,sod
fortunately the increase OF revenue caused
- resnmption and reviving industries will, nc
4 enabe the treasury to pay every dollar approprla
~ tor arrears of pensions by the 18TH OF Jahu
w next without any other increase OF the pu
Oh deht than that caused by the temporary applca'
so of the fund for the redemption OF fractional
as, rency. -.-
~ RESULTS OF RESUMPTION.
Let US now see what have been the legltmate
cH suits OF resumption.
Did Since the LIST Of January, and prior to the ls
f J. ohnp1