The New York herald., 1879-09-06
REPLY TO SHERMAN AND SCHURZ.
Sentiment Of the People on the
Financial Question.
POLITICAL AFFAIRS In HAMILTON COUNTY
A Greenbacker on the Issues and
the Candidates.
[BY TELEGRAPH TO THE HERALD. ]

(BY TELEGRAPH TO THE HERALD.
GALLIPoLIs Ohio, Sept. 3, 1879.
An immense meeting of the democracy took place
here to-day, called together to listen to General
Ewing in reply to the criticisms of Secretaries
Sherman and schurz upon what is known as his
Lancaster speech. The following are the principal
points of his address which was very long. taking
up two hours in it's delivery
EwING's SPEECH
FELLOW CIT1ZENs-About ten days ago two OF the
heads of the departments at Washington illustrated
civil service by taking the stump in Ohio for
the administration candidate for Governor They
took my Lancaster speech text and discussed
such parts II they could most plausibly answer
and lodged the rest In the pauses between other
and previous engagements III the campaign have
examined their speeches, and now reply to them.
Mr.. Schurz, who is relied on every year by the
Ohio republicans to shoe democrats into republican
ranks by shouting "infation!s repeats with some
variation his specous and exravagant speech of last
year. He makes frantic effort to prove that the
success of the Ohio democracy means abandonment
of resumption and return to paper money not
limited by redeemabty in coin, and, therefore.
Unlimited in volume; and he thereupon pro-
ceeded TO fight us on the ground on which he
places us instead of on that which in fact we
occupy Our platform says not word against re-
sumption, not word for irredeemable currency;
not word for any increase of the currency. except
that which will come from the unlimited coinage OF
old silver dollar and the issue of certificates for
silver bullion. But Mr.. Schurz says. though
turn to an irredeemable currency is not expressly
declared for in the democratic platform it is
sary involved i'll the proposition tosubsttute legal
tender notes national bank notes. He
hus:-The United States has the burden of re-
deeming only the greenbacks in cOin-the national
banks having to look after the redemption of their
paper. If we substitute Treasury notes for bank
notes We shall thus double the burdens OF resump-
ton on the United States That involves doubling
tho coin held for redemption purposes But that
coin not lie doubled because the coin
can't be got: nor can it even be increased without
Increasing the public debt; and the Ohio dem ocracy
declare against any increase of that debt. Hence,
the substitution of Treasury notes for bank notes
necessarily involves the abandonment of resumption
r.tt, ,trral hla
This reasoning is the warp and woof OF the fabric
of Mr. Schurzs speech. 1t is utterly fallacious and
betrays astonishing ignorance either OF the laws
affecting resumption or OF the intelligence OF the
people sought to be influenced by his false ard daz-
zling rhetoric. Listen now my fellow citizens. to
this provisi Of the act OF Congress- of June 30 1874
now III force:-
When the circulating Of any such national bank
or redempton in sums of 81 0Oo or any nutpie thereof
the Treasurer Of the United States the shall be
deemed In United States notes
This is all the redemption there is in fact of ma
uonal banA notes, because each bank is only bound
to redeem own notes. and no man can collect out
of the general circulation any considerable number
of the notes of the bank in its immediate locality.
Hence the United States in effect alone redeems the
bank notes. and the same ohcer who redeems green-
backs in coin redeems bank notes i'll greenbacks.
RESUMPTION AS PROPOSED AND CARRIED OUT.
The twin secretaries make merry my speeches
In 1875 and 1877 against resumption. In which de-
clared that it was impracticabe, and would result
In general massacre of business" l can read
those speeches now without being at all ashamed of
the matter or the manner of them, They were
spoken from CONVICTION III view the law and the
situation As then existing, and in spirit of
agance or partsanship. Judging the law it STOOD
my criticisms were sound. But subsequent legisla-
ton greatly changed the scheme of resumption.
