The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1880-10-28

pfcshly provided that the same may be paid in
lawful money, {" oIhor currency than gold and
silver. Aud the United States
also aolemnly Pledges its faith to make provis
ion ut the earliest pra ,ticablo period for the
redemption Of the United States notes in
coin."
THE DEMoCItATIC ATTEMPT TO RUIZ THE NATIONS
CREDIT.
This bill was resiS ed by tho solid Democracy
in both Houses. They voted against it, they
voted against considering IL. they voted for
amendments to poryert and revrrse its mean
ing. Senator Thurman, OF o 10. moved to
idd to II: crowded that nothing hereiu con-
tanned shall Apply to obligations called SEQ
bonds." Every Democratic Senator present
voted for this, every Republican voted a,,anrt
II. The 5-20 bonds then con- tituted the great
bulk Of the public debt and this proviso would
have frustrated ana vitiated the whole net.
Senator Davis Of Kentucky, moved to amend
40 AZ 10 scale down the bonds tn the coin value
ut the Tins OF tho currency received for thGm.
This was supported by tho Democrats, Sepa-
tor Bsyard, Of Delaware, among others, speak
ing in its favor. Senator Vickers, OF Nary
land, moved to amend no ~ TO prevent coin
ever being purchased to be used to pay bonds.
Senator EayGrd denounced the bill us wrong,
upwisc, and AZ u ''st0ck-jobbing operation
After all this the bill passed, and not ono
Democrat voted for i in either House.
The next step in this progress was the fund
ing act Of July, 1s70-the act authorizing tho
redemption OF t4e $40 Or 6 per cont. bonds by
negotiating bonds bearing lower interest. Al
the Der. ocrats n sisted this bill also, and voted
against it. 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
Gratis voted for it. Again, Mr. BGyard moved
an amendment TO bring back the state bank
ing system, and all the Democrats voted for
that also. Tho bill was at lengih carried by
! Republican votes. by this time our currencg
had much appreciated, and funding at lower
interest began.
GENERAL GRANTS GREAT VETO.
In 1874, by u vote not Democratic alone, an
imitation bill made its way through both
houses. This bin proposed to keep out per-
manently twenty-siX millions Of lelal-tender
notes belonging to the treasury reserve which
had been put out temporarily during the panic
of 1873, and TO put ont eighteen millions more.
The suffering produced by the panic drove
many Republicans into the support OF this
measure az an experiment for relief. The
pressure upon President Grant to induce him
to sign it exceeded any ;hing .f the kind have
ever Witnessed. Men who should have upAeld
his hands not only threw taeir weight upon
HIM, bu. industriously criticized and even ridi.
culed his venturng to set mp his opinion
against u ajority in 81 oh a crisis. He vetoed
the BILL however. In his message return ig
it unsigned, he referred to tho declaration OF
the Republican party, to Lis inaugural to the
get of 1863 already cited, and 10 said tho pre-
po'ed act would vlo.ate faith, and he was
against it, This happened on the I'D Of
April, 1874,
About month later cor versation occurred
one evening between the President and his
chief adviser, Secretary Fish, and Others, alb out
the wlse course out OF the increased i iiicul-
ties which had come from the disasters OF the
yenr beforo. One OF those present ut this con-
versation WIZ Senator Jones, of Nevada. SO
struck wa he with the views expressed by
Prcsiden. Grant, that the next day Dune 4,
lS7i.) he by letter, requested that the sub
stance Of them should be put III writing and Il
copy cent hlm. This was done, and tho MEN,
oranarm made by tae President was handed
about among members OF the two houses, and
afterwArd found it, way INTO print.
Here N il. IL is the fOreshRduw OF the re-
sumption'ac 30 which the veto had paved the
way Tread two paPsages:
81 btl3ye IL IL IL high aud plain duty to re-
turn to epeciG b isis at the cal liest practical
day, not oHly in compliaSce with Legislative
and party pledges, but az a step Indispensable
TO lasting national property. l believe,
further. that the time has come when this Can
b. done. or ut least begun with less embarra
ment to every branch Of iudustr' than at any
future time, after resort has boon had TO uu-
1t bile and temporary eXpedents to stimulate
unreal prosperity and speculation on u bsHis
change throughout the commercial world.
The particular mode selected to bring about
restoration Of the specie standard ~ not Of 80
much consequence ~ that some plan DO de-
vised, the time fixed when currency shall be
eXchaugeable for coin at par. and the plan
adopted rigid,y adhered to. Iwould
like to see provision that at a fixed day, say
July J., 1876, the currency issued by the United
States should be redeemed i'll coin on pre- .enta-
ton to any assistant treasurer, and that al
the currency 30 redeemed should be cancelled
and never reissued. To effect this. i, woula
be necessary to authorize the Issue OF bonds
payable in gold, bearing such interest IA would
@ mmend par in gold, to DO put ont by the
treasury Only in such sums AZ should from
tine 10 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
| Republican Senators, OF whom | was my self one,
prepared the bill now known AS the resumption
act Ii was not the work of any one Senator,
nor did il express literally and in full, perhaps,
the views of any single member of the commit
tee. IL was II compromise of somewhat con-
lIcting opinions Ii WIS submitted to every
| Republican member of the Senate, and every
cnc. after consideration, determined 20 vote for
it. II was brought forward in the senate, and
| every Republican senator dill vote for it, Long
continued applause Every Democratic sem
Gtor present voted against IL. IL went 10 the
House, AMI there cncount red u solid Demo-
lean votes. President Grant promptly signed
1t. IL fixed the lst OF January, 1879, for the re-
| sumption of specie payments. And when the
day came, as noisclcssly and naturally rs night
ineits into day, specie pay ments were resumed.
Applause.
The adoption of this hill for resumption Is
| easier told than II was done. The Democracy
rose as one man In both houses against IL. IL
was denounced as I'M ahsur,lity and a sham, and
was called many wild and nnclcanly names.
senator Thurman, Senator Btyard and other
Democratic Senators ychcmenty opposed 1t.
| This WAS In January, 1870.
| Immediately Democrats OF all shades, includ-
ing The Grccnbackcr, thcscountry over, opened
| fire on the act. The next year the ID 'mocrltic
| party met In National Convention at It. Louis.
| There the Republican party WIS denounced for
cnacting hindranccs to return Ia specie pny-
mcnts. The climax OF the resolution was IN
these words AS such hindrance we dcnouncc
| the resumption net Of 1870. and we here demand
It's repeal. Mr.. Tidcn, nominee Of the con-
ycntion in his letter OF acceptance, stood up
10 the platform, and also rallied against the acI,
| and throughout the canvass reasons We're given
! which no iran could number why resumption
never would never could, take place under such
| a law. Laughter At the next session repeal
bills were brought forward, and the Democrats
yotcl for them separately as riders 10 appro-
priation bills Meanwhile, the world seeing
| that we meant To be honest after all, notwith-
standing reputation at the south, ana threats
! in the North, and vicious declarations IN Ma
| tional conventions, IL became easy To negotiate
! ~. and 4 per cent bombs. ut par AMI above par.
| This was done, and the debt has melted away
ut the rate OF two millio month; the inter
est charge has been reduced one-hnlf, AMI when
| the bonds of high interest rate slill outstanui,
fall due in 1881 and aitcrw ri, they also VIII he
| replaced by or $50 per cent. bonds, ana then
| the interest charge will fall much lower STILL
| [Appause.l
| of the exploits of The last Democratic admins.
| trat ION Iaughtcrl-Mr. Buchanan's-which in