UPPLEMB1TT.
1
CAMPAIGN TnOUGnTS.-STSi.
IDEAS THE CANT ASS SUGGESTS.
Brief Pleading for Honesty In Politic at
Well as la Business, and Some or
the treasons Therefor.
Tlie cipber dispatches have forever put at
rest the allegation that the Democratic party
ha entered npon the stage of decay. It leader
never demonstrated their proficiency In trick
and fraud more satisfactorily, not even wben
Tammany cued to colonize Connecticut just
prior to the April election. If any man can
read the cipher dispatches and still say that the
Democracy Is not as lively and vicorous a party
as ever, be Is a.lost soul.
Oil, Mr. Dewepg! was it necessary to puiv
llsh and send abroad such a whopper as that
about Vermont? Is the N. G. L. case so despe-
rate that It was necessary to proclaim that that
party elected a Congressman Id Vermont? If
orb. a man was elected, what Is his nam
Perhaps the flat money men have gone out
the business of making Oat money and taken
np the business of making flat Congressmen,
It pays In the long run to tell the truth, Mr.
Dewees.
The recent elections in tlie west show coir
clnslvely that the supposed popularity of In
deeraable money In that quarter was wholly a
manufactured sentiment produced by political
manipulation, and sustained by that alone for
partisan ends. No sooner was the course of the
Republican party placed before the people In
unmistakable terms In favor of bonet money
than the reaction became decisive. Substan
Mai citizens should now bear In mind to whom
they are indebted for this revolution.
Wha', in the name of common sense, does
Mr. 8 peer mean by scolding the Democratic
rank and file for running after strange gods? He
is the bell-wether of the flock, and it was be
who first lumped Into the greenback pasture.
And now be is after the lambs with a sharp
stick. "Ton should worship at your own
altar," says Mr. Speer. It Is a pity be did not
set them a better example. It Is easy enough
to lead a flock of sheep to new pastures, but it
Is not easy to drive them back, Mr. Speer.
Immediate prosperity cannot be ex
expected to follow resumption. The change
must be gradual, because the opposition to re
sumption bss been too formidable to past away
easily. But after resumption the subsequent
struggles of the Inflationists will be less difficult
to deal with. Sentiment will crystallize In
favor of a sound national currency and of a pro
tective tariff: The 4th of March, 1879, will end
the conflict. To have Internal progress and com
merclal advancement we must get rid of the
Democratic dominance In Congress.
The National-Labor-Greenback-Fiat party,
linked arm In arm with the absolute fiat party,
and attended by the prohibitory, are descending
from the heights they trod and disappearing,
They presented themselves, with many claims
nd much'oonQdenoe.ln the west, and found that
they were friendless and forlorn, and despised in
half a dozen States when they prophesied gain
lor themselves. They find that this proof of
their inability has dampened the ardor of Penn
sylvania disciples, and that those who wandered
from the Republican fold are returning to it.
In 1801 Mr. A. H. Dill asserted at Lewis
bnrg that "this Union can never be maintained
by force of arms." But It was so maintained,
and that maintenance discredits Mr. Dill's Judg-
meet. A man convicted of Intellectual inca
pacity Is not flt for a high and Influential posi
tion In Pennsylvania. He might repeat bis er
rors, and compel the State to pay for ihem. We
ay nothing of the patriotism of the declaration.
That can be Judged by everyone. Tbeproofthe
declaration makes of Mr. Dili's unfitness and
incompetency is a sufficient inference from the
speech.
Those who favor the maintenance of the
national banking system in preference to a re
turn to the old localized and unsecured currency
and wild-cat 8 late banks, have only the Be'
publican party to look to in the present emer
gency. Both the others are hostile to the excel'
lent system now established, and both agree In
the avowed purpose of destroying IL A thous
and million of dollars of commercial credits
depend npon that question. Business men
should think of that before they vote any other
ticket than the Republican.
Two years ago the Deniociacy were de
feated when they made the repeal aud falsifica
tion or the nation's solemn promise to redsehi
its legal-lender notes on the first day or 159
an Issue In the canvass. That promise, m'aip
by the country through a Republican adminls
tration still holds, and cannot be honorably re
tracted. It is plighted fHb, aud were the
greenback advocate as strong in Uieir argu
ment of expediency as they are weak, it would
remain plighted and demand fulfilment. All
that Is said on the theory of national paper is
worthless under this one consideration, since
were the Instant profits of increased paper is
sues and do resumption a thousand times what
tbey are, still the faith of the nation would for
bid resort to it. There are some who will up-
B.-rh a promise simply becanse II has been
FIAT MONEY.
Its Worth to Workingmen.
The Record of the Past Reviewed at
Some Length.
The Fate of our Continental Currency
The Experiment by Franoe.and
the Result-Shall History
be Repeated?
Though one might Imagine after reading the
arguments of the advocates of "flat money"
tiat It Involved a new discovery in the realm of
fl.iance, the idea originated many hundred
y ars ago, bad Its complete elaboration in the
Issue of irredeemable paper, and worked wide
spread and irretrievable ruin to the expert
mentors. The best authenticated of the earlv
experiments with flat money was made In this
country exactly 150 years ago. The colonies of
Massachusetts. Rhode Island and Connecticut
tried the experiment in 1728. It was an era of
bard times. The people or the demagogues for
them demanded the creation of loan banks
which should lend money to men short of funds,
Such banks were created, and issued notes to
borrowers payablo In sixteen yeais, with use at
four and six per cent. These notes were msde a
legt.1 tender, and the colonial governments took
mortgages on the real estate of the borrowers.
