The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1880-09-28
SHERMAN ANSW ERS BAY
ARD.
Resumption Opposed from the Outset by
the Democratic Party.

Resumption Opposed from the Outset by
the Democratic Party.
NEW YORK, Sept. 27.-The Republicans Of
Hyattsville, Maryland, and vicinity held
meeting Saturday afternoon and evening, to
which number of gentleman OF prominence
FROM Washington were invited as speakers.
Among them was Secretary Sherman whose
speech was the event of the day, and was es-
pecially interesting, inasmuch as it contained
a very complete refutation of the claim set up
sby Senator Bayard, in his recent speeches, that
to the Democratic party is due portion of the
credit attaching to the resumption of specie
payments. Upon this subject Mr.. Sherman
said:
The first act of the Republican party was
during the administration of Gen. Grant. 1t
was the act to strengthen the public credit. In
that act was this clause:
"And the United States also pledges its faith TO
make provision at the earliest practicable period for
the redemption of United States notes in CON-"
This was purely Republican measure. 1t
was adopted after the gravest consideration by
the great body of Republicans in both houses
OF Congress, and was opposed by the Demo-
cratic party. Every Democrat voted against it
with Mr. Bayard at the head of the list The
next step in the development Of this policy
was the act of July "a, 1870, for the refunding
of the public debt. 1t is under this act that
the great reduction of interest in the public
debt has been made by the reduction of the
rate of interest on bonds from to per cent.
This act was also o material aid to resumption
in providing the means for the accumulation
of coin. 1t was adopted by the vote of nine
tenths of the Republicans and opposed by
nearly every Democrat, Mr.. Bayard again
heading the opposition.
After the financial panic of 1878, public
opinion in this country in both political parties
was greatly agitated, and visionary schemes
were discussed and proposed, the Democratic
members of both houses OF Congress taking
the lead in favor of measures of initiation. 1t
was at this time that Secretary Richardson is
sued S26, 100000 in United States notes, as
think, in violation of law, but it was condoned
and palliated by public opinion on account of
the pressing emergencies of the times. From
that time until January, 1875, no definite poll
cy was or could be adopted to bring about the
resumption of specie payments. Mr.. Bayard
and few Democrats were professedly in favor
of resumption, while four-fifths of his party
associates were bitterly opposed to every meas
ure looking to that result, and 1 am sorry to
| say that some Republican Senators and men,
bers, influenced by the hardness of the times,
INDUCED in and supported schemes of india
ton. But the body of the Republican party
remained true and firm 10 the pledge made in
1863. In December, 1874, the Republican
| Senators, feeling that upon them rested
the responsibility, and that they could
from Democratic quarters, resolved to take
effective measures to bring about resumption.
They met in conference, or, if you please, in
| caucus, and there, after full deliberation,
| took their stand in favor of resumption and
| directed the preparation of the Resumption
| act. 1t was prepared by a committee of nine
| Republican Senators.
1t was submitted to Republican caucus,
and was there adopted. 1t was not in all re-
| spects the best and most direct measure for
resumption, but it was the best that in the then
state of public opinion could be adopted even
among the Republicans. 1t was known that
| it would meet the united and determined
opposition of the Democratic party, for al
though few men like Mr.. Bayard professed
| to be in faver of resumption, and would talk
| in favor of it, yet it was perfectly well known
| that party bias and party discipline would pre-
vent them voting for any measures proposed
or supported by the Republican party. 1t
was reported to the Senate by the Republican
members of the committee on finance, of
| which was chairman, and opposed by every
| Democratic member, Senator Bayard among
the others 1t was debated in the Senate not
| to any great extent, but introduced as the
deliberate and determined result of Republi-
| can policy, and as such it was passed by both
houses by triumphant majority, and was APP
proved by President Grant.
| In the Senate, not a single Democrat voted
for the bill, but it was voted for by every Re-
| publican Senator who voted. Mr.. Bayard was
present in his seat, but did not vote. Mr..
| Bayard says he proposed an amendment to t he
Resumption act to destroy the United States
notes when presented for redemption, or, in
| other Words to retire the entire volume and
prohibit their reissue. He did make such a
proposition, with the distinct knowledge that
| If adopted it would defeat the bill, and this no
! doubt he would confess. The large body of
the Republican Senators, while in favor of
resumption, still wished to maintain in cir
culation limited amount of United States
notes. They did not bear interest and to the
extent that they could be maintained
| at par it was right and proper that the
| government should have the benefit of this
saving. But he says it was Juggling meas
ure" open to two constructions. He said SO
then and he says so now. But the actual
events show that what he calls Juggling
measure" has proved the most successful
| measure adopted in our times Without it re-
| sumption would have been impossible, and if
his amendment had been adopted he probably
| would not have voted for the bill.
| But this was not all. After the resumption
! act was passed, it was on trial four years be-
| fore its final execution. During that period of
| doubt and suspense the Democratic party op-
posed it with the utmost violence. When as
| sumed the Office of Secretary of the Treasury
| no step had been taken under it except to sui
stitute silver coin for the fractional currency.
| 1t was an unexecuted mandate of the Repub-
lican party. That the preparations for resump-
| ton, the accumulation OF coin and the adj
vancement of tie public credit were carefully,
| zealously and prudently accomplished, and
that as public officer, with the full approval
of Republican President, / fairly executed
| the law, was testified to by Mr.. Belmont at the
very meeting (of which he was presiding Off
cer) that Mr.. Bayard addressed. How did the
Democratic party treat the execution of this
| law? From the first step toward its execution
| they opposed itwith violence, proposed its re-
peal, adopted every expedient to thwart to
! delay and to defeat it.
Mr.. Sherman then gave the history of the
Democratic bill to repeal the resumption act,
showing that it was supported almost unani-
| mously by the Democrats and opposed by the
| Republicans. In reference to the assertion
that to Providence and not to the Republican
party was due the credit, he said that the coun-
try owes nothing to the Democratic party for
either good crops, good money or good times.