The Wellington enterprise. [volume] (Wellington, Ohio) 1867-188?, 1880-09-09
John Sherman's Speech at Cincinnati.

Hon. John Sherman, Secretary of the
Treasury, addressed an immense audi
ence at Pixies Opera House, in Cincin-
matt on the night of August 80, on the
issues of the pending campaign. Mr..
sherman spoke substantially as follows:
FfLLow CrrIzENs: The Democratic party
Desires to make a change in the Executive
States, and appeals to the American people to
bring about such q change this fall The Re-
the . fne Et sf ss
and kindly all II has TO say.
branch Of the General Soyenmeut @ eSa.rsd oee"rrsd
President Of the United States. At that time ne
made safely to life or limb in thirteen States
OF the Union, where the strength of the Demo-
PIE the stasss my 1ne pssa
with the necessity for the change, made 1t !;
feel that i was happy changer And yet the
Ds%SSTatic ns nT party 81 that a time I resisted it It
against it BY force Of arms, rs and and undertooR e TO
aisrupt the Government and to destroy tho
The Democratic party desired q change in
1854, when, in the midst of war, the magnitude
Of which even now in the distance staggers us
with amusement, 1t met in National Conven-
ton and resolved that the war was q failure,
and demanded peace ON any. terms. Il its
boast Of, no land to love. The American peo-
feeiins SesvIy the burdens Of war. ' said % there ere
enooid bo no change, and there was none;
e pslsy sIeSIsd Sesred change
AndrsM Johnson and by many divisions in the
stored to their lost citizenship, and had already
Organized Q system of terror In several of the
CIV In New York with his gigantic frauds; he
plundered the city, filled the cravings Of the
rso1 oonerscss. o. @ iasaed tens OF sho%sands Of
freudulent naturalization papers, stuffed the
snS YET ssr s the 81
nat the RepI5licsn party, which saved The @
ministration; and Grant. the great soldier Of
tho war. vas made President.
charge in is7s. 1t had previously Organized
the solid South. according 10 the Mississippi
plan. with terror and violence; II fondly
Electors from states lately in rebellion, and
had carefully laid plans to secure enough moro
nsted for President. He had barrel full Of
money, which was spent without stint, and
poiisics s the most shameiess nan 9 ooTr"ption in
Presidential election. Bat. more tnan all, the
country was suffering under great financial
distress. II was natural, but not Just, that
pathy with the principles Of the Democratic
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
When F. esident HAYES was inauRurated, the
Resumption act of 1873 was an unexecuted
been voted for only by Republicans, and had
from its Introduction been assailed, resisted
BY Of
i6ae for years to come. Gold WAS at a premium
s,fr ma lv nj "a, frno
nues had been greatly impaired as the result
Of the panic. so that there was. in fact, no
ton. Tne only means left was TO increase the
volume Of coin before the day of resumption
strengthen the public credit, and to produce
confidence in the ability to resume. This was
done IN the eighteen months that followed the
end OF that period the credit OF the country
had been greatly advanced; surplus coin bad
900, and the mind. relieved from imaginary
terrors, bad become not only rsconciled 70
r%si9ip@ the event % purina Al 1hi. time the
Democratic party excelled itself in active re-
distance to the successful execution of this
BY investigations through committees OF Com
gress to discredit all tho proceedings had
under it; and II was boastfuliy said that thou
the right of the line at the public Treasury on
the day OF resumption Your cars rang with
sumption act: but still. thanks 70 the RepubIi-
can party, resumption came, and came so
Gle paymenss are more complete, in the true
sense OF the term. than ever before in this
country, and q complete as In any country In
The Democratic party, convicted Of false
prophecy. could only shout out that IT was
Providence that did it; that the good crops,
had the sndacity to say that the way to re-
the House Of
atfves-- One thing Is certain. that II its desire
for 2 change had been gIatitied four years
tion, then, with all the gooi that has accom-
the wisdom of your choice in the election of .
Republican President four years ago.
there WAS I upon the % ssssSseSo boo the Tefand-
Ing act Of 1870. It was PLACED there there By the the
Se Sn ss 81 e
sale Of i've per cent. bonds; and when Prcst
four and a-haif per cent. bonds at par, slowly
and with difhculty. determined to withdraw
from the % market @ the the , four ,, and a,hsif if
af par. This was believed at the time TO be a
doubtful experiment. A sale Of every such
on that portion OF the debt; for every dollar
realized was applied to tho payment of an
SanSers S sn1anS from saiiPs s .sen
bond % but On an appeal to the AmefS.n Peo-
9'S osss asp% mus
Of these bonds were taken and were alb
sorbed, mostly In small sums, all over the
United states. Thus, the success OF the loan
me credit OF the Government advanced
precisely e resumption approached success;
ton there sold tjl0 37 ,sO of four per cent.
bonds. thus completing the work of refund
the redemption OF all the bonds bearing nve OF
six per cont interest, that were then redeem
. saving 70 the people Of the Unitel States Of
eN.$o0, ,453.50 interest per year.
our people from refund nz operations. The
rate Of interest became permanently reduced
ON a!l investments Throughout the country
perity. It became possible for manufacturers
and trades-people TO borrow money, % IS to
rate OF interest produced a demand for new
Investments, and new enterprises were start
fs and sss sas ass
q se 81
ASain, the policy of the Republican party
has always been the honest and faithful OBJ
the public debt Was % created a the result Of the
war. until this hour, they have sought to
sdopt policy which " ,uld secure its slox.
letter and spirit Of the public oblisaiions. No
thought Of repudis stion, Wholly or In part has
principal Of the debt had attained its maxi
mum August 81, 1855, when 1t reached S2756,-
lal,571.l3. It has been gradually paid on with
the surplus revenue, 80 that. on the LIST day of
July of this year It was S1,919, ,a2d, ,74775. Tho
principal Of the debt has been reduced $751;
O4,sza6s, but the interest has been reduced
I'm far greater proportion In 1885 the inter.
the rate Of interest on part Of It was as high a.
$40 per cent. Per annum. and the interest
charge was SIS, ,06.s7. The interest charge
had been reduced to STs,6S3, ssl, on the LIST of
July, 1850; and We only await the maturity of
0TSl ca, 400 the balance of the s. and per cent
bonds, to reduce the interest-charge to not ex-
ceoding e7o.000,0O0 A ARePublican Admtnistra-
tion u now paying the public debt at the rate
OF ten millions Q month, or two and . half
millions . week. In all human probability,
before this Administration closes It's term, the
debt will be further reduced seventy millions,
making . saving in annual interest OF four
millions of dollars.
me Democratic party pursued an exactly
opposite policy. From 1851 TO 1850, when Mr.:
Buchanan was President, 1t steadily tncreaSed
the public debt from 90 gee, ,oel.76 to e59964 :
l0sy0l. At the close Of that period Il paid as
high as Il per cent on one-year Treasury
rrfoaa md n cent fKeUtV-v0aY honda