Ashtabula weekly telegraph. (Ashtabula, Ohio) 1880-1886, 1880-09-10


matt on the night of August 30, on the
issues of the pending campaign. Mr..
Sherman spoke substantially as follows:
FELLOW CITIzENsi Tho Democratic party
desires 70 make q change In the Executive
branch Of the Government OF the United
State3, hhd appeals 70 the American people TO
biing about such change this fall The Re-
publican party, recognizing tho right Of that
party to make the appeal, win hear patiently
and kindly all II has 70 say.
The last great change in the Executive
branch OF the General Government occurred
in 1880, by the election of Abraham Lincoln as
President Of the United states. At that time
the open advocacy of his election could not be
made safely TO life or limb in thirteen States
OF the Union, where the strength of the Demo-
cratic purity lay. But, in spite OF this, the peO-
plo of the Northern States, firmly impressed
with the necessity for the change, made Il;
and what man I'm this broad land does not now
feel that 1t was a happy changer And yet the
Democratic party OF that time resisted Il. IL
not only resisted IL during the canvass, but
the controlling segment Of that party rebelled
against II by force of arms, and undertook to
disrupt the Government and to destroy the
The Democratic party desired a change in
1854, when, In the midst of war, the magnitude
OF which even now in the distance staggcrs us
with amazement, It met in National Conven-
tOn and resolved that the war was failure,
and demanded peace on any terms. If It's
desire for "A change had then been gratitied,
boast Of, no land TO love. The American peO-
pie, though weeping over their lost ones and
feeling heavily the burdens Of war, said there
should be no change, and there was none;
Abraham Lincoln was elected again.
The Democratic party desired change in
1865. IL was encouraged by the detection of
Andrew Johnson and by many divisions in the
Republican party The rebels had been re-
stored to their lost citizenship, and had already
organized a system of terror In several Of the
cy in New York with his gigantic frauds he
plundered the city, filled the cravings of the
army Of his dependents with the plunder of
rich pOntrnrfg- igamnN tens of thousands of
fraudulent naturalization papers, stuffed tho
ballOt-boXes, and thus reversed the vote of the
Empire State. Yet, after all, the American
people decided that there should he no change;
that the Republican party, which saved the
country, should still be trusted with its ad-
mnistrntiOn; and Grant, the great soldier Of
the war, was made President.
So, again, the Democratic party desired a
change in 1876. 1t had previously organized
the solid South according TO the Mississippi
plan, with terror and violence. 1t fondly
thought It had made good fulorum of 1888
Electors from States lately in rebellion, and
had carefully laid plans to secure enough more
to make the election sure. Tilden was nOmi-
mated for President. He had barrel full Of
money, which was spent without stint, and
thus introduced for the first time in American
politics the most shameless corruption in a
Presidential election. Bat, more than all, the
country was suffering under great financial
distress. 1t was natural, but not just that
many clamored for a change, who had no sym
pathy with the principles of the Democratic
party; but still the fraud and intimidation
attempted in three of the States failed in its
object and the Republican party in the North
ern States stood by its principles, and Hayes
was elected.
When President Hayes was inaugurated, the
Resumption act of 1879 was an uneXecuted
mandate of the Republican party. IL had
been voted for only by Republicans, and had
from its Introduction been assailed, resisted
and ridiculed by the Democratic party Many
honest, sincere men Of both parties, who real
ly wished resumption, believed 1t impractiCu-
Bile for years to come. Gold was ut u premium
of nearly six per cent. The National reye-
had htfu fmUoirpd na
of the panic, 50 that there was, in fact, no
surplus revenue to aid In the work Of resump-
tiOn. The only means left was TO increase the
volume Of coin before the day of resumption
by the sale Of bonds, to do the utmost to
strengthen the public credit, and to produce
confidence in the ability to resume This was
done in the eighteen months that followed the
Inauguration of President Hayes, and at the
end of that period the credit Of the country
had been greatly advanced; surplus coin had
been accumulated to the amount of Sl30OOJ,-
OOO and the mind, relieved from imaginary
tegTUTS hau become NOT "mS PeGOncllea 70
awaiting the event. During all this time the
Democratic party eNcelled itself in active re-
sistance TO the successful execution of this
law. They sought to repeal 1t; they sought
by investigations through committees of Con-
gress to discredit all the proceedings had
under 1t; and it was bOastfully said that thou
sands OF dollars would be given to stand on
the right of the line at the public Treasury on
the day OF resumption. Your cars rang with
their ridicule and denunciatiOn of tine Re
sumption act; but still, thanks to the Republi-
can party, resumption came, and came so
certainly and so securely that ut this day spe-
Gle payments are more complete, in the true
sense Of the term, than ever before in this
country, and as complete Us in any country in
the world
The Democratic party, convicted Of false
prophecy, could only shout out that it was
Providence that did It; that the good crops,
which came six months after resumption was
complete success, did it; and some Of them
had the audaoity TO say that the way to re-
sumption was prepared by the economies en-
forced by the Democratic House of Represent
atiyes One thing is certain, that II its desire
for change had been gratided four years
ago by the American people, the resumption
act would not have been enforced. Resump-
tion, then with all the good that has accom-
panied and followed il, is the direct result Of
the wisdom of your choice in the elec ton of a
Republican President four years ago.
When President Hayes was inaugurated
there was upon the statute-bOOk the refund
ing act of 1870. 1t was placed there by the
gradual reduction of the burden OF the public
debt. 1t had been partially executed by the
sale Of five per cent. bonds; and when Presi-
dent Hayes was inaugurated we were selling
four and a-halt per cent. bonds at par, slowly
and with difficulty l determined to Withdraw
from the market the four and a-half
per cent. bonds and sell the four per cents
at par. This was believed ut the time to be a
doubtful experiment. sale of every such
bond was saving of One-third of the interest
on that portion of the debt; for every dollar
realized was applied to the payment of an
equal amount of bonds bearing six per cent.
bond; but on an appeal TO the American peo-
pie, through popular subscription, within sixty
days after they were thus offered S15O00,U0O
of these bonds were taken and were alb
aorbed, mostly in small sums, all over the
United states. Thus, the success of the loan
The credit Of the Government advanced
precisely as resumption approached success;
and within one hundred days after resump-
tion there sod 500 3i7 800 of four per cent
bonds, thus completing the work of refund
ing, as far as the law allowed II to be done, by
the redemption Of all the bonds bearing Ave or
six per cent. interest that were then redeem
able. The result of this Republican policy was
. saving to the people of the United States of
SlA20O, 1880 interest per year.
But this was not the only benefit derived by
our people FROM refund ng operations. The
rate of interest became permanently reduced
on all Investments throughout the country.
Low interest is the chief factor I'm our pros
perlty 1t became possible for manufactures
and trades-people to borrow money 80 as 10
conduct their business probably. This low
rate Of interest produced Il demand for new
Investments, and new enterprises were start
ed into life. Thus, by the policy of the Re
sumption and the Refunding acts, the way was
paved for the present era of prosperity. And
the whole Of this was the work of the Repub-
hcan party,
Again, the policy of the Republican party
has always been the honest and faithful OBJ
Beryance Of public obligations. From the time
the public debt was created as the result Of the
war, until this hour, they have sought 10
adopt policy which would secure its slow,
but sure and steady payment accordngtO the
letter and spirit of the public obligations. No
thought Of reputation, wholly or in part, has
ever entered into the Republican policy. The
principal of the debt had attained its maxi
mum August 81, 1865, when II reached s2,158,-
3l,5Il43. IL has been gradually paid of with
the surplus revenue so that, on the lat dav of