have ,us beliCie was cause! by contraction.
Here; is the 'record. t There wits expansion
and no centres:aline ; and if there was no COIL
traction, th ! contraNient cannot have calse;ll
the col aps . e i businese.. That is so-simpie t.
eil
drmorstratio 'that I think Gov.! Allen shenie
tralcrstend id And yet I shall not be sur e
frised to meto-morrow an inflationist come
before me wb ! in. the face of Oct° filets and
figures will affirm thet it was the centr setieh
of the curren ; y - which did all the mischief.
TILE seem AUEIE !!! OF TUE CRISIS OP lan. '
What was the cause of the crisis of 1871
the cassequerices"of which are still upon us ?
1 wonder why politicsl economist.; of he in-
Betion ! school will never remember that similer
disturbances occurred in the business life Of.
other countries. But two years ago a collapse
of spec9lation occurred in Austria, and a sue
cession cf -failures in England, and similai
things in all European countries, France being
a notable exception. It so :happens ' that in
countries thu "afflicted, especially Germany,
not only sto r e r ntraction of currency had . taken
place, but rather an increase of its volttme.
partly by inilex of coin through the war in
demnities, partly by an increase of bank cur
rency, while, in Franc* business appears pros
perous, although not only heavy drafts were
made on the national resources for the pay
ment of the German war indemnity, bat
steady contraction of paper currency has been
going on all the time, for the last three years,
for the purpose of returning to specie pay
ments, which had been suspendel during the
German war. 1 And wuea, you study the, con
dition of things preceding colleptee in Betio
pean countriee, and in ours, you will find that
the agencies Of kindred nature were at trot*
there and here. No contraction of curreac
whatever, rather an expansion of it; bat in
dustrial enterprise overleaping itself, an ex
tensive production of things for which thetit
was no immediate demand ; the sinking of
capital in. great undertakin es which could
yield no immCdiate return; win ly; scherite4,
stock gambling, wild speculation in all possi
ble directions,) and the creating of iinegiaery
values, wasteful ext-avegence in private ex
penditures, and high living, a morbid desire _
to get rich without labor, f an excessive strain
ing of the oreit system, until finally the hub- •
;
ble burst.? Tie people then found that they
were by no means as rich tt.e they had believed
themselves. oit was there, and so it was
here. _
•
France, on he other band. has gone through
a disastrous and destructive war. . She had to
pay heavy sutns of money, 5,000,000.000 francs
tie a war indemnity, and largely increase I her
dile. She ;Yds apparently prostrated. What
was to be donl'lssue more paper currency
to. restore pr ?petite!, our inflationists would
1 / :.
have said; b t no, a financial policy deters
mined
! othersitise. Not believing that the
country could recuperate by deceiving itself,
they issuedmemore irredeemable paper money.
They redusedithe volume of that which was in
circulation. Tiny worked sturdily and steal-
By towards' resumption, so that a franc not
only pretends ! I to be, bat is a franc), and :ie villa
has one knows what• he has. The people set
to work again in a frugal and laborious way,
their industries producing things for which
there was a demand in the market. No capital
wits sunk in Useless enterprises, no wild sped
ulation, no self-deception by creating timitiou
Values; andthus you find France to-dey, i
spite of her disasters, economically in a nor
Satisfactopt :condition than the countrie, -
around her. lTnere is a.striking lesson before
, TIE No wise man will study it without profit;
It UT EXPANSION WILL NOT rernisten RELIEF.'
.. 1 .•OW, it be ng conclusively .setiwn that the
depression of WAS not brought on by
thenontraction of the currency, but by causes
-which always l produce such results, toe ques,
tion recurs vthether an infleion of currttaoy
will furnish !the relief we need. You say
that though t e banks in business centers are
full of motley lying idle for want of employ;
i i
meat, we w t more currency. I tell, you,'
business can ave as much tie it likes without
any furtheract of the G tvernmriat. Accord!.
ing to law, eery one of you, or any assecitl
tion you ma' form, having the necessary
t
capital, can s art a bank of issue ; A general
•
license to the fact through the Frae Benking
act was give by Congress last Winter. We
heard so muchof the West and South wanting
more *el cit/puletion, and starving for greeter
banking facilities. Now you can make your;
selves comfortable. All legal impedim cats are
removed. Yoti can issue any amount of cm. 2.,
rency e but behold, the currency will not :::t.l,
flaw one ce nt's worth. And .yo-s, worthy:
patriots, ivh I clamor for more - currency, do.
not lift asfinger to create more. Why ?• II -re.
is a reason given by The Cinciiniti Engl;rer
There is not Currency enough in (tirc t: ition to
bay the bony to deposit with the • Sa•ional:
Government, 'and obtain Nationel surree‘e• '. :,'
exchange. his is-genius. It ranks wits tie;
met bridle t financial utterenese of Gov !
Allen hituselt. But I appe tl to yon—lmsiness
men, labore, farmers—rho honestly desired
to do right, nd look up to your piety leaders ,
for instructie . If you want an instance of '
1 . ,1
impudent, insulting assaran ie. with - which!
these men depend on your being too ignorant!
and stupid to-tell an obvious fact frotri an ohj
vicus falseletied, look at 'this. " ilere -is the;
great representative organ of intl.; tioa Betreeed
racy, the tabitrroacle of its brains the fee i lini
pipe of its seesdom, And now steti.ii elitlioas
and millions 'of money are lying unomplase I
in the hilliness centres of the c entry, Else_
aril West, IdeLing for inreom est siitli,:iiently
safe e elide everybody knows the. in every
large; city in )the latel there are 'krona of cap
italists with abundant eneens weich they might ,
devote to the! creation of lenek-piper issues i
it were prof table ; while everyhaly knows
thst there it sceresly a towu of respectable ;
size without inen of means fay abia to form
a combination for tied eureose—ti it of gen, 1
fighting the fru.ll as it,, pers-nal enemy, coolly
wilts yen to 11 .
