Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1880-09-10
John shyrman's Speech at Cincinnati,

uubl Ou bhO ulBub VI AuRuSb oVy uh bho
issues of the pending campaign. Mr..
Sherman spoke substantially as follows;
FELLOW CITIZENS: Tho Democratic party
desires to make change In tho Executive
branch of the Government OF tho Unitod
States, and appeals to the american people 10
bring about such change this fall The lie.
publican party, recognizing the right OF that
party to make the appeal, will hear patiently
and kindly all 1t has TO say.
The last great change In the Executive
branch of the General Government occurred
in 1860, by tho election of Abraham Lincoln as
President OF the United states At that time
the open advocacy OF his election could not be
made safely to life or limb i'm thirteen States
of the Union, where the strength of the Demo
cratic party lay. But In spite of this, the peo-
ple of the Northern States, firmly impressed
with the necessity for the change, made It;
and what man In this broad land does not now
feel that y was happy changer And yet the
not oSy q n @rnq 1%G the resSeS IT, hit
the controlling segment of that party rebelled
against IL by force of arms, and undertook to
disrupt the Government and to destroy the
Union.
The Democratic party desired n change in
1854, when, in the midst of war, the magnitude
of which even now in the distance staggers us
with amazement, 1t met in National Conven-
tion and resolved that the war was failure,
and demanded peace on any terms. If its
desire for change had then been gratified,
we would have now no united country to
boast of, no land TO love. The American peo-
pie, though weeping over their lost ones and
lttllIk nbhNlly INC DuTutUS OI WhTg bhlu l0tTo
should be no change, and there was none;
Abraham Lincoln was elected again.
The Democratic party desired Il change in
1868. It was encouraged by the detection of
Andrew johnson aud by many divisions in tho
Republican party. The rebels had been re-
stored to their lost citizenship, and had already
organized n system of terror in several of the
Southern states. Tweed was in the ascenden-
Cy in New York with his gigantic frauds; he
plundered the city, filled the cravings of the
army of his dependents with the plunder of
rich contracts. Issued tens of thousands of
fraudulent naturalization papers, stuffed the
ballot-boxes, and thus reversed the vote of the
Empire State. Yet, after ali, the American
people decided that there should be no change;
that the Republican party, which saved the
country, should still be trusted with its adj
ministratiOn; and Grant the great soldier of
the war, was made President.
So, again, the Democratic party desired q
change in 1875. 1t had previously organized
the solid South, according to the Mississippi
plan, with terror and violence. 1t fondly
thought 1t had made good II fulcrum of l35
Electors from States lately in rebellion, md
had carefully laid plans to secure enough more
to make the election sure. Tllden was nOmi-
mated for President. He had u barrel full of
money, which was spent without stint, and
thus introduced for the first time in American
politics the most shameless corruption in Il
Presidential election. Bat, more than all, the
country was suffering under great financial
distress. 1t was natural, but not Just, that
many clamored for IL change, who had no SYM
pathy with the principles of the Democratic
party; but still the fraud and intimidation
hIIempLcu I0rce OF tnG states 1ulle0 Ill It's
object, and the Republican party in the North
ern states stood by its principles and Hayes
was elected.
When President Hayes was inaugurated, the
Resumption act of 1875 was an unexeouted
mandate of the Republican party, It had
been voted for only by Republicans, and had
from its introduction been assailed, resisted
and ridiculed by the Democratic party. Many
honest, sincere men of both parties, who real
ly wished resumption, believed IL impractioa-
bic for years to come. Gold was at premium
OF nearly SIX DOr cent, The National
nues had been greatly impaired us the result
of the panic, so that there was, in fact, no
surplus revenue to aid In the work of resump-
tion. The only means left was to increase the
volume of coin before the day of resumption
by the sale of bonds, to do the utmost to
strengthen the public credit, and to produce
confidence in the ability TO resume. This was
done in the eighteen months that followed the
of President Hayes and at the
end of that period the credit of the country
had been greatly advanced; surplus coin had
been accumulated to the amount of SI30,00O,-
OOO, and the mind, relieved from imaginary
terrors, had become not only reconciled to
but was anXiously and hopefully
awaiting the event. During all this time the
Democratic party excelled itself in active re-
sistance to the successful execution of this
law. They sought to repeal it; they sought
by investigations through committees of Con-
gress to discredit all the proceedings had
under 1t; and 1t was bonstfully said that thou
sands of dollars would be given to stand on
the right of the line ut the public Treasury on
tho day OF resumption. Your cars rang with
tuclT una ucnunCutlOn OF tho Re~
nct but still, thanks to the Republi-
can party, resumption came, and came so
certainly and so securely that ut this day spe-
Gle pay ments are more complete in the true
sense of the term, than ever before in this
country, and as complete as in any country In
The world.
