Year: 1876

Lue circuit Vi Iue government anu involve the union
in irretrievable disaster. But at that moment
The military situation, with its perils and its pros
poets, was such that the government must have mon
ey more rapidly than the sale of bonds could furn-
sh it, and the danger was that the sale of bonds
would be stopped altogether unless some definite
limit could be assigned to the issue of legal tender
notes. Accordingly Congress sought, and success
fully sought, to accomplish both ends at the same
time, and they passed bill granting one hundred
millions additional legal tender Notwithstanding
four hundred millions in alland then incorporated
in the same law solemn assurance ard pledge that


the total amount of United States notes. issued and
to be issued, shall never exceed four hundred mil
lions of dollars" And to this pledge every Demo-
cratic senator and representative assented either ac
lively and silently, as the journals of both Houses
will show. The subsequent readiness of many of
those gentlemen to trample on it must be upon the
broad principle of ethics that the government should
keep those pledges which profitable, and disre-
gard those 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 i'm
prove its credit and restore sound currency to the
people; and here we might have reasonably ex-
peeted the aid of the Democratic party. But we
did not receive it, rreconeilaby hostile to the issue
of legal tenders when that form of credit needed
for the salvation of the country, the Democracy
soon as the country was saved, conceived violent
love tor these notes, and demanded an almost imi-
table issue of them. Mr.. Seymour, as the Demo-
cratic candidate for President in 1868, scouting the
four hundred million pledge, stood platform de-
manding that sixteen hundred millions of five
twenties be paid off in legal tenders; and he so
heartily approved this policy that in his letter
of acceptance he declared that che should strive to
carry it out in the future, wherever he might be
placed in political private fe.' His position at
that time was approved by every Democrat of high
or low degree in New York, was unanimously re-
affirmed in their state convention, sustained by
all their newspaper organs, and was the recognized
creed of the party, East well as West. Mr.. Sey-
mour and his political associates in New York have
changed their ground and now proclaim an honest
financial creed; and after the manner of the Phar-
isee they broaden their phylaeteries make loud pre-


essions 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 redep-
tion for the legal tender.


I have thus briefly referred to the past Mr..
Chairman, only because think it has an important
bearing on the present and the future. do not as
sumo that the Republican party can possibly dis
CnISe ls ptHuiuS RESPONSIVENESS Dy mercy point
ing to its former grand achievements "Let not viz
tue seek remuneration for the thing it was.'' But
do claim that this financial question the course
Of the Republican party in the past is guaran
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,


flhowever, the New York school of Democrats,
repentng of their former and seeking better
ways for the future ready to give honest help in
the restoration of a sound currency, they win be
gladly welcomed and their faith will be tested by
works before this season of Congress closes. They
will not, however, deem it strange or harse if
remembering their past record, we feel an uncom-
Portable of disrust their entire sincerity
in the future. This distrust is increased when we
witness the brazen boldness with which, in full view
of their reputation record of but yesterday they
assume stilted tone of superior honesty on the
financial question, and affect patronizing language
toward the Republicans who saved the nation from
the lasting blight OF Mr. Seymour's triumph in 1868.
Stillsfurther deepened and strengthened is this dis
trust when we remember the formal alliance which
the New York Democrats have renewed with
the Democrats of the South, to whom our whole
financial system is but a reminder of what
they Themselves term their subjugation; and
who, from past action and present. tendency
are untitled to be the safe repository Of the
nations pledges for the payment of its 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 nightward as it


would have been for the English people to surround
William of Orange with Parliament made up of
adherents to the lost House of Stuart as it would
be to-day, for the French Assembly to thrust on Nc
Mahon cabinet devoted to the fortunes of Henry
Fifth.


As 1 said at the outset of my remarks, Mr.. Chair
man, Ethe country is suffering under one of those
periodical revusions nj trade, common to all COM
mercial ma tions, and which thus far no wisdom of
legislation has been able to avert. The natural rest
lessness of people alive and alert ours looks
for an instant remedy, and the danger in such
condition of the public mind is that something may
be adopted that will ultimately deepen the disease
rather than lay the groundwork for efectual cure
Naturally enough in such time the theories for
lief are numerous, and we have marvellous riches
offered whereby the people shall be enabled to pay
the dollar they owe with less than hundred cents
while those who are caught with such a 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



will have the greater less number of cents.
depends on the shifting of causes which they can
neither control forsee and therefore all certain
calculation in trade is set at Defiance and those
branches of business which take on the form of gam
bling 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
uuhil hat yvhio is aS inf
should be fairly and generously considered in the
shaping ofmeasures for specie resumption, there is
justice in asking for initiation on its behalf Rather
there is the greatest injustice; for you must remem
ber that there is large class of most deserving per-
sons who would be continually and remorselessly
robbed by such policy. mean the labor Of the
country, that is compelled to live from and by its
daily earnings. The savings-bsnks which repre-
sent the surplus owned by the laborers of the nation
have deposits to-day exceeding eleven hundred
millions of dollars-more than the entire capital
stock and deposits of the national banks The PEN
soners who represent the patriotic suffering of the
country, have capitalized investment of six hun
dred millions of dollars. Here are seventeen hun
CRED millions of money incapable of receiving any
thing but instant and lasting injury from initiation
Whatever impairs the purchasing power of the dol
lar correspondingly decreases the of the
savings-bank depositor and the pensioner The PEN
soner's loss would be absolute but it would prob
ably be argued that the laborer would receive
compensation by his nominally larger earnings
But this would prove totally delusive, for
no possible augmentation of wages in time
of initiation will ever keep pace with the still
greater increase of price in the commodities neces
sary to sustain ife except-and mark the exception
under the condition witnessed during the war,
when the number of laborers was continually re-
duced 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 most important element 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-buyng countless quantities Of all
staple articles they forget that the number of
sumers was continually enlarging as armed force
grew to its gigantic proportions, and that the
Der of producers was by the same continually
growing less, and that thus was presented on a
scale 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 consequent rise in the price. Had
the government been able to conduct the war on
gold basis and provided the coin for its necessarily
large and lavish expenditure rise in the price of
1aho n r;c in, tba of