The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-07-29
A Speech by Frye.
He Draws Some Instructive Comparisons.

At the conclusion of Secretary Sherman's
speech in Lewiston Thursday evening Con-
gresham Frye was called to the platform and
spoke substantially as follows:
In 1880 this country was under Democratic
rule and wanted to borrow money. In 1860 it
borrowed Sl0000OO0 at % per cent, $1,000
900 at 81: $50 200 900 at 10; 80 0,OOOOOO at 103;
S15,OOO,OO0 at 124 and in 1861 1t issued bonds
for S2O,OO0,OOO, receiving S1S,OOO,OOO OF good
dollars for the S20,0O0,000 bonds. And then
the Secretary of the Treasury in his report to
the Congress of the United States, recon-
mended that the several States be called upon
in an indirect way to endorse the bonds of the
United States so that the government could
borrow the money. We were a bankru ot ma
tion when the civil war commenced. In 1862
we had $50 900 900 of acquisitions lying on the
table of the Secretary of the Treasury and not
a dollar to pay them with, and the question
presented itself to the Congress OF the United
States whether or not this republic had ended.
Congress voted to issue paper money as a last
resort. They issued S150,OOO,0 600 nearly at par.
Then they issued $15000O,000 more. Time
wore on and they had to issue SlOO,OCO,OOO
more. But the $780, 600 would not bring
so much gold by $70,000,000 as the first $780,
100000 which they issued. They wanted more
money, and to issue more notes would have
been the easiest and pleasantest way of getting
it, 1t was the way every nation had done be-
reputation and dishonor. Like men our
statesmen stood up and said No. They de-
clared no more greenbacks should be issued
These greenEacks increased in value, cont-
dence revived you were able to sell bonds to
the amount of over two billions OF dollars. But
that debt was to be paid. The Republican par
ty passed an act strengthening the credit of the
United States.
In 1870 they passed an act which authorized
the refunding of the debt in 5 per cent. bonds
to the extent of fifteen hundred millions Mr..
Boutwell, refunded about 500, 100000 at five
per cent, which was sold abroad. Mr.. Rich
ardson refunded 100000, which also went
to Europe. Then the panic came, and the
people saw the delusi0n of paper money. In
1877 Mr.. Sherman became Secretary of the
Treasury He, with a sagacity and foresight
for which you must certainly give him credit
saw that the time had arrived when the great
debt of the United States was to be refunded,
not at per cent, but at the lowest rate Of in
terest possible. He Immediately refunded
S2OO,OO0,OO0 or S3OOOOO,OO0 at Al per cent.
Then, 1 think, $3.50, 100000 at per cent. and
these per cents. you cannot buy to-day at the
brokers' short of 24 per cent. premium.
Again, from 1868 to 1873 the excess of your
imports over your exports was one billion Of
dollars, paid out to Europe. Up to the present
time from 1873 the excess of your exports over
your imports is nearly $500 900 900, and that
excess of exports has brought back the bonds,
and Europe to-day does not hold 500, 100000 of
our debt, the people of America owning the
rest. OugHC u n1n 10 Say dnyJnlnB mOre tndu
that for the Republican party? In 1860, under
the old Democratic party the government
wanted the States to help endorse their paper
so that it might borrow money at 123 per cent.
wish that party was as good as 1T is old laugh
teri, because if it was it would be ready to die,
[applause] and have been predicting that it
would die every year for the last twenty years,
and find to-day that the corpse is as lively as
it ever was, and furthermore it has been able
to produce devils and to send those devils into
that hnnaof ErQnnhank nv 0cf ha nv
lis were once sent into the swine. Laughter
1t did not compel them to run into the sea, but
it compelled them to run into worse place
than the sea,-the Democratic party. lAp-
plause.
About 10, 900 honest Republicans went into
the Greenback party last year. Times were
hard, men were out of work, and they wanted
to try the greenback remedy. About 25,0O0
Democrats went in with them, but they re-
manned Democrats still. They voted for Jo-
seph Smith, and we Republicans elected DIR.
Garcelon! Last year the Greenbackers had
platform which said fiat money and nothing
but that. What have they got this year? They
went down to Portland and the Democrats
said we cannot let you go that, because next
year you will have to go right over. Come
half way at least, and they went. They went
for gold and silver and laid down Democratic
platform. Then our hard money Democrats
met at Bangor and went for gold and silver
and a kind of paper money to be kept at par
with coin. Take the Greenback platform and
the Democratic platform, and tell me II you
can distinguish the one from the other.
The GreenbackerS nominated their candi-
dates in Oxford county the other day and after
making hard-money speeches. the Democrats
S0AA
dates who, if elected will cast their votes
for Smith. The Republican-G -Greenbackers
find their doctrine has been deserted this year.
Are they ready to go over to the Democrats?
Have they any earthly reason of complaint
against the Republican party? Business is re-
vived, men can get work to-day, and fair
wages.
Now, my friends, an election is coming on.
L say to the Lewiston Republicans, we have
got to beat the combined opposition. We have
got to do it by work You owe a duty to this
government if you believe in the principles of
the Republican party. Do your duty in this
State, and L defy any combination that the
Democrats and Greenbackers can bring against