Year: 1876

They belong to every patriot in the land whether
democrat or republican, for they are the great
fundsmenta principles OF our Constitution. When
the nationality of this country in 1851 came into
disrepute, infinite disorder, rebellion, and cruel
war was the result; and so, my friends, in regard
to national credit. As the result of war comes
The question of finance, which | will discuss a
little further on. AT the close of the war, not
withstanding all that had been paid your public
debt reached the sum of 81 800 GOO 060, and 81,
OO00 900 of that rests upon the shoulders of the
American people of the present day. But that
was not ALL We had disordered currency, and
an overthrow by the vicissudes of the war of the
great standard of values by which the poor man 5
labor is measured, and by which all honest tran
sacuons are conducted. That is our condition to-
day. Here is the financial question, two billions
Of indebtedness on the part of the United States
Government, to say nothing of the other two bill
lions of State and municipal Indebtedness which
rests on the credit of the Government of the
United States. If the public credit Is not as clear
as the apple of your eye, if there is any slip or
fall in the credit of the United States, the credit
perishes necessarily. Everybody will tell you
that.


THE FINANCIAL QUESTION.


Then the two questions before you are the fl
nancial Question and the Southern question. |
don't want to weary your patience, and shall be
brief upon these two topics, and first let us look
at the financial question. What is to be done after
the payment of the public debt What is to be
done after the resumption of specie payments !;
Let us first see what the democratic party is about
and then see what diversity of opinion there is
about it. | read from the democratic platform,
reform" Laughter. Well, | assure you that
laughter is not out of time it is very amusing.
Let us see how it begins. "Reform is necessary
to establish sound currency" and that is suff-
cicntly general, | assure you. "Reform is neces-
sary to restore public credit" Laughter.1 Well,
now, insist upon it that this is not so clear. If
what have been saying is true IN regard to the
public credit, it would seem that was restored at
the present time, but the question is Of maintain
ing it. Cheers. Now that is what we are for
we have restored it. voice that is so. We
have established il, and with the blessing of God
we intend to maintain il. Sand to maintain the
national honor" That is original. Laughter. !
But sixteen years ago an attempt was made to
stamp the Government of this country under foot
and the democratic party said it was naughty, but
they could not help 1t, Laughter; and these
same gentlemen to-day glby talk of the honor of
the country with their unsanctihed lips. That is
all theirs. (Cheers.) That is very brief, very
general, very uncertain, and il strikes me that, to
a people who are anxious and solicitous upon the
great question. it would seem very unsatisfactory
Now let us look at the other side of this picture
and see what the republicans propose on the sub
ject of the finances. We have collected and ex.
pended within the last sixteen years, as Ihave
already told you, Sll 900, 900 900. and we have
$1,000 900, 900 of obligations now to meet. The
ordinary financial duty of the Governmt Mt is to
collect from the people sufficient revenues to pay
the interest on its debt as it falls due, as any hon
est debtor should do, and to provide for the pay
ment of the debt. In addition to that, i: has to
collect revenues enough for the ordinary current
expenses of the Government. Now, that is what
we are doing and have been doing since the war
closed; so that to day the debt of the Government
of the United States, both funded and unfunded,
instead of being S2,O00,0 100000 as in 1865, is
fraction more than two thousand millions. (Ap-
plause) Now, our democratic friends say, Chow
these men squander money" Well, that is the
way we squander it. Uaughter.) That is what
what we have done. What else ! We have paid
the ordinary expenditures of the Government
These expenditures in 1866 amounted to over
five hundred millions. But bark you now; these
people say we are prohigate with the peoples
money and squander ii; that what we do not steal
we throw into the Potomsc-(laughter)- )-and yet
the fact Is that year by year the expenditures Of
the Government have undergone the most rigid
scrutiny, and from gross amount of $500, 100000
and more year they have been reduced, so that
IN the last seal year, including the payment of
hundred millions upon the public debt and $780,
OO0,OOO TO the brave men who fought TO defend
your hberties-which hope the democrats do not
grudge-behold the amount in round numbers,
was $3.50, 00U. (Applause.) Aye, more, my
friends: in the meantime remember, instead OF
laying oppressive burdens upon the people, as
democratic speakers would try to induce you to
believe, we have lightened their burdens by re-
leving them of over $500 600, 900 of taxes during
that period. (Applause) And to-day the only
oppression that | know oi-and it may bear a little
heavily on some parties whom | will not mention
the only tax that we levy, outside of the import
duties, is tax on whisky and tobacco. laugh
ter.) If anybody complains of that, will tell him
how to get relief; you don't want to come to the
Secretary OF the Treasury for that just don't
touch them. (Cheers and laughter.) Don't taste
them, that is all. (Applause.) That is your rem
edy, and avoid all oppression. (Renewed cheers }
Now, has there been Incorporated provident or
an improvident administration of the finances of
the couutry | have often had occasion in the
Senate of the United States to challenge an inves-
tgation of that matter. | know what say when
| affirm that in the last twenty years the most
rigid scrutiny into the receipts and expenditures
OF the Government has been applied by this party
in 9th Houses of Congress, and never before in
the history of this Government was so strict an
accountability exacted of ii as at the present time.
And if any gentleman is curious to know whether
that be true or not, let him examine the list which
has been pretty extensively published over the
country, and which shows that the losses of the
Government during the Administration of the last
eight years are far less than during any other ad-
ministrstion liz the whole history of the Govern
ment (Applause.)


Now there is another phase of this financial
question which ought TO interest you, and which
hope will, and that is about the payment Of the
debt. 1t won't pay itself, but how is it to be
paid SIMPLY by paying it--that is the only way.
Let US look at this Democratic document here
and what they say about it. Not word.
[Laughter.l They say reform is necessary to the
end tnat you establish a sound carrency; they
say reform is necessary TO restore the pubic
credit; but that is restored. New what about the
payment Of the debt They don't say any
thing. know what they think, and if you won't
speak of il outside of Wall street, will tell you
before | get through. know what they think
from what they have done. Now what do we
say. We say, like an honest debtor, that we will
pay every obligation OF the United States Govern
ment in coin of the standard value. [Cheers. /
Dollar for dollar, cent for cent, nothing taken oil
nothing abated. The best we will do is to let
some of those solid men have some Of our four
per cent bonds in exchange for per cents
laughter and occasionally We will aeeommo-
date our country cousin, John Bull. in the same
way Now, you ask democrat what he thinks
about paying the public debt in coin-that Is what
we agreed that is what this great party pledged


itself to do by act of Congress signed by Repub-
lcan President, and the nation was pledged TO do
it; and immt dately your bonds went to par in
the market, and to-day your bonds stand away up


in the sxteens and seventeens. Ask a democrat
what he thinks about paying that in coin! l will
give you an example. Here is leading demo-
crat in Ohio making famous speeches. He has
been making speeches on the currency and
think on the CT edit OF the United States, and he
has singled out this one act, which was passed by
this republican Congress, TO denouncs It as the
CRIME of tie age.