eleeve thet there is not currency
enough in th country .o or: telt the burehase
of betide as al basis for flirt ate Xati:mal beak
issues _
When I read such •thiegj! I ton not khow
mist to admire most —Ca- titPlacity "if tho' in
ventors, or die piti weaknecß of ths inven
tior. But the ab-urcity of that stritemen:
appears in its full glory when
; -ive look i,t all
the circtitustane It of the ease. Sit only did
the business r,f the conntry no; show that it
needed more) when it reittsed to; i•tszie tnore,
in spite of itti cipporttin:tie.t, but it proved that
it had more I'.`inn it needed by surrendering a
large portionlof the bank currenoi in circalts
tion. On'the, first of July of tuts year, new
Currency hall been issued to new end Itl bank.;
amounting to: $7,780,000, Ica' according to a
letter addresied to me by the Controller of the
Currency, $2:1.579,134 of legal tender noes
have been d'epositA with the Treasurer, for
the purpose Pf retiring Nelional bank notes.
tinder the nc(ofJuns 211, 1 . F47 1; while, candor
the redemptihn sys'em, created by the same
act, over $4,1)00 000 National banknotes have
been retired, illy far the largest part of this re
duction taking place in :the West and South,
which, we are told, weto starving for more
circulation, By the 15th of September that
figure bad risen. to, n eanly ; s2s,oiy,i,
How is this I The business of the country
is, they tell us, suffering most terribly for the
want of currency, and the same bushiest' of
the countrygot only not accommodating itself
by issuing mere when it hag an opportnalty
but voluntarily surrendering many millions of
what it - bas. I Let The En pirer explain. Per.
baps that* exponent of intlation lom wil
say now that 11'0 have not currency enough to
,
Beep us from giring up thas wines wo f. 3.•
pt. But there ore facts. There is contra .,
ion, not contraction by the Gowerumeat, reo
1
iontruction by the Republican party,. no•
cotancti6n fo ed upon the business of the
t;ountry,, but a ontruction 6f currency
.velon
serily set on foe by the bueiners of the country,
4hen that busi ess was at perfect liberty I,
'hose expansio as well. Is it not aea
:pectacle, ind ,to tr.!‘s not only public men
feckless enoug thus cruelly to mock the
credulity of the oor and needy, but multitudes
patiently listeni , g to such raving absurdities,
mgcad of . repel ng the insult tuns wantonly
ood sense.
OPLUATES—TIIE lIICII 9 IIOf
offered to their
HOW INFLATION
11Elt UNDER IT
An irredeemOle paper money, chesp Money,
the people's moley, inflation the relief of the
poor I I entrea you, lati,ring men, poor ;men,
give me your candid attention one moment.
lupinse we issue more currency, is the Ohio
platform euphoniously calls it, "to make and
keep the vole e of currency equal to the
wants of trade." In other words, we embark
in the cause of inflation. I will not argue
tional point whether Cangress
increase the volume of green
. 00,000,000, and whether the
as I expect it would, might
ctvoid and of no force. Sup
t_without any legal impedi
•operate ?
list, a merchant of extensive
by speculator. In the morn
. his paper and reads thlt
here the oonstit
has the power t.
backs beyond $
Supreme Court,l
declare such an ,
pose it can be do:
ment. How wil l
Here is a cups
means, or a weal
log he takes u
ssed an act to issue another
hundred millions, with. a
. Ile khows, as a matter of
(longress has p
hundred or tw
prospect of rnor
eeurse, that the eupon the premium on gold
will rise, the pu chasing power of a greenback
dollar will decrease. Tne next piece of new,
he gets in from Wall street is, gold is going up
and likely to risa steadily. What does he do 7
lie begins At once to trim his sail to the wind.
Ile seeks a way
ri io take advantage of ft actua
,i
Liens going on o still in prospect.! Or, being
a man of meas, commanding hundreds of
thousands, he ca roily finds that way, lf he is
a cautious man, he has of course lent out
money or•given
in
only on short time, and
he at once cAlls in money due him with rigorous
severity to save himself from the effects of de
lireciation. Thai debtor way groan, but he
Will have to pay Or go into bankruplay, for a
rich man saves himself before the swim, and
puts his money,into investments not apt to be
unfavorably Idle Led by - fluctuationa 'of cur
rency. , . .
' If he he a met hant, he will •at once put up
prices to provide against depreciation of cur
rency, sell only . t large profits, and for cash;
for he is not a r'xious to bells and, being a
Wealthy man, noI oblgel to sell, knowing, as
he does, that his -goods will rise in current
money value on his hands, while his crelits
would depreciat . So, by tilting- advantage
of fluctuations oing on, which , as a man- of
means, he is alai to do, he not only saves him
eelf, but makes handsome profit, by shrewd
oulculation; or, If he be a speculator and some
what ventureset te mai, ho will speculate on
[.
the rise in the p ice of stocks or goods in true
gambling style, and perhaps contrive to run
into large liabi aims, expecting to pay them
j
off in money of ens value than that in. which
he contracted th m. Happily, the latter ape
airs; of operate T s will sometimes be caught;
&tune' unfrequimtly they succeed, and so on
through the wh4le chapter.
i
Thus the ric i man, havine, the Mans to
play fast and I os.e, standing upon that emi
nence in the buspres world where he can fee!
the drift of every breeze and watch the ap
pearance of every cloud on the horizon, enjoys
the fullest opportunity and all facilities waich
wealth furnishes, amid the. flactuitions of the
currency and of prices, to lend out or to draw
in money. to give up one investment to e rnake
another, to buy or to sell, to speculate on a rise
Or a fail—in one. word, to take advantage of
,i
every chance, n:'t only fur his safety but for
his profit, as hi,r good judgment may suggest;
'cud in the end e will, if he is a shrewd c il
culator, have grown richer then ever before
by these very fluctuations. And if you had
your eyes open, you could not fail to observe
that time when n irredeemable currency, with
its ever fluctuts ing, changing of values pre
vailed in the co ntry, was just the time when
the rich men ew rapidly richer, anti enor-
Mous accumulat one of wealth fcU into single
hands.
