Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1880-10-14

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 RuIS THE NATIONS
CREDIT.
This bill was resisted by the solid Democracy
IN both Houses. They voted against it, they
voted against considering it, they voted for
amendments to pervert and reverse its mean
ing. Senator Thurman, OF o 10. moved to
add to Y: Provided that nothing herein con-
tanned shall Apply TO obligations called $40
bonds. Every Democratic Senator present
voted for this, every Republican voted against
II. The $40 bonds then constituted the great
bulk OF the public debt, and this previso would
hsve frustrated and yitiated the whole act.
Senator Davis, of Kentucky, moved TO amend
80 as TO scale down the bonds to the coin value
~ the time Of the currency received for them.
This was supported by the Democrats, Sena-
TOR Bayerd, of Delaware, among others, speak
ing IN its favor. Senator Vickers, OF Mary
land, moved TO amend so as to prevent coin
ever being purchased TO be used to pay bonds
Senator Baysrd denounced the bill as wrong,
unwlse and as 'stock-jobbing operation.
After all this the bill passed, and not one
Democrat voted for i in either House.
The next step in this progress was the fund
ing act OF july, 1S70-the act authorizing the
redemption OF the $40 or 6 per cent bonds by
negotiating bonds bearing lower interest. Al
the Democrats resisted this bill also, and voted
against il. 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
crate voted for it. Again, Mr.. Bsyard moved
an amendment TO bring back the state bank
ing system, and sll the Democrats voted for
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.
CENTRAL GRANTS GREAT VETO.
In 1874 by vote not Democratic alone, an
imitation bll made its way through both
houses. This bin proposed to keep ont per-
manently twenty-six millions of legal-tender
notes belonging to the treasury reserve which
had been put out temporarily during the panie
OF 1873, and TO pQt 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 il exceeded anything Of the kind have
ever witnessed. Men who should have upheld
his hands not only threw their weight upon
him, but .ndustriously criticized and even ridi-
culed his venturing TO set up his opinion
against ma ority in such crisis. He vetoed
the bill, however. In his message returning
it unsigned he referred to the declaration Of
the Republican party, to his inaugural, to the
act Of 1863 already cited, and ne said tie pro-
posed act would violate faith, and he was
against it. This happened on the ed Of
April, 1874
About month later COL versation occurred
one evening between the President and his
chief adviser, Secretary Fish, and others, about
the wise course out Of the increased fficul-
ties which had come from the disasters of the
year before. One Of those present at this con-
versation was Senator Jones, OF Nevada 80
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
copy sent him. This was done, and the menu
oraudum made by the President was handed
about among members OF the two houses, and
afterwsrd found its way into print.
Here it is. 1t is the foreshsdow of the re-
sumption act to which the veto had paved the
way. read two passages:
II believe It Is high and plain duty TO re-
turn to specie basis ct 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
be done. or at least begun with less embarrass-
ment to every branch of industry than at any
future time, after resort has been had to I'M
stable and temporary expedients to stimulate
unreal prosperity and speculation on d basis
other than coin the recognized medium Of ex
change throughout the commercial world.
The particular mode seected to bring about
restoration Of the specie standard is not of SO
much consequence as that some plan be de-
vised the time fixed when currencv shall be
exchapgeabe for coin at par, and the plan
adopted rigidiy adhered to. / would
ike to see provision that at fixed dsy. say
July l, 1876, the currency issued By the United
States should be redeemed in eoia on pre- 8enta-
ton to any assistant treasurer, and that all
the currency SO redeemed should be cancelled
roTz al epra : 4
be necessary to authorize the issue of bonds
payable in gold, bearing such interest as would
command par in gold, to be put out by the
treasury only in such sums as should from
time TO time be needed for the purpose Of re-
demption."
TIE RESUMPTION ACT.
1t was not long before tins advice found the
form Of law. A committee composed wholly of
Republic1n Senator, of whom was myself one
prepared the bill now known as the resumption
act 1t was not the work of any one Senator
nor tid 1t express literally and in fun perhaps
the views of any single member of the commit
tee 1t was compromise of somewhat con-
ncung opinions. 1t was submitted to every
republican member of the Senate, and every
one, after consideration, determined 20 vote for
1t. 1t was brought forward in the Senate, and
every Republican Senator did vote for il. Long
continued applause Every Democratic Sem
afor present voted against 1t. 1t went to the
House, anu there encount red a solid Demo-
cratic opposition, but il was carried 10y Repub-
llcan votes. President Grant promptly signed
it. 1t fixed the Ist of January. 1879 for the re-
sumption of specie payments. And when the
day came, as noiselessly and naturally as night
melts into day, specie payments were resumed.
[Applause.l
The adoption Of this bill for resumption IS
easier told than 1t was done. The Democracy
rose as one man in both houses against it. 1t
was denounced rs an alsurdity and sham, and
was called many wild and unceanly names
Senator Thurman Senator Bayard and other
Democratic Senators yehemently opposed il.
This was IN January, 1915.
Immediately Democrats of all shades includ-
ing the Greenbacker, the country over, opened
fire on the act. The next year the ID mocratic
party met in National Convention at st. Louis
There the Republican party WAS denounced for
enacting hindrances to a return to specie pay
ments. The climax OF the resolution was ina
these words: las such hindrance we denounce
the resumption act of 1875. and we here demand
its repeal. Mr. Iilden, nominee Of the con-
vention in his letter OF acceptance, stood up
to the platform, and also rallied against the act
ana throughout the canvass reasons were given
which no man could number, why resumption
never would, never could, take place under such |
a law. daughter. At the next session repeal |
bills were brought forward, and the Democrats |
voted for them separately riders to appro- {
priation bills. Meanwhile, the world seeing |
that we meant to be honest after NIL, notwith- !
standing Reputation at the South, and threats |
in the North. and vicious declarations in Ma t
tional conventions, it became easy 20 negotiate
This was done, and the debt has melted awtv
at the rate of two millions a month; the inter
est charge has been reduced One-half. and when
the bonds of high interest rate still |