Of course these borrowers borrowed on longer
or shorter time, depending upon the date when
the loan was effected. Those who came in five,
six, and eight years after the period of the crea
tion of the flat money, bad so many years fewer
in which to use and repay the loans. These com
plained that they did not get their share of the
favors of fiat money, and demanded larger
loans to make good the reduction in time.
Thus more and more of the Sat money was
turned into the channels of the circulation.
and every new Issue depreciated all that had
been Issued previously. This depreciation en
abled the first borrowers to pay their loans more
cheaply than tbey otherwise could have done,
and of course such debtors Joiued in the cry for
more money. But the historian of those times
remarks that the borrowers in a multitude of
cases did not try to repay their borrowings, but
ran away, and left the banks to make out as
best they might with the mortgages and other
securities. The "best" was bad enough: for It
was found as a rule that the pledged lands were
not worth the debt, or in such condition that
nothing could be realized. Here Is what Hutch
inson, the historian, writes of those times:
COLONIAL, PAPER MONEY.
"The legislature, composed largely of men
who had borrowed, would allow no extreme
measures against the delinquent debtors, as
that would affect themselves as well as their
debtor constituents. Foreclosures were dis
countenanced, and did not generally pay the
excitement and trouble they caused. Com
pelling men to repay their loans was looked
upon as a species of political persecution. The
repayment of the loans became a political
Issue. Politicians were no longer arrayed against
each other, as Whig or Tory, but as creditor or
debtor, aud the latter swept the elections. "
"This legal-tender money continued to depre
ciate, and this bad the effect of making a scar
city of currency, for It now took several dollars
to do one dollar's worth of work measured by
colu values. There was a great cry for moie
bills, to make money plenty, business brisk
and get up enterprises. "
"The more paper was Issued the less it was
worth, and the only class that benefited thereby
was those wbo paid off their creditors in de-
based money; but the more lenders were thus
cheated, the harder times became for the work
lng classes, and there was great distress in the
colonies."
"Salaried men and laborers suffered greatly
from the debasement of the currency." Says
the historian Hutchinson: "The Influence
which a bad currency has on the morals of the
people Is greater than Is generally imagined. It
would be Just as rational when the blood in the
human body is In a putrid and corrupt state to
increase the quantitr by luxurious living in
order to restore health. ' '
"At last the British Parliament interfered,
and passed an act forbidding the issue of any
more irredeemable legal-tender paper in New
England colonies, and allowing no issues ex
cept in the form of exchequer bills redeemable
by taxes iu a year, and bearing Interest. The
colonies now set earnestly, though with only
partial success, to fund and retire the old notes.
This produced contraction, and the debtors
raised loud outer lei against it The colonial
governments sustained heavy losses in the
rork of calling in and getting rid of Ihe super
abundant notes. A Spanish silver dollar was
worth 4s. ed. sterling, while of the note Issues
it took 64s. to equal one silver dollar. In the
meantime all the coin left the country; not a
dollar of hard money was seen in circulation. "
LEGAL-TENDER IN 1776.
This experience In fiat money was very bitter,
and was not repeated for the next fifty years.
Then came Ihe revolt of the colonics, aud a des
perate struggle or a poor people with a rich and
powerful nation. Between June, 1775, aud Feb
ruary, 1776, 10,000, 000 of paper mouey was Is
sued and made a legal-lender by Congress, aud
the separate colonies as well. In addition, the
enilre Issr.p w;is n
1rnM lo colonics nc.-o, .
McCl'LLOCII.
A BOUND rrNANCIFR'S VIKWS.
Some Democratic Campaign Facts Refuted
by Statements from a Tarty Acquainted
With the Subject Read and KeHect.
To the Editor of the Tribune.
Sir: There exists to some extent misapprehen
slon in regard to the character and purposes ol
lhe7 3-10lh notes Issued by the government In 1861
and 1865. It has been stated by the inflation
Journal, and Iterated aud reiterated by Inflation
speakers, that these notes were Issued as money.
This statement has been In a measure confirmed
by remarks attributed to General Spinner, but
the statement is only partially true, and as to
a comparatively small part of the first Issue.
The exigencies of the Treasury in 1861 and the
early part of 1805 were so great that the Secre
tary was compelled to avail lilmseir of all
means under his control to meet tlio enormous
requirements of tlio War and Navy Depart
ments, aud, authorized as ho was to sell these
notes, or to use them In paymeut of debts due
by the government, he did direct that some of
them should by sent to the army paymasters
and to the Assistant Treasurer in San Fran
Cisco, with Instructions, however, that they
should be paid only to such soldiers and other
creditors as might be willing to receive them,
They were not used nor Intended lo be used a
money, but as securities, which the creditors
might receive or decline to receive at their own
good pleasure. According to my present rccol
lection, all of the notes which which were used
for the payment or soldiers were so used while
Mr. Chase was at the bead of the Treasury De
partment; and I sneak advisedly (for I was iu
dally communication with hi in) when I say
that 11 was not bis intention or expectation that
they should be even temporarily a circulating
medium. He was bard pressed for mouey, and he
was also anxious that the soldiers should save
as much as was possible of their bard-earned
wages; and he thought, as these notes bore a
high rate of interest, and were convertible at
maturity into 5-30 six percent, gold bonds, that
they would be gladly received and held as an In
vestment. The experiment was not a success,
and It was soon discontinued. Of the $830,000,
000 7 3-Iotb notes outstanding In October, 1865, at
least S700, ooo.OOO bad been offered and sold by
popular subscription, as were the first issues of
5-20 bonds. The bonds antl other sortiritics is
sueci during me war were issued to provide
means lo prosecute the war, when, as the result
was by many regarded doubtful, subscriptions
to the loans were considered patriotic; those
issued after the close of the war were issued
to provide means for paying ofl" the soldiers
and closing np the expenses of the war.
