Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-09-22
TRUTH AND HUMAN LIBERTY,

this party Is founded on the princl-
Piles OF
TRUTH AND HUMAN LIBERTY,
and is as them indestructible.
These Republican Leaders are Dragging
not only what they are going to do, but
also what they have done. They point
10 the evidences OF returning prosperity
IN the industries Of the land and say il
is the result of the resumption OF specie
payments. Their claims may be re-
duced to a syllOgism, something like
this: Behold, we are on the eve OF
prosperity; this prosperity was caused
by the resumption of specie payments;
we, the Republican party, brought about
resumption; therefore, you ought all to
support Us.
But let me inquire, have we, in any
accurate and exact sense OF the express
sion, such a thing as specie payment?
What man in this vast assemblage was
ever paid any debt OF more than FIVE
dollars in gold since the first day of last
January, when Mr.. Sherman said, Let
the payment OF specie be resumed?'
Who here has piece of gold money in
4
it. Nay, virtually we use the same
CIRCULATING MEDIUM
now that we did before the first of Janu-
ary. But some one says, the banks pay
ont gold. Try it, Ii you went to the
First National Bank here with 500 in
their own notes, they might give you
gold for il. But it would only be out OF
a spirit of accommodation, and had you
$1,000 or $1,000 you could not get the gold
forit. Banks are not bound to pay specie.
Were YOU to 90 to Washington, to the
great granite building, Quilt at a cost of
more than a million dollars OF your
money, the treasury ofthe United States,
and say 10 John Sherman himself: 'Mr.
Secretary, | read your speech at Steu-
benville, in which you said that the
Government was redeeming greenbacks
in gold. Here is a bunch OF Green
backs, and want YOU To- pass over the
rino for EN-" Laughter.l Johnny
would smile and look astonished. He
would send you to New York, 10 the
office OF Assistant Secretary Hills, the
ONE SPOT IN THIS BROAD LAND
where there is this thing called specie
payments About this time you would
begin 10 ask, johnny is this what you
call specie payments?" Actually and
practically there is no such thing in
the country. We nave an apprOXlma-
tiOn of paper money 10 the coin value,
but that is all. Ii you had 8, 600 and
wanted gold for it how would you get
it? You could not 20 to the expense
OF a trip TO New York. So you would
90 to a broker and buy it, and pay him
the premium caused by the expense he
is at % get it from New York. so
therefore New York city is the only
place where coin and paper are alb
sDlutelv at par, and the further Oft you
get from New York the greater will be
the premium.
THE END OF TIE PANIC.
The Radicals say that this approx
nation in the value OF paper currency
to coin is Che cause Of prosperous times
which are upon Us. / am not going to
deny that thecountry is more prosper
Gus now than it was two
or three years ago. Not SO much
so as some OF these orators try
to make out, but still we are coming
back toward the period of prosperity.
But why Is IL? IL is because when we
got 10 the very bottom We could take no
step that was not either upon the level,
or toward a higher point.
Every twenty wears or so We have a
panic. and reyulsion Of business.
Over production and stimulated specu-
la,iOu causes il. Some times bad laws
act with these causes. After five or six
wears Of depression, things naturally
brighten up and become more favor
able. The over production is consumed,
debts are paid Off by economy or wiped
out by bankrupt law, and of course
things improve. Ii was 80 in 1881 1t
would have been so in 1897, but iOr the
war, and history Is now repeating itself
after the panic OF 1873 But the Repub-
lican party is not entitled to credit
ior this. We came back to pros
porous times after former panics with
out any resumption laws, and We would
have come back now. Yet panic can
be aggravated by unwise or ameliOrated
by judiciOus legislation. The panic just
passed was made worse by the acts OF
the Republicans, and made better by
those of the Democrats.
Since they set up title to gratitude
for resumption and
THE RETURN or PROSPERITY,
they must accept the respon-
Sibility for the consequences
Of their contraction of the
currency AMI other evil acts. Then let
them strike a balance and see il the peo-
pie are debtor 10 them. Let us open
the lrdgrr and see. Credit them upon
the one side with any suppOsable bene-
Ii, which may arise from the resumption
Ot specie payments. SO called, TO as full
extent Us YOU can honestly compute it,
aud on the other charge them with the
hundreds of millions OF dollars sunk IN
with the hundreds OF thou
sands of homes of which misery and
want have entered uubidden, with the
woes Of the hosts who have sought en-
p,oymeut and found IL not or been COM
pel.el To labor at starvation wages, the
thousands OF estates sold out under the
SueriGS hammer not 10 mention
the men brought 10 suicide or lunaCy.
And where, say you, is the balance?
All, my irieu Is, il would take a boller
man than John sherman to say he is
cdtitlci 20 the gratitude Of the people.
But they could not have accomplished
the aim of the resumption act but for
the Democratic measure, the
RENiONETIZArIOS OF SILVER.
They could not have accomplished it
without conScnting tO receive green
backs in payment Of customs. We
Democrats said To them, Cease to
dishonor and debaSe your own money.
Take your greenbacks in payment OF
these taxes YOU have levied on COM
merce, and you remove the stigma
uow upon them, and your paper cur
rrncy will be substantially at a par with
gold" In the Senate offered an amend
ment To the resumption bill making
duties payable in greenbacks. They
voted il down. Yet when resumption
took place Secretary Sherman, in plain
violation of law. issued an order making
greenbacks receivable forcustomsduties.
[ Applause.
There are other reasons for the eXiS-