Ten FATE OVTII POOR MiN MIER INFLUTON.
but now look on the other side of the pic
ture. Here is ri i laboring man who works for
wages. He is hbuestly toiling to support him
tee'll' and his family, and may be he hae sue
ce«ied in saving a few hundred dollars, and
r,
deposited them aa savings bunk. Now Coe
grt is resolves t issue: More money in abun
d tees, and in l tion comes in good earnest.
' he laboring nian w 4 has listened to Gov.
_Alen or Gen. ary th:nks the milicanium is
coining. The p ople's money will be plenty,
the gold premiu rises, and prices of ca meal
ities also. The wortay laborer does not, like
the rich man, ad the financial articles and
Market reports in the- metropolitan journals.
The rise of gall premium troubles his mind
very little, for the people's money is to. be
cheep rind plentr; but some day he goes down
to the store to buy things for his hoeselt.e.:l
and his family, ' and to his surprise he•tiuds
that the prieesf of 'groceries and shoes, nal
Oohing, and so' on, have become muoh higher
than before. How is this? he asks. Well,
Fay:. the dealer, gold has gone tip and I have
, i
to psy much mere for the goods I buy, there
fore I am oblige,d to charge more. To buy a
iinnli house, helapplies to a money lender far
a couple of hundred dollars at low interest, oa
two is three ysar, time, to be securel by a
intetgage on the house teed. lot. " Lew in
terest and three years' time," exclaims the
ro , n , y lender, '• my dear man, you do not uns
derstteel the ijerial; since more and more
greenbacks aro issued, the valuation of the
4.10:1.ir increases rapidly, and if I lend you
money now, on three,
,y ears' time, how do 1
kto..v what that money rimy be !worth at the
rad of three ye r_., perhaps ten cents in gold
or 'naming, an l you cannot pay me interest ,
eh.lugh to cover that risk."
But thcre ar
store for
more curious experienceS. iu
The policy of •• rtilking
.
kceting the vo'.
want:- of trade
and hirger qua.
for the . wttuts
bed demand in.
Pfices of the ne.
higher. As th
1:own, the spe
~ o untry do a
dere:cp4 to sue
ecsts $:.:0 and a
ba,ckr. The
a-A.ings bank, .
mouse, will no
and
rice alwa3 a ru
wages, he, has b
had than layin •
inevitable eras.
rich man has a
line of currency equal to the
" requires tae issue of larger
titles of the peoples' money,
i trade instead of being antis
re. With every new issue the
es=iaties of life rise higher and
value of paper money 'goes
ulators and gatriliersof the
roaringbusiness. Prospeiity
a point that a bushel of coal
i .jsek-knle its weight in gren
rorthy laborer's depsit in the
nee sufficient to build a little
longer buy a decent p tit. ;ot
le rise of prices of the nezetsi
a f.r ahead of the riso in lii.
,een rather consuming what he
:k up new.savings. Finally the
approaches. The prudent
y ticipated its coming, nut taken
his precaution. Ho can do so, for he had
knowledge and 1
a victim to his n
ions is not petit
along by the tidh
over the busintli
worthy i i
orthy laborer 1
&oat (-• lam
sniffs the Inccs
mttrket and a dt
obliged to take
irueans; but the poor men is a
lecessities. To take preoau
kale f..r him. He is swept
b. A feeling of distrust creep , -
!se community. Ono day our
goes.to his place of work f th
orry," sive hiseruployer, who
"there is -an over-stooked
iwnward tendency, anti I am
in sail; I have but little work
for you at I figures, or no work at all
last."
The fhipwreck Is complete. The rich man
is in the life-boat and the poor man in the
breakers with nothing to Boat him. About
that time I hope Gov. Allen and Gen. Cary
will cpme along and repeat their speeches'
about
," The people's money." What will then
the poor laborers respond ? " Talk to me
about your people's money! It is *gamblers'
money, the bloodsucker's money, the sharper's,
money; the devil's money." And it msy then
perhaps be wise for Gov. Allen and Gen. Cary
and the other apostles of "the people's money' :
to stay away from the streets where their
robbedand outraged victims congregate. I
apprehend the vengeance of the poor, which
Mr. Kelley of Pennsylvania in this campaign
so loudly threatened against advocates of
swept*, might turn the other way.
'TEE vvOII,IINO PEOPLE • CREDITOR CLASS.'
We are told that an expansion of currency
and itii consequent depreciation -will benefi'.'
the poor, inasmuch as it will benefit the debtor
as against the creditor, by enabling the for
ager tolpay off his debts in less value than-that
in which they were contracted. The morality,
of thatlargument I will . not discuss. I prefer
to leave it to the conscience of the people,
But lei us look at. the p l etended facts upon :
which it is based.' Is it true that the poor
men are the debtors of th country? To bon
tract debt requires credit,land credit is based
upon the means with which to pay. Men of
very small means are selmu in debt, because
they hive no opportunity or being so. If we
ti r
had better statistics of private indebtedness
in the United States before us, they would un
questionably show that more than 75 per cent.
of itll owing by men commanding compira
tively large means. and that the laborers
for wages are the least indebted class of so
defy, even in propottion th theivearnings and
savingd, and next to them the farmers anti
small business men. But laboring people are
to a v i ery heavy 'amount creditors of the
country. I venture to say that there is nei
ther aL manufacturer, nor a merchant, nor a
professional man of means in this assemhly
.rho is not a debtor, and among his creditors
ire, in ninety-nine cases out of a hundred, his
workmen or his servants, to whom he owes
wages for part - of a week or a month. It has
been calculated by good authority that the
wages thus constantly owing for an avenge
of a half a month's service or work amount in
the whole country to $120,000000. And WO
IS is that, owns the deposits in the s tvinin
hanks,l amounting to about $700,000 0007
Not the rich, but the laboring people and
persons of small means who put their sorplui
earnings there for safe keeping. It is esti.
mated that the same class has in national
and private banks and in trust companiei
another 'sf..'oo 000 NO, and that nearly $130,-
4,00,000 is owing them in other kinds of debts.