And 11 Is worthy of remark that it was not
until long after the war had been brought to
successful conclusion, and ihe solvency of the
government had been assured, that tlio holders
of securities, which had been freely offered to
every man in the United States, became the ob
jects of denunciation; and it is also worthy of
remark that the denunciation of the bondholders
almost invariably comes from those whose prn
leuce to use no stronger term prevented Ihem
not only from subscribing lo the loans when the
Union was in peril, but also to the subsequent
ones, upon the success of which depended the
ability of the government to pay the gallant
men by whose valor it had been preserved. The
reason for raising money by a sale of 7 3-10lhs,
Instead of bonds having a longer lime to run,
and bearing a lower rate of lulerest, was given
by the Secretary, in his reiort of 1868, in t)C
following language:
NO TIME TO TRY EXPERIMENTS.
me greatness or the emergency gave the
Secretary no time to try experiments for bor.
rowing on a new security of long time and
lower interest, and removed from his mind all
doubts and hesitation in regard to Ihe course tci
be pursued. It wasestiinated that at least S700.
000,000 should be raised, In addition to the reve
nue receipts, for the payments of thorequisi
tionsj already drawn, and those that must sooi't
follow preparatory to the disband men I of th
great Union army and of other demands upon
the Treasury. The anxious Inquiries then wen?,
by what means cn tnis large amount or monej
be raised, and not wat will be the cost of rais'.
lng It. How can the soldiers be paid and th
army disbanded so that the extraordinary exi
penses of the War Department may be slopped,
and not what rale of interest shall be paid fo
money. These were the inquiries pressed npoip
the Secretary. He answered them by calling
to bis aid the well-tnid agent wbo had been em.
ployed by bis immediate predecessors, and by
ottering the 7 3-10tb notes the most popular
loan ever offered to the people in every city
and village, and by securing the advocacy or
the press throughout the leuglh and breadth of
the land."
The 7 3-10ths were made payable, interest ami
principal, in lawful money (legal-tender notes).
but they were not themselves a legal-tender, a
some have asserted; and nobody so considered
them until ten years after they had been re
tired. In October, 18C5, the following short-
time obligations the payment or retirement of
which is denounced as a contraction of the
currency were outstanding, viz. :
Compound interest notes, due 18GT
and 18G8, - - -
5 percent. Treasury notes, due De
cember 1, 1865, -
7 3-10 Treasury notes, due in IM.n
and 1868,
- 8.;o,oiio,ovo
T o,i.iiti..n tn flios,. tlwra were dl'litn rlim i,hl
3J,536,!''fj
n inn II b
fl DEMOCRACY.
Is the Party to be Trusted?
Corrupt, Unprincipled, and a Foe to
American Industries.
Guilty of Treason Dishonesty and Repu
dlatlon A Friend to Rebel Claims
and Foreign Pauper Labor
and Speculators,
Tnerels nothing nobler or grander within the
ranee of human capabilities than forgiveness
and forgotlulness of Injuries. There Is no surer
mark of goodness and even greatness than this
indicates in Individuals.and In almost all cases
what is wise and noble in Individual action Is the
same with parties or governments. Uoncvery
citizen of this Commonwealth, however, rests
a responsibility; every voter has a duty to per
form. He owes it to himself, to those who have
gone before, but much more to those who will
come after and luherlt the good or evil which he
transmits. Therefore, forgiveness and forget
ful ness of Injuries which purely concern our'
selves must not be confounded with those
In which wo have only a passing and
transitory Interest. If the Democratic
party is ever permitted to return to power,
it will bo eflected by the combination of
two things. The people will forgive and forget
the wickedness and the evils Democracy has
wrouglitand remember only the reproach which a
few prominent Republican traitors lo thelrparly
have brought upon the country. It seems al
most superfluous to go over the long list ot
crimes against law and order, against human
rights and liberty, against the true interests of
America, which the Democratic party has
been guilty of. On every hand are evidences of
their recklessness, of their treason, of their
treachery and betrayal of American Industry.
