TJPPLBME1TT.
t
REPUBLICAN STATE TICKET
GOVEKXOPs
GEN. IIENRY M. HOYT,
OF LUZERNE.
LIEUTENANT GOVERNOR,
HON. CHARLES W. STONE,
OF WARREN.
SECRETARY OF INTERNAL AFFAIRS.
HON. AARON K. DUNKEL,
OF PHILADELPHIA.
JUDGE OF SUPREME COURT,
HON. JAMES P. STERRETT,
. OF ALLEGHENY.
OUR CANDIDATES.
Who 'tbey rcnd Iheir Public Services in
the Past Men of Brilliant Re
cords and Personal Worth.
Henry Martin Hoyt, the Republican candi
date fur Governor, was born in Luzerne county
In 830..: Be entered Wyoming Seminary in
1844, ud went lrom' Uicre to Williams College,
where be graduated In 1819. In 1850 be began to
teach school In Tonawanda, and after a year
was elected Professor of Mathematics In Wyo
ming Seminary. Two years later be studied
law in Chief Justice George W. Woodward's
office, at Wllkesbarre. He taught school for a
time In the sour- -ut In 1856 be took an active
part In the Frer-onl Presidential campaign In
this Slate, after which he began to practice
law in Wllkesb&rre. In 1861 be was active In
raising the Fifty-second regiment, Pennsylva
nia volunteers, and was commissioned as Lieu
tenant Colonel by Governor Cnrtin. He was in
General Negiey 'a brigade during the Peninsular
campaign of 1862, and early in the following
winter waa sent with the rest nnder General W.
. W. H. Davis to co-operate with the naval at
tack on Fort Sumter. He participated, nnder
General Gil more. In Die siege operations con
ducted on Morris Island against Fort Wagner
and Fort Sumter. In the summer of lSGi
night attack was organised by General Foster
against Fort Johnson In Charleston harbor.
where be was taken prisoner. After being con
lined at Macon, Colonel Iloyt was brought back
with 600 other officers to Charleston Jail. While
on the way. from Macon to Charleston lie
escaped from the cars with fonr other Union
officers. After several days and nights
of fruitless efforts for liberty, they were
recaptured by the enemy, with the aid of blood
bounds, and placed In the Charleston jail. Upon
being exchanged, Colonel Hoyt rejoined his
regiment and remained with it nnlil near the
close of the war. He was promoted to colonel
-on January 9, 1864, and was mustered out of the
service on November B, 1864. On March 13, 18C5,
be was breveted brigadier general. During the
year 1SCT, nnder an appointment from the late
Governor Geary, be discharged the duties of Ad
ditional Law Judge of the Eleventh district In
1875 and 1876, Colonel Hoyt was Chairman of the
Republican State Committee, displaying In the
successful campaigns of that year marked
.ability as a political leader. He was also one of
the Delegates at Large from this State to the
Republican National Convention of 1876 at Cin
cinnati.
Hon. Charles W. Stone.
Charles W. Stone was born at Grotau, Mid
dlesex county, Mass., on June 29, 1843. From
the common school he went to Lawrence Acad
emy, and from there to Williams College. He
graduated at the latter institution in 1863. Soon
after finishing bis collegiate course, be became
Principal of the Union Academy at Warren,
and continued in charge until appointed Super-
. Jntendont of the schools of Warren county In
March, 1865. . In September of the same year
lie was elected Principal of the Erie Academy.
During the summer of 1866 be entered the
office of Judge Wetmore, of Warren, as a
- student at law; and . In September, 1867, he
was admitted to practice in the several courts
of the county. In January, 1868, he entered
Mlnto partnership with Judge R. Brown. In the
of 1868 be was elected to the State House of
joi "'-outives from the Warren and Venango
,MwBinoi''In 8e"'a re-elected without on
ion urn i iv''tIn 1876 he was elected to the State
-jnttmv am mn years, carrying bis district by 400
i wrn- ram Tor l'reslrtonl Hayes.
HONESTY.
ml m w- l H r t I
1 lie 1 TUe KePUDllCail rOllCV
LI,..., t, rJlt rMt, -t t, aj
i iun iiiv vivuu auu latin ui iiaa
tion Have Been Kept.
What Republicanism hs Done for the Na
tion Reduced Its Debt, Cut Down
the Interest, and Lessened
Taxation One-half.