There is then the sum otab7,ut $1.200,000,000
owing to the laboring people and men of small
meats, constituting their savings to that
amount. That class are crelitors, and you
pretend that for their benefit yau will expand
t, , e currency. Gold being at 15 per cent. pre
mium, those savings have a value of $1,02.0.
000,000 in gold. Expand the currency until
gold is 20 per cent premium, and you have
robbed those people of $180,000,000. Ex ,
pand it until the gold premium is 50 per cent,
and you , have stripped them of F;;450,04/0,000
of hard earned money.
_s
N • GE 0 . N
hen the legal tenders were first is'-ue I our
people had to gain their'first experiences with
an irredeemable Government currency since
the Revolutionary War. The greenback ap
peared net as a trick qfischeming financiers,
hut as a creature of FAN° necessity. The
people ,had full confide ace in the int-grity and
good faith of the Government as to the fulfill.
tuent of its promises. When the events of the
war went dis istrously ag.tinst us, doubtS
arose as to the ability of the Government to
ri deem its pledges, but not as to the honesty
of its Intentions. These doubts affected the
value 'of the paper money, but when the
chances of war turns! in our favor, an I at last
the arms of the Union triumphed,. then') was
scarcely a man in the land who did not belicie
that what the Government had promise] Would,
as a sacred obligation, be faithfully perfdtmel,
and the confidence which the legit Jetting
commanded at home was commaudel by our
bonds 'abroad. • •
.But„ if .t you inflate the currency tinder the
present circumstances, whist will be the condi
tion of things? Then the additional green
bucks will not appear, as creatures of an am
periaive public necessity, to save the . life of
the Republic in the extremity of its peril.
They will appear as a pro•luct of a scheme.
the purposes of which are dark. The world
• will begin to suspeot'that when a Government,
in the 'face of disastrous experiences of
,mart
kind, resort to so extraordinary and dang'eraus
a measure without necessity, its integrity can
not longer be depended upon. Doubts will
arise, and very serious doubts, not as to abilz
but as to, the honest intentions of the
Government to'redeem its promises, and .thesti
doubts will fall upon our business life like a
t deadening weight. The last remnant of com
Hence will be paralyzed.
The world will see the spectre of - EL Republic
looming behind so reckless a financial policy.
The faith of mankind in the integrity of our
,of ourl Government giving way, our credit will
be , halt n to its vl ry foundations. And, its you
-omet•ines see depositors of a bunk eatgited Eby
a runiOr that the cashier is in iking aw aq with
the cash, and instinctively. •unite iu a foVerish
run upon the counter, so you must not bs sur
prisedl if in a general alarm about threatening
•11-hone•tty, you see the seyrdies not only of
the Government, but of our private corpora
rims flung by huntin dal of millions int',
the market, producing a crash most. fearful.
Ind destructive, and a paralysis, more deadly
:o all iur economic interests, than ail people
on earth can remember for generations nisi.
THE TEACEIINGS OF orm OWt.i lIISTORY
,
But I ask you with all candor and sobernes.
t it
burins s men, farmers, laborers, honest and
patrio is citizens of all classes. is it not tim to
-top F ch wanton schemes of mischief? Tier..
betug an abundance of money in the banks t a it
lit s', unemployed, it is evidently not mar ,
money a e need. What do we need then' C rt
fidtice, confidtnce, whinh will induce timi 1
capital to 'mitt-re into enterprise,. Anti what
'.i.t the firet rt quirement to re tore confidence i
It is stability- above all things. Stitbility.of
current values, ts:aich renders possib'e busi
nees calculations of reasonable certainty.
When the capitalist is assured that the dollar
,f to-Morrow will have the s.me value as the
dollar bf to-Jay, and this stability -,f value lin Pi
full tecurity in a ratioual and fix -.1 m trtttary
systeni, then and no sooner will ho liberally
trust his money to those who want actilvely to
employ it, and promise a fair return. Let us
iintleritand the teachings of our own history.
There are many among us wlo remember
•he great crises of 1837 and 1857. in the Milted
Stalest In both ca-es the country was flooded
tetih an ill secured; unsafe bank currency, and
fenriih speculation prevailed Then a crash
came. t Speculation collapsed. The bubble of
'fictitious values burst. The rotten hanks,
broke. and their currency Was Swept away.
Business was paralyzed. People were in ditir
Tees, as they are now. What retzwly was ;T
-idied? The natural. the only efficient items ly,
-.lid if, applied itself No fresh infhd in of
ire kin tafe money. .No, just the . reverie.
When the self-acting contraction ofcurrency
.114, credit had done its work , busine'si enter
prise began once more to feel firm ground
under- l ite feet. lius,nuss men-liad!less of
which called itself money. But l they wet,
sure that every dollar (hey did hive, not o.it
called itself a dollar, but was a dollar, an
would remain a dollar.
Examine the crisis which broke out tie
years ago, iu September, 1873; That crasl
lid net contract our currency. On the co./
I , fay, what there was remained, and shot tl ;
ter the volume of greenbacks was incre tae l
$25,000,000 by successive issno from the so
celled reserve. Money did not disappear us
did in 1837 and 1857. There was more or it
. .han before, and yet the genera;; stagnation
:tad suffering continue, and the fat Ore appears
to us dark and gloomy,. without any sign of im
provement. rO3, we Lave more money than
to fore, but who of you can tell me what the ,
money will be worth twenty days after tho
opening of the next session of Congress ":
tIlx) of you can tell me what wild antics the
money may play with the fortunes of all of u.
if those who clamor inflation now, shall obtain
(mitred of the national Government a year
hence?
