r err I .3TAT? HUT if. if Xj em e nsriAfi1. .: .1 THOrOHTS. rr- IDEAS TTTK CAXTAt COCFSTS. Brief Pleading for Honesty Politics as .-: Well as la Buiimm, and Some of. f the gleasons Therefor. - n ripVr dispatches taive forever mt at rest the allegatlona tht the Democratic party has enters nrjonmeslageof decay. ' T leader never demonstrated their proficiency In trick and fraod more atifaelorny. not even when Tammany used to colonlre Cormeetleut Just prior to the April elections. If any man ean read the cipher dispatches and still say that the 1 wmncrHT Is not as II vely and vlgoroos a parry as ever, lie Is a lost son I. " - oh, Mr. Dewees! tras it necessary tn r" l,sh and send abroad iinrh a hopper as that at.out Vermont? Is the N. Q. I- ease so despe rete that It was necessary to proclaim that that party elected a Congressman In Vermont? If such a man wan elected, what Is his nam? f erhaps the flat money men hare rone ont rf The huslness of making flat money and taken up the business of making flat Congress men. H pay" In the long run to tell the troth, Mr. lHWees. . Tlie recent elections Intb west ghow con clusively that the supposed popolanty of Irre deemable money In that quarter waa wholly a manufactured sentiment prottoeed by nllliral manipnlatlon, and sustained by that alone for partisan ends. No sooner waa the coarse of the Republican party placed before the people In unmistakable terms In favor of honest money than the reaction became decisive. Substan tial eltlrens should row bear In mind to whom they are Indebted for this revolution. Wfca, in the name of common ne does Mr. Speer mean by scolding the Democratle rank and (lie for running after stranrerods? He is the bell-wether of the flock, and It was La who first Jumped Into the greenback pasture. And now he Is after the lambs with a sharp stick. "Yon should worship at your own altar," says Mr. Speer. It Is a pity he did rot set them a better example. It Is easy enough to lead a flock or sneep to new pastures, but it is not easy lo drive them back, Mr. Bpeer. Immediate prosperity cannot be ex expected to follow resumption. The change must ue gradual, because the opposition to re sumption lis been too formidable to past awsy .uMiy. But arter resumption the subsequent strnssles of the InfWtlonisU will be less difficult lo deal with, Sentiment will -erystalllr.e In lavor of a sound national currency and of a pro tective tarlT. The 4th or March, 18T9, will end I!,e co: fiict- To have interna! progress and com mercial advancement we must net rKl of Uie Ivmocralic dominance lu Corirress. The Xational-LalKir-tirreiibatk-Fiat jarly linked arm In arm with the ahsolute flat party, and attended by the prohibitory, are descending irom the heights they trod and disappearing lhey presented themselves, with many claim" Mn l mneh'eoisfidence. In the west, and found mat they were friendless and lorlorn.and despised In Haifa dozen Mates when they prophesied cam tor themselves. They find that this proof of Their Inability has dampened the artlor of Penn sylvania dlsciptes.and that those who wandered irom the Republican fold are returning to it. In 11 Mr. A. H. Pill asserted at Lewis burg that "this mioncan never be maintained by force of arms." But it was so maintained, and that maintenance discredits Mr Dill's Jurte-ment- A man convicted of intellectual Inca pacity is not ill for a high and influential posi tion In Pennsylvania He mleht repeat his er r,ir and eomil the State to psy for them. M'e say nothing of the patriotism ol the declaration. That can be Indeed by every one. The proof the declaration makes of Mr. Dill's unfitness and incoro latency Is a sufficient inference from the s-e-ti. Those who favor t'ne maintenance of the national banking system In preference to a re turn to the old loealli and unsecured enrrency snd wild-cat State banks, hsve only the Re publican party to look to in me present emer gency. Both the others are hostile to the excel lent system now established, and both airree in tne avowed purpose of destroying it. A Urmis- and millions of dollars of commercial credit depend upon that question. Business men should think of that before they vote any otht r tii ket tnau Hie R-publiean. Two years apo the Peniocraoy trere le-i-atel when Uiey made the repeal and falslfica- l.m of the nation's solemn promise to redeem its legal-tender notes on the first day of 179 an Issue In the canvass. That promise, made uy the country thrnusrh a Republican a Imlnls I rat ion still holds, and cannot be honorably re it-acicl. It Is pllj-'hled faith, and were the greenback advoraies as strong In their argu ment ol expediency as they are weak, it would remain plighted and demand fulfilment. All mat Is said on the theory of national paper is n-nriiiless under this one consideration, since were the Instant proits of Increased paper Is sues and no resumption a thousand times what they are. still the faith of the nation would for- lilJ resort lo It- Ttereare some who w:ll up hold such a promise simply because It has been made. Ttiev must vote with and for the party which gave It. Tiie refunding of lie national debt, that -1111 counts by hundreds of millions, at steadily reducing rates of Interest, down to four per ent.. Is a result of Republican administration. and is more blgnly prized If compared wilh the achievements of the last Democratic adminis tration. Treasury notes were Issued for Ha, iMl.ooo In the winter cs60-l at rates ranginr irom six to twelve percent., and 9,556.ooof he gross amount commanded more tban tea percent. There could have been morerooofy obtained. Offers were made at rates running up to thirty-six per rent-, and the Secretary of Hie Treasury proposed to have the national loans endorsed by the several States In order to make tbeoi acceptable. This was some of the verv last Democratic financiering; and it re quires no great boldness when contrasting wuh the condition lo assert that national economy and reduced taxation call urgently for Republi- can administration. Sof! money does not find much fctvor iu 'ew Kuglar.d. People are a little too intelli gent there, and they work for their money, so thai they are anxious that II shall be or the very best kind when tbey get It. In New llamp Hiilre the Iterr.ocau did not dare toga back uon the Resumption act, and bad to adopt the Republican platform on the money question. But there was anothergoud old Democratic prin ciple which they could aafely shout over, so they went In with all their might for a tariff for revenue only, ai d denounced protection as the monster that as opprefs-lug. That is the Democratic jparly all oer. It is the chameleon in politics. In this folate it is one of the stannohest friends of protection, but once a Democrat rets oat of Ue Slate he pots this principle in his pocket, and is carelui not to show 11 nntii begets back. In New Hampshire lemorracy tiiouts lor hard money; in Oblo it is i,ir soft money, and plenty of 11 any thing lo set rotes. ' Fiat money U uvaUd as an original idea, when It la a venerable absurdity, and holds it semi-centtiuiiials almost as regularly as the pro fession ol the equinoxes In every clvtllred hmd. ( sualb an emergency causes the Issue. There alter lite history is uullorm depreciation of Hie hats, loss of coin, fear of contraction, call lor more liau without limit, repeal of resumption, depreciation, ruin, returu to coin, and recovery. We slopped on the margin of repeal, if indeed we have stopped, and so avoided the final trouble. But 11 the Democracy should eflect that repeal, and pour out morelegal-tendera, as they desire, we should go through the vuole conjuga tion, which happens to be a declension, as cer tainly as Frauce and other couutrles have done. There Is notlitnc new In tbe matter, and tbe only unaccountable thing about It is that with all these centuries of experience men should follow the venerable delusion, and Worship as novel and original and good what la as vile as It Is ancient. There are poitita on which the Democratic party may, perhaps, challenge commendation. Its original Idea bad merit. While that was adhered to, nnder Jefferson and his Immediate successors, the party grew for desert. But growih Incorporated new notions and changed early opinions, so that finally the party became the express champion of slavery, and many of Its leaders.as well as of Its members, progressed to treason and civil war through the blood of Kansas. All that has passed, and now we have the same party pursuing as bad a course In nuance where It baa the power, and advocating It where it Is without power. It plnnged the country Into war with an empty treasury; It opposed all the sufficient means adopted for meeting the costs of that war, and now pro poses unsatisfactory methods of disposing of the debt so created, and fights those which are much mora rational and accept able.' Turning to States, we find that they cmudadebtof 40,000,000 in Pennsylvania tn tneir thirty years' rale betore 1890, dttsionored half and bankrupted the Slate; while In the .MMdiM period of Republican away, op- praasad by tha costs of war, the real estate of the Oomnionweaim baa beesi released from tsxa mmi. ma interest on stsats securities Baa been redness one per essiL j W20, '." of the debt bar bees pal sand lbs mm king rone boMs ,- aamtirHrtMIMnms&-'isiiii 1 U-iiiiiLllosns Btaoaa las finances on good fooUog durUig sMtrrnM after the wsr;lhe De moeraey won power, reperted their own oefaf - aaai ons as atopaed paytng m teres t on ,M h,., iibn lis Is I' i T ' "I the venr , ., or Democracy, lbs municipal oebt In - e art.am.oos annually mull It. reached im.U3,ICi its present sum under uninterrupted Z.ZZ-L.uetnr. altbouah the Republloan oar .lmlnlstratloa In thtrtcea yean ha paid ngM,m,Mofpabnedebi, reduced the lnierest ' KMrf. sH.too.aM; red a cad saUoual taxation .?I-r3 Mn tsnrnsMI expenses Z,i?eM.K sod broogut correocy war lo lbs ?L. Vi.!Id7 Maes contrast ss this needs no fV CAMPAIGN f i-.'l , . fiatjmqxey: Its Worth atoVrkingmen. 1 1 The Record of the Past Reviewed tt ; : SomY Length- ' The Fate of our Continental-Currency The Experiment by France, and e Resutt-Shan Hittory , ,; ' be Repeated? -i ; ! Though one might tmaglns after reading the argnmenuof the advooaiss ol "flat money'! 1 1st 11 iarolved a new discovery in the realm ol nuance, the idea orlglBated many hundred yars ago, had Us complete alaboralina In the Issue of irredeemable paper, and worked wide spread awl Irretrievable ruin to the experimenters.