Almost wflhln the memory ol the youngest voter
wbo will go to the polls on the 5lh of No vein
ber Is the treason and perfidy of the last Demo
cratic national administration, the remem
brance of the weak and cowardly subterfuges of
tbe Chior Executive, ami the active and bold con
nivance and aid of bis subordinates In arming
rebels and plunging me nation Into a causeless
war, which billowed the south all over with
graves, desolating a million bappy homes and
buidcning unborn generations with debt. He
will remember how during those bitter and
terrible years of struggle, of doubt and despon
dency, when the only refuge on earth for the
oppressed aud suffering of all nations bung on
the very verge of destruction, this party cast Its
influence with traitors; how those who placed
their all upon the altar of their country were
reviled and scoffed at, and how the memories of
the slain have becu heaped with obloquy and
the brave survivors traduced and slandered
There is not, even in that party, a degree
of Impudence daring enough to deuy or defend
these charges. They are too infamous for even
the most unscrupulous and intense partisans to
Justify. When the blessed angel of peace came
once more to our distracted land, and the rebel
armies were allowed to surreuder on terms so
liberal as to melt the south to tears, and were
invited once more to resume their places In the
great family, we all remember how this party
opposed every step of reconciliation that should
secure to the colored man the rights guaranteed
by the Constitution and laws, and every princi
ple upon which our Republic 13 founded how,
from banging these inoffensive people to lamp
posts and burning their school-houses in New
York to ku-kluxism in the south, their never-
ceasing diabolism of thirty years continued, re
kindling the bitter fires of sectional hate, canto
and treason in the breasts of the bad and dan
gerous element of the country, and dispelling
in a great measure the auspicious signs of peace
and unity that followed the homeward-march
of our armies.
OAS THE PARTY CHANGED?
But Uiey tell us this Is the "bloody shirt"
that these Issues arc past; tbey plead gullty.and
ask that these things be buried in forgetfulness.
They declare that new questions have arisen.
and new leaders stepped to the front; and In tills
tbey declared truly. From cringing before the
slave power of the south, rankly persecuting
and defaming the sacred cause of liberty and its
defenders, they prostrated themselves before
the heroes of Uie struggle wben success was
assured; adopting Republican principles and
taking for their standard-bearer the most invet
erate enemy and implacable foe to Democratic
doctrine, demonstrating the same feeling for
their own dignity and sense of honor that tbey
bad for the welfare of the country. But the
people are seldom wrong in their opinions; In
their sentiments they are never mistaken when
correctly informed. The graves were too new;
the wounds too fresh; the empty sleeves too nu
merous; the walls and sufferings of the widows
aud orphans too distinct; the burdens of taxa
tion too heavy; and never was, there such an
emphasis placed upon a fact as the popular ver
dict of 1872 stamped upon Democratic treason
and hypocrisy.
If generosity and charity could lead us to for-
getourdutyas American citizens and defend
ers of tbe rights and privileges bequeathed to us
so rar as to trust Democracy again with power
on their professions, their acts would dispel the
Inclination so long as we retained one spark of
honor, or there remained one particle of jutls-
t In Tlio mHnls ..r Ihn i t T,,, . , ,i ,
IIOYT.
A CANDIDATE WITH PRINCIPLES.
The Next Governor Reviews the Situation
Labor, flonesty and Coin His Speech at
Horticultural Hall, Philadelphia.
I represent tbe organized agencies which the
great Republican parly have set up and propose
to sustain In this Slate Iu the interest of good
government.
Eighteen years ago a million and a half of men
armed aud went down to battle that the nation
might live. The enemy In front resisted to the
death, and thousands in our midst declared and
resolved in convention that a war for that pur
pose must fail. You vindicated yourselves as
men who possessed the brain and purpose of the
Inheritors of an interest in a great ancestral
rlulit and an Inherited Intelligence, and pluck to
maintain that right. That flght.fellow-cittzens,
you won. Your flag still bears all lis blazing
stars, and floats over every parapet and fort of
the Republic (The applause which greeted
Colonel Hoy t here warmed him up and he went
on with vigor.
TIIK NATION MUST LIVE HONEHTI.V.
To-day you are marshalled that the nation
may live, honestly. As you one held the peo
ple to the great lessons of fortitude, self-denial,
and suffering, so now you, and you alone, are
to organize that heroism which shall compel
honesty in public matters, honesty in private
affairs. You are to maintain the public in.
tegrity, that governmental dishonesty may not
debauch the sentiment of Individual Integrity.
A great debate Is now going forward between
the American people. The only organized body
of men who embody and proclaim the truths In
government and finance is the Republican
party. For twenty-five years the Democratic
party has bad no vital and efficient contact
with the actual Ideas organized In our Insti
tutions. Democratic men went shoulder to
shoulder with Republicans to the trenches to be
torn and mangled, and to the battle front to die.
Tbe Democratic party, as a party, never put
Itself honestly and sincerely In actual sympathy
with the people. It did not keep abreast or the
ripe sentiment of nationality. In 1868 It lost
the election because it did not Intend honestly
to pay tbe war debt. Iu 1872 It lost tbe election
because, while it took as its candidate a great
champion of human rights, it took him because
be had abandoned patriotism for sentimental
Ism. In 1876 it undertook a campaign for "re
form," but its record was too unsavory and
Us disguises were too thin to deceive the aver
age American voter. To-day that party has
positively no attitude on any public question
going to the real living interests of the people.
Its leaders are distracted and Inconsistent, Its
declarations weak and worthless. It presents
no definite schema for tbe conduct of affairs.
As It has produced no results In tbe past, so It
offers no hope for tbe future. To-day Its leader
ship Is Iu the hands of a few able and ingenious
goutlcmen. Republican at heart, but inspired
by a sense of mischief toward the Republican
party and hearty enjoyment of their mlschiev
oub intervention. Applause.
