New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-09-18

,r,sn.n VIA the Legisl iture The party of Scion
Chase II victorious over the hard money Repubi
and the Bourbon Democrats" Passing on Ittl"
he saws of he Hancock men, heir own party
having fallen To pieces, they lent our tcset their
support IN hopes To usurp he credit or our
| victory. Maine has demonstrated the strength OF
our cause the popularity OF our standIr'-bearer,
| the coming dlsIntegrati0n of Bourbon Democracy
and their final surrender to tue despi,ed rd0-baDy
| r. order of the National Executive Committee, Lee
Icommend to all Democrats the question. was
| General Hancock, the exponent of the Democratic
party Speaking not in jest hut in seriousness when
! he supposed General Plaisted-a man once q
Republican and now snake-bltten vim yin
| the ldea of fiat money and intatIOn-that
| such n man had been elected in Name Way, last
| wear the Democrats poled 2200J votes, and the
| Greenback party $4,000. Yet be sat down ana
| W tn lightning or his messenger said " Accept my
| COMMUNICATIONS on the glorious result OF your
campaign" lLaughte9;l
| Mr. President, when took around me wonder
| for what it was thar in The gray twilight Ut the
| morntng but with the beams OF enlightened cen
turies pouring upon them, the picked men OF
all nationalires met on these shores 20 70
the people by the people. Her, is party. processing
TO be the p.rtv whose Lame goes back 70 grahd
epchs I'm he sIory OF thn Nation, party WI en- pre-
serves morning. Duf lis name. and which has turned
II back on J .ffirson's Jac sn who made the name
beloved What can We say when the exponent tho
ncarna ion of that party in the last quarter OF the
nineteenth century. On llicly cOngratulat-s u can
dllate the fact that one oil the nta~ or We
country mas as he supDOses, recorded Verdlct III
b.
of National decay. lAppause.l
THE GREAT WORK OF RESUMPTION.
In the face of the facts. bald and arant as the
cla m is the country is gravcly told OF Wondrols
Ie uocrafic economies and it now begins to be
stated that the resumption Of spe lie payments was
really brought about by the frugality OF Demo
cratic Congress. If . race was TO be sailed on
the sen Of fiction. the inventor oil TINS StatehthV
would surely take the cup. -
The resumption of specie payments Wasa utn-
scendaut achievement. The credit OF 10 belongs 20
some party. and 70 thlt party futurr geurfd'iph7
viii look back with grateful aanlrdtlol. whoever
would know tie truth about It can easily do 80.
After the war we had alolt well toward y
thousand millions of paper currency. II tiuctu9ted
I'm value from - t. 20 cents IN the dollar. Inc
| puLlir debt was more than twenty -eighi hundred
millions aGd more than tWeuty-thrre hundred
| miivls OF il hoge interest me ahhual lhttfrSI
| charge WIS n hundred and fifty millions. The hrst
| Presidential election afterward was III i7oS. Inc
two pariies. OF course, arrayed themselves on the
/ greatest financial issue which has ever arisen IN
tai, country. or perhaps IN any com ~. Inc ones,
/ tinu was what should Ice done with the colossal
dent inflicted hy the rebellion. and win On" sea OF
! raper promises we had been compelled to put out.
/ The Democratic party pronounced Tor rcpudia-
tion. The declaration Wa covert ana ,h'Arr,Gt; Pu
IL meant reputation. They resolved that all dehts
should he paid i'm paper promises unless thr OIL "a
ton expressly its face said Otherwise or mn, IS
! the law mentioned tuai cClu should he paid IhrY
! resolved that "Govcrnment bonds and all other
! securities" should all be taxed Ihey resolved
that every species of properly shohld ne TAXI,
7 a
| there should be but ole currency LOT me Govern
mrnt ani the hondholder" Taken together, these
| declarations We're plain reputation:
| Nobody pretended that the obligations or me
! Government were PAYABLE in honest money Tor tho
reasons winch alone could allow them 70 be SO pald
! nuder the Democratic resolution. Had their pay
"'ent in honest money been specified literally and
| technically in the way required ny the RESOLUTION
! there would have been no efficacy OF meaning IN
| such a resolve: ana declaring that the bondhodeI
should have only the same currency tnat tne GOV
eminent received, clearly and concluslNelY meant
that payment OF bonds was to be made IN legal ten
der notes.