-, Tbe beat authenticated of lbs early experiments wilh fiat money was made in this country exactly ISO years ago. Tbe colonies of Massachusetts, Rhode La laud and Connecticut tried ths experiment fn It was an era of hard times. . The people or the demagogues for theso demamled the creation . of loan banks which should lend money to men short of funds. Such banks were created, and. Issued notes lo borrowem payable in sixteen years, with use at four and six ir cent. These notes were made a legal tender, and the colonial governments took mortgages on the real eiate of the borrowers, Of course these borrowers borrowed on longer or shorter lime, depending upon the date when the loan was effected. Those wbo came in Ova, six, ar-delgot years after the period of the crea tion of the flat money, had so many years fewer In which to use and repay the loans. These com plained that lhey did not get their share of hie favors of fiat money, and demanded larger loses lo mike good the reduction in time. Thus more and mora of Uie fiat money was tnrned Into the channels of the circulation, and every new issue depreciated all that had been laeoed previously. This depreciation en abled the Drat borrowers to pay their loans more cheaply than lhey olherwhe could have done, and of course such debtors joined in the cry for more money. But the historian of those times remarks that the borrowers in a multitude of oases did not Iry to repay their borrowings, bnt ran away, and left the banks to make ont as h?t they mleht with the mortgages and ether securities. Tlie best"' was baf enough; for It was found as a rgie that tbe pledged lands were not worth the debt, or In such condition that nothing could lie realised. Here is what Hutch inson, the historian, writes of those times; COtONf AI. APKIt .WOXKY. "The Tyglslatnre, composed largely of men who bad borrowed, would allow no extreme measures against the delinquent d-'blom, as Ual wonM street themselves as well as their debtor const It nenta. Foreclosures wen dls 0 Tintenaneed, and did not generally pay the excitement and trouble they cansed. t'om-s- lling men to repay tbelr mans was looked anon as a species of political persecution. : Tbe repayment of the loans became a political Issue. Post ilelnns were no longer arrayed against each other, as Whig or Tory, bnt as creditor or debtor, and the latter swept the elections. "This legal-tender money continued lo depre ciate, and this bsd the effect of making a scar city of currency, for It now took several dollsrs to do one dollar's worth of work: measured by coin values. There was a great cry for more bills, to make money plenty, business -brisk and get np enterprises. - The more paper wss tssned 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 timea became For the work ing classes, and mere was great distress In the colonies. " "Salaried men and laborers suffered greatly from the debasement of tbe enrrency." Says tl.e historian Hutchinson: "Tbe influence which a bad currency has on the morals of the people Is greater thau Is generally Imagined. It would be Just as rational when the blood In tbe human body Is In a pntrid and corrupt slate to Increase the quantity by luxurious living In order to restore health. , "At Isst the Biiltsh Parliament Interfered, and pas-ed an act forbidding the Issue or any more irredeemable legal-tender paper In New Knsland colonies, and allowing no issues ex cept In the form of exchequer bills redeemable by taxes In a year, and bearing Interest. The co loiiles now see earnestly, though with only partlitl success, lo fund and retire the old notes. This produced contraction, and the debtors raised loud outcries aealnstlt. The colonial governments sustained heavy losses in the work of calling In and gelling rid of the super abundant notes. A Spanish silver dollar was worth 4s. fid. sterling, while of the note Issues It took Ms. eqnalone-ellver dollar. In the meantime ail tie coin left the country; not a dollaf of hard money was seen In circulation. ' I. Fft AL-TENPFR ISt lTTfi. This experience in Cat money was very bitter, and was not repeated for the next fifty years. Thou came the revolt of the colonies, and a des perate struggle of a poor people with a rich and powerful nation. Between Juno, 111S. and Feb ruary, lTI'I, Mii.OOh.ouO of paper money was Is sued ana made a legal-lender by Congress, and tlie separate colonies as well, in addition, the entire issue was assigned lo the coiooirs accord lug to tbelr population, and each colony was pledged to retire its quota. This was really fiat money, for no sooner did It fail below par and it never A isled at par at all than Congress euacted Ibst any one wbo shoulJ refuse lo re ceive the noles should be deemed and treated as an enemy of his country. Mon tlieu, as now. went about mfekiugspeeches declaring that any thing a nation called money must be money. and as good as gol I and silver, lu spite of all this. Continental currency rauged iar below par with coin. In January, I'.T., it was lound necessary to icissue the Congressional fiat that the noles were as good as gold, and that any per son refusing to receive them as such should for feit the valueof the money, or of theenminodily offered to be purchased. HUH, fiat money would not pns for money at its iace, and Congress went to Ue length of decreeing baolshjuenlfjom the State as the penally of refusing to receive the notes. At the close of !-. S241.0G,( of tills fiat money was in circulation. Moose idea of Its depreciation may be gathered from tbe fact that 2u0 of it would barely purchase a barrel of flour in n;,aud In 1 it took Kiono to purchase a pair of boots. And this was legal-lender flat'' money, based truly aud only on the acts of Congress, and redeemable nowhere and by nobody. Ths lesson Is plain. That the ad vocates of ual money will see and herd the les son is not so certain. France tried the experiment of fiat money in 1TSI. Tne Communists and Democrats of that period lound themselves short of funds aud without credit. Tbey conceived the ides, of confiscating Uie churcb lands, and making them Uie basis ol the issue of aasignais. S160, ooo.ouO of these notes, with interest at three per oenl.awere Issued, aud Ins National Assembly solemnly pledged its faltii aud promise that uo more than -24d,u00,Oun should be Issued. Tbe lands upon which they were a lien were valued at ttoo.uuO.Ouu. Soon the Assembly broke its pledgeaod Issued S160,on,ooO more. Before 1133 jul,0u0,ono of these Oat notes were in circula tion, and after tlie confiscation of ths lands of the nobles in I'.Si, aootner batch of aasignais was issued. The final crasb came in 17SC, when no leas than a.li.l.MO.iMO were in circulation. The penalty for selling an aasiguat for less tban its race was death, but In spile of all, Ibe value of this fiat money bsd suuk so low that it would not pay tlie cost of priutlng. Aa regards the losers by this wilful violation of the laws of finance let the historian speak: THE WOBK1XG-CI.AKS TUB KCFPEKERa. 'Bel. are Uie end of the year Kvs, ihe paper money was almost exclusively in the bauds of the working clauses, employes, aud men of small means, whose property was not large enough lo invest in s lores and goods, or national lauds. Tbe financiers aud men of large means, though they suuered terribly, were shrewd enough to put niucu or their property into objects of per manent value. The working classes bad no such foresUht, or skull, or means. On them finally came the great crushing weight of the loss. " Arter ail was over. It was uuad that Ibe wealthy classes, "foreseeing tbe inevitable re sult, bad methodically Invested ail the noles re ceived by them In the confiscated property, so that wbeu the final collapse came, the greater part of the capital of the nation was in their hands, the worthless notes being almost wholly In those of the poor. Tbe good sense of the American people will not fall to point the mora!. As a fitting seqnel to this condensed history of flat money, we snbmlt the result of the latest experiment In that direction. It was made in tnls country. Tnedenniuon given to flat money by its advocates is "money based upon the faith and resources of the nation. " Confederatecur- rmcy was, according tolls creators, based upon the faith ana resources or the nation. " Tbelollowlng Is the record of the amount of Confederate paper required, on the 1st, lotb and 20lh of each month, tn purchase Sloo ha gold, or lla eq" ' .. . - 1 ""i .I IS. I, JM. . Ifgx. Jsnoary l, , 310 1.W0 3.4U0 i.nm 4,1.00 January i", January i". - las ' lJS " l. I. ISO ,.w I, is a.nno 2.IW0 . 4.2U0 I tirusi a, February 10, Fctrruary au, March I. - - 30 310 4,.V 4.7a 2.UU 2, ISO 3, mo I. see Marco iu, ., March 2B, ., AprHt. April !, o 6.SSS 1,(10 e.Mt ' l0 ' ' w ' '. i r.n 4M SiS 1 Kin '' roe r April ;-. May t, . - ,, MV !. - Mayas. ' JUUS 1. e , i;o 170 ISO K ' ks) 1H0 1SS 1SII 1.ISS3 I, ISO 2,0 i ., J. ca i.;oo June 10, -Jnne 20, 'I MO l.TnO ' ! MS I.70S : July I. - if-- July 10, - i - UM j. SU-. i,30 . as ., l.wm " 1.10 ' 2.SS0 tas,sa,ss a,sns w l.an a.w . aOSwXv'-:- SvUKBSt l,--ii- t. August 2M, SeplemCNSr t, -ReDlembeMO, i.4no a,unn ts-ptemoariaV .s 1 L ao r .' November t, - ,ri!-i Novemoerio, - J. tuoo SSvembere. - - , .0 KSemSSfc. : 55 !:-. l& XLmb-; aue 1.7U0 i.08 '..Jl e,tC'', TTJtwi'" ftwrno Denksermtic Campwls" Tmt Beftttod by Statements from s Party Acquainted r With thw gabjeea ttssd and Ke fleet. . v . f--s i- ii ... . i -r . ) s'i- To the Editor of te Tribune. ' ,' t c Bin Tfiereexlsti to some extent rataepprebeo- slon In regard to the cnaractsr and porposea of the? S-lflth noles lssoedby the rowarmaenl la 11 and !. It hag been stated by the Inflation journal, and Iterated and reiterated by inflsUoo speakers, that these notes were lamed as money. Ttils statement baa been In a measure oon B rraed by remarks attributed to General Spinner, bat tbe statement la only partially troe, and as Is a comparatively small part of tbe first Issue. : Tbe exigencies of the Treasury in WAt and ths early part of IMS were so great that tbe Secre tary was compelled to BvaH blmaclf of all means onder his control to meet tbe ervtrmona requirements of' the War and Kavy Depart menta, and, antliorlfwd aa he was to sell these notes, or to use them In payment of debts due by the government, be did direct that some of lb era should by sent to the army paymasters and to the Assistant Treasurer in Sso Fran cisco, with lnstrneiions, however, that they should be paid only -to such soldiers asd other creditors as might be willing to receive Ifjcm. Tbey were not used nor intended lo be used ae money, bat as seeorltMR, which too creditors might receive or decllos to receive at their own snoa pleasure. According to my present recol lection, all of ths notes which which were nsed for the payment of soldiers were so used while Vr. Chase was at the bead of the Treasury De partment; and I speak advisedly (for I was In dally com ninnies 11 on with btm) when 1 aay that It was not hla Intention or expectation that lhey sboold be even temporarily circulating medium. He was bard pressed for money, and he was also anxloos that the soldiers should save as much as was possible of their bard-earned wages; and be thought, as these notes bora a high rate of Interest, and were convertible at maturity Into S-M six per cent goal bonds, that they would be gladly reeel ved and beld ss sn In vestment, The experiment was not success, aid It was soon discontinued. Of lbs al(i,noo, 0007 3-lnih notes outstanding lo October, 165, ai least f 7 00.000,000 had been offered and sold by popular subscription, aa were the first issues ol .VJ0 bonds. Tbe bonds and other securities is- sued during the war were issued to provide means to proseeula the war, when, aa lbs result was by many regarded doubtful, subscriptions to the loans were considered patriotic; those issned after the dose of ths war were Issued id provide means for paying off Uie soldiers whI closing up the expenses of the war. And It la worthy of remark that it was not until long alter the war had been brought lo a successful oaoei ttsion, and the solvency ol the government bad been assured, that the holders of securities, which had been freely offered lo every man in the United Slates, became Ibe ob jects of denunciation; sod il is also worthy of remark that the denunciation of ths bondholders almost invariably comes from those whose pru dence to nse no stronger