The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1879-09-10
GENERAL TOM EWING's
Speech Last Friday at Gallipolis, Ohio
Sherman and SEIZURE Squelched.
Equalization; Not Resumption-Sherman
Sherman--Free INSTRUMENTATION
, Banks-Radical Extravaganza.

FELLOW CITIzENs-About ten days ago two
of the heads of departments at Washington
Illustrated civil service reform by taxing the
stump in Ohio for the Administration candi
date for governor. They took my Lancaster
speech as a text, and discussed such parts OF it
lodged the rest. In the pauses between other
and previous engagements IN the campaign
have examined their speeches. and now reply
DEMOCRACY NOT COMMITTED AGAINST MAIN
TANNING RESUMPTION.
Mr.. Schurz who is relied on every year by
the Ohio Republicans to shoe Democrats into
repeats with some variation his specious and
extravagant speech of last year. He makes
Ohio Democracy means Abandonment to of re- re-
sum ption and return to paper money not
fore, unlimited in volume; aud he thereupon
proceeded to fight us the ground on which
he places US instead OF on that which in fact
we occupy. Our platform says not word
against resumption; not word for irredeema-
PIE PIE currency; not word for any increase OF
from the unlimited coinage of the old silver
dollar and the issue of certificates for silver
But Mr.. Schurz says, though return to an
1rredeemable currency is not expressly de-
necessarily involved IN the proposition to
substitute legal tender notes for National
bank notes. He reasons thus: The United
States now has the burden of redeeming only
the greenbacks In co1n-the National banks
own paper. Ii we substitute treasury notes for
bank notes, we shall thus double the burdens
involves doubling the coin held for redemp-
ton purposes. But that coin reserve can not
be doubled, because the coin can't be got; nor
can it even be increased without increasing
the publ debt; and the Ohio Democracy de-
clare against any increase of that debt. Hence,
the substitution of treasury notes for bank
notes necessarily involves the abandonment
OF resumptl n and return to an irredeemable
paper currency.
This reasoning is the warp and wool of the
fabric of Mr.. Schurz's speech. 1t is utterly
fallacious, and betrayS an astonishing ignOr-
ance either of the laws affecting resumption
or of the intel igence of the people sought to
be Influenced by his false and dazzling rheto-
ric. Listen, now, my fellow citizens, to this
provision of the act of Congress of June 20,
1874. now in force:
. - when the circulating notes of any
such National oanktng) ASSOCIATION, assorted
una-sorted, shall be presented for REDEEM D.
ton in sums of 81 900, any multiple thereof,
to the treasurer of the United States the same
shall be redeemed in United States notes."
This is all the redemption there is, in fact, of
National bank notes, because each bank is
only bound to redeem its own notes. and no
man can collect out of the general circulation
any considerable number of the notes of the
nis ~ n,s m ioea.s' he
bank notes. and the same officer who redeems
green backs in coin redeems bank notes in
green backs. Now, suppose you want 81 600 IN
gold: you can only get 1t by presenting to the
treasurer or sub treasurer of the United States
Sl,0Ol in greenbacks or IN National bank notes.
1t makes no difference which you pi esent
Suppose, If you present bank notes and demand
bound to paw You In cola Your answer
will be: "Then pay me IN greenbackS." And
hand them back and say: Now pay me
in CON-" Does not the United states there
backs and bank notes in coin9 Is not the
burden of furnishing the coin for the entire
Would that burden be- Increased a dollar by
substituting green backs for bank notes? There
law would not see that both Mr. schufz ana
MI. Sherman are falsifying the facts when
they assert that the substitution of legal
tenders for bank notes either increases the
burden of resumption or 1mpairs its stability.
Yet on this shallow invention is built almost
the whole structure of their arguments on the
money question against the position of the
Ohio Democracy.
The twin secretaries make merry over my
speeches in 1875 and 1877 against resumption,
in which declared that it was impracticabe,
business" 1 can read those speeches now
without being at all ashamed of the matter or
the manner Of them. They were spoken from
conviction IN view of the law and the situa-
ton as then exist ng, and in no spirit of eX-
as it Stood. nv eritieisms were sound. de But
subsequent legislation greatly changed the
it provided for the lo total destruction of the
greenback currency. So Mr.. sherman ad-
mi United f On the day ne mt the
clared in his report for 1875, saying that "the
faith of the Government now stands pledged
to the final redemption and removal fro n the
currency of the country of the legal tender
notes as fast as they shall be presented for re-
demptfoa." So Mr.. Morrill, declared in his
report for 1876, in which he says that by the
resumption law Congress declared in effect
monetary system composed of coin and Ma
tional bank notes redeemable in coin" The
scheme. too, not only involved the destruction
redemption in gold alone-silver having been
stealthily demonetized in advance OF the re-
sumption law.
Tins was the programme of resumption
when discussed it in the speeches now criti-
since then, and as result OF the agitation
against the scheme by the Western and South
e asa IN Plts OF h see pppas,
Of the greenback money was stopped, ana
oo OF Of II t sasee fsom I o
the currency the people owe the fact that their
schaf ONLY u oy .me
has been partially remonetized by the efforts
of the Yves trn and southern Democi acy since
ms predictions OF the disastrous effect of the
resumption scheme, and its certain failure
enough being coined to protect the gold in the
treasury from being drained on after resump-
ton day.
In a debate in the Senate on May %. 1873, Mr.
Blaine expressed The opinion common among
the friends and the enemies of forced gold re-
sum ption, when ne said in the Senate: Sun
his been changed by the coinage of the silver
dollar The secretary of the treasury may
begin resumption TO morrow with ten mill
lions in silver, IN my judgment, with perfect
safety. For resumption in silver you have
sot pot hair enough" 70 this partial restola
ton Of silver and to three enormous crops In
the Unired states accompanied by three fail
ures of crops in Europe, which have turned
the balance of trade largely in our favor, Mr.
SHERMAN owes the fact that he has SO far
in re-ching and maintaining resumption,
while he has far surpassed him in the mis- srles
infiicsed on the people in his march to his bad
eminence.
WE HAVE EQUALfz ALTON, BUT NOT REsUMP-
TION.
Not only has the resun ptiOn law been made
by our efforts less disastrous by stopping the
destruction of the greenbac currency, and
less impracticable by the RECOMMENDATION of
silver and the unexampled succession of large
crops at home and eager markets abroad, but
1t is also be borne in mind that the result
attained Is MT, in fact, resumption. We have
equalization only not resumption. Resump-