SPECIE PAYMENTS THE ONLY POLICY.
My fellow-citizens, all sane men agree that, of
the great problem which oppresses us, there is
but one ultimate solution. It is the return to
a epecie basis Whatever other sehemes may
be devised, they do not even pretend to have a
permanent, final settlement of theiquestion in
view. The resumption of specie payments is
the one rational one, for no other system will
remove the current 'values from the reach of
the arbitrary power of the Government. No
°lliet can give to current values thit stability.
without which no safeibusiness calculation can
be made. No other can restore that confidence
which is the first prerequisite of a* new period
of Trusperity. but - the; resumption of specie
payments is also the only possible solution. it
must at last come. Even the inflationists.
while wildly seeking to throw diffisulties is its
way, still admit that finally it tutit., come. It
is as inevitable as fate. Is it not:the part eat
prudent men, then, to move resolutele and with
unflogging firmness in the threctien of an end
so desirable and also an inevitable?
I shall certainly net attempt to deceive you
by denying that when a country is once cursed
with an irredeemable paper money, the re
sumption of specie payments is not an easy
process. Like the cutting out of 'a cancer, it
is an unpleasant and difficult operation; but if
health is to be restored, the cancer must be cat.
It is ohe of those evils which cannot be cured
without pain, and cannot be permitted to lin
ger without peril. Delay will only prolong
the suffering and increase the danger. An at
tempt is made to (deceive with a well-sounding
catch-word. They call gold the bondholders'
money, and- tur irredeemable papt;c: money the
people's money. Cali that be the people's
money whose' value in the people's', hands is as
apt to vanish into ncthing, and is sure to van
ish into nothing if much more of it is issued? 'I,
top, am in favor of a people's Money, but it is
of:another kind. No, it is not right that the
people should have a maney of less value than
the bontiho:der. It squid be equalized. But.
how,? You cannot 'take front the, bondholder
his gold, unless you repn - diate oar national olo
l'gations, which as honest and patriotic Amer
icans who have the honor of the country at
heart, you will not do. Neither can you bring
the bondholders' gold downto the level of your
paper money As long as that paper money re
unties what it now is, or is made even worse.
But wt at you can do is to lift your paper
money up to the level of the bondhelders' g Ad,
so that you can get gold in excannge' for it.
That can only be done by a return to specie
payments; then it will indeed he the people's
money, and the bondholders hail° no better.
It will be true people's money, for then your
dollar will be, and remain, a real dollar—no
longer a lying plea," of paper, whole value de
pends upon the tricks of demagogues, and
about which you have to inquire every mern
log what it is worth.
A WORD co ' LIONS:ST DEMOCI i g \TS.
A wont now to tnose D.,mocrtits who, in
their hearts, still adhere tot heir old good creed
s and would spurn
,the false doctrinea of their
present leaders, did they not consider them
selves, by party interests, hound tq submit, I
deal fairly with you, gentlemen. 1 I do not
-peak to you as a partisan. for I fiat not one.
I am in earnest when I say that '4l I desire
for this country and myself is constitutional,
honest, just and wise government; and; little
does it matter to me at the hands of what
party the country receives it, provided it b. ,
in truth constitutional, honest; just, and wise
Neither do I conceal from you my opinion tha
the old parties as now constituted a,re
to solve that problem, and that an active union
IX the beat elements of the beat two would
better serve the purpose. But.,if the two old
- , parties aro to continue to divide the/field, then.,
for the sake of the ptiblic interest, I want. each
of them as good, not as bad, as possible; . but.
since you seem to believe the interests of the
Republic are to be served by your party alone.
I rp ak to you as partisans who desire to pro
mote the efficiency of ° their organization for
good ends.
Have you considered what consequences the
success of the inflation Democracy of Ohio
will bring on? Imagine that its candidates be
elected, and its policy be eadortted by the peo.
nle of this State. Imagine the movement
spreading and imposing its doctrines - upon the
Democratic National Convention, what then?
All of you Lard-money Democrats will be re
morselessly sent to the rear. Your; influence
beaUterly crushed out, for the men who
will then rule your party want none of you
INly do I say this ? Not to appeal to a stiTinh
•mpulne, btit because it is true, and i sincerely
regret it. for I
by
he happy . „to see eac...
party guided by its best men.
But more than this. - Suppose the inflalon
Deraceracy, having taken 1)0880+s:on of the-,
ational organization of your party, do sue-1
teed in their rush for the National power, vet :
;laving one of their own iu tho Cteoidenritij
!hair, and is majority in Congress, prow,' t
mrry out their programme, what tbell? Theu
unlimited inflation and, as an iueritable con
sequence, universal bankruptcv and ru n
more' destructive than ev,mr. And then, re
member chi attitude of your party on the
slavery ieuue and questiors cminede I with the
,rivil war has , cost. you 16 years exile from
le.,wer. Let your party become responaiht
for the disasters which ital i ttion will
iring along with it, and it will be loOkeol upor
a the common , enemy, atid any organizatioi.
that in Aur years may rise up against: it will
he able to wipe it out of existence, however
torten in morals that organization may b.
tFelf.
INDEPENDENT ACTION URGED UPON OHIO DEM
OCRATS.