REPUBLICANISM MUST KR BOLD AND IN
TREPID.
Fellow-citizens, as in the years gone by the
Republican party fostered and dcveloed the
endurance and persistence of our peeple, so now
you are to organize, uphold and support the na
tional faith In Itself. We arc cou Iron ted with
the problem of bow to pay an Immense private
and public Indebtedness. The Jobber and the
charlatan are filling our ears with delusive and
dishonest proposals. The sense of public Integ
rity never needed concerted anil organized sup
port more than now. Tbe mlsslou of the Re
publican party Is not done. Your utterances
should never be bolder and more Intrepid than
now. The people are willing to be recalled to
sense of the sanctity of a public promise. They
must be implored to shut their ears to cheap de
vices lu government and finance. We must re
cognize that divine law which ordains that
homes and happiness and wealth are the awards
of Industry, skill, and economy. No human
scheme can reverse the rules ol the divine econ
omy and confer upon Idleness and profligacy the
rewards of life.
The laws which compel an Individual able to
pay his debts to be willing to pay bis debts must
be met by some corresponding sentiment some
principle of pride and honor which sliall.demand
that a government able to pay its debts shall
rise to that high duty. For this there Is no re
liance but the high spirit and proud determina
tion which should pervade a people with the
tradl tlons and destiny of our own.
THE NATIONALS AS CREDIT WRECKERS.
When tbe National party propose to pay tbe
bonds of this government with the greenback,
and talk about the greenback in Illimitable vol
ume being made good and floated npon tbe
credit of tbe nation, they wreck that credit of
the nation at tbe outset. Tbe Constitution and
tbe law aside, their first act is a cheat and a
fraud, and no plain, practical business man
will trust the individual, firm or nation which
pays a solemn promise with a cbeapjpromlse,
aud which never purposes a day of actual per
formance of either.
LAI10R, MUSCLE AND COIN.
Fellow-citizens, some maxims of political
economy and finance may be considered as set
tled. Nothing which men deal in as articles of
commerce and exchange has any(valuo except
the value which human labor and muscle and
energy have put Into It. The value of that labor
and muscle Is for tlio people lo iueasure,and not
FUN ALIVE.
The Humors of the Canvass
The Battie Fought by the Democracy
In Maine.
A Famous Victory for Somebody, as Seen
Through a Piece of Smoked
Glass The History
In Verse.
1 1 was an aged Democrat,
Whose locks were thin aud gray,
To him bis little grandson spoke
And said, "Now, gran 'pa, say,
Tell of tbe flglil ill Maine to me,
And how you won the victory. "
The grandslre raised his feeble arm,
"Oil, 'twasa glorious day,
And tierce and strung, and all day long, j
Raged loud the dreadful fray,
And when night closed on us, why we
Had won a famous victory. ' '
"Rut tell me what tbe victory meant,
And what you fought about;
And tell me how tbe Democrats
That were with you, came out?"
"Why that I cannot do," said he;
"But 'twas a lamous victory. "
'In hope and strength we wailed In,
But when the day was done
Of ail our numerous candidates
We hadn't elected one
We hadn't a point, that I could see,
But 'twas a famous victory. "
"By noon, our party strength was gone,
And we kept right on the wane;
And the chill, cold hand of death lay on
Tbe Democrats of Maine,
But still tbey said I can't Just see
That 'twas a famous victory.
"We never elected a candidate,
We were kicked clear out In the cold,
And I felt, wben I read the black returns,
A thousand centuries old.
Hut the New York World said, 'Hope-pee?
Another glorious victory. '
"And since we won that bloody fray
Just why, I can't explain,
They never have found a Democrat
Alive In tbe State of Maine.
They hate that .State it's queer to me,
Since winning that famous victory. "
Ills grandson cried, "But I can't see how,
IT tbey licked you out of your eyes,
And scooped you the grandslre said,
"That's Just where the trouble lies;
It's the Dutch test Rind of Greek to me,
But I know it's a famous victory. "
liurlimjloii llankryc
NASBY.
HEARS TIIK NEWS FROM MA INF.
The Em-Postmaster Itecomes a Ktjformer and
a Financier Result of an Issue of
Flat Money at the Corners,
From the Toledo Rliwle.
Con pkdekit X Roads, WIch Is in the Slate
uv Kentucky, Sept. 15, 1878. The nooze from
Maine bez reached the Corners and lthez en
couraged us, both ez Nashnelsaud Dimocrats.
It doesn't make a straw's difference to me
whether we the Dimocrats bev swallercd the
Nashnels, or whether the Nashnels hev swat
lered us. There hez bin swallerin, and the Re-
publikin party hez lost Its grip. We are bappy.
Ez Nashnels we bev things eggsackly to soot
us at tbe Corners, and throughout thlsseckshun.
We bev succeeded in inslltootln strikes in all
the manufacturln villages in this seckshun,and
hev all tbe workmen out nv work and in conse
keut distress. At Factryvllle ther ain't any
morefactryat all, for we burned it in the holy
croosade nv labor agin capital. In Plainville
we bev got all the mechanics and laborers on a
strike, wlch bed thedeliteful aud cheerio effeck
uv tbrowin every workinman out uv work.