AS it originally stood, 1t provided for the
total destruction OF the greenoack currency
So Mr.. sherman admitted on the day he intro
duced the bill in the Senate. So Mr.. Brstow de-
clxred in his report for 1875, saying that "the falh
OF the government now stands pledged to the fnal
redemption and removal from the currency Of the
country of the legal tender notes fast they
shall be presented tor redemption" So Mr. Nor
riD 1aa III fnr aT
that "by the Resumption law Congress declared in
effect monetary system composed of coin and
tonal bank notes redeemable in COIN" The scheme
too, not only involved the destruction of all the
greenbacks, but also contemplated redemption in
gold alone-silver having been stealthily demone-
tiZed IN advance of the Resumption law.
This was the programme of resumption when
discussed it III the speeches criticised and rid
iculed by these gentlemen. But since then. and o
result OF the agitation against the scheme by the
Western and Southern democracy and spite of all
the opposition OF sherman, Schurz and company the
destruction OF the greenback money stopped
and S3i6.OOO,000 OF it saved from destruction. To
The stoppage OF this sweeping contraction of the
currency the people owe the tact that their business
was only manned by the resumption scheme, not
"massacred: Moreover. silver has been partially
remonetzed by the efforts OF the Western and south
.rn democracy since my predictions of the disas.
trous effect OF the resumption scheme and its Ger
tain failure enough being coined to protect the gold
III the treasury from being drained oil alter resump
ton day.
But instead of resumption the people have merely
equalization of paper and coin that is, gold prices
Tor their lands, labor and products-that is, 81 %
hundred for their pork, 80 cents a bushel for their
wheat ana 70 cents To 81 per day for their labor,
with which to pay enormous and undiminishing
taxes and debts contracted when their products and
labor worth over fifty per cent more than they
are to-day 1t is true the money earned by days
labor Will buy about much a days earnings
would have bought four years ago. Ii is true the
money got for "a hundred pounds of pork or
bushel of grain will buy about much the
money got for the samo products tour years ago.
SHERMAN SHERMAN.
Mr.. Sherman attempts to make me appear rdicu-
ions by asserting that attributed the panic OF 1873
version OF anything l ever said. but merely pure
invention have always attributed the pauic of
1873 in chief part to the contraction OF the currency
which went on steadily after 1866, causing cxpan.
sion OF credits to take the place of diminishing
rency. which credits collapsed in the panic.
Mr. Sherman asserts that not ouly had we more
currency in 1873 than at the close of tho war; but
that We now have more than had. In this
Treasury Department statement of the LIST OF July
last he gives the total circulation at STAB 900
on the LIST OF July, 1879. which is about Sl4 81 per
capita. as against sl7 50 per capita tho day
IN 1870 anu szS on the same day IN 1865. This state
ment OF tho currency now outstanding includes
xaOOO.0O0 of greenbaoks withdrawn from circna-
ton, and hoardcd in the Treasury and sl25 100000
which the Comptroller of the Currency ia his
speech to the National Bankers at Saratoga last
month says are boarded by the national banks. AIR.
sherman attempts to sustain his assertion that the
currency is greater than ever by sdding to the
volume now aioat all the coin in the Treasury held
for redemption. He might just as reasonably count
the gold in the mountains. The coin will stay IN
tho Treasury until the grcenbacks surrendered
TO take its place. and then the grcenbacks will stay
in until the com comes back again. Whom one is
circulating the other boarded and both cannot be
counted as part of the circulation.
Mr.. sherman now asserts that the panic of 1873
caused by all inflated and irrodeemable cur
rency Bat here ~ his speech in the United states
Senate, made the 10Th of January, 1s54 in which
he says:--"Mr. President, the condition of
currency has no relation whatever to the panic that
has passed over the country. never have
charged the panic upon the currency Indeed, was
the rst III the midst OF the panic to declare that the
currency had no connection with IT,. Money was
SECURE. Man boarded it, y = These pauics are
but the ebb aud flow of great enterprises. No ac
ton OF ours prevent tn m"
lie that all the business distresses and
bighted industries OF the past tour years due
To that panic, but in this same speech he declares
that the effect OF the panic was then past quote
his language :--"C Confidence is restored aud every
commodity IL advanced to the price that IT was be-
fore the panic.
lie now asserts that Experience has shown that
the Resumption act has not produced any Distress
but ia his published examination before the Finance