term prevented litem not only Irom subscribing to Uie loans when the Union was in peril, but also to the subsequent ones, opou lha success or which depended Ihe ability of the government lo pay Ihe gallant men by whose valor It had been preserved. The reason for raising money by a sale or 1 J-PUba, Instead of bonds having a longer time to run, and bearing a lower rate of interest, was given by the Secretary, tn bis report of lotVS, in the lullowing language: SO TIXK TO TUT EXPERIMENT. The greatness of the emergency gave Ibe Secretary no time lo try experiments for bor rowing on a new security of long time and lower Interest, and removed from his mind all lonbis and hesitation in regard to tlie eonrse to be pursued. I: wasesttraaled that at least fTnn, son. om shrmld be raised. In addition to the re ve ntre receipts, for tlie payments of the reqnlst lions; already drawn, and these that most soon follow prepai story lo the disbandment of tbe great Union army and of other demands noon the Treasury. Tne anxloos Inquiries then were by what mesne ean this large amount of money be raised, and not wnat will be tlie cost of rais ing It- How ran the soldiers be paid and the. army disbanded so that the ex iraordi nary ex penses of the War Department may be atopped, and not what rate of Interest shall be paid for nwcer. These were the inquiries pressed upon tne Peeretary. He answered tbem by calling lo his aid ihe well-tried agent wbo bad been em ployed by his Immediate predecessors, ami by ottering the 7 3-10th notes lbs most popular loan ever offered to the people In every city and village, and by securing Ihe advocacy of tne press throtigbout Uie length and breadth of the land. " The? 3-tflths were made payable, interest and principal, iu lawful money (legal-tender noles), but they were not Uietnselves a legal-tender, aa some have asserted: and nobody so considered them until ten years afUT Uiey had been re tired. In October, 1H0S, the following short time obligations Die payment or reilremenlof which la denounced aa a contraction of the currency were outstanding, vis.: Compound Interest notes, due latTJ antlfts, - ffi;3,012,l S per cent. Treasury notes, due De cember I, ll, ... S2,B6,9ul 7 S-M Treasury notes, due In 15 and issk, - - - - s7a,0ttl.flUl In addition to Uiese there were debts due from Ihe government, in the form of temporary loans on lea days' notice, and certlucaies of Indebted ness tn the amount of eiU.ooo.ono. The compound-interest notes were a legal-lender at their face. They were paid out and for a few months circulated as currency, bnt the Interest which tbey bore soon caused them to be taken by those who had money to Invest, and to be beld as securities. Neither the five per cent, nor Uie 7 3-10 notes, as I have said, were a legal-lender, nor d Id they, except aa before slated, answer Uie purposes of money. ' THK BASKT.ItSS FABRIC OF A BKEAM. The fact that all of them were pild, or funded, at or before maturity, without any complaints of contraction, proves conclusively that what- ever purposes they may have subserved In 1R and the erlv nart of thev were so lield. ! Ion? before they were retired, that their pay ment or conversion Into bonds la no manner s fTected the money market. If, as is con tended, the payment or funding or these noles was con traction, how happened It that the contraction was not Ml or complained of while the process wasgolngon? How happened It that the tide of speculation continued to sweep on, that prices continued to advance, and extravagance to grow more and more wanton, nntll the crash of 1873 awakened the country to a realization of the fact that what was supposed to be pros- parity was simply "tbe baseless fabric" of .a dream. There never was any contraction of the currency nntll after the crisis had been reached, and whatever redaction has taken place since has been the result or business de pression. There la even now more money (gold, silver, greenbacks and bank notes) In : tbe vanltsof the banks, In the United fstates Treasury ami tn circulation, tban there was at I the close of the war. or at tbe end of 163. The 1 temporary loans of the government were paid, or converted into five-twenty bonds as they matured, without prejudice to anybody, and the legal-tender notes Issned for war purposes, and no longer needed after the war was over, might also have been gradually retired without financial trouble, and without any shrinkage of , real values. If this had been done, the country I wonkl have long since been on the fall Udeof , prosperity. Properly might have lost some- thing of the artificial value which bad been given to It, by bMng measured by a false stand- j ard. bnt tbe damage. If any, would bavs been j trifling, for the close of Uie war found Ihe people ' freer from debt tban lhey bad been lor a quarter ota century. Nor was their contraction by the j withdrawal of some H, 000,000 or greenbacks ; In face aud tstn, or which so much complaint has been made, tor this withdrawal was conn lerbalanced by Increased Issues of bank noles, and the vol n me. Increased as It wss by Uie re issue, improperly so called (It was. In fact, a new issue), of greenbacks, was larger In De cember, 1873, than It ever bad been before; and ye Users are InisHlseat mm hardy enough to assert that tlie financial trouble wltb which the ' MMnf.vr Pimm liwan affllelm! fnr ihe last five vears ! has been tne result of the contraction of the enrrency. TUB BKSUI.T OF A REDtrsDAST CCHKESCT. T repeat what I have frequently said, that there have been no financial dlsastrrs In the United States which were rot mainly, if not exclusively, tbe result of a redundant currency, and tbe unhealthy enlargement of credits, the natural consequence thereof. Whatever we may have thought ihen.lt la difficult to conceive how any sane man ean now think that the country really prospered between 1ss, when the policy of non-eor.tractlon was established, and 1KT3. If tt did, what produced the crisis and the para lysis that followed? Three-qnarters of the mu nicipal Indebtedness nnder which taxpayers are groaning, and which renders property tn many of our towns and cities well-nigh valueless, and seven-eighths of tbe Individual debts which have been wined off by bankruptcy, were con tracted wiiiiia that period. Were these debu Indications of prosperity? Are there any among as, except tbe saKactnns lew who In time of trouble enrich themselves at tbe expense of the many, who would like to repeat tbe experiences el the last ten years? The brilliant Isr. Mar shall, of Kentucky, the Vic 11 m of self-lndnl- genos, weed to say ibat the night's debauch srould be pleasant enough If It were not for the horror of Ihe next morning. The hundreds of thousands of men wbo. In the days of onr ap parent prosperity, were rendered delirious by Imaginary gams, would have been happy also If the delirium conld have been continued ; but Ibe awakening tbe terrible next morning came at leagra. and with It the painful realiza tion that there are laws tn flnasce which ean no more be violated with Impunity than tbe laws of health. ' Financial law was violated by the IjsgBl-sendar acts', and 'the matntenanea in clr ealstlon of large volume of Irredeemable pa per money after the need of ft bad passed awsy. ...,: .. .i . .i. HWJn JfcCtJlLOCB. " WewTorK. Oct S," TsTft. ' " " " , mmmm mmm mm asssaMM ''l'' " ! ,rlT?sssf twt..(j Watch yonr Tslat1ve ticker closely. Sea lo It that yon vole tor a Republican. The next Legislature will chooses United states Senalor, and be most bs a Republican. One Democrat (root Pennsylvania Is quits DEMOCRACY. Is the Pcirf y to ,be" Trusted? Corrupt, Unprincipled, and a Foe to , American Industries. , Guilty of Treeeon OUhorterfy end Repu diation A Friend to Rebel Claim ! and Foreign Pauper Labor and Speculetore, Tnerels nothing nobler or grander within tbe range of human capabilities than forgiveness and forgetruttlesa of Injuries. There is no sn rer mark of goodness and even greatness than this I ad tea tee in lndlvlduals.and in almost all eases what la wise and noble In individual aeuon la the same with parties or governments. Upon every cluren of tills Commonwealth, however, rests .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 coma after and Inherit Uie gcod or evil which be transmits. Therefore, fonrlvenesk and forget fatness of inlnries which purely concern oar selves mast not bo coo founded wilh those la which we have only a passing and transitory interest. if the Democratle party Is ever permitted to return to power, it will be efleeted by the combination of twnthinga. Tbe people will fbrgiveand forget the wickedness and the evils Democracy has wrought and re member only Uie reproach which a few prominent Republican traliors lo their parly have brought upon the country. It seems al most superfluous to go over tbe long list ol crimes against law and order, against human rights and liberty, against Ihe Iras Interests of America, which the Democratic parly has been guilty of. On every hand are evidences of their recklessness, of their treason, of their treachery and betrayal of American Industry. Almost within the memory of Uie youngest voter who will go lotlie polls oo lha 5th or Novem ber is ibe treason and perfidy or the last Demo cratic national administration, the remem brance of the weak and cowardly subterfuges of tbeCuief ExecuUve,ar.dlbe active aud bold con nivance aud aid or bis subordinates In arming rebels and plunging the nation Into a causeless war, which billowed the south all over with graves, desolatiug a million happy homes and burdening unborn gcneraUons with debt, lie Will remember how during those bitter aud terrible years or struggle, of doubt aud despon dency, wheu tbe only refuge ou earth for the oppressed and euff.-ring of all nalloiis huiig ou the very verge of desirucuon, this parly cast Us influence with iraiuirs; bow those who placed their all upon the altar or their counwy were reviled aud scofled at, aud how Uie memories of the slain have been heaped with ohlouv and the brave survivors traduced and slandered. There is not, eveu In Uiat party, a debtee of impudence daring cuougb. lo d.-ny or difei l these chances. Tney are loo Infamous ror even Uie most unscrupulous and intense partisans lo jniUfy. lVheo Uie blessed angel or peace came one more lo our distracted laud, and the rebel armies were allowed lo surrender on terms so liberal as to melt the south lo tears, and were Invited once more lo resume Uicir places In the great family, we all remember how this irty opposed every step of reconciliation that siiould seenre to the colored man Uie riguts guaranteed by the Constitution aud laws.au I every princi ple opou which our K-pub!ic is lnu:ded Uow, froui baugin' these moifcusivo people lo lamp piMla aud buruiug tbeir school-houses in New Tork to ku-kluxism In the south, their never ocasiug diabolism or thirty years continued, re kindling tbe bitter fires or sectional bate, caste a'ld treason iu Ihe hrcasls of Ihe La I and dan gerous element of Uie couutry, and tllspt Ulng tn a great raea-sure the auspicious slus or peace aud unity thai followed Uie bouicward-rnaroh or our armies. HAS THE PifiTT CHASliED? But Uiey lull us Uiis u the "bloody shirt" Uiat tueae issues are past; Uiey plead guilty, and ask Uiat these things be buried iu lorgetfuluess. They declare that new questions have arisen, and new leaders stepped to the fronl; and In tills they declared truly. From cringing berore the slave power ol the south, raukly persecuting and defaming the sacred cause of liberty and its d-fenders, Uiey prostrated themselves before Uie heroes of Uie struggle when success was assured; adopting licpuu'.ican principle? nr.d lakiug ror their standard-bearer Ihe mol Invet erate enemy and Implacable foe to Democratic doctrine, demonstrating the sme reeling fur their own dignity and sense of honor mat they bad ror the welfare or tne country. But the people are seldom wrong In their opinions; in their seotimests they are never mistuken when correctly Inlormed. The gra-es wore too new; the wounds loo fresh; the empty sieves too nu merous; Ihe wails and sufferings of the widows and orj4ians loo distinct; the burdens of taxa tion loo heavy; and never was there such an emphasis placed upon a tart ss Ihe popular ver dict or K2 stamped upon Democra! 