What is then the true dictate of your part
il;egiance in its nobler senso? To preserv•
to your party the power of doing good s• rv.oe
by defeating those who seek to make is oui~
to engine of mischief and Puicide. And ho
:'re you to defeat them ? I retnera"ter the ti ter
when I received a high compliment at you:.
hands, for having shown independent spirit
enough to oppose my own party, by votiny.
ogalnst it when I consideied it in the wrong
This is a great emergency in which a sipao,
service is to he done for the best. interests
the country, and you liartl:money Democr 6t
of Ohio can find no better oppoinulity to enable
rue to return your compliments fq the ',unto
ic spirit of independent' act. Indeed, itl,
great emergency. I solemnly appell to evory
good cititon of this Stale to be mindful o r his
responsibility. Upon your acion on the 12 1,
of October hangs a great decision . I r the
• ;
people of Ohio strike down the inflation tuare
uteri in their midst that will ibe its final or r
thiriw. .1t may Unger on, but the potier of its
ot.set win be broker.•
1( this fill, and the Ovoentee or barbarism
-•• ruin tusk, victoriously into= the field of
next; yegr'e greater contest, then who knows
but future generationsmay htve t, loo' back
upon the one fundredth anniversary of Aai at
can 'lndepetidence (the limp 'which, befo:v. ul
others, shmild fill the natiotal heart with the
noblest aspirations) as one I of the black st
yents in the h.story of the Republic. To meet
the danger' here is therefore_ the first thiag
needfuL yptin the hottesit men of all part ail
call ko unite in a common effort. Let no OLIP
fear; that the defeat of an opposition p trry,
whiah uses Ithe advantages of its position to
promote such nefarious schemes, will be in
terpreted tie en approval'of, wrongs -on the
other .side; for; I assure you when this great
danger which threatens to engulf us all in a
whirlpool of corruption, ruin' and dishonor is
successfully averted, you will find the men
aho combeted the wrongs of either side as
trues as ever to ;their principles.. Cairn:is
of Qhio, you 'are charged with .a great offize
Yooave to - give the world an assu-ance that
the people Of the great Amerirtui Republic ere
an ;honest-;; and . enlightened- people; th
their integrity and intelligence may be_trtuted
alike, and that mankind may count upon them
in the forward march of civilization. I en
'real, you not to fail in so glorious a duty.
fERSIONG IN POTTSVILLE.
lbe Estimate 1 1 / a ced Upon Et* Clutraeter
I,as ftetwalklll County.
The foil wing series of articles are Liken
froui the
Philadelphia.
.Journal,. tne ablest pa.•er
u, rth of • Philadelphia. Published at: Potts
ville!, the present home of Jtidge : Pershini, it.
Silo Ws whereof it' speaks. - They are worth
a c4reful perusal, and exhibit the .uprigb•
Jig* in hiS, famous characterbf " The L. , .tle
Joliet" 114 ire-a home audience:.
PERSIIISG'S
Three sors ago, Judge Ityau's term of offpe
heir* about to expire, there was an energetic
movement, made by the people of .Schuyiki.l
without regard to pamy, ,to ex!lude
and partisanship from the henar by
lecting a !man who was above both. •
Latior Rely:tilers ntminated Hon. Cyrds L.
of Cambria coun yl'and toe Republi
can Convetition also took him up,'for the rea
sons: P4atedlin the following : '
"Whertus, The Hon. Gyros L. Persfairig
- tlechfred, in a recently 'published 14 . .eri• that
ti l e lltice of Judge is not a political one, .*
•l • arid having the utmost contileuee iu
his Integrity and ability ; th4refore,-
":Resolreld, That the said. Cyrus L. Pershing
be declared the nominee of this Convention.*
The nomination was concurred in by a lavg
nuMber oflindepemdent Democrats, so that. i'
could be truly said that honest men of all-per
treslooked!upon Mr. Pershing's election as th
sakuard of a pure jqdiciary in this co iuty.
It Was so Understood by the candidate, for tn .
his let ;er of acceptance he slid
"lThe manner of' conterritig the nomination
is rtalifyipg to me, and I accept i.Trin the-spirit
in whir , ' it was made."
The 3finPrs' Journal, COMm.lntlnzson this
nothitation, in its issue of s.pr. 2z", , itsw. thus
expressed 'the feeling of the people still mare
clearly: I •
"is a private citizen he (Judge Pershing) is
riltilled to pits opinions, and be has a right to
•xci:ress or eketcise them; as ,a public ofti! , .-r, by
accepting the nomination of all parties (for he
has!been nominated by a number of memaers
of the Dethocratic party, although he is n the
re&ular nominee, which is sa much the be. , .ter)
he has cal loose from all parties and partisan
ship. • 7- • We cantendt,hat in voting for
Mr 4 Pershing, in the position he now st7n - us he
fore the penple; you are no.: votive fora .Dern
ow St, a Republican or a Lsbor Reform:T i but
a judge to administer justicv to ali alike., lad. ,
pendent ofltuy political or partisan bias."
11r. Pershing, therefore, in aeceping th,
nothitatioe for President udge of rho
Twenty
firs'v' district, knew what was expected of him,
an agreed to perform. it. He knew that, f.
reaiotsasLwell known to bin t ist.dfas to them. the'peopleof this district desired a pure ani
upright min for this tespinsible posi - ion, and.
believing liirn to be that min, were wiling t'
sacrifice party prejudkies In order to secure his
services.
Ije was elected on this platform—wl whit
ie the result? Scarcely yet warm in his seat.
scarcelryet become familiar with the nature of
• Le :busine.ss cGmine before him, this min woo
baAydrtually, if not in words, unsierr.AlC.ri
give his cotittituents at least ten yeara of honest
Jurisprudence, flee from all pants urtiip, tunes
troth them and places himself at al- he of a
patty as the ctdef exp ment l of , its pti.tcipl s.
BiOccupancy of ttie position he. nrw h
g;.vii him !the rpportunity . 1:0 place hitn , e;t
preininentiy before the p.opn and to 'grisp tip`
pri%e cf nqinination for msething-het•er.; H •
z ofpit, use the Judicial bench as a :ate? to the
Go vernor'S chair.