| The bonds hal been sold on IN express agreement
that they should never be taxed. and exemption
from taxation had entered into the transaction and
been discounted an element OF value. ana pare
! for in the price given for the bonds. 10 TAX not
only the bonds. but "eveTv species of property NJ
! its real value" would have taxed barrel OF noul
"a well as a barrel of whisky, would nave taxed
land and all else. Snch a scheme would not Only
have worn frontet Of rrpudiation but wouiG
| have thrown into chaos the whole revenue and
| business of the country. This was the Democratic
position.
THE REPUBLICANS TAKE THEIR STAND.
ThelRepublicans in their National Convention de
clared two things: First, that reputation is &
national crime and that every debt must be paic
to the uttermost not according to the letter, bu
the spirit of the law. Second. that the wise
| course was to improve credit so as 10 refund
| our bonded debt at lower interest, and that thI'
! could not he done if reputation, open or covert
| partial or total, Threatened or suspected or
!
Presidential syllable was spoken on the poruco o.
| the Capitol to assembled thOusands. and Spoken
with lips which only an instant before had touched
the bible 10 sOlemnze an Oath Oh iaIthiuness II
| office. In his Inaugural Address then delivered
| stand these words;
great debt has been contracted In securing to us ant
our plserty the Union the payment OF thls debt prli
cipa aud Interest. we'll The return toa specie has
"a soon as 1t accomplished without materla Diet
tment the debtor class or 10 the country at large
musf be- provided fOr To protect the national honor
NJ dpiisr of government indebtedness should be
rid npr
the contract Les it be understood n no reputation .
one facthing public debt VIII 0e trusted III puDl'
| place ana il Will far toward strengthening credit
which ought TO he the best IN tne wori ana VIII r,
less interest tlan We now pay.
This significant declaration produced deep sen
satiOn. Both houses OF Congress, were Repubil
can Immediately II bill Was introduced in eacl
House 10 strengthen the public credit" In les
than a fortnight 10 had passed both Houses an,
was approved by President Grant March II. 1863
1t was the first act he ever signed. lt declared
that "thr faith of the Jnued States is s0lemnlN
pledged 20 the payment IN com or IT'S equivalent
ali the affiliations of the United States not bearin;
interest, known rs United States notes and OF al
the interest bearing obligations of the Unitet
States. except in cases where the law authorizing
the issue of any such obligations had expressly
provided that the same may he PAID IN laWIu
money OF other currency than gold and silver.
And the United States also sOemnly pledges IT
faith To make provision at the earle II practcabh
period for the redemption OF the United state
notes In com"
HE DEuDC iAIIC ATTEMPTS TO RUIN THE NATION:
CREDIT
This bill was resisted ly the solid Democracy il
both houses They voted against it, they vote
against considering IT, they voted for amendment
to pervert and reverse its meaning. Senator Thur
man of Ohio moved to add TO it: " Provided tina
nothing herein contained shall apply 10 obligation
called 80 bonds Every Democratic senator pres
en voted for this.eytry Republican voted against II
The 30 bonds then constituted the great Dulk o
the public debt and this provIs0 would have frus
trated and vitatcd the whole act. Senator DAVIS
of Ker lucky moved TO amend SO rs TO scale DOW
tbe bonds 10 the coin value nj the time OF the cui
rcncy received for them. This was supported b.
| the Democrats, Senator Bayard. of Delaware
| among Others speaking In It's favor Senate
! Vickers of Maryland moved To amend 80 ms TO pre-
vent coin ever being purchased to be used TO pa
bonds. Senator Bayard denounced the bill a
| wrong unwisc aud rs a stock -l0bblng operation.