1c treason and hypocrisy. ir generosity and charily could lead us to for get our duly as American citizens Rnd defend ers of the rights and privileges bequeathed to us so Tar as to trust Democracy again wilh jower on their professions, their acts would dispel the Inclination so lo'ig as we ret imed one s;wrl: or honor, or there remained one particle of Jn le menl In the minds of the p-.-ople. Tne question now for the people to consider is. In a nie-ur, a new one. But there is a right and a'l honor able side, and a wrong and dishonorable on '. Where is this Democratic prly'.' It Is lntiig uing lo temporarily supply the vices and relieve the distress of Ihe people, which It lias been the prime cause or producing, at the expense or our national honor, ifalitiioul promises a-i lib-rally as a drunken landlord does his pnon, and with the same destructive effect- II has no principles or Integrity, lays no claim lo consistency, and Its informs are con structed to read one way lu Ohio, anoiher way In Massachusetts, another way In Sonth Caro lina, and still another way In Pennsylvanln. Its membership embraces the counterteiter". u.ieves, rioters, and ail That Is vlie In our social system. There have been a few leaders, like Samuel J. Tilden, who, laying In a moderate slock of rcpniatlon, have assumed to provide for the future necessities of character for their party. But m every Instance this modest re. serve of virtue has been the tcrmasant chas tity of a selfish prude who prosecutes one lover for rape while she solicits the lewd embraces or another. THE KTROVim RFASOX FOR ITS OFFF.VT. But there Is one reason more powerful ihnn all others whirb presents It-seir to the thonght fQ mind todcterany laboring man, mechanic, ' manufacturer, or tradesman In the state of Pennsylvania from assisting to reestabll-h the Democratic party In power. Thro null nil Its twisting and turning. Its pandering lo sordid and base motives, and Its cringing to power, Ihe Democratle party has been the consistent enemy to the commercial and manufacturing industries of the nation. It has never failed lo be the tool of foreign Powers to destroy Ameri can enterprise. Under its rule of the country, Liverpool was of more Importance lo Uie United HUtes than any or ourown great cities, and profited more by the labor and product of our land. Since It bas release! Itsbo d npmour government notwithstanding the enormous burdens we nave hai to bear we have not only developed the resources or the country for our own nW hot American coal, and Iron, beef and mannfactured goods find ready market In tp cities of the old world, while our when and grain fields have become important factors In tnc existence of the population of Eunre. Thi, never con Id have been accomplished nnder the pernicious ruleof free-trade Democracy. Tbe language of truth is simple and easily understood. It 1s the misfortune, pemnps, of the Democratic parly to have been originally the cause of every reproach and distress that has attended our government, and Democracy Is en titled to the credit of Inventing numerous schemes and qucek remedies for our Ills. Hut It behooves us to look carefully before we depart from lines unmistakably correct. It Is gratify ing to note the slgna of the ttmea and to realize that there Is a moment of difficulty and danger at which flattery and falsehood can no longer deceive, and simplicity Itself can no longer be misled. The anxiety among tbe common people to know the exact tiuth. and tbe general aud growing appreciation everywhere of the folly and wickedness or theisms that have been forced opou a credulous people, Is evidence that the time la rapidly approaching when lhey will re fully understood and rejected. It Is the part of wisdom and the patriotic duty of every t ittzen of Pennsylvania to see that this Is so. An analysis of the vole in Congress by which Wood's tariff bill was defeated shows ibat tbe main bulk of the Democrats in the House voted for its passage, aud Uiat fbesouthconstiiu .es Uie dominant element In Uie parly now on Uiis subject, as In former times, I'.ven those Demo crats representing strong manufacture g dis tricts are so under the party lash that they can only be got to vote for protection In a case of ex tremity. On all questions where Uie yeas and naya are not recorded, these men ignore protec tion and vote wilh their party. Tbe present Democra Uc Speaker, although representing a strong manufacturing district, has aided in the makiug of Fernando Wood's outrageous tariff, and stands clearly responsible for ihecommiltee which framed it. To tbe son th the tariff la no longer what it was in the dsya when Caiioun'a nulliflcaUoa policy waa agitated. . for lbs tri nmph of Amerteaa maanfactnres Is so great that even the moat rantd confederate dues not dream of tbe possibility of legislaUng tbis vast element ont of existence. It is, however, still a means of combining with foreign csitltal to dominate the Repablle for paliiiaal ami com mercial ends, and against that combination tbe Republican parly Is Uie natural foe. " , . - Tbe cry of hard timea is still heard. Did you ever know a time wbea lhey were good ? Tbe fact as that never wttbtn tne bhuoiy of this generation has the cost of living rood, clothes, and rests sees so low as now. asd there sevca wsa a Mme wbea a larger percentage of the profits on all aorta of m sen Diet urlrg went to tbe laborer, nor when It was possible wits Uessiue economy to ley by a larger perrenias of tbe year's earnings. Tbe pro pot Hon of men out of employment Is small, and good worknvn were la nOYTJ" A CANDIDATE WITH t - --- TfiCrCIPtES.- T -T1 I The Next Governor Reviews the Situation Labor, Honesty and Coin His Speech at Horticultural Hall, Philadelphia. I represent the organised agencies which, tha great Republican party have set np and propose to sustain In this Slate tnr the Interest of good government, -. - . - Eighteen years ago a million and a ball of men armed and went down to battle that the nation might live. The enemy In front resisted to Ibe death, and thousands In oar midst declared and resolved In con venUon that a war for Uiat par pose must fait You vindicated yourselves aa men wbo possessed tbe brain and purpose pf the Inheritors of an lnierest in a great ancestral light and an inherited Intelligence, and pluck lo maintain that right. Tuat fight, rellow-ciUzens, you won. Yonr flag alill bears all lis blazing stars, and floats over every parapet and rorl of tte Republic The applause which greeted Colonel Hoyt here warmed blm up and be went on with vigor. 1 THE RATIOS MUST LIVE HOSE3TLT. To-day yon are marshalled Ibat the nation may live, bmiesily. Aa yoa once beld the peo ple to the great lessons of forUtade, self-denial, and suffering, so now you, and yoa alone, are to organize that heroism which shall compel honesty in public matters, honesty in private affairs. You are to maintain Uie public In tegrity. Uiat governmental dishonesty may not debauch Uie aenliment of Individual Integrity. A great debate Is now going forward between the American people. The only organized body of men who embody and proclaim Uie truths in government and finance is the Republican party. For twenty-five years the Democratic party baa bad no vital and efficient contact with Ihe actual ideas organized In our Insti tutions. Democratic men went shonlder to shoulder wilh Republicans to Uie trenches to be lorn and mangled, and to Uie battle front Iodic The Democratic party, as a parly, never put itself honestly and sincerely inaclual sympathy with the people. Tt did not keep abreast of Ihe ripe sentiment of nationality. In lift It lost the election because It did not Intend honestly tn pay tbe war debt. In 172 It lost Ibe election because, while It took aa lu candidate a great champion ofhnman rights. It took him because he bad abandoned patriotism ror sent I men tal is to. In 176 It undertook a campaign for "re form, " but Its record was too unsavory and lis disguises were too thin to deceive the aver age American voter. To-day that party baa positively no aliunde on any public question going lo the real living interests or the people. Its leaders are distracted and Inconsistent, lis declarations weak and worthless, Il presents no definite schema for Ibe conduct of sflalrs. As it has produced no results la the psst, so It oilers no hope fur tbe future. To-day Its leader ship is In the hands of a few able and ingenious gentlemen, Republican at heart, bat Inspired by a sense of mischief toward Uie Republican party and beany enjoyment of their mischiev ous intervention. Applanse. RFCrttl ICAVIS Ml ST BE BOLD AUD Ilt TREPID. Fe'.low-eltlzens, as in tlie years gone by Ihe Republican party fostered and developed the endurance and persistence of our peeple, so now you are to organize, uphold and support tbe na tional faith In Itself. We are confronted wltb the problem of how to pay an Immense private and public Indebtedness. The Jobber and tbe charlatan are tilling our ears wilh delusive and disliouesl proposals. The sense of public luleg rlty never needed concerted and organized sup port more than now. The mission or Uie Re publican party is not done. Your utterances should never be bolder ami more Intrepid than now. The people are willing lo be recalled to a sense ol the sanctity or a public promise. Tbey must be implored lo shut tliair cars to cUoap de vices lu government and finance. We must re eoenize that divine law which ordains that home and happtne? and wealth are Ihe awards of Industry, skill, and economy. No human scheme can reverse the rules ol Uie divine econ omy and confer upon idleness and profligacy Uie rewards of life. . The laws which compel an Individual able to pay bis debts to be willing to pay bis debts mut be met by some correspond ing sentiment some prluclple of pride and bonor which shiill.deniand thai a government able to pay lis debu sball rise lo tuai u:gn uu:y. ror uiis mere is iiu ie liauce but the high spirit and proud determina tion which should pervade a people with Ihe traditions and destiny of our own. THK NATIONALS AS CKEDIT WKKCKFRS. Wb-n tne National party propose to pay Ibe bonds of tills government wilh the greenback, aud talk about the greenback In illimitable vol ume being made g iod and floated upon the credit of the nation, tbey wreck that credit or Ihe nation at Uie outset. The Constitution and tho law aside, their first act is a cneat and a fraud, and uo plain, practical business man will trust the Individual, firm or nation which pays a solemn promise with a chcap.promise, j and which never purposes a day of actual per formance or either. I.AUOR, MfSCI.E AND COIV. Fellow-cilizeus, some maxims of political economy and finance may be considered as set tle.!. Nothing watch men deal In as articles of commerce aud exchange has any .value except tbe value which bumau labor and muscle and energy have put mlo It. Tbe value or Uiat labor and muscle Is ror the people to measure, and ilot the government. Tuo measure or value mast have value, and It must be the value conferral by lab.ir and muscle. This,. coin bas. The Re publican parly lias given iLs pledao Uiat Uie representative of coin, pap?r money whether the money Issued by a Stale bank, a national bank, or Uie government Itself shall be re deemable in the actual currency or the civilized world -a currency whicn has intrinsic value, wbica bas cost labor and muscle and food to nroduce. A paper dollar, as money, bas no value, except as II represents an actual thing and Is capible of redemption and conversion. (At the reference lo the "currency of the world" Uie applause was of the warmest k Ind. i.ft ct-RREScv agitatiox stop. Tue Republican party Invented the greenback, and It bu redeemed It from legal and financial lufamy. It Intends that the laborer who re ceives il on Saturday night for a hundred cents shall be able oa Monday morning to buy a hun dred cents worth of flour. Tbe greenback, re viled and slandered and rejected by those who haled Uie rebellion it suppressed. 