Year: 1876

pieugeS WHICH are pfOHtaUlc, duu uisiSSaiu 'ho'.
which it will pay to violate.


When the war was over and the Union saved,
one of the first duties of the Government was to


improve its credit and restore a sound currency TO
the people: and here we might have reasonably
expected the aid of the Democratic party. But
we did not receive it. Irreconcilaby hostile to the


issue of legal tenders when that form Of credit was
needed for the salvation of the country, the De-
mocracy as soon the country was saved, con-
ceived a violent love for these notes, and de-
manded an almost ilmtable issue of them. MIR.
Seymour, as the Democratic candidate for Presl-
dent in 1863 scouting the four hundred million
pledge stood on platform demanding that sixteen
hundred millions Of fve-twenties be paid OIL In
legal tenders; and he so heartily approved this
policy that in his letter of acceptance he declared
that he should strive to carry II out in the future,
wherever he might be placed in political or private
i'e." His position at that time was approved by
every Democrat Of high Or low degree in New
York, was unanimously reafhrmed in their State
Convention, was sustained by all their newspaper
organs, and the recognized creed Of the party,
East as well as West. Mr. Seymour and his polit-
ical associates in New York have changed their
ground, and now proclaim an honest financial
creed; and after the manner Of the Pharisee they
broaden their phylacteries, make loud professions
of superior zeal, and thank God reverently
that they are not as their sinful brethren of the
Ohio Democracy-those financial Sadducees, who
continue to reject all idea of resurrection or re-
dempion for the legal tender.


i
Chairman, only because l think it has an i'm.
portant bearing on the present and the future.
do not assume that the Republican party can pos
.iby discharge its pending responsibilities by
merely pointing to its former grand achievements.
"Let not virtue seek remuneration for the thing il
was" But do claim that on this financial ques-
ton, 1Le course Of the Republican party in the
past is guaranty for the future, and that equally
the course of the Democratic party, Of both wings
and all shades, is menace and warning to the
people.


Ii, however, the New York school Of Demo Gratis,
repen'ing Of their former course and seeking bet
ter ways for the future, are ready TO give honest
help in the restoration of a sound currency, they
will be gladly welcomed, and their faith Will be
tested by works before this session of Congress
closes. They will not however, deem it strange
or harsh it. remembering their past record, we feel
uncomfortable sense Of distrust as to their en-
tire sincerity in the future. This distrust il in
creased when we witness the brazen boldr ess with
which, in full view Of their reputation record Of
but yesterday, they assume stilted tone Of supe-
rior horesty on tie financial question, and affect
patronizing language towards the Republicans
who saved the lation from the lasting blight OF
Mr.. Seymour's triumph in 1868. Still further
deepened and strengthened is this distlust when
we remember the formal alliance which the New
York Democrats have renewed with the Demo-
cIe.s of the South, to whom our whole financial
system is but reminder Of what they them
selves term their subjugation; and who from past
RCllDu EUu prtScut tcuutNCN arc QuuttcO W pC tuc
safe repository of the nations pledges for the pay
ment oi lis war debt. We have passed into a new
era, and to recall the Southern Democracy with
their appalling record to their ancient control in
this country, would be as decisive step backward
and nie Inward as it would have been for the Eng
lish people to surround William of Orange with a
Parliament made up Of adherents to the lost House
of Stuart or it would be- to- day. for the French
Assembly TO thrust on Mcmahon a cabinet devoted
to the fortunes Of Henry Fifth.


As l said at the outset of my remarks, Mr..
Chairman, the country is suffering under one Of
those periodical reyulsions in trade, common to
all ccmme rcial nations, and which thus far no
wisdom OF Legislation has been able to avert.
The natural restlessness of people so alive and
alert ours looks for an instant remedy, and the
danger in such condition CT the public mind is
that something may be adopted that will Ultimate
ly deeper 'hc disease rather than lay the ground
work !.4 ii offectual cure. Naturally enough in
such time, the theories for relief are numerous
ard We have marvellous recipes offered whereby the
people shall be enabled TO pay the dollar they owe
with less than hundred ents; and those who are
caught with such delusion seemingly forget that,
if this be SO, they must likewise receive less
than hundred cents for the dollar that is due
them. Whether the dollar that they owe to-day
or the dollar that is due them tomorrow will have
the greater or less number Of cents, depends on
the shifting of causes which they can neither con-
troll nor foresee; and therefore all certain calcula-
ton in trade is st at defiance and those branches
of business which take on the form of gambling
are by financial paradox the most secure and
most promising.


Uncertainty as to the value of the currency from
day to day is injurious to all honest industry. And
while that which is known as the debtor interest
should be fairly and generously considered in the
shaping of measures for specie resumption there
i. no justice in asking for imitation on its behalf.
Rather there is the gravest injustice; for you must
remember that there is ge class Of most de-
serving persons who would be continually and re-
morselessly robbed by such policy. mean the
Labor of the country, that is compelled to live
from and by its daily earnings. The savings
banks, which represent the surplus owned by the
laboiers OF the nation, have deposits to-day ex-
ceetlipg eleven hundred millions of dollars-morc
than the entire capital stock and deposits Of the
national banks. The pensioners, who represent
the patriotic suffering of the country, have cap
italized investment OF six hundred millions OF dol
lars. Here are seventeen hund ed millions Of
money incapable of receiving anything but instant
and lasting injnry from imitation Whatever i'm
pairs the purchasing power of the dollar cores
pondingly decreases the resources OF the savings
bank depositor and the pensioner. The pensioners
loss would be absolute, but it would probably be
argued that the laborer would receive compensation
by his nominally larger wages. But this would
prove totally delusve, for no possible augme nta-
tlon of wages in time of imitation will ever keep
pace with the still greater increase Of price in the
commodities necessary to sustain life, eXcept-and
mark the exception-under the condition witnessed
during the war, when the number OF laboers was
continually reduced by the demand for men to
serve in the Army and Navy. And those honest
minded people who recall the startling activity Of
trade and the large profits during the war, and
attribute both to an inflated currency, commit
the error Of leaving out the NEST important ee-
ment of the calculation. They forget that the
government was customer for nearly four years
at the rate of two to three millions Of dollars per
day-buying countless quantities of all staple
articles; they forget that the number Of consumers
was continually enlareing as our armed force grew
to its gigantic proportions and that the number Of
producers was by the same cause continually grow
ing less, and that thus was presented. on ascale
of Unprecedented magnitude, that simple prob
lem, familiar alike to the political economist and
the village trader, of the demand being greater
than the supply and a consequent rise in the price.
Had the Government been able to conduct the
war on gold basi. and provided the coin for its
necessarily large and lavish expenditure, rise in
the price Of labor and rise in the value Of COM
modllies would have been inevitable. And the
rise of both labor and commodities in gold would
have been for the time as marked as in paper,
adding of course the depreciation of the latter to
its scale of prices. This statement is not theory
or speculation, but has often been demonstrated
as fact, and Significantly so in England and
France during the war of the Crimea.


While the deluson of creating wealth by the


issue of irredeemabe paper currency may lead to
anv number of absurd propositions, the advocates