River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1880-09-30

the democrats voted for it again. Mr.. Bayard
moved an amendment TO bring back the state
banking system and all the democrats voted for
that also the bill was at length carried by repub-
lican votes. By this time our currency had much
appreciated and funding at lower interest began.
In 1874, by n vote not democratic alone an nta-
tion bill made its way through both house. This
bill proposed to KEEP out permanently S26 600 GOO
of legal tender notes belonging o. the treasury
serve, which had been put out temporarily during
the panic of 1878. aud to put oet SIS. 000 900
more. The suffering produced by me panic drove
many republicans into the support OF this measure
as an experiment and eXpedent for relief. The
pressure upon President Grant to induce him to
sign it exceeded anything of the kind ] have
ever witnessed. Men who should have upheld
their hands not only threw their weight upon him
, but industriousy criticised, and even ridiculed
his yenturing to get up his opinion against Il
majority in such Il crisis He vetoed the bill how
ever. In his message, returning it unsigned, be
referred to the declaration Of the republican
party, TO his inaugural to the act % 1863 already
cited and he said theproposed act would violate IT,
| This happened on the 22d of April, 1874. About
a month later convention occurred in the even,
! ing between the president and his chief adviser
/ Secretary Fish and Others about the wise course
out of the increased difficulties whsch had com,
from the disasters of the year before One of thuS,
I present at this convention was senator Jones OF
! Nevada. So struck was he with the views eN.
! pressed by President Grant that tke next day
| june 4. 1874 he, by letter, requested that ths
substance of them should lie put in writing and u
/ copy sent to him. This was done and mem
orandum made by the president was handed
about among the members of the two houses
and afterward found its way into print Here il
is 1t is the fOreshadow of the resumption act to
! which they paved the way | read two passage
Il believe il high and plain duty 50 return to "A
specie basis at the earliest practical day not only
in compliance with legislative and PARTY pledges
| but rs Il step indispensable to ksl.ag national
/ AgflH bt41a ffpfh thor fllRf fbl "a
come when this can be done or at least begun
! with less embarrassment 10 every branch of in
/ duStry than at any future time attcg resort ha.
/ been had to unstable and temporary Npedients Il
| stimulate unreal prosperity and speculation, on n
/ basis other than coin, the recognized medium ui
! exchange throughout the commercial world. The
particular mode selected to bring ab@lt a restora-
ton of the specie standard SnOt of - much con-
! sequence as that some plan be devised the time
! fixed when currency shall be exchBngable foy
coin at par, and the plan adopted rig lily adhered
to. would like to see a prov isioM ttat at fixed
date, say July 1876, the currency issued by the
! United States should be redeemed in com on
! presentation to any assistant treasurer, and all
/ the currency redeemed should he cancelled and
never be reisSued. To effect this il would b.
necessary To authorize the issue Of bonds payable
1 in gold, bearing such interest as won!a command
! par in gold, to be put out 10y the treasury only
| in such as should from time to time bc need
| ed for the purpose Of redemption
| 1t was not long before this advice found the
| form of law. committee composed wholly OF
| republican senators, of whom | myself was one
| prepared the bill now known as the resumption
| act 1t was not the work of any one senator, noi
did it express literally and in full perhaps The
| views of any single member of the committee. 1t
was compromise Of somewhat conflicting opm-
| ions II was submitted to every republican MEM
Der Of the senate and every one after considera-
| ton determined to vote for it. 1t was brought
forward in the senate and every republican sena-
tor did vote for it, and every democratic senator
present voted against 1t. 1t went to the house and
there encountered
SOLID DEMOCRATIC oPPOsITloM,
but it was carried by republican votes. President
Grant promptly signed il. 1t fixed the ist OF
! January, 1873, Tor the resumption OF specie pay
! ments and when the day came as nosslcssy and
naturally as night melts into day yccic payments
were resumed. The adoption of thu. hill for re
sumption Is easier told than it WIS cone. The
democracy one man in both houses against
it. 1t was denounced an .hsurnty and a
sham and was called many wild and uncleanly
names. Senator Thurman. Senator Bayard, and
other democratic senators yehemently opposed il.
| This was in January, 1879. Immediately tie
democrats Of all shades including the greenbacS
err, the country over, opened fire upon the act.