I:hir id, hr
we'contena, DO has no moral rigtr : to
do. Having promised his services here-fir a
ter* of years, he has no right to wit:edraT
'Lein at pleasure, because another party holds
unqtbe proSpect, of higher and greater
aealtbiu another posaion. rif• he is so
1,4 be yieldg.to the first
i;is ; gobs! itnents dermid on ing.sttekithz t.) toe
priticiples4}n 'which they elct him Y ''he r•-
(I.l;fernents of honor and honesty demand th
he iihnuld withdraw from tie cA - intest iu whist:
he bas entered, and shall forst; fifth one c u r
oeft,re eneaging in. anotber.l He can s..a.
keel) his seat' during the crmpaign and
fri:;id flee from partisan bias ; and if re
. 474: his,:at on re leaves the b4uch expovd ai
he; dat go`rs from
.whida path.
i11(4. lld sertircti •tud opens the way for
and corruptiwi. lie inns not be ailouidve i
iffit to're, if a surprisedaud ,n•
nuke rbjeet lops to: this course and sh
is al of it very strikingly a the nail
I
NUS REPUBLICAN REMIT , . 41.9 T P Ell 41t3;(1
N.ttle of the Dett.iierat lit lead , f.t . 0-
ilotivorivz to prove that inbli it!
coutry ho vot drin 1S for Cy•
L. tilshin'g for Judge.sre incolisistent in op
osfr hief,tiow when he comes f.iriv.inl as
for the utli,in pfGo l i vernor. . They 111
rtjt us_ that weII:01/01! ban a lova' may and
Notithy of Our support during the citupihiti of
11 , 71.?,•atid they'piote froul the ,To , trnal -th .t
Tis with i n ity. way be won ilia t
3e ope of riii i osivirgnia should nutter:it
ruei position of the Republicans of S,"iii) 7 lkl
.tmiltly in regard to 'ln ir support of Cyrus . L.
Pi.lilifog and their present oppootion t.! hiin
the fnrn of t, candidate fordhe Guberna'orial .
-hair. Personal difference's and nort.lities
tuning lead lug political men of this ciuttity and
in inieni.e at tagonistu. whiCh personal. 'ar;t:
feat ilillhhitties and mutest-1 hid area aI.
o- trd it exceedingly desirable to
bet's • that we should iri
t 12eitch m• n who, had never
•liki;ri pair. in any political bailie in the coitus
ry,iand .iiliirwculd be understood as repro
setting 'political Party or p 1 'dorm. err d--
nt a judiciary indepirident polii,,c„.
'iVripropcsiid to haye our judges free frinn
otilidutons to any party or party tea i
i•ds.l In IS'II we had an ludepentle•A
rr.4 " Op% ention and nommat-d a Rep:Mh
o:A:li 1 11.,mry Souther, ar oar e...mtrdite.
JudiAr Soother had comp froth a estaut, put
rlie: , ..State.aftt r appomttheut ;as . Jtilte of th - x ,
dktiict, and ae hop , d el-c' l ilt rt•-
gr,tra to party. We ware unsuck..ts.fol in Orii
..IT4ta and the rogoltr Danoe:arisr wrxoth!.;
Wad elected. in the following year the •iimie
pendent juoiciaq" men concluded to select as
their candida , e a Deinot;ry. as they had pie
viously Seletted a Republican. roe. Lab a'
Reform Convention , ii..mina•ed Hon. Cyrus
1.. Pershing. His friends among the Democr•
prep•ented his name to the Detnoaratic
Convention, and he taus repeted by PI re
than -a Lai -thi,ds vote. The " ludepend
indk•iaiy " men nad sufficient influence in the
It publ can Convention to secure his ,fintnint-
Lion by that: body. 'lt was undurs'ocid'ittor.
many Democra's would openly him.
He had never resided in this county; and our
people were very ,tightly acquduted - wib his
havory, except that he was I...men:lb...red as,,s
defeat.- d De inoiTaTic coliail3th fOri:;Suprende
Judge in PiC9, and we supposed that his politi-,
cal aspirations having then been buried eight
fhousand seven hundred maigity deep, would
not raise to trouble its d'aringcbis ten years'
fettle as Judge iu Schuylkill county. We hid
mad ingoiry as to his qualifications fur the
bench of oar lounty,;and having been assured
of his honesty and legal le4riiing we did not
ser,utinize very careful:y his' ontitical record.
We were electing him for an office from which
politics alradd be hat, sh-d. and we trusted
his honesty that his Po'itical principles or
prejudices whatever they tu;ght be oidd
never be brought forward by hsv
im on the
bench. We Republicans then believed him to
have been a War Democ. at aid Union man,
but we did nut search mretull: through his re
curd on those points any inure than we wonld
have done if we had been ch.ssing him as s
member . of au Arbirra - ton Boa d in a dispute
nut connected with pulitics. In the isaue of
the Jeurnal .lf st pzember 23d, 15.72, was to
be found a tnng and consyfvous eaEorial on
the subject of TLe Judgeship," arguing as
1011 ,, W8 ".•
°But we 'contend that in vot.ing for Mr.
Pershing, in the inhyitipn It' sf , tndslt fore
the pop/s, 3nu are MA voting for a I.) , oes_ttat,
.1 R. publican, nr a Labor Reformer, a .1.04 e
o'adtuitia , ttr justice ,o. indu pod- nt,
of any pit: Wu' or partisan bias." Toe words
gutted explained %Lou tliy were or . o.;in
the position, so fits as pot it lot. tat Ls In
volvitd. not only 4'f rtur paper but of the
syf. this cow:- y 'also supported Hod.
I;yrus L. Perstotig at it o time. ::Our entire
itesumx.rtir g him as thr:. tand:date of men of
ail parties for :be Jud - 4ealtip independ,nt of
pylitts aid in opposing him' as_ a partisan
bUillitiee - for the political - ,
of Governor is
pe.ifectly consiSLent.
jtakiNE I •EitSillM4'S coNslsiENtly, •
In yesterday's Journal we demonstrated 'he
col.ststeney of the Republicans of Sehuylk II
(oun'y iu their course relative to Eltm..Cyrus
L. Pershing. It may tn,v: be well to Call the
attention rtf the peopie to the fact that Judge
Per slitng's_coase, has always been un:form to
referent* to the ooe controlling prinfiple of hls.
political career. Judge Pershing's line of con
duct es er since he appeared in publit life has
been painfully tousistent—consis - ent not with
[toe - interests of the Country, tir of those who
have elecWed him to positions of prominence-,-
hut invariably -consistent with a se:tislinesS,
high has. guided him forward e,vttr in a line
leading to :advancement oft'self arld sett' only.
