The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1879-10-08
XLII.


can not be borne. Ii would cramp business
and paralyze labor. No one desires a return
TO specie payments more earnestly than
myself for l believe gold and silver are the
real standard Of values, universal and per
manent. As I had occasion once before to
say, the existence Of commercial mediums
different values-one description Of money
for one class and purpose, and another for
different class and purp0>e--is too serious
an evil To be long endured. All the
money Of the country should be of uniform
value, and readily convertible But we
are not IN that condition. Our paper
money exceeds the coin by nearly s. to one
How Will we bring them nearer together in
quantity, that they may approach and
meet in value? Shall we commence at the
top and tear down, or at the bottom and
build up? Business, enterprise and labor,
every important interest Of the country
demand that the volume of the currency be
maintained TO meet their requirements:
but every interest viii be strengthened by
increasing the supply of coin. How Is that
To be accomplished By encouraging an
increased production OF our great staples
that command the foreign market purchases
and by reversing the fatal policy which has
sought TO make our debt a foreign debt.
When we purchase less of foreign goods,
and sell more Of our productions abroad
our debt abroad and pay it to our own
citizens, the current of gold will turn
toward our shores, and then specie pay
ments viii be certain, natural and perma-
nent, and will become the basis of an
enduring prosperity"
Mr.. Sherman claims for himself the
credit Of resumption, and that the policies
of his party have given US assurances of
better times. | have made a summary of
events that passed within your own obser-
walton, to aid you in passing upon the
fallacy of that claim. What had he or his
party to do with resumption? How have
they contributed to a return of prosperity?
Ia the winter of 1915, Mr.. Sherman, as the
representative Of a party caucus, reported
and urged the resumption bill 1t became
a law by the vote of all the Republicans
and over the vote against it of all the Dem
ocrats in Congress. Who now claims for
that measure that it facilitated resumption,
or in any degree alleviated the calamities
of nard times, or that its tendency was to
place the business Of the country upon a
hrmer and surer foundation? Is any man
50 credulous as to believe that resumption,
permanent and reliable could rest upon
borrowed gold? public confidence and
financial stability can not be made to rest
upon borrowed gold" When trade and
commerce gave assurance that the supply
of the precious metals was permanent, and
would constantly increase, then confidence
became established, and the paper currency
took its place by the side of gold and silver.
You all know that resumption has come of
trade and commerce, the result of foreign
balances in our favor, and not at all because
Of any Congressional declaration or require
ment. The resumption clause was proper
ly denounced by the St. Louis Convention
as a hindrance to resumption. 1t was as
well hindrance to prosperity. 1t was a
terror to capital, and stood in the way of
the employment of labor. Our money,
paper and coin, is now of equal value, and
readily convertible, and we indulge the
hope Of better times in spite of the resump-
ton law, and its kindred party devices.
All along the pathway of that measure
are strewn broken fortunes and ruined en-
terprises
DO you believe our country needed to
have been the scene of 4 financial and COM
mercial panic? Our lands are rich, our
people intelligent and industrious, and the
worlds markets have been open to our pro-
ducts. Yet the panic did come; and its
continued and terrible hold upon the coun-
try for the long period of five years, in
spite of the great efforts of the people,
showed that its causes were to be found
down deep in bad public policies and in
maladministratiou. | may not state what
suherings it inflicted, nor what hopes of
happiness lie buried amid its ruins. May
give YOU an illustration When the war
was over was it not most Obvious duty to
reduce the public expenditures by a rigid
economy? Ii was not done. From 1868 to
1873 the expenditures continued enormous
and extravagant. Then the Democrats
came into power IN the House, and at once
established the fact that the public service
could as well and efficiently be administered
with annual reduction of $50, coo.
At their first session, that was the reduc-
ton Now, please tell me, had that reduc-
ton been commenced in 1863, and continued
for eight years and until 1885, had $780,
600, 600 of the taxes been left uncollected,
to circulate in the channels of trade, Civ
ing life and energy to business and COM
merce, do you believe there would have
been a panic and such financial disaster as
covered the land with ruin? Reform in
that one particular alone would have saved
us.
Mr.. Sherman tells you that prosperity is
now coming, and that he Is its author. You
and are then mistaken in supposing that
economy on the part of the people reduced
the purchases abroad. 1t was not the dill
gent labor cf the people, the rich lands, the
abundant rains in their season, and the
great crops that enabled us to supply the
extraordinary foreign demand, such de
mand indeed as we never knew before. Mr..
Sherman did II. It vas his tears of sympa-
thy over the suferings or the People; and
not the rains falling from the clouds that
moistened the earth and caused II to yield
20 abundantlv Never was claim made so
bold auI brazen, and yet so false. To him
and his party We reply: You squandered
the public money; you continued extrava-
cant appropriations you hindered pToduc-
ton by promoting the strife of sections
and the hatred of races; you leglsated Tor
fayorite interests and against the people
and now. when the rigid economy and dill
gent industry of the people, and propltous
Seasons. and a favorable condition of the
foreiqn market combine to give US better
times. and to gladden. US With the hope OF
returning prosperity, you can not c4slIl
merit or support. The equality and con-
vertibility of our currency Is, In spite Oh
the hindrance of the resumption law, ana
we cherish the hope of better times; IN
! snite of the evil influences Of bad policies
/ and maladministratlon.
/ The great difference between US was that
we insisted upon reaching specie payment )
! Inv an increase of the precious metals, and
j YOU b. a reduction of the paper money
I nv contraction. You provided for your
noIicv in the resumption act, IN violation
I IF the nledge made to the country liz the
cot of June previous, that the legal tender
/ notes sho4ld not be reduced below 800,
/ 600 600. Under your policy resumption
was WA, impossible short of universal ruin, foI
Contraction Kindred production. 1t was
namocratic demand that remonetized SILVER
nj provided for its coinage. 1t was a
Democratie House that modified the re,
sumption Law, and stopped contraction traction t ~
the Act of May 81, 1878, which i2Fpaue tht
+ Sscretarv of tho Treasury TO cancel OF Fetlf5
SEINE aey more of the legal tender notes, and
any Ea9y,;red him to keep them in circulation
T 1g renlenetization OF silver Cover foolish
feIo and the protection of the legal f Mnrth
and south and the great demand abroa2
have brought ali classes of the currency c C
par, and give promise Of returning prosper
ity. d !;
The contest in which you are engageS6l "a, !
[ a,,sTaoterized bv reckless accusation. why