Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1880-10-14


izing the issue OF any such obligations had ex-
ptessly provided that the same NAV be paid in
laWloi money, or Other currency than gold and
| SILVER. And the United States
also solemnly Pledges its faith to make provis
Ion at the earliest practicable period for the
redemption Of the United States notes in
coin
THE DEMOCRATIC ATTEMPT TO RUIN THE NATIONS
CREDIT.
This bin was rests ed by the solid Democracy
III both Houses. They voted sg inst it, they
voted against considering ii, tney voted for
amendments TO peryert and reverse its mean
ing. Senator Thurman, of 10. moved to
add to 1t: provided that nothing herein con-
tanned shall Apply to obligations called 500
bonds" Every Democratic Senator present
voted for this, every Republican voted against
1t. The 5-2) bonds then con- tituted the great
bulk Of the public debt, and this proviso would
have frustrated ana vitated the whole act
Senator Davis, of Kentucky, moved to amend
so as 10 scale down the bonds to the coin value
at the time Of the currency received for them.
This was supported by the Democrats Sens-
tor Bayard, OF Delaware, among Others speak
ing in its favor. Senator Vlckers of Mary
land, moved to amend SO IS to prevent coin
ever being purchased to be used to pay bonds
Senator Bayard denounced the bill as wrong.
unwiae, and as a tock-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, 1S70--the act authorizing the
redemption OF ttse 5-2) or per cent. bonds by
negotiating bonds bearing lower interest Al
the Democrats SISTED this bill also. and voted
against it. Exempting the new bonds from
taxation was opposed. In the Senate. Mr..
Bayard moved to strike 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
iv,rr md nav, til H.
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 a vote not Democratic alone, an
imitation bill 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 1873, 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 rldi-
culed his venturing to set up his opinion
against maj rity in such crisis. He vetoed
4
it unsigned, he referred to the declaration of
the Republican party, to his inaugural, to the
/ act of 1869 already cited, and be said TIE pre-
! posed act would violate faith, and be was
against it. This happened ON the 22d Of
! April, 1874
! About a month later con versaton occurred
one evening between tbs President and his
chief adviser, Secretary Fish, and others, about
! the wise course out Of the increased difficult
ties which had come from the disasters OF the
yesr before. One of these present at this con-
velsation was Senator Jones, of Nevada SO
| struck WAS he with the views expressed by
President Grant, that the next day (June 4,
| 1874, he, by letter, requested that the SUBJ
stance of them should be put in writing and q
/ copy sent him. This was done, and the 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 foreshadow 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 a specie basis at the earliest practical
day, not only in compliance with legislative
and party pledges, but as step Indispensable
to lasting national prosperity. l believe,
further, that the time has come when this can
b3 done. or at least begun with less embarrass-
ment to every branch Of industrs than at any
future time, after resort has been had to I'M
stable ard temporary expedents to stimulate
!
other than coin the recognized medium of ex
change throughout the commercial world.
The particular mode selected to bring about 81
restoration Of the specie standard is not Of so
much consequence rs that some plan be de-
vised, the time fixed when currency shall be
exchangeable for coin at par. and the plan
adopted rigid,y adhered to. would
like to see provision that at q fixed day say
July l, 1876, the currency issued by the United
States should be redeemed IN coin on presenta-
the currency SO redeemed should be cancelled
and never reissued. To effect this it would
be necessary TO authorize the issue Of bonds
payable in gold bearing sucn interest as would
command par in gold, to be pat out by the
treasury only in such 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. y committee composed wholly of
Republican Senators, OF whom | was myself one
prepared the bill now known the resumption
act 1t was not the work of any one Senator
nor did it express literally and in full perhaps !
the views of any single member of the commit |
tee. 1t was compromise OF somewhat con- |
hictng opinions. 1t was submitted to every !
Republican member of the Senate and every /
one after consideration, determined 20 vote for |
it. 1t was brought forward in the Senate, and |
every Republican Senator did vote for it. Long |
continued applause.l Every Democratic SEN /
ator present voted against it. 1t went to the |
House, and there encount red solid Demo-
cratic opposition, but 1t was carried by Repub
lean votes. President Grant promptly signed !
it. 1t fixed the LIST of January, 1879, for the re-
sumption of specie payments. And when the
day came, as noselessly and naturally as night
meits into day, specie payments were resumed.
[Applause.l
the adoption of this bill for resumption Is
easier told than it WAS done. The Democracy
rose as one man in both houses against it, 1t
was denounced as an absurdltv and sham, and
was called many wild and uncleanly names.
Senator Thurman, Senator Btyard and other
Democratic Senator's vehemenuy opposed it.
This was in January, 1875.
Immediately Democrats OF all shades, inciud-
ing the Grecnbacker thescountry 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 hindrance5 to return to specie pay
ments. The climax of the resolution was In
these words: ''As such hindrance we denounce
the resumption act of 1875. and we here demand /
its repeal. Mr. Tiiden, nominee of the con-
vention in his letter OF acceptance, stood up
to the platform, and also rallied against the act,
and throughout the canvass reasons were given
which man could number, why resumption
never would, never coula, take place under such /
a law Laughter At the next session repeal |