The Eaton Democrat. (Eaton, Ohio) 1875-1903, 1879-10-09

au dlonS tne pathway OF tnht medbuIo are
strewn broken fortunes and ruined enterprises.
Do You believe our country needed to have
been the scene of q financial and commercial
panica. Our lands are rich, our people intelli-
gent and Industrious, and ths worlds markets
have beefi Open to our products. Yet the panic
did come; and It's contintied and terrible hold
upon the country for the long period Of i've
ears, in spite of the greit effort Of the people,
showed that its causes were to be fo1nd down
deep in bad public policies and in maladminis-
ira ion. may not state what sufferings it IN
iicted, nor what hopes of happiness lie buried
amid its ruins. May give you an illustration?
When the war was over, was it not a most OBJ
vions duty to reduce the public expenditures
by rigid economyf It was notdone. From
1865 to 1876 the expenditures continued enor-
nous and extrafagant Then the Democrats
came into power IN the House, and at ence es-
tablished the fact that the public service could
rs we'll and efficiently ba administered with an
annual reduction of $50, ,000, 900
Now, please tell me, had that reduction been
in 1855, and continued for eight
years, and until 1875; bad s30, 0,0o0, 600 of the
t,xes been left uncollected, to circulate in the
chanrels OF trade, giving life and energy TO
business aud cdmnlerce. do you believe there
would have been q panic and such financial
disaster as covered the land with rtiin! Reform
in that one particular would have saved ne.
Mr.. Sherman tells you that prosperity is now
are, then, mistaken In supposing that economy
on the part Of the people reduced the pur-
chases abroad It was not the diligent labor Of
the people, the rich lapds the abundant rains
in their season, and the great crops tina. en-
abled us to supply the extraordinary foreign
demand, stitch d demand, indeed, ss we never
knew before Mr.. Sherman did it It was his
people, aud not the rains falling from the
clouds. that moistened the earth and caused 1t
to yield so abundantly. Never was claim made
so bold and brazen. and yet so false To him
and his party We reply: You squandered the
public money; you continued extravagant ap-
you hindered production by pro-
noting the strife Of sections and the hatred Of
races; you legislated for favorite interests and
against the people; and now, when the rigid
economy and diligent 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 cori-
yertiDility of our currency is in spite Of the
hindrances Of the Resumption law, and we
cherish the hope Of better times, in spite of the
tration.s
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
legal-tender notes should not be reduced below
$685., ,0O0, 900 Under your policy resumption
was impossible short Of universal ruin, for con-
traction injured production.
It was Democratic demand that remonet-
lied silver and provided for its ccinsge. Itwas
q Democratic House that modified the Resump-
ton law and stopped contraction by the act of
May 81, 1878, which forbade the Secretary of
the Treasury to cancel or retire any more of
the legal-tender notes, and required him tokeep
them in circulation. The reconciliation OF
silver lover foolish veto), and the protection
of the legal tender circulation, and our immense
crops North and South, and the great demand
abroad have brought all classes of the cur
rency to par and give promise of returning
prosperity.
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.
ls that initiation? They demand that treasury
notes shall take the place of nanonal-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
soyarnmsnys esa say oSShs.toas SSu pledged as
curity that gives them favor and
currency everywhere. That security with
drawn, the bills become IS worthless as fall
ing leave, of autumn. Is the security less if
the issue and the promise be direct from the
public II easury, and not through the medium
of banks2 Have the bank bills not been al
ways st par-neitber above nor below the
treasury notes, and that only he .ause they were
redeem tble in treasury notes? The demand
for treasury notes as o substitute for the ma
tional-lauk notes is demand for money al
ways aid everywhere Of equal value But
D e4se obee,ye that in the platform in which
this po icy is asserted the Ohio Democracy de-
mand tn t the issue of treasury notes shall be
regulated by legislation or constitutional pro
vision, TO as to secure the greatest possloie
stability Of vclues. Can you find no good mo-
tive for the support of this policy? In decid !.
lug upon its merits is it not to be considered
that in any possible view the substitution will
save to the people and their treasury over u o.
0O ,tu0 every year? And you and cannot be
Indifferent 10 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 how
it was that in this State, but one year ago,
the Chairman of the Republican State Com
mittee did venture to demand of the banks
money to control the election.
Is it not enough that enormous sums OF
money are rIised for ca b election by the de-
tes,able practice of taxi g the immense army
of officials? Must there be added contribu
tions from the profits made upon $4O0,UUO,OUO
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. II need mo-
III again resort to returning boardf, and the
attendant crimes Of perjury and forgery. The
anxiety or the Ohio Democracy was reaeona-
BILE; it became a patriotic sent ment wher
here, and against themselves, the banks wert
callei upon for money Who blames them
that in such crisis they bend the ear to ht
teachings of Jackson and Iced his admonitio
to guard well the ri yhts and liberties Of thu
people when the banker is found in league witt
the partisan? His admonition was the expires
sion of anxiety at q consolidation Of wealth in
considerable as compared with the enormous
millions now under harmonious management
What say you to the cry. "A solid Nortf
hatred, of separation, of treasong It shoult
| startle us as 3 sfire-bell in the night
| None should ter it who love united
| country better than partisan rule. Leav
| that cry, my countrymeD, to those VIII,
| seek wicked gains, and VINO for gain woul,
| barter the love of country. Party policy mad
the attitude of the South inevitable. You Re
publicans would despise the men Of the Soutl
did they not resist you. You established an
| sought to maintain over them the worst Gov
ernment in the world You drst taught tn
| colored men to distrust and hate them, an
then to rule them. You gave the ballot to th
|. colored men and took it from the whites. An
you placed the colored people themselves un
| der the control and management OF adventur
ers. Thus the control of public affairs cam
| into the hands of bad men, who were in no wa
| identified with the people or section, and wer
strangers in sympathy and purpose. The pull
lie good ceased to be the object and purpose o
| government. Plunder of the people reigne
| supreme The increase Of State indebtedness
became frightful Taxation threatened to swal
low up not only the earnings but the accumu
latious of the people. Men contemplated ar
preaching ruin with horror. At length larg
bodies of coiored voters turned against the dc
| moralization and misrule, and State after Stat
was recovered, reclaimed. restored. The res
toration of the Democratic party in those State
became indispensable to the recovery and prc
lection of popular rights, the security of proI
erty, and the welfare Of labor. Political unio
for protection and safety against plunder an
ruin made the South political uni
and at once the price Of wages and the price
lands advanced, and valuable productions II
creased. Is there any man among you who's
| hatred toward the South is 80 malignant that
would tear down the present authority and n
store the vampire Governments Of ten veal
| apop