Halleeloogy! They hev notbln to do now but to
walk about the streets day-times, and llssen lo
our speeches nites. And we are makln it lively
for the bloated employers, you bet. When men
are distrest they want a remedy, and they'll
take most any kind uv medicine.
To support em, we hev inslltootld a pro
visbnal bank, wlch will do till the flat money
is isbood. It's the same thing ez "fiat" money.
I am President of it and Issaker Gavitt is
Casbeer. Our money is simply a slip uv paper
onto wlch is prlntid the sole-insplrln words:
THIS IS A DOLLAR.
Attest: Petroleum V. Nasby, President.
Issaker Gavitt, Casbeer.
The only secoorlty that we felt wuz necessary
wuz to pledge tbe sacred faith nv the Corners
that it wuz a dollar.
"Wat Is it to be redeemed In?" queried a
shoemaker to whom I offered it for a pair uv
boots, the first I hev hed for yeers.
'In nolhln. Itdon't want to be redeemed.
To redeem it would be to destroy its life-giving
principle. Anybody Kin Isboo money with gold
behind It to redeem it; yoor iroo tlnanseer Is he
wlch kin make money wlch don't want re-
decrolu. All yoo hev to do with Mils monev is
to 1:"'l It tumvim. V.n. Iumi;, T',1s MP i.iif.. y,,m
KELXEY.
JUS VIKWS ON WOOD'S TARIFF.
An Appeal in Common Sense The Centen
nial the Crowning Glory of Our First
Century General Considerations.
jjnl If It eould be shown that It favors free
trade, It wouiu simply prove that It is an at
tempt to resist tbe tendency and drift of the
age. tnguiuu u;incu urging to realize the sad
mistake she mano wncn she failed to confine
freedom of Irado with her ports to raw mate
rials and food. On the 3d of last month Mr.
Ernest Seyd, berore the British Society of Arts
in London, reiterated bis belief in the abstract
doctrine of free trade, and said:
"I will admit that the increased imports are
due partly to foreigners forcing goods here; but
there Is this year already a falling off in the im
ports. I will further admit that our habits are,
perhaps, too luxurious. Although 1 am a thor
ough free-trader, I am aware that such luxuri
ous habits cannot be checked by mere moral
suasion, and I am or tlie opinion that unless
there Is soon a belter balance between our im
ports and exports, there is really no other
method of effecting this than by a partial return
to protection. "
Hero is a pamphlet with which tbe British
Islands have been flooded within the last few
mouths. It is Lord Bateman's plea for limited
protection or for reciprocity in free trade. Let
me read the closing paragraph:
"I appeal to tbe common Mnae and to the
patriotism of my countrymen, and if tbey are
convinced how great has beeu the fallacy of our
free-trade policy without reciprocity, it is for
them to say, as 1 believe sincerely Uiey will
say, whether a return to a policy of limited pro
tection Is not the true and simple solution of
our present difficulties, and will tend to re
trieve our losses, increase our revenue, lighten
our burdens, bring peace, contentment and em
ployment to oitir working classes, and teach
them aud us to fbless the day which restored the
old policy and tjie old watchword of 'protection
to native British industry.' "
The cotton lords of England are demanding the
protection of tiieir investments against tbe terri
ble conipctltioil from India. Let me read yon
some extracts urom the London Times, premis
ing that UuV British Indian government,
In order to ' raise an adequate annual
revenue, has 1 been compelled to impose a
duty of five per cent, on cotton goods Imported
into Indian ports, and the British manufac
turers are demanding the repeal of that duly.
"There was .scarcely a town In our manufac
turing districts which was not represented. . .
Their wish t preserve a foreign market for
their goods is natural enough, and, within de
cent limits, praiseworthy enough. We can
scarcely say much for them when they ask not
only that Indian finance -jball be regulated for
their own convenience, but that tbe export
trade of India shall be kept within the bound
tbey wish to assign to It, and shall be crushed
out or existence when it Intrudes itself as their
rival. It is a strange thing, we cannot help
remarking, to observe tbe new quarters from
which proceed, in the case berore us, tlie attack
on free trade. ' '
I have here a slip from the London Saturday
Review on tlie French Exposition:
"The first exhibition was held at London, and
was avowedly intended to be a sort of consecra
tion of free-trade. The new exhibition Is to be
held at Paris, and Is a consecration of protec
tion. Conquered France has at last conquered
its proud captor. Trince Bismarck has just is
sued a manifesto through one of his organs, in
which be explains his new financial policy. It
seems that lie has been meditating over the
financial system of France; and is lost in ad
miration at what he finds to be Its basts and its
Method. It Is through protection that France
pays the luterest on the milliards which he car
ried otr. He thought that be had crushed
Trance pecuniarily, and he discovers that
apparently she is not crushed at alL Her
rational and local taxation now amounts to
abont l50,ono,oo0 a year, and the Chamber is
giily embarking on new and vast schemes for
nil ways, canals, and Improved military
organization. How this is done Is the question
which Prince Bismarck has seriously asked
himself, and the only answer he can discover Is
that it is done through a system of wise and
hold nrobciinn. He therefore invites bis
countrymen not to be above imitating France.
THE CROWNING (il.OKY OV OCR FIRST
CENTURY.