1 a to be re deemed and made good by Uie Republican parly. The long and weary struggle Is over we have paid the price of resumption, and now demand the fruits or the sacrifice. Let there be no more agitation or Uie currency question among the people no more tinkering at Uie currency in Congress. Its gradual appreciation in value has led us naturally. In the reasonable course of events, lo a returu to a settled and stable condition, and bas saved tne jar and destruc tion of a suddeu collapse. The credit of Uie gov ernment Is restored and the credit or busluess men. deallne one wilh anoiher, is not measured by Uie credit or discre lil In which ths govern men I Itself stands. We resume our production, onr trade and our traffic according lo usage and the maxims to which we are accustomed. m-hat mirciiuiixim has acuikved. I will not argue, leliow-cltlzeus, how the sentimeut of Uie Republican parly has com pelled accountability in public olAcers that not a dollar or public mouey bas been lost in nation or Slate by defalcation of Uiose charged with the collection and disbursement of public money; bow lu Pennsylvania your State debt has been reduce 1 from 000,000 to tlioucooo; bow real estate pays no State lax, and how all the burdens of fSiale taxation have been re moved from the shoulders of the people and put upon tbe coiporaiioua who hold your valuable franchises; how yoa have made the must vigor ous preparations 10 pay Ihe national debt; that you have already lu eight years paid Its one third, and reduced your interest account from Slt",,oio.n,io anually to tl,000,ooo. Having faced ihe solution of thia problem, yoa will go on with Uie honest effort to pay our debia in honest money. Tbe close of Ihe war found Ibe government In receipt of more tban five band red millions in taxes in a single year. Tbe reduction of Ihe debt began, and at Uie same Ume began Ihe cut ting down of taxes. In latf they bad fallen to (KSt.lU&Ga. and In 1868 to eX6,-Ul.-tS3. Mince then ihe decrease has been steady and constant. with only one or two exceptions, nntll last year Ihe people paid for the support of the govern ment and the interest ou its debt only e-1J,0oO, 6. a reduction la the thirteen years of a far greater percentage tban even the reducUoo of Uie debt, rreat aa Uiat was. can any one mmj that Ibe bondliolder has been protected at Uie expense of the people? Is it looking out lor we hr.nrnmi.ier or for tha people when the Secretary of the Treasury goes 10 the bondholder and saya We are not going to pay all per cent, any more. Yon must take four or tbe iace of your srrt His income la cut down one-iuiru, sun the people get tbe benefit of If, and yet there are fools wbo Uiluk It would be so much . . navlns the bondholder vend w - m - . hi. si ner cent- for a geueraUon longer. Why. the actual saving dn the interest ac count, that has been the result of Republican financiering, to almost half enough to pay the Whole running expense of the goverunionu , Ten chances to one that when you get to the polls yon will be asked lo trade. Don't do It. When any man proposes a trade, be la looking slier his own advantage, and not yours. Yon will be asked to vote lor Ro-and-80 for Repre sentative because be Uvea lu yonr street. Then yon will be assured that Tom la tbe rlcht man for tbe Senate. To be aure he Is not on your ticket, bat be la such a good fellow, and wben yon go np to Rarrrsbnrg be will do anything for yoa that yoa want. Or, Dick Is up for Con gress, and in return for a vote for him yoa can have two for one of your friend. Don't trade. Yoa may be sure that no one wUI ever propose any exchange or votes with yoa unless he sees a chance to get tbe best of Ibe bargain. Tbe straight Republican ticket this year is sood enough for any one. Tbere may be times wbea It will pay 10 scratch, but not ibis year. The success of the party Is involved, sod not only Its sneers tbhr year, but Its l flumps In tbe future; for once a Democrat gets fnto power, be holds oo like death. Few die, and nous resign. It Is a great deal easier to ksep tbem ont than to torn them out. FUNi ALIVE. The Hiimore of the Canvass Thw Battle Fought by the Democracy 1 In Maine. ' A Famous Victory for Somebody, at Seen Through a Piece) cf Smoked Class The History In Verse It was an aged Democrat, Whose locks were thin and gray, To him bis little grandson spoke And said, 'Xow, gran 'pa, aay. Tell of the fight in Maine to me. And bow yoa won the victory. " The graruUire raised bis feeble arm, "Ob, 'twas a glorious day. And fierce and strong, and all day long, Raged loud Uie dreadful fray, And wben nigbt closed on us, why we , Had won a famous victory. ' ' 'But tell ma what Ihe victory meant. . And what yoa Ibagbt about; And lei I me bow the Democrats That were with yon, came out?" , "Why that I cannot do," said he; "Cut 'twas a famous victory." 'In hope and strength we waded in. Bat wben the day was done Of ail our nnroeiona candidates We hadn't elected one We hadn't a point, that I conld see. Bat 'twas a famoua victory. " "By noon, onr party strength waa gone. And we kept right on the wane; And the chill, cold hand or death lay on The Democrats of Maine, But atlll tbey said I can't Jnat 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. But Uie New York World said, 'Hope-pee; Anoiher glorious victory. "And since wo won that bloody fray Just why, I cau'l explain, Tbey never have found a Democrat Alive In the Biate of Maine. Tbey bate that State it's queer to me, Since winning that famoua victory." II. s grandson cried, "Hut I can't aee bow. If Uiey licked yoa out of your eyes, And scooped yoa' ' the graudslre said, "That's Just where the trouble lies; ll'a Uie Dutcbiest kind of Greek lo me, But 1 kuow il'a a la mo us victory. " UurlinytuH JIawAtye. NASBY. HKARS TIIE NEWS FKOlf MAINE. The Ex -Postmaster Heroines a Reformer and a financier Result of an Issue of Flat Money at the Corners. From tbe Toledo Blade. CoNi EPkatT X Roads. Wich Is in the State nv Kentucky. Sept. u, is;. The nooze from Maine lies readied ibe Corners and it hex en couraged us, bolbes Nashnelsaud Diniocrata, It doesn't make a straw's difference to me wlieUier we Uie Diiuocrata bev swallered tbe Nasbnels, or whether Uie Xajdinela bev swal lered us. There hex bio s waller in, and the Re publikin party hex lost its grip. We are nappy. Kx Nasliuels we bev things cgsackly lo sool ns at Uie Corners. and throughout iblssvckshun. We bev succeeded in Insiilooltn strikes in all Uie inauafacturin villages In this setkshun.and bev all Uie workmen out nv work aud in couse ksnl distress. At Faclryville Uier ain't any moie iaclry at all, for we burued it lu the holy eroosade uv labor agin capital. In Fuiinvllle we hev got all Uie ruech luics and laborers ou a strike, wlcb bed Uiedeliteful and cheerio effeck nv Uirnwln every workiuman out uv work. Halleeluogy ! Tbey bev 00U1I11 to do now but to walk about ihe streets day-times, and llssen lo our speeches in lea. And we are makin it lively lor Uie bloated employers, you bet- Wben men are dlstresl tbey waut a remedy, and Uiey 'II take most any kind uv medicine. To support em, we hev inslltuolld a pro visliual bauk, wich will do till the fiat money Is tsiiood. It's the same Uilug ez "fiat" money. I am President of It aud Issaker Gavltt Is Casheer. Our money Is simply a slip uv paper oulo wich is priutid ihesole-iuspirin words: TU1S IS) A DOLLAR. Attest: Petkoi.edm V. N'asbv, Presideut. I.smaker Gavitt, Casheer. Tbe only secoorlty Uiat we tell wax necessary wuz to pledge Uie sacred lailh nv the Comers 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. Uie first I bev bed for yeera. "In oolriin. I'- don't waut 10 be redeemed. To redeem II would be lo destroy Its life-giving principle. Anybody kin Uboo money with gold behind It to redeem It; yoor troo finanseer Is be wich kin make money wich don't want le deeratu. All yuobev to do with this money is to keep it wovln. Yuo hump Uiia bill onto your luaiher merchant, aud he'll hump It aloug on somebody else, and ez long ez you think ll'a a dollar, why Isn't II?" lie took il, U10 a seemed lo One be wazn convlnsU We ain't bothered with it al all, ez It aln never lo be redeemed, except that wben one bill wears out, Uie holder kin come and git another lu iu stead. We mile retire a worn-out bill. but ez Uiat wood contract Uie currency we don tbluk It the best thing to do. We want a vol ume uv currency afloat ekal to the demands uv trade. Torre wuz some trouble, for a great many farmers didu't want to lake it, and Baacotn kicked somewhat. But we had a remedy for this. Tbe labrin populauhen held a lueeUn.and In Ihe sacred cox uv laber agin capllle notified the people that any one which refoozed to take Ihe money at par wood be to-wunst hung. Under Uiis stimulus Bascom took It, but he lm- mejltiy advanced Uie price nv Ilk ker to fifteen cents, and a few hours after to twenty-nve. We remonstrated with blm about It, and be auswered oa: "Er there's going lo be a era or prosperity, am going lo share In it- Yuo kin hev all the likker yoa want at five cents, old money, but ef 1 am compelled lo take your fiat money for likker. yoo can't dictate to me the price;! abel ask, for that rests with me as a free citizen uv these Yooniud States. " I am a just man. I acknowledged the alrrngth nv hla poalsbun. All I did wax to walk over lo the priuUn' oflis and order another nuudeid thousand dollars sir nek off, aud put Into clrkelasheu to-wunst. Wat we want la money euuff. The effeck ou the Corners wuz mutants neons We never bed aich an era nv prosperity. Ex every man tied all the money be waolid, work wax generally auspendld, and the people give thelrsulvea up wboily lo enjoyment. Bascom did a tremendous business. Uie slorkeepera (all except that cuss Jos Pollock and Joe Bigler, wbo not only refoozed to take the mouey, but refoozed lo be hung) did a smashing business. Men wich never bed a dollar in tber lives bed Iber pockets full, and ther is nothln' but Ihe most cheerful pros peck ahead of us. Wben money kin be bed by printing