The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1879-10-18


metals was permanent and would constantly
increase, then confidence became established
and the paper currency took its place by the
side Of gold and silver.
You all now know that resumption has come
of trade and commerce, the result OF foreign
balances in our favor, aud not at all because Of
any congressional declaration or requirement.
The resumption clause WIS properly denounced
by the st Louis Convention as hindrance to
resumption. 1t was as well a hindranoe. to
prosperity. Ii was terror to capital, and
stood In the way of the employment of labor.
Oar money, paper and coin, is now of equal
value and readily convertible, and we indulge
the hope of better times in spite Of the Re
sumption law and of its kindred party devices.
All along the pathway of that measure are
strewn broken fortunes and ruined enterprises
Do You belieye our country needed ito. have
been the scene'of financial and Commercial
panic? Our lands are rich, our people intelli-
gent and Industrious, and the worlds markets
have been open to our products Yet the panic
did come; and its continued and terrible hold
upon the country for the long period of five
years, In spite of the gtolt effort of the people,
showed that its causes were TO be fonpd down
deep in bad public policies and in maladmiDis-
tralion. | may not state what sufferings il in
ficted, nor what hopes OF happiness lie buried
amid its ruins. MAY give YOU an illustration?
When the war was over, was it not most OH
vious duty 10 reduce the public expenditures
y
1865 to 1875 the expenditures continued enor
nous and extrsvaeant Then the Democrats
came into power IN the House, and at once es-
tablished the fact that the public service could
as well ADD efficiently b. administered with an
annual reduction of $50, 100000
At their first session, that was the reduction.
Now, please tell me, had that reduction been
commenced in 1865, and continued for eight
years, and until 1873; had s30, goo 600 of the
hoe I.aft tod Lac,
channels of trade, giving life and energy 10
business and commerce, do you believe there
would have been panic aud such financial
disaster as covered the land with ruing Reform
in that one particular would have saved us,
Mr. Sherman tells you that prosperity ia now
coming, and that he is its author You and
are, then, mistaken in supposing that economy
on the part of the people rsss,sss.eed the p,,r@
chsses abroad II was not the diligent labor of
the people, the rich lands, the abundant rains
in their season, and the great crops tina. en-
abled US to supply the extraordinary foreign
demand, such demand, indeed, as. we never
knew before Mr.. Sherman did il II was his
tears of sympathy over the suifferings OF the
people, and not the rains falling from the
clouds. that moistened the earth and caused 1t
to yield so abundantly. Never was claim made
30 bold and brazen. and yet so false To him
and his party we reply; You squandered the
public money; you continued extravagant APP
propriaiions; you hindered production by pro
noting The strife of sections and the hatred of
races; you leBislated for favorite interests and
against the people; and now, when the rigid
economy and dlhgent industry of the people,
and propitious seasons, and favorable con
dition Of the foreign market, combine to give
us better times, and to gladden. us with the
hope OF returning prosperity, You can not
claim merit or support The equality and con
vrtibility of our currency is in spite OF the
hindrances of the Resumption law, and wa
cherish the hope of better times, in spite OF the
evil influences of bad policies and msladminis.
tration.
insisted upon reaching specie payments by an
increase of the precious metals, and you by
reduction Of the paper money--by contraction
You provided for your policy In the Resumption
act, in violation Of the pledge made to the
country in the act of June previous, that the
legsl-tender notes should not be reduced below
$685., 100000 Under your policy resumption
was impossible short Of universal ruin, for con-
traction injured production.
1t was Democratic demand that remonet-
lied silver and provided for its coinage, 1t was
q Democratic House that modified the Resump-
ton law and stopped contraction by the act of
May 81, 1873 which forbade the Secretary OF
the Treasury to cancel or retire any more of
the legal-tender notes, and required bin keep
them in circulation. Tue Representation OF
silver lover foolish vetol, and the protection
of the legal tender circulation, and onr immense
abroad have brought all classes of the cur
rency TO par and give promise of returning
prosperity. 'ri i-fe+ nt n.
The contest in which you are engaged is
characterized by reckless accusation. Why
charge the Ohio Democracy with purpose to
initiate and depreciate the currency? They
have been and still are opposed to contraction
Is that Initiation? They demand that treasury
notes shall take tho place of natona-bank cur
rency. For that do you dare attribute to them
a purpose TO issue bad money? Is it the bank
er that gives credit and character to the bank
Governments Obligations pledged as Sc
curity that gives them favor and
currency everywhere. That security with
drawn. the bills become as worthless rs fall
ing leaves of autumn. Is the security less II
the issue and the promise be direct from the
public treasury, and not through the medium
of banks? Have the bank bills not been al
ways at par-neither above nor below the
treasury notes, and that only because they were
redeemsble in treasury notes? The demand
for treasury notes as a substitute for the ma
tional-bank notes is demand for money al
ways and everywhere of equal value. But
Please observe that in the platform in which
this policy is asserted the Ohio Democracyde-
mand that the issue of tire isnfy notes shall Ibe
regulated by legislation or constitutional pro
vision, 70 as to secure the greatest possible
stability of vclues. Can you find no good mo
tive for the support of this policy? In decid.
ing upon its merits is it not to be considered
that in any, possible view the substitution will
save to thu people and their treasury over TO-
O0Q, 600 every year? And YOU and Iaannot. be
indifferent to- the fact that the enormous
wealth brought by tie national banks unc er
harmonious management now seeks to control
the politics Of the country in defiance OF the
will of the people Please tell me bow
it was that in this State, but one year ago,
| the Chairman of the Republican State Con
mittee did venture to demand of the banks
money to control the election. 49,,
Is it not enough that enormous sums Of
money are raised for ca b election by the de-
|, testable practice of taxing the immense army
Of officialsy Must there be added contIibs
tons from the profits made upon $4000O0,0eO
of bank capital? When these tao streams
unite to corrupt public morals, the party in
power will be securein its hold upon the patron
age and treasury of the nation. o 1t need not
tn n again resort to returning boards, and-the
attendant crimes Of perjury and forgery. The
anxiety OF the Ohio Democracy was reasons
BILE; it became a patriotic sent ment when
here, and against themselves, the banks were
callei upon for money. Who blames them,
that in such a crisis they bend the ear to he
teachings of jackson and heed his admonitio
to guard we'll the rights and liberties Of the
| people when the banker is found in league with
the partisan? His admonition was the expires
sion of anxiety at a consolidation of wealth in
considerable as compared with the enormous
millions now under harmonious management
What say you to the cry: "a solid North
| against solid South?" lie it not the cry Of
hatrd Of separation Of treason tS ght It should
Nora should ter it who love q united
| country better than partisan rule. Leave
| that cry, my cOuntrymeD, 70. those who
seek wicked gains, and who for gain would
barter the love Of country Party policy made
the attitude of the South inevitable, You Re
| uny11d daat,ieQ the. ~ Spufl,