The election of the last Democratic President
that the country bad was followed by the crisis
of 1857, and we had hardly begun to recover
from that heavy blow, when the rule of the
Democracy was at last overthrown, and the war
of the rebellion was begun to destroy that which
they could not control. The Republican party
came Into power with the revenues of the coun
try wasted, and the credit of the nation so poor
that It was paying a higher rate of interest than
ever within the generation, and even more than
jt was paying in the height of the war that fol
lowed. We bad this war forced upon us when
our navy was scattered to the four quarters
of the globe, and material and ammunition piled
up by traitorous officials in southern forts and
arsenals in readiness for the contest which the
mad rulers of the south had planned long before
the north awoke to the desperation of the men
who saw slipping away from them, never In re
turn, the power that they had held so long. We
had to begin from the beginning. There was an
army to raise and to equip, a navy to build and
to man, with not a dollar In the Treasury,
hardly a gun in the arsenals, and not a ship on
the sea that was worthy of the name. Such
was the condition of the country when the peo
ple at last asserted themselves, and wrested the
control of its destiny from the party that bad
been plundering it and squandering Its resources
for a score of years.
THE DEMOCRATIC LEGACY.
The Republican party can indeed oliatlenge
the record, and stand or fair by the result. The
war was fought and won not without an
enormous expenditure of blood and treasure,
but still without the ruin of our industries or
our credit. The close of the war saw the
country with its manufactures fully em.
ployed, agriculture comparatively neglected,
and a debt of 82 680,00O,0O0, which was in
creased in the following year by the ex
penses of the war to 82, 773, 000, 00a There were
State debts besides amounting to 8801,78,1,000.
Total to the credit of Democratic rule In this
country, over a million lives lost and about
83,000,000,000. This was the burden that was
laid upon the Republican party, and which It
has carried ever since, although it has been
steadily lightened each year. All through Bu
chanan's administration, with no extraordl
nary expenses, it bail been steadily growing,
but under Republican management it has been
decreased every year In some years by an
amount greater than the largest total of the na
tional debt In any one year previous to 1861, not
excepting even the heavy obligations remaining
after the war of 1812. Some facts concerning
the growth and decrease of the debt will show
bow It was piled up and how it has been re
duced. On July 1, 1861, three months after
Sumter was fired upon, the debt was 890,380,
873, and it bore five and six Der cent, interest.
For temporary loans the Democratic Secretary
of the Treasury bad paid as high as ten and
twelve per cent, interest. From that time on
the debt grew witn frightful rapidity, for war is
expensive, and the government was such a cus
tomer of the people that it took all that they had
to sell, and yet in all this time no higher rate of
interest was paid than 7 aud 3-10lbs, and al
though there were (830,000,000 out at the close
of the war, all had been paid off three
years later. Nor did the government ever fail
to get the full value of its bonds. The
Greenbackers and ttie Nationals are verv
1011a or talking about the bonds that were
bought at thirty-five and forty cents on the dol
lar, and there are some people who are foolish
enough to believe them. Yet a glance at the
annual reports of the New York Stock Ex
change sales will show them that the minimum
price for which any United States bond was
ever sold on the Exchange was 82, which was
the lowest quotation in 1861 for the sixes of
1881. We repeat, instead of the bonds being
taken by the capitalists at thirty-five and forty
cents, there is no case recorded on any stock
exchange of any bond of the United Stales
being sold at a less price than 82 in the year
when these bonds were first Issued, and they
sold np to 95. In 1862 these bonds were still
the only securities of the government that were
on the list,, and the minimum price was 86
wane ine maximum was 107 k. Never since
the very first year of the war has
there been a twelvemonth in which the
bonds of the United States did not touch
par. This is a record uuparalleled by that
of any nation iu the world. In 1863, the dark
days of the rebellion, these bonds reached their
lowest price at 91 '., but they sold up an U12I1 iir
PANICS.
