Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1880-09-29
HEREFORD AT PARKERsBURG.

COIlNob'
HEREFORD AT PARKERSBURG.
His Discussion of the Financial Policies
of the Two Parties-How Silver Was
Demonetlsed and Restored to Circula-
tion-Gen Weavers Position on the
Question to Pay Bonds in Gold-The
Psnic-The Crenit of the Country-Have
we Money Enough-Sectional STRIFE.
On the financial question, Mr.. Here
ford spoke as follows:
propose to show, first, that the cause
OF the financial paralysis that prevailed
all over the country in 1879 was the nee
essary and logical result OF the legislation
OF the Republican majority in Congress
against the earnest protest OF the Demo
cratic members; second, that the COM
paratively good times We now have is
owing, first, to kind Providence
who has blessed us with most
abundant crops oil every kind,
and, after that, by the legislation oil the
Democratic members in Congress, and
to that party alone.
The Bill to Strengthen the Public Credit.
lUt LlSl DIil tNNl pdSoVb dlNCl N'Si'
Grant became President the first time,
the first bill he ever signed, was the
one known as the one to strengthen the
credit OF the general Government. 1t
was cheat on its face. The war was
over and there was no necessity to
strengthen our credit. We had
borrowed all the money We
wanted TO carry on the
war to successful termination.
We needed no further credit. The war
was over. The bill was passed
In the Interests of the Bondholders.
and against the interests OF the people.
A similar bill had been passed during
Johnson's administration, and he, true
to his instincts, kept it and prevented
its becoming a law. The Republicans
voted for it and the Democrats against
it.
Prior to its passage the people had
the right to pay the principle OF our
enormous national debt in greenbacks.
Bv the terms OF that law we were
Compelled to Pay the Debt in Coin
At that time General Weaver was Re-
publican as he is now. He was elected
District Attorney in Iowa as a
Republican, and in 1867 as he says in
his sketch given in the Congressional
Directory, he was appointed L. ,. Asses.
sor OF Internal Revenue, and held
that office until 1873, when the office
was abolished. Who ever heard OF
Democrat being appointed United States
Assessor of Internal Revenue? lie was
appointed to office by Grant in 1871.
OF course he voted for Grant in 1868, or
he would not have appointed him. 80
he Weaver was Republican
When that Law Was Passed
and helped to bring it about. He voted
for Grant in 1872, after he had signed
the bill, thereby endorsing it. How,
then, can any man who was
Democrat vote for Jim?
Bv that law the Republicans made the
debt payable in coin; afterwards they
passed the bill to demOnetize silver,
thereby compelling the people TO pay the
debt in gold coin. The Republicans
had control of both branches OF Con-
yress. Tie Democrats voted against it,
but it passed, and Grant signed 1t.
Cause OF the Panic.
Again in 1875 the Republican Con
gress passed the resumption act, which
brought on the panic OF that
year by contracting the cur
rency-the Democrats also voted
against it, but it passed and Grant
signed it, and contraction commenced.
The act directed the Secretary OF the
Treasury to issue interest paying bonds,
and receive for them greenbacks, and
they were not to be reissued. Two
Secretaries of the Treasury, MOrrell and
Brstow, sent in reports that they were
Obeving the law-issuing the bonds Tor
the greenbaCks.
1t was a necessary, logical and legal
result Of that act that all the grecnback5
should be called in, and the currency
thereby contracted to the extent OF
$500, 0,000,0 900.
RECOMMENDATION of Silver.
When the Democratic party got con-
troll Of the House OF Representatives,
they introduced and passed a bill to re-
monetize silver. 1t was a Democratic
measure, AMI was passed by Democrats,
but HAYES vetoed il, and 1t was passed
over his heal, and is a law to-day with
ont the signature Of the President. by
it's operation about 500 OOO,O0O have been
Added. TO Our Circulation.
Then times commended TO improve.
Again by Democratic votes and as
Democratic measurtswe passed an act to
modify the resumption act, by which We
Forbade the Further Contraction ofthe
Currency,
and from that moment there was a per-
ceptibe change for the better--the cOun.
try took bound forward. 1t was like
iniusing new, warm, healthy blood into
the system of diving man.
Democracy, and the Count-y's Credit.
II is sometimes said ii the Democratic
party gets into absolute power they will
ruin the credit OF the country. 1t us
see. Test il bv the value oi GreenOacks
at different dates. In 1874 greenbacks
were worth only ninety cents on the dol
lar. In 1873, the year the resumption
act passed, they fell 10 - 40. In 1876,
AT which time there was a Democratic
House, they went up to S9l. In 1871
they increased 9iS 10. In lS7S. when the
Democratic party had control OF the
House and the Senate they went up 10
79!, and in 1850
They Went Up 10 Par.
Does this look much like the Demo-
cratic party was imparilg the credit Of
the country? That the people were
afraid OF US? Oh, no. The people have
an abiding cor Etidence in our party and
had so expressed themselves time and
asain. and most sigpallY when W. elect.