It, wat ia lo pre vent everybody bevln all lhey need? olnln. I ah el print a lot more to-morrow. PZTROLECM V. NASBV, Reformer and Financier. p. 8 There is one little speck uv trouble about our fiat money. Tber ain't no farmer putllu In any wheal, for tbey aay lhey don't keer about aweailo for this kind nv money. Tbe bloaud employers at Faclryville and Plain ville have consented lo advance tbewagianv their employee ef they will take onr money In nay. but tbe mechanics swear they mast be paid in Kashnel Bank notes er lhey work. And the most of em decided lhey won't work at all so lone ez tbey kin git enuff flat money 10 live on. Il'a all very veil now. but trier ought to be some work goto on. n e must na e iegisiasiKn compel iiu uvem. Two Things the Ohio Elecuoai Showed From tbs Detroit Free Press ( Hero. i. ' The Ohio election showed two things very plainly. It allowed first, that no amount of heartiness in accepting the Ohio idea or Tbar man platform as Uie Democracy of Ibat Stale preferred to call It could bring the National Greenback party into the DemocraUc fold, though Ibat party was quite ready to take Ihe Democracy into Its fold. In other words, there wss no wsy of uniting the greenback senti ment aave by abandonment of tbe Democratic organization and acceptance by the combina tion of tbe most ultra doctrines of the "flat" money teachers. Tbe election snowed.aecondly. that tbe strength of the "flat" money supporters waa vastly overrated. The argument used to bring the Democracy to them and railing that to seen re a n n I ld su nport or I he same cand id sf es wsstbat Ihe "Hat'' idea was in an overwhelm ing ma jonty ami coosianlly on we increase. For weeks before Uie election the number of the irmieemaoies" wss fixed by Ibeir ownorgai.s snd by Democratic newspapers far np In the thousands. In many lostauees being placed In exoessol ini.wiu. indeed, me Cleveland Herald a leadlns Republican oaner. Disced thestreneih of ihe "Bathos" at I 'in. no, lo view ef these nous is, ue actual showing Is simply pitiable. A nasal Cost of the Rebellion. Fran Ihe Philadelphia Press. Our DemocraUc friends nave much to aay on lite expendilares of the government. The sub ject Is Interesting and always Important. Tbe money spent la collected from Ihe people, and tbey have a right to know why it I spent, and bOW. v,.... By consulting tbe record It will be found: First That since 1 souths beginning of the Grant admlnlstralloo) the total expenditures. lees redemption of public debt, baveU.len trues 3M.SW,I$ 51 lu ISSB lo MS,59.7irt Is hCS, Heeond-Tbat the ordinary "spend' lures bare fallen irom eU.e.lMI JB la 1 to aiia,t,- Tblrd That tbe per cap Its proportion of ordi nary expenditures was S. la ia. and was fx 'n wis. , . Fourth That tbe per capita proportion of ex traordinary expendiiores and those doe to the reoeiiluo was a As In isse, sod S3 27 la ISTs. ritln-.Tnai ineexpepses one u me iroiinsi were sise-CASts u in lws, and eio,l.. a la 1S7S, nr nearly SU. 000,009 a month, and nearly esoa,00eeaay. KELtEY. BIS TXEWS OX WOOD'S TABXJT. Aa Appeal to Common Sense The Cen'en nlal the Crowning Glory of Onr First -Century General Considerations. - Bnt If It conld be shown that It favors free trade, It would aimply prove that It Is an at tempt to resist the tendency and drift of tbe age. England herself begins to realize tbe aatl mistake she made when she failed to confine freedom of trade with ber ports to raw mate rials and food. On the 3d or last month Mr. Ernest 8eyd. before tbe 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 goo. Is here; bat there is this year already a railing off lo tbe im ports. I will farther admit thai oar habits are, perhaps, too luxations. A I though I am a thor ough free-trader, I am aware that such lnxurt oua habits cannot be checked by mere moral auaaim, and I am of the opinion that nnless there Is soon a better balance between our Im ports and exports, there Is really no other method of effecting this than by a partial return to protection." Here Is a pamphlet with which the British Islands have been flooded within the last few monUiS. It is Lord Baleman'a plea for limited protection or for reciprocity In free trade. Let me read the closing paragraph: 'I appeal to the common sense and to the patriotism of my eonntrymen, and If they arc convinced bow great has been the fallacy of onr free-trade policy wlUiout reciprocity, it Is for them to aay, as 1 believe sincerely they will aay, whether a return to a policy of limited pro tection la not the true and simple solution of our present dimeulties, and will tend to re trieve our losses. Increase onr revenue, lighten our hardens, bring peace, contentment and em ployment to onr working classes, and teach tbem and ns to bless the day which restored the old policy and the old watchword of 'protection lo naUve British Industry. ' " The cotton lords of England are demanding Ibe protection or their investments against the terri ble competition from India. Let me read yon some extracts from the London Times, premis ing that the British Indian government, lu order to . raise an adequate annual revenue, haa been compelled to Impose a duty of five per cent, on cotton goods Imported Into Indian ports, aud the British manufac turers are demanding the repeal of that duty. "Tbere waa scarcely a town In our manufac turing districts which was not represented. . . Their wish to preserve a forcig'i market for Uielr goods Is natural enough, and, within de cent limits, praiseworthy enough. We can scarcely say much for them when lhey ask not only that Indian finance shall be regulated ror Uieir own convenience, but that Uie export trade or India shall be kept within the bound they wish to assign to It, and sball be crushed out or existence wben II Intrudes itself as their rival. Il is a strange thing, we cannot help remarking, lo observe tha new quarters from which proceed. In the case before us, tbe attack on free trade. " I have here a slip from the London Saturday Review cn the French Exposition: "Tbe first exhibition was held at London, and was avowedly lnundei to be a sort of consecra tion or free-trade. Tbe new exhibition is to be beld at Paris, and is a consecration of protec tion. Conquered France baa at last conquered Its pioud captor. Prince Bismarck bas just Is sued a manifesto through one of his organs, in which be expUins bis new financial policy. It seems that be has been meditating over the financial system of France; and is lost In al miratioo at what be finds to be its basis and Us method. It la through protection that France pays the Interest on the milliards which be car ried off. 11-3 thought that be bad crushed France pecuniarily, and be discovers Ibat apparently she Is not crushed at alL Ber aiilonal ami local taxation now amounts to spoilt Xl.vi.oun.noo a year, and the Chamber Is g lily embarking ou new and vast schemes for railways, canals, and Improved military organization. Bow this Is done Is the question which Prince Bismarck bas seriously asked himself, and the only answer he can discover is Uiat It is done through a system of wise and bid protection. He therefore invites bis countrymen uot to be above imitating France. TUE lltJWSlNO ULOCY or OCt I1KST IKJiTLKV. lu characterizing tlie last quarter of the first ce ilury of our existence Uie chairman ol lue committee said: "II marked Uie most extraordinary epoch In our history distinguished for ila extinction of slavery Uie greatest civil war or any time, and Its consequent demoralization and stimulating effects upou values, and Ihe vicious legislation whicn or necessity followed. Our great civil war and the extinguishment of slavery were memorable events, but they do not characterize the period alluded to. The crowning glory or Uiat century of American history centered In tbe display oi machinery, the most wooderfnl Uiat man bad ever bebeld; in the productsor genius taste, skill and Industry; It was in Uie habits, manners and apparel or our people, who gathered tbere by millioos, ami who, Uianas 10 Uie general principles of the protective system, presented to rnrelgn ers an undlsliugulsbabie mass, so that they asked, "Where are the people, the arUsans. Uie prrisnnt, tbe laborers'.'" Tbis exhibit of the developed resources of our couutry, of tbe skill and attainments ol onr people, of the !n fioenoeof sell-government npon the social babits of a people, was ibe crowning glory or tbe first century or our history. A FALLACY V.XfJSED. The theory be attempts lo enforce Is false. Il Is Ibat a duty imposed upon any article Is, as I have already said, not only added to Uie price of that article wben Imported, but adds Itseir to every like article produced lu the country of consumption. Now, if this proposition be true, I, In common with most or my country men, am like the client wbo cried In court be cause he bad not known bow badly he hail been Injured until be heard bis counsel state Ibe case, ir ihis theory be correct, which I reny.our farm ers have been robbing and plundering me ami all other dwellers In cities and towns nntll It Is no wonder we are so poor and depressed. I have prepared a table showing tbe amount ol wbeat, barley, oats, potatoes, corn and rye raised in the country in IS?, the amount exported, and the rates of duty on each, and the amount of tax Imposed on Ihe country at large by Ihe farmers, i r I, 1 -a , ... a tl.nff fit ImnArt Hill. lltrMVH fr prlco uot only upon the Imported article but upon the product or ihe country, on wneat alone lhey stole i,.791,212 S) Irom us. Did yoa kuow Uiat? Upon barley, o.1iT!,080 P; ou rye, I,97,3"K; on potatoes, 21,S3),i7J 50; on oats, I0,2H.jcC 20; and on corn.siK.tSS-.M 20; mak ing In all 825ti,v;,i)i 35 enough to have paid Uie duty on all tueassanctlda taken by farmers' wives since the country was first settled, and upon the annual consumption or all tbe articles t Z. J ,k. .I" I.. "::ZZr," the chairman of the. committee supposed 8yd- chase. OESERA, COSSIPEBATIONS. j A tariff is not a matter of inspiration. It ia I a thing of slow growth and of adaptation to the j extent, resources, and development of a coun try. Switzerland, with her few miles of lerrl- tory, her snow-capped mountains, and her lakes, enriched with no native resources In the way or metals, may need free trade. Bnt It Is not adapted to a ynnng and sparsely-pnpn-lated country which extends, as ours docs, from ocean to ocean, embraces all climates, Is more richly endowed than any otner country with soil and climate for varied agricultural productions, and Is still more richly endowed wltb minerals, useful and precious, and wbose people, having been trained In the Industrial centres of all countries, are In the enjoyment of school fl of art and science such as the mag nificent one founded by the mnnlflceoceof tbe venerable man who does me tbe honor to listen lo me (Mr. Peter Cooper), wbicb, with Its lores of literature. Its models, its drawings, Its scientific apparatus, ami other educational appliances, la open to the poorest cnild of either sex In me country. Huch a country needs a protective taiiff that will enable its people 10 employ whatever facul ties Heaven bas endowed mem with; the feeble, with a taste for art to embellish our produc tions and adorn onr homes and public balls; tbe vigorous and enterprising, toexplore onr moan- tains and develop Ibeir wealth; those with mathematical and mechanical gifts, lo advance me arts and Industries snd carry tbem forward