The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-10-02
You have ,sOoof Columbus bills. !

Youhave s2Ooof Columbus bills. You present
them at the banks and demand specie. Do you
get 1t? Not unless the banks see fit to give it
to you. Our Columbus banks are very accom-
modating, and have no doubt that, In Q case
of necessity, they would oDlige you by giving
you specie for your $500 OF their notes. But
they are not obliged to do SO, and were you to
present s5 600 or $40, 600 Of their bills for re-
demption, they would not do 50. They would
pay you in the much-derided greenback. Then
yop wanted specie for them? Present
them to any Federal officer in Colum-
bus for redemption? II you did he would
smile st your ignorance, and politely tell You
that the Government did not redeem green
backs In Columbus; that If you wanted specie
for them you must carry on SEND them to the
Assistant Treasurer of the United States
Well, you can't afford to incur that trouble, ex-
pense and loss, and 30 you conclude to keep
your greenbacks. Why, what does the Secretary
tell us In the speeches that be is delivering
through the country; IN order to illustrate.
suppose, the honesty OF the Presidents civil
service rulesi Does he tell us that the Govern
ment is fedeeming greenbacks in specie? Far
from it he tells us that comparatively few
greenbacLs are presented for redemption. Our
so-called specie payments, therefore, are no
specie payments sf all. Neither individuals,
banks, nor the Government make payments
IN specie. Paper money, when undoubtedly
good, is SO much more convenient than specie
that 1t keeps specie out Of circulation. In no
country that uses small paper money can there
be specie circulation, except small change
In England and France there is yeritable
specie payment Debts Of large as well az
in those countries there are no small notes,
and hence large proportion Of the money in
circulation Is specie. In our country we have
small notes of both the Government and the
banks, and hence we have no specie in circula-
ton worth mentioning, except our subsidiary
coins Of half dollars and less.
But while we have no specie payments, ac-
curately speaking l admit that our paper
money has been brought to par with specie.
OF the sacrifices suffered by the people, In or
der to bring this result about, OF the shrinkage
Of all values, the paralysis of all industries,
the thousands of laborers thrown out Of en-
ployment the bankruptcies, amounting to hun
dreds Of millions Of dollars 1 shall not speak
tonight II there is any one here who thinks
that we have not paid dearly for the whistle,
will not tonight, attempt to disturb his belief.
But when the secretaryof the Treasury per-
ambulates the country, boastngof the achieve
ment OF bringing greenbacks to q par with
coin, it is not improper to point out to him the
graveYards through which we have passed in
our dreary march to this result And when be
claims that this contamination was brought
about by the Resumption act, and his execution
Of it, it is eminentlY proper to show him how
baseless is his claim, how hollow is his pre-
tension.
There are various causes that have operated
to bring our paper money to par with specie,
and among them the Resumption act Is the
least Had that act never been passed, and
had Congress authorized what the Secretary
Of the Treasury, without authority of law, now
permits, the receipt Of greenbacks in payment
Of customs duties, they would have been at
par with specie year at least before the time
fixed for resumption by the Resumption act
When that act was before the Senate / moved
an amendment providing for the receipt of
| greenbacks in payment of customs duties The
Republicans voted it down I said it was
worth more than all the provisions in the act,
| My opinion was treated with silent contempt,
| for the bill had been concocted in caucus, and
the Republican Senators would not debate it.
| Time has proved that my judgment was cor
| rect With all the machinery Of the Resump-
ton act, and its cost to the people, the Score
tary of the Treasury found himself compelled
to receive, In plain violation Of law. the green
back in payment Of the duties.
! I havo said that, had the Resumption act
never been passed greenbacks would have
through great suffering. as it has been through
| great suffering, aggravated by that act, but Il
| would certainly have come.
! About every twenty years we have CONNER.
| cial reyulsion which, for breyity, we call 9
| panic; when the country wakes up to the fac,
that, owing to an imprudent extension Of credit
or bad legislation, or beth, it is not able to pay
| it's debts on demand A long period of suffer
| then, having reached the bottom, any change
must necessarily be for the better, and bust
ness begins to revive. Specie payments are re-
sumed, as it Is called; that is, paper money and
| specie come to par. 1t is not this resumption
| so called, that produces revival of business
but it is the revival of business that produces
the resumption. In 1887 one Of these panicl
occurred. In five or six years there
after, indebtedness being in greai
| measure 4iquidated. or wiped out BY
the Bankrupt law Of 1SA, BUSINESS be
gan to revive, and, as . consequence, we hat
what was called resumption of specie pay
ments In 1857 we had another panic, and ii
| history would have been precisely that of thi
panic of 1887 had not the civil war occurred
In 1873 came the last panic, and, without an.
Resumption act, five or six years, as in formel
instances, would have brought us back to |
revival Of industry and resumption Of speci
payments, so-called If understand one o
the speeches of the Secretary of the Treasury
he admits that the panic of 1878 made resump
i ton possible II so, where ia the merit of tn
Resumption act which was not passed unit
Jan. Il, 1882 agree that resumption mecca
sarily followed the panic of 1873, just as it fol
lowed the panic of 1887, without a Resumption
act. bnt It took Ave or six years to resume, jus
as IL took the same time after 1887
But another cause has largely contributed I,
our so-called resumption, and for this caus
our Republican rulers certainly claim no cred
it Owing to bountiful crops IN America an,
short crops in Europe for three years, the bal
.nce Of trade, instead Of being against rs, b, ha
is being shipped, in large amounts, to thi
country to pay for bread
Il i,