Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1880-08-10

10 con>lueT Is wnetier sDeSe great ends were
brought about by the supporters OF General
Garfield or by the supporters of General
Hancock: If, tonight, you analyze the re-
spectise political organizations you will find
that the men who did battle for the union OF
States are in large mass among those
who are supporting Gen Garfield. and that
with very few exceptions those who rebelled
against the Union and those who sympathized
with but did not Join the rebellion are sup
porting Gen Hancock. The former class
prevailed IN the contest, and if the Union
was worth the great struggle il required to
save il, ask you if il be no, wholly illogi-
cal and unnecessarily perilous TO hand over
lis government TO those who sough; its de-
struction. On the financial question the de-
traction Is even more marked than on that
relating 20 the preservation of the Union.
We came out of the war with a debt that was
dlscouragingly large. and with acurrency dam
gerously deprecated. To provide for the
reduction nf the debt and the restoration of
the currency to the specie standard, was the
great work of craftsmanship that devolved on
the republican party. At every step in the
gigantic undertaking the democratic party
the present supporters of General Hancock,
have presented themselves as an obstruction
and hindrance.
sound currency to the people were First,
the act TO strengthen the public credit, in
1859; second. the act to provide for the re-
funding of the public debt, in 1870; and
third, the act for the resumption OF specie
payments, passed in 1875. Against every one
of these measures the democratic party
offered a stern resistance. l believe | anu
entirely accurate in saving that in neither
branch of Congress did any one OF these
great and essential measures receive the sup
port of single democratic vote. Mr.. Thur
man and Mr.. Bayar6. the leaders OF the dem
ocratic party in Congress, united in vigorous
opposition to these measures. When the act
of 1869, declaring that the United States
would pay It's obligations in the money of the
world. was pending, Ar. Thurman and Mr.
Bayard both voted for proposition TO pay off
the public debt at the rate represented by its
coin value at the time the claims were
negotiated, declaring in the amendment
they supported that this was the just measure
of the obligations of the United States. And
when this amendment was rejected, Mr..
Thurman offered and Mr.. Bayard voted for
an amendment excepting the 5-20 per cent.
bonds. then more than one-half the public
debt, from any obligations of coin payment.
Had the policy advocated by Mr.. Thurman
and Mr.. Bayard and the whole democratic
party been sustained, the public debt would
have been paid off at from 80 to Go cents on
the dollar. The nation would have been dis
honored and its public credit forever blasted.
The proposition maintained by the democratic
party at that time was more sweeping in its
terms and more disastrous in its certain con-
sequences than any of the modern grcenback
hercsies. The second great measure to
which have referred was the funding act of
July IA, 1870. That statute under whose
benefcient operation such relief has come to
the taxpayers of the United States, was OPP
posed at every step by the entire democratic
party in Congress, Mr.. Thurman and Mr..
Bayard as usual in the lead. The provision
exempting bonds from taxation was also
essential To funding the debt at low tate of
interest. Yet Mr.. Bayard offered and advo-
Gated an amendment striking out this pro-
vision from the law, and all the democrats in
Congress voted with him. Mr.. Bayard
further adv ocated the substitution of the old
State bank system for the National bank sys-
tenn, a measure fraught with merciless dis
aster to the whole financial and commercial
community. Happily the republican party
was able to defeat this Obstructive pro-
position, and the funding act of July IA,
1870. was placed on the statute book. At
the time of its passage seven-.ighths of the
public debt was bearing per cent. interest.
To-day scarcely one-eighlh of tthe debt bears
that rate, and next year if the republican
policy is preserved the remainder of the is
will be funded at per cent. When the war
closed the annual interest of the public debt
exceeded $50. 900. To-day, under the
financial policy of the republican party, the
annual interest is less than $50, O00. 900, and
the principal of the debt has been reduced
more than 100000, 900. The third and
browning measure of the republican financial
policy was the act of 1875, for the resumption
of specie payments over the united opposition
of the democrats, not single democratic
Senator or Representative voting for it, And
a year and half after its passage,
the democratic party. in National con-
vention. by a unanimous vote, demanded
the repeal of the resumption act and if there
be some prominent democrat in the United
States who separated himself from his party
on that question his name has not reached my
observation. | have not singled out Mr..
Thurman and Mr.. Bayard in any offensive
sense. but simply as the leaders of the dem
ocratic party; and the record shows that
every step taken for the restoration of specie
payments and the better adjustment of the
National debt has been opposed. hindered
and obstructed by both these eminent sena-
tors. aud by all their followers. Now is it, in
the light OF To-Day. any eXaggeration TO say
that if the policy advocated by them had
been adopted, the finances of the country
would still be in confusion, the National
credit would have received a fatal blow, and
all efforts at steady progress and orderly
development of the great business and COM
mercial interests of the country would have
been vain and fruitless. If the measures |
have quoted and the records | have referred
to correctly depict the course of the demo-
cratic party in the past, what might you ex
pect from it in the future! And in the light
of this experience. and in full view of these
facts, ask all the voters of Maine and of the
whole Union, so far as my voice can reach
them, whether they think the financial policy
that has proved so brilliantly successful
should now be placed under the control of
men who were its bitter opponents, or
whether it had better be kept in the hands of
its friends? Among these friends, none
stronger. ADLER, more jealous OF more con-
sistent can be found than James A. Garfield.
Neither by word nor deed. so far as know,
has Gen. Hancock ever made any expression
on the subject. His letter of acceptance is
discreetly, or I may say. indiscreetly silent
in regard to this great subject, as indeed it is
in reference to all matters of administration
that NAV come up for judgment before
President of the United States. Mr.. Blaine