with me alvanclng line of civilization Into our unpeopled wastes. The inhabitants of such coon try develop their faenlties and aptitudes by laboring to supply and gratify each other's needs and desires; but to enable mem lo do mis the government mast secure to mem at least equal chances with me foreigners In their own markets: and mis can only be done by a tariff ample for the purpose of protection. Tbis Is all thsl a Judicious tariff Is. it la all mat me manufacturers of tbis country ask, and bad tbe Committee of Ways and Means met mem may would nave indicated redactions of da ties that conld be made wim safely and extenslona of me free list which might be made, and which when made would Justify a further reduction of dotlea anon tbe articles dtrl ved from sacb materials. Tbey do not seek lo Injure their countrymen by the establishment of protected monopolies. A PLAUSIBLE FALLACY ttrOSID. Bnt time will not permit me to farther exam ine details. Let me, however, hastily consider soma of the doctrines or Ibe chairman of tha committee. He assumed tbrouahoni bis speech, and so did me gentlemsn from Virginia, mat daUes add themselves to Ibe price not only of Imported articles, bat of like articles produced In mis com-try. Lei me ask Uiem.do competl- lioo in me market and increase of supply In crease prices? Are the prices of cotton, woollen. worsted and alia goods, of locomotives, iron or steel rails, machine tools, agrlcultaral Imple ments, mechanical toys, or any of ths thousand other articles we now produce, as high aa Uiey wera onder me frse-lrade larltfor U3T. or at any Ume prior to tarn Increase of me tales of duty la insiT No. sir; ail kndaof American goods caa be bought otwapsr under me higher duuse of to day than they could under me lowest rates ever fixed by onr tariff laws, and It la ma vary mad ness of theory to assert, aa ma genUemeo have done, that ooUea which eUmalale production aad add to toe world's supply enhance prices. " :: INTEGRITy.' : : Able Argument for Honesty. Secretary Schurz's Views on the Finan cial and Political Situations. An Exhaustive Retime, of the Causes Which Led to the Pwo of 1873 -The Wey to Avoid Repetition. Extracts from a specs delivered in Cincin nati September 2, 13T3: WHAT ABk TBS FACTS'.' There was. Indeed, a contraction of oar paper currency from las to ilk Bnt tbe business eoUspsedid not occur after I 11 cam flie years later, and those live years, between 1.S58 and 1873. are generally regarded as years of on common prosperity. .Niw what happened with the currency between l and Wl-'f In US con traction waa atopped. Ia W amount of paper enrrency outstanding was 9at,we, In WOitwas70,i.N In 11 ttwa:K, S7S.7M . In HSi it was elM,".3 ln ,CJ It waseTM,06U,3eM. This alalenient Includes not ooly the greenbacks, the national bank notes and tbe fractional enrrency, but also the 8 la is bank's el rculstioD, the demand notes, the one and two years' notes of l, and the com pound Inleresl noles. Thus it appears Uiat dur ing several years preceding the crasb ol 173. the currency was not ooly not contracted, but very materially increased, so that in KfiS Unmounted to over SK, one. oe more than in IctS. The fact hen stands tbna: Tbe currency waa contraettd between laa and I, and several years of pros perity followed. The enrrency was expanded from ISO to l:-3. and the collapse of busluess occurred. I might eves add that between ls.3 and 1871 tbe enrrency waa expanded from S7, 0(ii368Mto e;il,t, lel. that U to aay over thirty-one millions, nisi yet tbe depression waa not only not relieved, but grew ln distressing severity. Our Inllallos ftiends may not relisu that kind of reasoning, but wnat have you lo answer? THE KIMCDr. Tbe beat thing one caa do after Ihe collapse Is quietly lo gather np oar five senses and goto work like men to repair onr shattered fortunes. And bow can those shattered fortunes be re paired? First, by recrgnlxlcg the errors of onr ways and discarding self-deceptions and illu sions; by remembering that our wealth must consist ln what we piodnce and have, and not sr. .km dream nr- bv abstaining conse quently from all windy schemes lo make our selves rich bvnrlnllnx tbe word dollar upon a piece or paper; by acting npon the principle that the only honest way lo get rid ol our ueois Is by psylng tbem, and Uiat we can become prosperous only by producing things that are nerni. and bv snendins less than we earn. To furnish that sound foundation, without which business can have no healthy development, and wilbnnt which the prosperity of Uie people will always stand upon s volcano ready to explode at any time, three tbii is are of the first neces sity: A good national and Individual endit, based npon national snd individual honesty. Second, a sound currency or real and stable value; and third, a safe and reliable banking system, as Ibe depository of business rnnds and the machinery of bnMaess exchanges. K1K.ST as to rnvniT. It has become the lash loo rr many politi cians and public agitilors to cry out against tbe bondholders, and thus lo excite a prejudice against the bond, winch is an embodiment or Ihe national faith. Tte bondholders arc repie sentcd as a set of blisdcd" Individuals residing down east or in roreigi countries, who bought tbeir bonds at thirty. ive or rorty cents on Uie dollar and now lin-i.l 100 cents and hlib lntt r- j est In gold. Thus the bondholder is picturrd as I a sort of criminal Hood-sucker, who, with cold-blooded cruclty.uttens upon the snrTerinijs of a down-trodden people. Now, supposing our national bonds were liI in the hands of those wbo originally bought tbeni, can you fail tore member that when londs were sold at forty cents on the dollar, and the quantity so sold waa not very large, the life or the nation was threatened bv a niousirous lebelllou? That the Republic seemed to he In tbe agonies or death Taat It anneared uncertain whether the bond bought at lorty cents on Stonday would be worth ten cents or one cent on Saturday." And that Ihe purchaser or Ihe bond risked his money for Ihe country Just as much as the soldier risxe.i bis blood . Did not the American government ask blm to Wke Uiat bond at almost any price. when the KeDUblic was In extremities? And now when he has helped ns by taking It and giv ing up his money at the risk of losing it all, are we, now thai everything bas gone well agams the predictions an I expctathMis of manyarc we, as a high-minded people, to turn around upon blm wbo bas he'ped ns In our hour of su preme distress, ard tell him "You are a blood sucker and a scouudrtL ' I have known Indi viduals who, when y bad helped them with a lean, wonld reel and act as ir lhey owed you. not the money, but a grudge. You would des pise such persons as mean and contemptible fel lows. A SOCJiD CCKBEXCT. What was It that made you regret the dlsap pearar.ceofcoin money and the substitution o'ir redeemable paper currency ror It? Simply the In stinctive reeling that when you had a gold dollar ln your pocket you knew what yoa bad. Bnt when yoo had an irredeemable paper dollar you didn't. And that apprehension has been Justi fied by subsequent events. Yon may tell me that for h-n years after the first heavy emissions of the paper legal-tender in ISCrfyou prospered. That Is true; at least II looked so. But In 1-7.1 Ihe fearful day arrived wben the balance sbeet was atruck, and where were you then? All of a sudden the balloon burst, and we came to the ground so beavily that our bones are still aching. Asud I repeat Ibat this collapse was not brougnt about by a contraction of tbe paper currency. I have sufficiently shown, by prov ing wltb official figures, that lor five years pre ceding Ihe crash the enrrency bad not been con tracted bnt steadily expanded, nntll la 1-73 there were over tifly-slx millions more or it out than ln le, and nearly thirty millions more than In 19S3. FIAT xoxtr. We are gravely told by fiat money men thai this la a great country: it bas some rorty or fifty billion dollars of property in It, and tbe government or this great country puts its stamp " ' " ' ' then Uiat money Is based upon of tbe country. This sounds magnificently, bnt presently, wben we have made that flat money plenty, we shall find that It depreciates, and will depreciate more and more Ihe greater the q nan tity we Issnc, Just as the green bac k s d id. Nothing Is more ridiculous than toh.ar these flat money doctors pretend to have made a great original discovery and to parade it before as as a story thousand year, ,d. They had such ! money in China In the ninth centu money In China In trie ninth century of this era. They had It In Persia towanls Uie close of the thirteenth century. They bad it in the Ameri can colonies ln the seventeenth century lo Ihe 'shape or bead and clam-shell cur rency. They bad It In France at Ihe beginning of tbe eighteenth century, under the manaeement of tlie great progressive Scotch financier. John Law: and they had it in France during the great revolution In the shape of the asslgnats. Tbey bad It In this country again during me war or Independence In me shape of the Continental money. Always, ln all essen tial features, virtually tbe same a paper money based In some Indefinite way npon an Indefinite something. In some eases with me promise or resumption of real money; ln some cases with out It; In some rases Issued under the stress or circumstances; in some cases lor financial spec ula lion. BASKS A SID BA7CKIMU. The third Uiing which I pointed out as neces sary to lay me louodatloa fur sound business and prosperity Is a well regulated and safe banking system as a depository for busluess rands and a machinery lor business exehances. Tbe American people .of mis generation bave ln tbis respect gone through a lively variety of ex periences from me wild-cat htate banks wbicb existed berore me war to Uie national banking system of to-day. A bat qualities must a bank possess so that yoa may call It a good one? It be a bank of issue lu noles must be well se cured, and surrouuded wilh such guarantees or convertibility mat Uiey may pass tnroaghoul the land without discount and without danger of loss to anybody. Second. Its deposits must be well secured by reserves so ss to be reasona bly safe. Third, 11 discounts and loan business must bs conducted without extortion, so as lo afford reasonable accommodation to tbe bual ness community. Now compare tbe State bauk system, as it ex isted before me war, with our national banking system as It exists now, snd what do you find' Under me Htate bank system we bave partial and general suspensions and break-downs of banks-la hso, lSit, 1W, 123, ltd, 1837, l&s, 14! and 157 resulting In aggregate losses of hundreds of millions of blllholdcrs and de positors, and the nmsl disastrous eoufusiou lu me business of the country. Our national banking system bas now been ln existence for sboul fifteen years, it bss passed th rough financial crisis, reaching further and more dis tressing, perhaps, man any mat ever swept over thia land. And what bas been Uie result? Not a single bolder of a national bank note bas lost a cent; and the whole loss suffered by de positors la national banks daring me whole period of their existence. Including these five terrible years of collapse and distrust, amounted lo about six mil 11 ast dollars, a lass less than that suffered by stepositors In Slate and savings banks mis year alone. These are facta which cannot be disputed. These banks have stood sweeeasfnliy a trial wnicb no banking system In mis country ever stood berore. And now we are told that the national banking sysum la popular, and moat be abolished. Oar national bank enrreney iiuaemeca a qosl- lt very Important to the buainessof tbeeoou try, watch the anvetnaaeat soper enrrency does trotpossia It la the quality of chastity. Have i au eeea STuiarr" a carnw siwu. la volume? .Well. iae bank san-vscy-hs Tbe government paper earrvney Is not. Tbe volume of bank currency, under a well-regulated aye- is determined bv Ihe reqalremenis or ins enalncae of the coaatry. WheasaoteU iteedsd It will become profl'jible t will be -sane. NtJL?0? flows back to mm banVr:!: &e t.rTeW The voTnrnenf tl.