The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1881-08-18

The hat lunacy dies hard The United States
Treasury resumed specie payments on the
Since the resumption the country has import
ed Sl10l0J0.GO more gold than ii has exported.
and has. beside s, retained the products Of its
own mines, amour ing to at least $90,00,000
thus gaining not less than SCI, 100 900 in gold
alone. Resumption, 80 far from prostrating
ruin and desoIation on every hand, as the
nafists were sure 1t would. was attended by
marked change for the better. and the mater-
1879. has surpassed anything ever before
known. And yet the fati@ts in various States
BILE IN conventions, nominate candidates for
Office and give new EXPIRE ssion to deiusions
which events ought to have dissipated long
before this.-Chicdgo Times.
Resumed specie-payment on a gold
basis more than two and half years
agor' This assertion is in fact false
and fraudulent! There has been no re-
it in which the John Sherman ..Resump-
ton act'' was conceived.
Resumption of specie payment meant
the wiping out of the Greenback cur
rency. So it was understood by John
Sherman; so it was published by Nor
rill and Bristow, Secretaries Of the
Treasury, in their annual reports.
Said Bristow in his report for 1875
(the next one after the passage of the
act) at page 20:
The faith of the Government now stands
| pledged to resumption on and after Jan. j.
| 1873. and to the final redemption and removal
| tender notes as fast as they shall be presented
| for redemption. according to the provisions OF
the act of January IA. 1875.
Said Morrill, in his report of 1876,
page14:
| That policy which tolerated the continue
after the close of the war must be regarded as
| q public misfortune. At that time they were,
according to the ORIGINAL design; and by the
| obligation of Indebtedness to be imbodied with
| the public debt, and mot 10 be tolerated or
treated as an element Of the National cur
| public debt
| In view of this construction of the
Resumption act the Greenbackers did
predict prostration of the industries
and the spreading of ruin on every
hand.'
And who dares to say that had the
Resumption act been carried out in the
spirit in which it was conceived that the
prediction of the Greenbackers would
not have been realized?
Suppose the Greenbacks had been
wiped out of existence, who can con-
template the ruin that would have fol
lowedp
But what changed the policy of re-
sumption and gave it a new meaningF
Why, as the day of resumption drew
near. the resumptionists themselves be-
came alarmed, and a bill was passed in
May, 1873. re-issning greenbacks as fast
: rs they were redeemed!
That act of May, 1873, in effect a.
completely repealed the Resumption ac'
as though it had been done in expires.
terms. 1t took the wind out of Johr
Sherman's resumption sails.
, After that, resumption became afraut
and sham-and more than once ha'
the Times so declared it to be.
But, like the brazen fraud that he is
Sherman kept up the pretense of re
, sumption. proclaiming to the world OF
E January l, 1879. that he would resume
specie payment! But not dollar ha
he resumed! With $50, ,OOO, 900 of coli
he put on a bold front, and declared
that he was ready to pay off $3.50.
0OO,OOO of grcenbacks! With one dol
, lar of coin he pretended to be able II
? redeem on demand seven dollars o
Greenbacks!
On the first day of January he com
menced receiving Greenbacks for i'm
3 port duties. and thereby, and not by hi
e fraudulent resumption, equalized tn
value of gold and Greenbacks-G thin
that might haze been done ten gears be
: fore viA the same result.
el Yes; ssfiatists' do Ensemble in CON
. ventions and nominate candidates fo
Office = and they are going to continu
" to do it, too, till they elect them! Pu
Is that in your Democratic pipe, Nh
d Times, and smoke it. Chicago Seistine