In characterizing the last quarter of the first
ceutury of our existence the chairman o the
committee said:
"It marked tbe most extraordinary epoch in
our history distinguished for its extinction of
slavery the greatest civil war of any time, and
Its consequent demoralization and stimulating
effects upon values, and the vicious legislation
which of necessity followed.
Our great civil war and the extinguishment
or slavery were memorable events, but they do
not RhArnf.tfrf in tlie period alluded to. The
crownine nlory of that century of American
history centered In the display of machinery, the
mosi wonderful that man had ever beheld; in
the products of genius, taste, skill and Industry
Hu8 in tue habits, manners and apparel of our
people, who gathered there by millions, and
who, thanks to Ihe general principles of the
protectivo system, presented to foreign
crs an undistiiigulKhahle mass, so that they
asked. "Where are Hie people, the artisans,
INTEGRITY.
Able Argument for Honesty.
Secretary Schurz's Views on the Finan
cial and Political Situations.
An
Exhaustive Resume of the Causes
Which Led to the Panlo of 1873
-The Way to Avoid a
Repetition.
Extracts from a speech delivered In Cincin
nati September 28, 1878:
WHAT ARE THE FACTS?
There was, indeed, a contraction of our raper
currency from 163 to 1868. But tbe business
collapse did not occur after 1868. It came five
years later, aud those five years, between 1868
and 1873, are generally regarded as years of un
common prosperity. Now what happened with
the currency between 1868 and 1873? In 1868 con
traction was stopped. In 1869 the amount of
paper currency outstanding was 9693,916,056 61.
In 1870H was700,875,899 48. In 1871 itwasS717,
875,751 06. In 1ST '2 it was 738,570.903 52. In 1873
It was 750, OSi, 368 94. This statement Includes
not only the greenbacks, the national bank
notes and tbe fractional currency, but also the
State bank's circulation, the demand notes, tbe
one and two years' notes of 1863, and tbe com
pound Interest notes. Thus it appears tbat dur
ing several years preceding the crash of 1873, tbe
currency was not only not contracted, but very
materially increased, so that in 1873 Itamounted
to over .", 000,000 more than in 1869. The fact
then stands thus: The currency was contracted
between 18C5 and 1868, and several years of pros
perity followed. The currency was expanded
from 1869 to 1873, aud the collapse of business
occurred. I might even add that between 1873
and 1871 tbe currency was expanded from $730,
063,368 94 to 781,490, 916 01, tbat is to say over
thirty-one millions, aud yet tbe depression was
not only not relieved, but grew in distressing
severity. Our Inflation friends may not relish
that kind of reasoning, but what have yon to
answer?
THE REMEDY.
The best thing one can do after the collapse Is
quietly to gather np our five senses and go to
work like men to repair our shattered fortunes.
And bow can those shattered fortunes be re
paired? First, by recognizing the errors of our
ways and discarding self-deceptions and illu
sions; by remembering tbat our wealth must
consist in what we produce and have, and not
in what we dream of; by abstaining conse
quently from all windy scbemes to make our
selves rich by printing the word dollar npon a
piece of paper; by acting upon the principle
that the only honest way to get rid of our debts
is by paying them, and that we can become
prosperous only by producing things that are
useful, and by spending less than we earn, to
furnish that Hound foundation, without which
business can have no healthy development, and
without which the prosperity of the people will
always stand upon a volcano ready to explode
at any time, three things are of the first neces
sity: A good national and Individual crrdit,
based npon national and individual honesty.
Second, a sound currency of real and stable
value; aud third, a safe and reliable banking
system, as the depository of business funds and
the machinery of business exchanges.
FIRST AS TO CREDIT.
It has become the fashion for many politi
cians and public agitators to cry out against
the bondholders, and thus to excite a prejudice
against tbe bond, which is an embodiment of
the national faith. The bondholders are repre
sented as aset of "bloated" individuals residing
down east or in foreign countries, who bought
their bonds at thirty-five or forty cents on the
dollar and now demand 100 cents and high inter
est in Bold. Thus the bondholder is; pictured as
a sort of criminal blood-sucker, woo, wim
cold-blooded cruelty, fattens upon tbe sufferings
of a down-trodden people. Now, supposing our
national bonds were still In tbe bands or those
who originally bought them, can yon fail to re
member that when bonds were sold at forty
cents on the dollar, and tbe quantity so sol
was not very large, the life of the nation was
threatened by a monstrous rebellion? That the
Rennblic seemed to be in the agonies of death?
That it appeared uncertain whether the bond
boueht at forty cents on Monday would be worth
ten cents or one cent on Saturday? And that
the purchaser of the bond risked his money for
the country just as much as the soldier risked
bis blood? Did not the American government
ask him to take that bond at almost any price,
when the Republic was in extremities? And
now when he has helped us by taking it ana giv
ing up his money at the risk or losing It all, are
we, now tbat everything has gone well against
tbe predictions and expectations of many are
we, as a high-minded people, to turn arounu
nnon him who has helped ns in our nour or su
preme distress, and tell him "You are a blood
sucker and a scoundrel." I have known indi
viduals who, when you had helped tbem with a
loan, would feel and act as If they owed you.
not the monev. but a grudge. You would des
pise such persons as mean and contemptible fel-
lows.
A SOUND CURRENCY.