- .r.i-r" " n d-d ts. . if , " raM T Politicians. Whatever ,!,: chanc nsr need, nr k "oa.ver,hB volume of tbe governmer.t IL w' - UUSil mam, fixed until throng, somemachinery or legislation tbe law i, cham gam by politician,. Aad of aI, h ' odeierminethe volume of curr-ncy needed ,v business busies, itself is the mlZ and tea,, and a set of poUtlciau, i, ,3e a" and wont. Tbe government is a sad hanker' but If well administered it may be a -0" controller, as it proved ia ,,, lnan(.p' very Important respect then, naiioi bins currency being equally safe as to vvne vastly superior to greenback-, and every in.ni iug business man knows that It Is so. And now. mv fellow-cii, 1 ,. canitnmnd soberness, wou'u ir" ri,r ' U .'. . ' wicked folly, mr realms soUlmtV- ,;,,"' leasi prospect of any s-.,:m ;..ivi,r " -V? to destroy a banking sytem w.iu-,' a. ev man in thecotintrv knows. , n,.i iv 1, , we ever nan. uut cetler than at-y otii. r ;i nseiy 10 nave: Out to dc-tr-i wnen witn 11 the rvsumptirm 01 i . .e pa is easy, and wlUiout it imp. ss 1.;, wiw uave 10 oe in vein. -1 u ,-r 1 i. istence; destroy it while Uie iiid::-ria;.-t'.'i ol the nation, altera long-and paini-i, i, -paralysis and distress, r,. al ia-i ,w'.v timidly venturing loriii aa-im: and wn.-n -,. all. Iboroaxh coudiiekce i iw.li.1 i the circulation of tne bloi m me M.'S'A. commercial body: and tne :i jur at ;;!-, menl lo destroy tne only i:;s-. r u: ,. ,-. bas sncceshitnty pas-ei'fiie crin-iat t--M ,,r"'i rible crisis. anil therefore im-j-y .;.-e. . ,,1,. . nnlversiil conriaeii-e, a-i,l ifi.i' . banklmr system, tbe most I hr -t-.r, ; eiai agency of all buu.n.s trai.s.u-v.-.s ' Ay. to start cn revival ,f ii.:-.s,s w generat breakili; np of a t oi. i,-, a-,.;- 1, , system 10 inspire cn,r;.,e!i,-.- u:;--, a . , qnaae. Why. ienttn.i. the a : v., :;. Cilirdisfl and preposterons that every a- - whoever Inuuiftit of 11 n.n.si ni-istt wiiit ., at his own loiiy wtiru lie caitu.v -Uie full meaning andct.hv. iir -.---s tt-,. ,, sillociS. ferlAbuy n, mai, oi ,-.-rur - i , need be told that uri.lt r sm ii ejni.ni-ia r, , Uieoniy wif-e (u.-y u tt.-- in.- K- t;..i buveax.1 let wi-i; e,i,,i:it a.o.ie DEMOCRATIC C V.MUD t J ls. THEIR r.KCOKIi t-i PI P.IIC Ml.V The Course ol Dill and lerti m Ihe free- Pipe and Antl-lliseriiiiiiiatt, The l.eisl.itie Pr, u It,! I. From ihe l-rr r,i pa :-r F: :i. TlTl-SVII.LK, Oct. I.-T-l !!.' 1. Mor ,.f In.- Daily Era: In a recent 1,-ticr piihiisinsi in tne Pittsburg Post as mtnii-.g ftom l'.ta :: republished in the Kr.i liy - r-' t;:. :ii -,-ar-. Uie rollowlti' extract ; "On tbe other i.an-i, (ruin !'; s .in,- c.i:--. attenllou is dtawn to itie i.u-t i,.a: im- i , nin eratic candidates for I'lovernor ai. I L: Governor 111 1 an.l l' r:i-'i-vi'i I ': - ' 1 in the Senate lastw;nt,r to t:.t- 1 ,; Free-Piro aud Anti-!:-cnnitr. iv,: 1-. 1 ' bills were championed by V.r. v.:::, . power, while Mr. Ferris lipw i:;, a:- l i-- . ! Uie Allll-Discritliil'.ilt.otl 1.:;:, ;i I. .:, passed it Ihronali th' s -nat,'. T tf-- :-, ,-. : 1 it, for doing wMi'li t!ie Cam--,.. 1 1: i must beheld r,-spo!.-itl.'. " Tlie fre-V'.ent reilerari m of - i.-!t -',-. ,)-- ; by various p-mocmiiC :t-r.-. ,u !'! a. 1 editorial, r.vccssltat s a suiui. -t.t of r .1. facts. About the time Ihe Ft, 3 i'-j-hi! wis r. re duced, sjeclal care m as tn kvii y -r ! :; , Iiemorratic frien.l j to In ruM T;::.n . .. t; ' o. region ll.e statement IJ'.at f-1 wi-nM , .nit,;.:: the bill. How d!.l he d.. it v. : i ;! j... first reading neitln r t-iil nor F.it.. w Nenab-, ni r in Harr.-bin Wr r: :! 1. -n the calendar for c-cr.rd readii'-r a-rit:-,! 1.. ba-J their forces on h;:i"t Vc-:. i ! '.. ' i- llltn, Iol was still a1-ir:t, : saved for the I, me bt-;:.s or' 1 : IV parliamentary tactics of s.i : stnt.. . Legislative Iteeor l, riK-s .1 1. '. ... 1 . 1. du-trious ti'Iettrnpliit the at.- :. i.t:..- aril of Fertl-4 liad fc -mi sceuiv I. Tne bill wint b.u n. itito I: ; . . Committee 011 Jn-Iieiary 'ti- r::l. ; ..m ator Stone i ch.i irman. an-I r;i I-rt:,:;. 17?, he aaln r pirti-d thti ht to ::. - and ou t!,e .-.inie day. on motion . , v ., , belt, who had intro luct,i ttn-, i:t. - we - 7: the srecnil or-S-r for Jat.-iary l-i ' on that day senator i;:i n;.i : a ; 1 fi i rt.l,Is well, but was d liv 'I' d w,Mi -o !.! ;- . fcsttiPss or stio- of interest a- to e:;.- r cial attention from s, teitots or .0: i: e brunt of the titit was t-et;-- 1-y S nal-.r supported by S--nato.s I'oi o ;: a- , ; r. Fertli cont nttst hinise': w:':, lre-ei,:.' producers' u.i'uioriai a:,d voting. The bill was beat.-a in ! S.-r.:;. h-it with the san,e e,M. era! j nre eeuas a;-. r.i passed bv the House a .1 set to Hi was heltl ba-.-fc seveia! :!ays, in j ait To the attci,d,ir.ee of Mr. In: and when it was p,eset,t -.l t w ; e 1 tlie S 11 ' r of older was raised that it v crcd, as a similar Mi! hid n'r, ti;. leated in IL.- S-nate ;,t that s... wril known Ion.: beinp hai: I that ti.'s , net we II Id be raised, and on Its (!e :-.:! t - t I I the late ol the t ill; ; I this vital '11 the man who is riaiine-t to have -,ei-..i:ni ; !'" the bill couel only say, have :,: enni. I tbe question; 1 have Lot eanil-e-.l tie' an'ten itics as to tie? ruling ot tlie fh.iir. .'ind I am 1 or prepared to sav what ti.v in lihe'r-t wot;: I i r. t wot; e !! - t Ihe -1 I'll regard to that rttiirs- .-, 1:. Certainly a grave iomi:o'i of 1 the ' 'champion" of a hi!: The lienior-r-itic l.lenr. a;.' the bill out of order, and !he lowed is said to have etn tl: discmstonof a iiarliametit:. del, ate V, II. e 10 -t (-11.: ly ,iies;i,,ii II bas occurred in the senate tnr hit ,f .- y . leasL The two speeches 111 lavor ot eon lug Ihe bill and aain-t the r ol the I ha. r. ot ee-ar an I made by senator istoue. aie iii'i. i vigorous argument and cMiuu-liv Senator Ferns ttsk no 1 art in ll.e l,ii r contented himself with sniMni t:ie appeal alter the Seuate ha-l adjourned, la ihe Ho is-' ;t... four members from Sena: u I -;!';.-1 r: ,-t I against Uie Free P:i-s ,li. Had v - pion" no intliienee wuh tii'oir' V :: s. t, point us out in this record met v. - .. ci. "o pionship or even zealous s;;,;, rt - .'.: r l)emocrt;c Senators? lu Uiis connection, it ntiniit t" nt-i. a -,v- r recall the course of to n.iior 1" 1 01 tt,e I- r-e Pipe biil of Is7',. as given in ti - I n la,i l .na Press of September -I, 1-7-.. as io.!o-.vs. 'Onlhe':d of February. 1-7 -i- t. it- let: :. known as Uie Free Pipe bm. rani" in, on second reading In the Set ate. h i a o iat. rv motion committing the till to tn" ! Committee of the senate. Senator A : i?-w 11. Dill voted lu ti e atlirtiialiv , sa l lie- I. I is so com nil tied. Oil tlie -d of .Maotiln.l reported from 1 Inanee Committ"-. an 1 following day, March I. I' was d-!.i.t .1 W.I I. I ' record showing tlial Senalol .Mi l II. h dodged. " il would also be. itS-u'tor. to many to Willi certainly vii"ie Jtiiiti ier:: sin! , tuestioll lu W. 1'i.l lie sigu to- r-i against the bill." Lei 1. 1111 answer an I, 1 one to answ er tor bun. TiieAiili-diseriminutioti bid ii.i--.-d t without a wortl of d'-hii'f. II ow. tn-i. "Charupioiied by Mr. lull -vi:h vr'i' po ft was drawti up by th" niOtrn.-v ot I' ducers' Cr.ion, print'sl hv ilieni. and th" e.-je introduced by senator Fer" w is t i- ,.t 1.0 copy furnished blm by them. Wneu u ;i:.a r passed the senate, It was called up t,v sn.ne and on his laolioa jtass.sl. Senat .1 paite els. Way. then, chum tnat Mr. "drew up" and "in Met passed it tni" orrrtt. ! rt tt. Senate. ' ' .senator Fertii! simply read iu pi o printed bill which bad bc-n prtpurM a:. 1 , o .1 ed him. Il was sent to the eon.miit- e 1 .-. 1 isenator Stone wss chairman; was l,y 1. m 1 -ported: by iura railed nji 011 first rea l::;.- r 1 by biro managed ou linat passage, and ;:n e.-t, -out its course iu Uie I Senate, ou its tin. 1 ,, age the vote in the Senate stoi.t: K :'. Ayes, a; nays, none. I;e:i,o'-rais . y- nays. 1. lu Ihe liou-e the linal v ie -t- I. -publicans ye-, Is; nays, 1. I i-k-i .its Ayes, 17; nays, How much candor a. el Irati. 1- ifi, r in toe assertiou: The House knid it, lor tioin- wbk'h tbe Cameron llepublieaus must ts- le-M responsible, '' when Ihe large maj-.riiy ol tuo Kepablicans voted tor llm bill and Hie Initio crata vopsl a4ainsi linearly two 10 "ne ' But Ihe Democratic record is even worse t..an this. When Governor liartrautt loun 1 ihai in" Anll-discriiniualion bill was delVattsi h" - n' 'o both Houses durum the iast days ol iiks--."'! a message recomintuding the p isa"-- of a r, - iutiofi to authorize the appointment 01 a com mission lo investigate thia subject- l ne sub stance of bis recoramett latino is embnic-d in the followlug ex tract from bis in -ssa-'t As Uie legislation promised (ailed lo meet the views of me different parties nrreeonctle tlie different Internets concerned, I would suggest to your honorable bodies tlie propriety 1.1 au lior Islng a commission daring the teKislntivM in terim to give tbe subject a moron 311 examina tion, collect statistics and prepare leitisition acceptable to nil classes and jus I to ail inter ests. " Wbeutlieoil men became nali.stied thit Uie proposed commission wouid be constituted of fair, discreet and honest men, and especially wbeu 11 became au open secret that K. H. Camp bell, W. S. ilcilulleusnd J. 1'. l'oiu would lie me men appointed, Uiey heartily seconded the Governor'ssuggeatiou. Seualor tflonepruuiptJy introduceda resolution to carry out the sugges tions sod giving Ihe proposed commission power to summon and examine witnesses under oatb. Tbe resolution passed the Senate by the fol lowing vote, vis.: Kepublicans. ayes, -U; nays. Democrats, ayes. 2: nars. & Neither Isenator Dill nor Fertls were present to vole on this important measure. In tbe Hone tlie vote stood: liepebiicaus, ayes. sJ; nays, 1;. Demo crat, aves. I: aays. ij. Tbe rL-solutiou was afterwards reconsidered and postponed, with out a call of Ihe yeas and naysv Had Ibe reso ailoa tsisspii. tt Is easy to see that ibe eoasasM- siouers named, witb uie powers specinni, would have laid out some verv Interesting work for tbe rallread nrtleMIs and tbe Rtandani Oil t'om paay. For lu osMai, Ihe Deatocraiie party is jutw responsiuie. To me cniorcemens nv proper leristaiTon or tbe prwMonfol the O10 Hint ion pfebibtthve: d leer 1 m ma 1 10a It freiattt. reoaies and draw backs. Ueneral Hovl stands full ami publicly pledsed by bis I.ehlsh county speech. Bis col losrnv vm tne tiraei, eVnaioe aitone, from Hie lime of his brslopesr la ssvnr of a Free Pipe bill tn the House of Kepresetitatlves, tn Kl. to mis dale, has been an unwavering, bold, able and Indefallirable sdvneale of tbe principles ami iDiereslsof Ihe oil-producer. Wbysnoukl ere not gl v these ansa oar votes? J. T.
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