The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1880-08-27
OPPOSED 10 HONEST MONEY.
Awful Record of the Democratic Par.
~ ON the Question OF Finance.

Awful Record Of the Democratic Par
~ ON the Question OF Finance.
In these days Of sunshine, peace and
prosperity, few persons fully appreciate
the fearful trial through which the coun
try had to pass before the credit of the
nation became 30 high that it can borrow
hundreds OF millions on its four per
cent. bonds; and also the difficulties and
quicksands which beset the path of re-
sumption, in consequence Of the direful
and unrelenting opposition of the Demo-
cratic party of the United States.
This achievement has conferred as
enduring glory upon our country as the
memorable victories Of Gettysburg and
Appomatox.
The Democratic party not only swung
this great nation into the dreadful war
Of the rebellion, but, after that war was
terminated, it did all that bad men could
do to cloud the country with the disgrace
of swindling and reputation, and stood
NJ resolute and bold against the deter
mination Of the Republican party-that
coin payments should be resumed on all
hecurrency in the United Stat,s--as did
Lees army in the battlefield against the
hosts Of the defenders of freedom.
Senator Blaine, in his first speech in
the Maine campaign, depicts in letters
OF living light, the enormousness of these
Offenses against the good name of the
nation, and against the Republican effort
to restore specie resumption. His cita-
tons Of the votes of distinguished Demo-
cratic leaders are 30 opposite and so per-
tinent, and so undeniable, that he liter
oil 40 Il g
Democratic party of the United States
Oh the question of paying the national
debt, and redeemable currency, that it
would seem impossible that any man
with patriotic instincts could sustain the
men and the party that voted for and
advocated these atrocious measures.
Az bad as the record Of the Democratic
party was on the question of the war, it
has been even worse on the question of
finance, because its leaders have acted
in opposition to the teachings of Jeffer-
son, the founder Of their party.
Senator Blame thus pants the black
ness of the Democratic record:
The three great enactmcnts that brought q
sound currency to the people were,-frst, the
act to strengthen the public credit in
1869; second, the act to provide for the refund
ing Of the public debt in 1870; and third, the
act for tho resumption Of specie payment,
passed IN 1875. Against every one OF these
measures the Democratic party offered stern
resistance. believe am entirely accurate In
saying that In neither branch Of congress did
any one OF these great and essential measures
receive the support of single Democratic vote.
Messrs. Thurman and Bayard. the leaders of
the Democratic party In congress. united in q
vigorous opposition 10 these measures. When
the act Of 1863, declaring that the United States
would pay Its Obligations IN the money OF the
world, was pending, Mr.. Thurman and Mr..
Bayard both voted for proposition to pay
of the public debt ut the rate represented by
It's coin value ut the ume the loans were negoti-
ated, declaring in the amendment they sup
ported that this was the just measure of the
obligation of the United States; and when this
amendment was rejected, MIR. Thurman offered
and Mr.. Bayard voted for an amendment OK
cepting the 5-20 bonds, then more than half tho
public debt, from any obligation OF coin pay
nlent. Had the policy advocated by Mr.. Thur
man and Mr.. Bayard and the whole Democratic
party been sustained, the public debt would
have been paid off at from Ss to G5 cents on
the dollar, the Nation would have been dishOn-
ored, and its public credit forever blasted. The
proposition maintained by the Democratic
party ut that time was more sweeping in its
terms, and more disastrous in its certain conse-
quences, than any OF tho modern Greenback
heresies.
The second great measure to which have
referred was the funding act Of July ii, 1870.
That statute under whose beneficent operation
such relief has come to tho Taxpayers Of the
United States was opposed at every step by the
entire Democratic party i'll congross-Mr. Thur
man and Mr. Bayard, IN usual, in the lead.
The provision exempting bonds from taxation
was absolutely essential to funding the debt at
low rate Of interest. Yet Mr.. Bayard offered
and advocated IN amendment striking out this
provision from the law, and all the Democrats
in congress voted with him. Mr.. Bayard further
advocated the substitution Of the old state bank
system for the national bank sys tem-a meas
ure Taught with merclless disaster to the whole
financial and commercial community. Happily,
the Republican party was able to def ut this
| destructive proposition, and the funding act of
| July IA, 1870 was placed on the statute-book.
| At tho time of its passage seyen-eighths
of the public debt was bearing @ per cent. inter-
est, to-day scarcely one-eighth Of the debt bears
that rate, and next year, il the Republican poll:
cy is preserved, oil the remainder OF the 6s will
| be funded at per cent. When the war closed
the annual interest Of the public debt exceeded
$3.50, 000, 900; to-day, under the financial policy
of the Republican party, the annual interest il
less than $50, 900, 900 and the principal Of the
debt has been reduced more than $500, oOO, 900.
The third and browning measure Of tho Repub-
lican financial policy was the act Of 1875 for the
| resumption of specie payments, passed by the
Republican party over the united opposition of
the Democrats, not single Democratic senator
or representative voting for II, and year and a
| half after lts passage tho Democratic party in
| national convention, by unanimous vote, de-
Manded the repeal Of the resumption act, and
II there he one prominent Democrat in the
United States who separated himself from his
party on that question his name has escaped my
observation.
have not singled out Mr.. Thurman and
Mr.. Bayard in any offensive sense, but simply az
the leaders of the Democratic party, and the
record shows that every step taken FOR the res
toration OF specie payment and the better ad-
justment of the national debt has been opposed,
hindered, and INSTRUCTED by both these eminent
senators and by all their followers; nor Ii It in
the light of to-day any exaggeration to say that
II the policy advocated by them had been
adopted, the finances Of the country would still
be in confusion, the national credit would have
received u fatal blow. and an effort ut steady
progress and orderly development Of the great
business and commercial interests OF tho
country would have been vain and
fruitless. II the measures have
quoted and the records I have referred to cor
rectly depict the course Of the Democratic party
in the past, what might you expect from 1t in
the future? And IN the light of this expert
encc and in full view Of these facts, ask all the
voters Of Maine and of the whole Union, 80 far
az my voice can reach them, whether they think
the financial policy that has proved 30 brilliant
ly successful should now DO placed under the
control OF the men who were its bitter Oppo-
nents, or whether it had better BIO kept in the
bends of its friendsp Among these friends
none stronger, ADLER, more Jealous or more
consistent can be found than James A. Gar
field. Never by word or deed no far ~ know,
has Gen. Hancock ever made any expression on
the subject. His letter Of acceptance IL dis
creetly, or, a. should say, indiscreetly, silent
in regard to this great subject, rs, indeed. 1t Is
In reference to all matters Of administration
that may come up for Judgment before presi-