What was it that made you regret the disap
pen ranee of col n money and IhesnhstltnMotiorir
It will become profitable to Issue more, and It
will be Issued. When less Is needed, the excess
flows back to the banks, and withdraws. It la
a self-adjusting process. The volume of gov
ernment paper circulating is fixed by law, and
that law is made by poll ticlans. Whatever the
changing needs of the business may be, that
volume of the government paper currency re
mains fixed until through the slow and cumber
some machinery of legislation tbe law Is changed
again by politicians. And of all human agencies
to determine the volume or currency needed ty
business, business itself la the most reliable
and best, and a set of politicians is the nnsafest
and worst. The government is sad banker.
but ir well administered it may be a good bank
controller, as it proved in this Instance. In
very Important respect then, national bank
currency being equally safe as to valne, is
vastly superior to greenbacks, and every think
ing business man knows that it is so.
And now, my fellow-citizens. I ask von in all
candor and soberness, would It not be an act of
wicaeu lolly, lor reasons so flimsy, without the
least prospect of any solid advantage, not only
to destroy a banking system which, as every
man In the country knows, Is not only Ihe best
we ever bad. but better tban any other we are
iiHeiy io nave: out 10 aesiroy 11 at a moment
when with it the resumption of soecie navmentn
is easy, and without It impossible; so that it
would nave to be invented if it were not in ex
istence ; destroy it while the Industrial energies
of the nation, after a long and painful period of
paralysis ana aistretw, are at last slowly ana
timidly venturing forth again; and wben, above
all, thorough confidence Is needed to quicken
the circulation or tbe blood in tbe social and
commercial body: and then Just at such a mo
ment to destroy toe only great institution that
has successfully passed the crucial test ora ter
rible crisis, ami therefore quietly does command
universal confidence, and tbat institution the
banking system, the most Indispensable finan
cial agency of all business transactions?
Ay, to start on a revival of business with a
general breaking np of a good, reliable banking
system to inspire confidence with an earthquake-
Why, gentlemen, the Idea Is so utterly
childish and preposterous tbat every sane man
wbo ever thought of It must blush with shame
at his own folly wben be calmly Inquires into
the full meaning and consequences of the propo
sitions. Certainly no man of common sense
need be told that under such circumstances It Is
the only wise policy to keep the good things we
have and let well enoueb alonet
DEMOCRATIC CANDIDATES.
TIIEIR RECORD AS Fl BLIC MEN.
The Coarse ot Dill and Fertig on the Free
Pipe and Anti-Discrimination Bills
The Legislative Proof.
From tbe Bradford Daily Era.
Titusville, Oct. 1. To the Editor of the
Dally Era: In a recent letter published in the
Pittsburg Post as coming from Bradford, and
republished in the Era by "request," appears
the following extract;
"On the other band, from the same cause,
attention is diawn to tbe fact that the Demo
cratic candidates for Governor and Lieutenant
Governor Dill and Fertig devoted themselves
in tbe Senate last winter to the passage of the
Free-Plre and Antl-Dlscriminatlon bills. Both
bills were championed by Mr. Dill with great
power, while Hr. Fertig drew up and presented
the Anti-Discrimination bill, and, in fact,
passed it through the Senate. Tbe House killed
It, for doing which the Cameron Bepublicans
must be held responsible. "
The rreqnent reiteration of such statements
by various Democratic papers, in letters and
editorials, necessitates a statement of the real
facts.
About the time the Free Pipe bill was intro
duced, special care was taken by Senator Dill's
Democratic friends to herald throughout the oil
region the statement tbat be would champion
tbe bill. How did be do it? When it passed
first reading neither Dill nor Fertig were in tbe
Senate, nor in Harrisburg. Wben It came npon
tbe calendar for second reading, and its enemies
bad their forces on hand determined to kill it
then. Dill was still absent, and the bill was
saved for the time being only by the skilful,
parliamentary tactics of Senator Stone. (See
Legislative Record, pages 261, 2, 3, 4). By In
dustrious telegraphing the attendance and vote
of Fertig bad been secured.
Tbe bill went back mto the keeping of tbe
Committee on Judiciary General, of which Sen
ator Stone is chairman, and on January 29,
1878, he again reported the bill to the Senate,
and on the same day, on motion or Senator Cor-
bett, who had introduced the bill, it was made
the special order for January 30. In the debate
on that day Senator Dill made a speech which
reads well, but was delivered with so little earn
estness or show of Interest as lo excite no spe
cial attention from Senators or audience. The
brunt of the fleht was borne by Senator Stone,
supported by Senators Corbett and Greer. Mr.
Fertig contented himseir with presenting the
producers' memorial and voting.
Tbe bill was beaten to the Senate, but one
with the same general purpose was afterwards
passed by the House and sent to the Senate. It
was held back several days, in part to secure
tbe attendance of Mr. Dill, who was absent,
and when it was presented to tbe Senate a point
or order was raised that it could not be consid
ered, as a similar bill bad already been de
feated In tbe Senate at tbat session. It was
well known long beforehand that this point
would be raised, and on Its decision depended
the rate of tbe bill; yet on this vital question
tbe man who is claimed to have "championed"
Ihe bill could only say, "I have not examined
1 tbe question; I have not examined the author
ities as to the ruling of the Chair, and I am not
prepared to say what my judgment would be in
regard to that ruling. "See Record page 2221.
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