The. Fort Douelson resolution to winch the
Derniacratic papers attach so mile:l , i rniortance
was offered by Judge Pershing in the Le.;isla
ture of Pennsylvania in 186 . 2, That resolu
tion was warlike and padrtutic when victory
had perched upon our Irtlion batic-trs and th 3
armies of the ..Sottn bad sustained repulses
which augured that treason nansttperish. The
resonation thanks the i..a'lativotlicers and men
of the irmy and navy the capture of. Fort
Donets/at and for other achievements. It was
vrianimously adopted., It was popular td be a.
11'ar Democrat then, and Cyrus L. Pershing
Cot ed on the popular bide. But when , die dark
days Of ltt'.3 had come and " the Unitinetreta ,
hied in the itatince," when traitors N,rth and
South held their heads!aloft and clawed over
the trews of Confeittlrare victories, woen it
set med that rebels might •succ-.ed and men
sate! the " tsar tot,s afrula tee," then • C:rus L. -
Pershing thought he saw a turn in the popular
tide, ls be thinks he rieei one now, and he •
trimmed his sails accordingly. The great wiz
measure, the Emaneipatitin Proclamation,
which weakened treason and strengthened
Government, he must:then repudisas, and - 48
have seen publitled his other vote's of those
gloomy days, when true men listen td with in
tense anxiety as the news of the bat 1.9 cone
over the wires, and patriots heard , With Ftat-yd
breath the telegraph's annooncement. To- lair
it is popular to have been a War Democrat,
and of course Cyrus L. Pershing . claims-Anat
the was one.
The : Independent Judiciary men' of this
county, irrespective of: party and of tpolitio,•
ft and bun alitleally i.shausted, sunk. down
mle: a majority against, him whien would
appal any future' 1./tuocratic couverition.
I tisy lifted him up • mid placid -him in the
pos,tion that has sinceigiven h in the stremith
and plc minence he di placed •at k..trie. Ttiey
had a right to expect, : tiu.rer the circ im4'anc3
wiaer tcbich he was nominated, he ;at
least remain upon the teach during his term,
nod thus pr-veii renewed contests over 'lie
place:to which he bad been -eleviie..l. Erie,
looms up, ai.d. be- tures' his back up-tn
the- :of Schuylkill c iunty
Vito had supported _him,,. and without'
whose support ID 1572 thi3 Ere Conveu
th) woulW not have: f him
in
'
1673 and' b e them ttot.ke4 f ! tt4i. his
a leare,_ and they must tight their .1 riltirlary
ti_.l,t oyez again, if he earl be t4ectvii
tine to the ,3111tt ILICL elit h p Ales din to
his own inti-ri etc alot.e, he aim) blat,hy in
films his Dereocriitic Erie friends that, he Will
ett: rerign, aid otir etas are mercei with the
9,4 or ; ills:l4,one ruin' Ad howl. of ancer V
v.:Ai:li they now _sea: to di ice him fr i it his
siaic shelier bench out ii.td rue wild
slur m u?..tberilig over theirdttvcted he ids. boy •
:y w all arid bowl udiibittim is val-f—for he
is too old awl shiewii a politician to snare the
losses which he fears the aelier
will siol -in. Mr. Ilighrs's with cai l)e,no
cratic majdrey Goes, not, tempt Min io ritdc his
sure •sition on the h.-, cm
Nf..A.tot: ,dt,or of rjae We,t Chaster
g 4 VeS flt iN , Te radir3wn to ere
Co ttie Democritii2 paix-rs that
Hartral,ft , t,ever vo•ed. tin! 11-ipubl, - -
e"rt lick, t until be was a eaudidale for the
I't is tiharre is f,lse. (3. , vvernort IT tr:ranft
con d for Deti;:la.s mid iii 1,;-)1...ntereLl
the atiny, vile le he nin tine ! tikititel tJi
battles. or his coulitty to.fd l ti.jt I In 1564,
when peTtniz , sinit , had neen iZiv a tile s ddi
in the lierd from Pee.tts , ,lV.lllia
. L 0 VOL the
vrtriter f tots aTele :At-tided the R d-, iu caul
p,ny with G....vertinr Itirtrauf'.. in front -it
I'vtl.:sburg. The polls - Wtre opec-d
tiveniy yards of the fiont line of hat thi. and in
tut] sin iv of tit retel eni-my. the
It' p+tbhcah tioket, as did every one else wno
dat these polls. It was rather an Mt
hualfliy plane for Demecrits."
Win tloctuA the .indee, if
Pershing is so sure of hist •iiit te.-s of tlee• i as
Mateo' prt-tend to be, why does he
hi id on t t his jf.(l:2.c.ship? In IS-11 aid Demo
era'tit v•:td a raw:mien son;.7, whicti they slion'tti
to , v: ftir the jufIL.V.I. liCto•lit. Alia ail/a;
tLe jtn2le of it
.• For if, as yon loudly say, •
Fits 11.4 kc stars qa,
Wt y 01 . , T , 11 , .7 , 7+iest r• -'en . my friends, 7
Wily don't the Ridge resign?"
Cleartl• Id vt , r,,iTt 4ecounted for.
Sim y s.aii I rislun in 3 itd - MoZra . ; Parksiti
an American and a Republican. That. settled
the whole matter with a Clearfield j.iry.l Of
course, witll - 1-uch a jury, Siney was inn:vent.
arc! larks fzui , tv. Sine) , boasted nJf .re the
trial 'bat he would not be convicted, H- said
the trial era: , too h , ar the election. Ho see=
to have gauged bis Clearfield friends correCtly.