The Democratic party, convicted of false
prophecy, could only shout out that IL was
Providence that did it; that the good crops,
which came six months after resumption was
! complete success did it; and some of them
had the audaoity to say that the way to re-
sumption was prepared by the economies en-
forced by the Democratic House of Represent
lt1Yes. one thing is certain, that If its desire
for a change had been gratined four wears
ago by the American people, the resumption
act would not have been enforced Resump-
ion, then. with all tho good that has accom-
panied ana followed 1t, is the direct result of
ne wisdom OF your choice in the elec ton of a
Republican President four years ago.
When President Hayes was inDugurated
here was upon the statute-book the refund
ng net of 1870 1t was placed there by the
republican party-a part of its policy for the
gradual reduction of the burden of the public
tebt II had been partially executed by the
,ale OF i've per cent. bonds; and when Presi-
lent Hayes was inaugurated we were selling
our and a-halt per cent. bonds at par, slowly
ma with difficulty. L determined to withdraw
rom the market the four and a-half
per cent bonds and sell the four per cents
Y par: This was believed ut the time to be a
lond was a saving of one-third of the interest
IN that portion of the debt; for every dollar
ealiZed was applied to the payment of an
'qual amount of bonds bearing six per cent.
interest. Bankers shrunk from taking such a
lond; but on an appeal to the American peo-
,le, through popular subscription, within sixty
lays "a after they we're thus offered, S75,OOo,C0O
II these bonds were taken and were abb
orbed, mostly in small sums, all over the
United states. Thus, the success of the loan
vas established.
The credit of the Government advanced
'recisely as resumption approached success;
nd within one hundred days after resump-
ION mere were sod 500 800 of four per cent.
onds, mus completing the work of refund |
ng, as far as the law allowed 1t to be done, by |
he redemption of all the bonds bearing fiye or |
tx per cent. interest, that were then redeem |
bic. The result of this Republican policy was |
saving TO the people of the United States of |
Il ,29O, ,4535O interest per year.
But this was not the only benefit derived by |
ur people from refund ng operations, The |
ate or interest became permanently reduced |
II all Investments throughout the country |
ow interest is the chief tactor in our pros
Gritty. IL became possible for manufacturers
nd trades-people to borrow money, SO as to |
oncuct their business protitably. This low
ate Of interest produced demand for new
lYestments, and new enterprises were start
into life. Thus, by the policy of the Re
mption and the Refunding acts, the way was
aVed Tor the present era or prosperity. And
ne whole or this was the work of the Repub-
Again, the policy of the Republican party
as always been the honest and faithful OBJ
9rvance OF public obligations. From the time
le public debt was created as the result Of the
ar, until this hour, they have sought 10
iopt policy which would secure its slow.
lt sure and steady payment, according 10 the
tier and spirit of the public obligations No
lought of reputation, wholly or In part has
yer entered into the Republican policy. The
rlncipal of the debt had attained its maxi
um August 81, 1855, when 1t reached e., 1885,
l,5Il4S. IL has been gradually paid off with
le surplus revenue, so that, ON the Ist day of
lly OF this year 1t was Sl,9l9,32j 74T.75. The
rlnclpal OF the debt has been reduced Ss37-
!, ,s23BS, but the interest has been reduced
Tar greater proportion. In 1865 the inter
t-bearing debt was $2,3sl, $50 294.08, and
e rate OF interest on part of 1t was as high as
s-lO per cent. per annum, and the interest
'nrge was $l50,g77, ,607.67. The interest charge
vi been reduced TO SIS, 1881, on the LIST Of
ny, leo0i and we only await the maturity of
SO,bA6,0OO, the balance of the and per cent
lnds, 10 reduce the interest-charRe 10 not ex-
edlng x7O,0O0,0O0. A ARepubliean Administra-
IN Is now paying the public debt at the rate
ten millions month, or two and a half
illiOns week. In all human probability.
fore this Administration closes its term, the
ut Will DO further reduced seventy millions,
aking saving in annual interest of four
illions of dollars.
The Democratic party pursued an exactly
posite policy. From 1867 20 1860, when Mr. |
lehanan was President, IL steadily Increased |
9 public debt from $9,89s,62l.76 10 $59geI.- |
'.Ol. AT the close OF that period Il paid az
sh as IL per cent. on one-year Treasury |
ties, and sold per cent. twenty-year bonds
elghty-llne cents on the dollar In States |
al "a lnN 10. T.. -