The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-10-02

all over the Republic. To present
them at the banks that issue them
would require you to travel thousands
Of miles, incur hundfeds of dollars of
expense. To present them at the Treas
ury Department in Washington would
cost less, but yet would be onerous
and expensive. You resolve to do
the latter however. You pack up and
60 to Washington with your $500.
You present yourself to Mr.. John
Sherman, Secretary of the Treasury,
and say to him:
"You have told US in your speeches.
Mr.. Sherman, that you credited the
Republican party and yourself, espec-
tally that through the Resumption Act
everybody ls paying their debts in
specie. Now, Mr.. Sherman, here are
$4,000 in National Bank notes that l
want the specie for. Mr.. Sherman
would say, " l can not cash these; go
to the Comptroller of the Treasury
and he will pay you according to law,
greenbacks for those notes." You go
down and get your greenbacks. and
then return to the Secretary thinking
that certainly now your trouble Is
over and you will get gold. Sherman
says, "You can not get gold here;
you must 60 to the Office of the Assis-
tant Treasurer in New York City for
it," And you 60 there, spending mon
ey for your fare and vour board, and
finally get paid in specie; and this is
all the Resumption we have. Is that
specie payments2 It is absurd. 1t is
not-it is only equality Of gold and
greenbacks, but not specie payments,
which is entirely different. In no
country that uses small paper money
can there be a specie circulation, ex-
cept email change. In England and
France there is veritable specie pay.
ment. Debts of large as well as email
amounts are often paid in specie. But
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 60 specie in circu-
lation worth mentioning, except our
subsidiary coins of half dollars and
less.
But, while we have no specie pay.
ments, accurately speaking, I admit
that our paper money has been bro't
to par with specie. OF the sacrifices
suffered by the people in order TO
bring this result about, of the shrink
age of all values, the paralysis of all
industries, the thousands of laborers
thrown out of employment, the bank
ruptcies amounting to hundreds of
millions of dollars, l shall not speak
tonight. If there is any one here who
thinks that we have not paid very
dearly for the whistle, I will not, to.
night, attempt to disturb his belief.
But when the Secretary of the Treas,
ury perambalates the country, boast-
ing Of the achievement of bringing
greenbacks to par with coin, 1t is not
improper to point out to- him the
grave-ysrds through which we have
passed in our dreary march to this re.
sult.
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 Con-
gress authorized what the Secretary
of the Treasury, without authority Of
law, now permits. the receipt of green.
backs in payment of custom duties.
they would haye been at par with
specie q year at least before the time
fixed for resumption by the Resump-
tion Act. When that act was before
the Senate, moved an amendment
providing for the receipt of green
backs in payment of customs duties.
The Republicans voted it down. l
said it was worth more than all the
provisions in tho act. My opinion
was IEC0l00 VIII 6ll0ul COutOHRSS 4OA
the bill had been concocted in caucus
and the Republican Senators would
not debate it. Time has proved that
my judgment was correct. i
With ell the machinery of the Re-
sumption Act, which has increased
our bonded debt $500, ,Oo1, 600, the Sec.
retary of the Treasury found himsel:
compelled to receive, in direct viola
tion of the supreme law of the United
States, greenbacks in payment of GUS
toms duties. We asked that the law
might be changed; that the Govern
ment would not dishonor its notes.
He increased the interest on our debt,
through the principal, SIG, 100000 q
year. And in spite of all this, he was
obliged to haye recourse to what the
Ohio Democracy had urged years be-
fore-to receive greenbacks for gov
ernment dues. Loud applause.l
There is another cause that has ope-
rated to bring greenbacks to par. The
Republican Congress stealthily de-
monetized silver tho Democratic
Congress remonetized it. Then the
President of the Republican party,
Rutherford B. Hayes, vetoed the re-
monetization bill, but we passed it
over his head; and challenge any
man to look into Secretary Sherman's
confession before the Senate Commit.
tee aud say that it was not the most
efficient aid to Resumption. ta@if.
Sherman would not have the audac-
ity to say that we could have equality
without largo quantity of green
backs IN existence. How could the
banks redeem their circulation with
out greenbacks2 The existence Of the
grecnbacks is the chief reason Of the
| onualitv and WE 0wo IL tn the Dam moc.