Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1880-10-06

otales, except IN cases where the law author
izing the issue Of any such obligations had ex-
pressly provided that the same may be paid in
lawful money, or other currency than gold and
silver And the United States
also solemnly pledges it's faith to make provis
ION at the earliest practicable period for the
redemption Of the United States notes in
COIN"
TIE DEMOCRATIC ATTEMPT TO RUIN THE NATIONS
CREDIT.
This bill was resis ed by the solid Democracy
III both Houses. They voted against it, they
voted against considering it. they voted for
amendments to pervert and revere it's .1ean-
ing. Senator Thurman, of TO- moved to
add to it: Provided that nothing herein con-
tanned shall Apply to obligations called 500
bonds. Every Democratic Senator present
voted for this, every Republican voted against
it. The $50 bonds then com ttuted the great
bulk Of the public debt, and this proyiso would
have frustrated and vitiated the whole act
Senator Davis, Of Kentucky, moved to amend
SO as to scale down the bonds to the coin value
at the time Of the currency received for them.
This was supported by the Democrats Sena-
tor Bayard, OF Delaware. among others, speak
ing In Its favor. Senator Vickers, of Mary
land, moved to amend 30 as to prevent coin
ever being purchased to be used to pay bonds.
Senator Bayard denounced the bill as wrong,
unwlse, and as a ''stock- jobbing operation
After all this the bill passed, and not one
Democrat voted for it in either House.
The next step IN this progress was the fund
ing act of July. 1870-the act authorizing the
redemption of the 500 or per cent. bonds by
negotiating bonds bearing lower interest. All
the Democrats resisted this bill also, and voted
against it. Exempting the new bonds from
taxation was opposed. In the Senate, Mr..
Bayard moved to strife out the provision and
to subject the bonds to taxation; all the Demo
Gratis voted for it. Again, Mr. Bayard moved
an amendment to bring back the state bank
ing system, and ali the Democrats voted for
that also. The bill was at length carried by
Republican votes. BY this time our currency
had much appreciated, and funding at lower
interest began.
GENERAL GRANTS GREAT VETO.
In 1874, by vote not Democratic alone, an
initiation b Ii made its way through both
houses. This bill proposed to keep out per-
manently twenty-six millions of legal-tender
notes belonging to the treasury reserve which
had been put out temporarily during the panic
of 1878, and to put out eighteen millions more.
The suffering produced by the panic drove
many Republicans into the support of this
measure as an experiment for relief. The
pressure upon President Grant to induce him
to sign it exceeded anything Of the kind have
ever witnessed. Men who should have upheld
his hands not only threw their weight upon
him. but industriously criticized and even riCi-
culed his venturlng to set up his opinion
against a ms jority in such crisis. He vetoed
the bill, however. In his message returning
the Republican party, to his inaugural to the
act Of 1869 already cited, and be said tho pro-
posed act would violate faith, and he was
against it. This happened On the 22d of
April, 1874.
| About month later con versation occurred
one evening between the President and his
chief adviser, Secretary Fish, and Others alb out
the wise course out Of the increased d ficul-
ties which had come from the disasters Of the
year before. One of those present at this con-
J versation was Senator Jones, of Nevada So
struck was he with the views expressed by
7 President Grant, that the next day (June T.
1874,) he, by letter, requested that the SUBJ
: stance Of them should be put in writing and
copy sent him. This was done, and tie men,
/ orandum made by the President was handed
about among members Of the two houses, and
afterward found its way into print.
Here it is. 1t is the foresh&dow Of the re-
| sumption act, to which the veto had paved the
way. read two passages:
, 81 believe it is high and plain duty to re-
turn to g. specie basis st the earliest practical
| day, not only in compliance with legislative
and party pledges, but as a step Indispensable
) to lasting national prosperity. l believe,
further that the time has come when this can
be done, or at least begun with less embarrass-
ment to every branch of industry than at any
future time, after resort has been had to I'M
stable and temporary expedients to stimulate
unreal prosperity and speculation on basis
other than coin the recognized medium of ex-
change throughout the commercial world.
The particular mode selected to bring about a
restoration of the specie standard is not of so
much consequence as that some plan be de-
vised, the time fixed when currency shall be
exchangeable for coin at par. and the plan
adopted rigidiy adhered to. would
like to see provision that at fixed day, say
July l, 1876, the currency issued By the United
States should be redeemed in coin On pre5enta-
ton to any assistant treasurer, and that all
the currency 80 redeemed should be cancelled
and never reissued. To effect this. it would
be necessary to authorize the issue Of bonds
payable in gold, bearing such interest as would
command par In gold, to be put out by the
treasury only in such sums as should from
time to time be needed for the purpose of re-
demption."
THE RESUMPTION ACT.
1t was not long before this advice found the
form of law. A committee composed wholly of
Republican Senator'S of whom was myself one,
prepared the bill now known as the resumption
act al It was not the W9rk OF any one Senator
the views of any single member of the commit
tee. 1t was a compromise of somewhat con-
flctlng opinions. 1t was submitted to every
Republican member of the Senate, and every
one after consideration, determined 30 vote for
it. 1t was brought forward in the Senate, and
every Republican Senator did vote for it. Long
continued applause.] Every Democratic SEN
ator present voted against it. 1t went to the
House, anu there encount red a solid Demo
cratic opposition, but it was carried by Repub-
lcan votes. President Grant promptly signed
Fit 1t fixed the 1st of January, 1s79 for the re-
, sumption of specie payments And when the
day came, as noselessly and naturally as night
melts into day, specie payments were resumed.
Applause.
The adoption of this bill for resumption Is
easier told than it was done. The Democracy
rose one man in both houses against it. 1t
was denounced as an absurdity and sham, and
was called many wild and uncleanly names
Senator Thurman, Senator Bayard and other
Democratic Senators vehemently opposed it.
This was in January, 1875.
Immediately Democrats OF all shades, includ-
ing The Greenbacker, theacountry over, opened
fire on the act. The next year the Democratic
party met in National Convention at ST. Louis.
There the Republican party was denounced for
" enacting hindrances to return to specie pay
ments" The climax of the resolution was in
these words: LAS such hindrance we denounce
| the resumption act of 1875 and we here demand
its repeal Mr.. Tiden, nominee of the con-
vention, in his letter OF acceptance, stood up
to the platform, aud also rallied against the act,
and throughout the canvass reasons were given
which no man could number, why resumption
never would, never could, take place under such
r thno roi.N of,n1