Next year the democratic party met IL national
convention at st. Louis. There the republican
party was denounced for ennctirg hindrences II II
return to specie payments. The climax ai the res
olution was in these words As such hndrances
we denolmce the resumption act of 1879, and we
here demand its repeal Mr.. TIlden. the noml-
nee of the convention in his letter of acceptance,
stood up to the platform and also railtl against
the act and throughout the canvass reasons were
given which no man could E:lmher wig resump-
ton never would nevcr could take place under
such a law. At the next session repeal balls were
brought forward and the democrats tOted for
them separately and riders to appr0-
priation bills. Meanwhile the world seeing
that we meant to be honest after all. not
outstanding reputation at tbe south
and threats in the North and vicious declarations
in the national cony entons. it became easy to ne
gOtiate 4 "a and per cent, bonds at par and
above par. This was done, and the debt has
melted at the rate of - 600 000 a month. The
interest charge has been reduced One-half, and
when the bonds of high interet rate still out stand
ing fall due 1881, and afterward they ais" will be
replaced by or 800 per cent bonds. and then
the interest charge will fall much loser still.
This all looks pretty well very we'll by she side
of the exploits of the late democratic adUainistra
ton, Mr.. BuehananS, which increased 'he debt
tentold in time of peace, paid - per cent interest
on treasury notes and sold per cent twenty
year bonds for 50 cents ON the dollar. Il is well
to add that during the last five years OF their con-
gresslonal control, the republicans dismissed
Sl20 600 900 of the annual taxes, S3l .OOe 900 of
tariff duties and $50 900 900 Of internal revenue.
| hold up the record since 1861. when tho bloody
democrat party has been wrong and beaten on
all the great issues Of the country. triumph
ant nationality, a'regcnerated constitution, free
republic and unbrOken country unt&tnished
credit solvent finances unparalleled prosperity
all these are ours despite the policy and the efforts
of the democratic party. Along with the amaz-
ing improvement in national finances W. have
amazing individual thrift on every sde. IN
every walk of life new activity is felt. Labor.
agriculture, manufacturers commerce, ntlprstS,
a., s,Y.1
hopeful. But in the midst Of harmony aud en-
couragement cOmgs harsh dscord crying
Give us a chan anything for change This
is not bearing year for change. Every other
crop is good but not the crop Of change that
crop is good only when the rest are bad. The
country does not need or wish the change pro
posed, and the pressing invitation OF the demo
cratic friends is much like " VIII you walk into
my parlor ," said. the spider to the Ny. good
natured but firm no, / thank, viii be the re
Spouse AT the polls.
THE cANpIpArEs We SUPPORT
besides being republicans, are largely fitted for
the stations which await them. Some service
with him in congress has made me well aepiaint
ed with General Garfield. That he has the intel
lgence experience and habits OF mind wluch fit
n man for the presidential Office | think ] hnow.
Without early advantage he years ago achieved
prominence among the leading mcn in public life,
and that prominence he has maintained ever since
in all the collisions between individuals ana
parties. That he is competent 10 the dutis- be-
fore him there seems to me no reason to count.
OF General Arthur il seems needless here TO speak.
Most Of you know him. and all who know hm
know a high souled honorable man honorable in
every position in which he ever stood; a man 10
be trusted in every relation Of life. If the char
acter, the popularity, and personality Of n cand-
date can add strength o. the republican cause,
General Arthur viii add that strength who ,er
he is best known. Upon its record. and its candi-
dates the republican party asks the country APP
proyal, and stands ready to avow its purpose. for
the future. 1t proposes to rebuild our coinD rclai
marine driven from the by co tederate cruisers
aided and abetted by foreign hostility. 1t pro
poses to stand for educational, humanity, and
progress. 1t proposes to administer the govern
ment honestly, TO preserve amty with all the
world. observing our own obligations with others.
and seeing that others observe theirs with ltf5 to
protect every citizen Of whatever birth color,
in his rights tosyote and to be counted to uphold
the public credit and the sanctity Of engagements,
and by doing these things the republican PARTY
proposes to assure to industry humanity, ami civ
ilization in America the amplest welcome and
the safest home.
Paying Wife 81 ,000tO Return.
Philadelphia Times
William II HornicEal was supd ny