Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1880-09-30

0 more. The suffering produced by the panic drove
many repubieans into the support of this measure
as an experiment and expedient for relief. The
| pressure upon President Grant to induce him Ia
) sign it exceeded anything of the kind I have
ever witnessed. Men who should have upheld
their hands, not only threw their weight upon him
2 but mduStriouSly criticised. and even riCiculed
his venturing to get up his opinion against a
majority in such crisis. He vetoed the bill how
ever. In his message. returning it unsigned he
referred to the declaration of the republican
party, to his inaugural to the act of 1869 already
cted, and he said theprOpoSed act would violate it.
This happened on the 22d of April 1874. About
; month later convention occurred in the even
J ing, between the president and his chief adviser
Secretary Fish and others about the wise course
out of the increased difficulties which had come
from the disasters of the year before One of those
present al this convention was Senator Jones of
. Nevada. So struck was he with the views en-
pressed by President Grant that the next day
June /, 1874, he, by letter, requested that the
substance of them should be put in writing ana n
copy sent to him. This was done and a mem
orandInl made by the president was handed
about among the members of the two houses
and attcrward found its way into print Here it
Is. 1t is the foreshadow Of the resumption act to
which they paved the way. l read two passages:
Il believe it high and plain duty To return to a
specie basis at the earliest practical day only
IN compliance with legislative and party lJledres
but as a step indispensable to lasting national
property. | believe further that the time has
with less embarrassment to every branch of in
dustry than at any future time after resort has
been had to unstable and temporary eXpedients to
stimulate unreal prosperity and speculation, on a
basis other than coin, the recognized medium of
exchange throughout the commercial world The
particular mode selected to bring about restora-
tion of the specie standard isnot of so much con
sequence that some plan be devised the time
fixed when currency shall be exchangable for
com at par, and the plan adopted rigidly adhered
to. would like to provision that at fixed
date say July l 1876, the currency issued by the
United States should be redeemedin coin, on
presentation to any assistant treasurer, and all
| the currency redeemed should be cancelled and
never be reissued. To effect this it would be
necessary to authorize the issue of bonds PAYABLE
in gold, bearing such interest as wonld command
par IN gold, to be put out by The treasury only
in such sums should from time to time be need
| ed for the purpose of redemption"
| 1t was not long before this advice found the
| form OF law. a committee, composed wholly of
republican senators, of whom L myself was one
| prepared the bill now known as the resumption
| act. 1t was not the work of any one senator nor
did 1t express literally and in full perhaps the
views of any single member of the committee. 1t
was a compromise OF somewhat conflicting opin-
ions. 1t was submitted to every republican MEM
ber OF the senate and every one after considera-
ton, determined to vote for it. 1t was brought
| forward III the senate, and every republican sena-
| tor did vote for it. and every democratic senator
present voted against it. 1t went to the house and
| there encountered
SOLID DEMOCRATIC OPPOSITION,
| but it was carried by republican votes. President
Grant promptly signed it. 1t fixed the Ist of
January, 1879, for the resumption of specie pay
mentS, and when the day came as noiseessy and
naturally night melts into day specie payments
were resumed. The adoption of this bill for re-
sumption is easier told than it was done. The
democracy rose as one man in both houses against
| it. 1t was denounced as an ahsurdity and a
rs han 11lNV lnI Il,
| names. Senator Thurman. Senator Bayard and
other democratic senators vehementy opposed it.
This was IN January, 1873. Immediately the
| democrats Of all shades, including the greenback-
| err, the country over, opened fire upon the net.
] Next year the democratic party met in national
| convention at st. Louis. There the republican
party was denounced for enacting hndrances to Il
return to specie payments. The climax of the res
| olutlOn was in these words, AS such hmdrdnces
we denounce the resumption act of 1875 and we
| here demand its repeal" Mr.. Tden. the nOmi-
nee OF the convention, in his letter Of acceptance
| stood up to the platform and also rallied against
| the act, and throughout the canvass reasons were
given which no man could number why resump-
| tlOn never would, never could take place under
such a law. At the next session repeal bills were
| brought forward, and the democrats voted for
| them separately and riders to appro-
priation bills. Meanwhile the world seeing
| that meant to be honest after all not
withstanding repudiatiOn at the south
and threats i'll the North and vicious declarations
in the national conventions. it became easy to ne
| gotlate ~ and per cent, bonds at par and
| above par. This done. and the debt has
melted at the rate of S20O000O month. The
| interest charge has been reduced One-half, and
when the bonds of high interet rate still Out-stahd
ing fall Cue 1881, and afterward they also will be
| replaced by or 1863 per cent, bonds, and then
! the interest charge viii fall much lower STILL q.
This all looks pretty well, very well by the side
of the exploits of the late democratic administra-
| tlOn, Mr.. Buchanans which increased the debt
tentold IN time OF peace paid II per cent interest
| on treasury notes, and sold per cent twenty
year bonds for SO cents the dollar 1t is well
to add that during the last five years of their
gressIonal control, the republicans dismissed
Sl20 100000 of the annual taxes, S3l 900 900 Of
tariff duties, and $50 900 600 Of internal
| | hold up the record since 1861, when the bloody
drama Of the rebellion opened and | say that the
| democrat party has been wrong and beaten on
| all the great issues of the country. a triumph
! ant nationality, regenerated constitution free
| republic, and unbrOken country. untanished
credit solvent finances, unparalleled prosperity
all these despite the policy and the efforts
| of the democratic party. Along with the amaz-
| ing improvement in national finances have
amazing individual thrift every side In
every walk of life new activity is felt. Labor
agriculture, manufacturers, commerce, enterprises
| and investments, all are fourishing, content and
| hopeful. But in the midst Of harmony and Ell
| couragement comes harsh discord. crying
| Give change-anything for a change!" This
| is not bearing year for a change. Every other
crop is good, but not the crop Of change; that
crop is good only when the rest are bad. The
country does not need or wish the change pro
posed and the pressing invitation Of the demo-
cratic friends is much like !" VIII you walk into
my parlorP" said the spider to the fly. A good
natured but firm ''No, 1 thank - will be the re
sponse at the polls. ~
THE CANDIDATES WE SUPPORT,
besides being republicans, are largely fitted for
the stations which await them Som, service
with him in congress has made me well acquaint-
ed with General Garfield. That he has the intel
ligence experience. and habits Of mind which fit
a man for the presidential Office, think know
Without early advantage, he years ago achieved
| prominence among the leading men in public life,
and that prominence he has maintained ever since
| in all the collisions between individuals and
| parties. That he is competent to the duties be-
| fore him there seems to me no reason to doubt.
OF General Arthur it seems needless here to speak
Most of YOU know him. and all who know him
! know a high-souled, honorable man, honorable IN
| every position in which he ever stood; a man to
be trusted in every relation Of life. If the char
acter, the popularity, and personality Of eandI-
| date can add strength to the republican cause:
| General Arthur viii add that strength wherever
| he is best known. Upon its records and its cand-
dates the republican party asks the countrys ap-
proval and stands ready to avOw its purposes for
the future. 1t proposes to rebuild our commercial
marine driven from the by confederate cruisers
| aided and abetted by foreign hostility. 1t pro-
poses to stand for educational, humanity, and
| progress. 1t proposes to administer the govern
ment honestly to preserve amity with all the
| world, observing obligations with Others.
and seeing that others observe theirs with US; to
protect every citizen Of whatever birth color
in his rights to vote and TO be counted; 70 uphold
the public credit and the sanctity of engagements,
and bv dOinp these things the republican party