THEIR CAUSES-
THEIR HISTORY AND
Some .e M Effects ol Democratic Par-
" I ..... T.t
llsanship as Exemplified in me
-"' itepe-.""
n. ..... - . 1
The Pittsburg Telegraph publishes a review 19
the various financial panics which have oc
curred in our history, and after reciting briefly
the history of the United States Bank np tot"
year 1819, thus tells the story of the disaster tn
befel our trade la that year:
"Fortunes were wiped out in a day, specula
tive companies, that stood everywhere line
shocks in a wheat field, vanished magically,
and shareholders were aghast: suburban land!
and city lots that were to return a hnnareua.
drmiDpd to almost worthlessness. As an ex
ample of the effect of the panic on real estate
here, an old citizen says that land on ti"
Hill held at 82000 an aero dropped to 8100; lots
on Fourth avenue held at 82000 fell to ilW;
property In the region or Market street, on
which were good brick bouses, only partly r"1
for, were wholly abandoned, as property Q'te
as good could be bought W less than the sums
due on these. Hut the United States Bank, with
lis capital of 835,000,000, weathered the storm,
and by furnishing the country again with
stable currency of uniform value, won back pub
lic confidence, and again compelled the State
banks to go into liquidation, or to raise the
value of the notes to the standard of the na
tional banknotes. This, together with the
temporary settlement of the slavery agitation
by the compromise of 1820, and especially with
the Impetus given to home manufacturers by
the tariff of 1824, and the work of internal Im
provements, set the country upon its fuel once
more.
INI'AKALI.KI.rn FOB VIKDICTIVKHESS.:
"It Is not In man, however, to let well enough
alone, above all when it stands in the way of
bis political theory. The second charter of the
bank was to expire In 1836. When Uie Ttilrty-
llilrd Congress assembled on life 2d of December
in that year, President Jacksnn said tn his mes
sage that In the Interim bis' Secretary of the
Treasu ry had ordered the removal of the gov
ernment deposits from UieUniited States to the
State banks, and lie gave as b.is principal res-
sou for this that the bank had! used these de
posits for partisan purposes. ' The parliamen
tary warfare that followed this action was un
paralleled for vindictiveness, tend is too long
to be narrated here, even If germane to the sub
ject. The constitutional poin t involved was
the old one that Jefferson hadj con tended for,
viz., the power to charter banjks was a right
reserved to the States; they tflone could sup
ply a constitutional paper (currency." The
Slate rights question had come bounding
to the surface again. Thisi authoritative
recognition of the value and usefulness of
the Slate banks, and the importance attached
to them as government depositories, stimulated
their organization to an extraordinary degree.
Many were chartered to take the place of Uie
United Stales Bank, the closing of which was
expected. The Slate banks increased from 282 In
1830 to 632 in 18:17. During the same period their
capital rose from 8 145, 000, 000 to (290,000,000;
their circulation from (61,000,000 to (149,000.01)0;
their loans and discounts from (200,000,000 to
(485,000,000; their deposits from (55,000,000 lo
(127,000,000. Thus during these seven years the
banking facilities of Uie country had been con
siderably more than doubled, while the Increase
in the .capital of the country was small, and
there was no manifest need of the addition of a
dollar to the currency. The result of the in
crease of the currency was an unexampled
delirium of extravagance and speculation.
in Uie midst of which came the destruc
tive collapse of 1837. Ruin reigned on
every band; almost every business man tud
business bonse in the land was involved in the
common wreck. Collections were next to im
possible, and in some States, as notably Misils
slppl, wholly so. Credit everywhere was de
stroyed. There was a general suspension of the
banks at the first blast of the storm In 1837. In
1838 they made a heroic endeavor, and resulted
payment, but the year following those of Phil
adelphia and the regions or the south and vest
again bent before the storm. The distress was
pitiful, and during the first two years of the
panic It was necessary to Import large quanti
ties or lood from Europe. The country that a
short time before abounded in what it called
wealth, and boasted loudly of its many re
sources, could not furnish bread to the hungry.
The failure of the banks holding the deposits of
the government left it without a penny. Con
gress was hastily summoned, and Treasury
notes were issued to keep the department going
until the Sheriff could sell out the share-hold
ers of the defunct banks and recover the de
posits. Finally the government divorced its
monetary affairs from those of trade and com
merce, and established the Independent Treas
ury. The disaster was so complete that one
cannot point to any exact date when the hard
times ceased. The recovery was In fact in the
gradual re-creation of the ruined industries.
THE ACTUAL HANK CIRCULATION.
Until lx.'W tlie volume of i.imt money In
creased Klowly, ami only HrxMmlins t lli-Mt,iu"
NATIONALISM.
Its Significance in Politics.
Something of What We May Expect
Should It Succeed to Power.
A Party that Counsels its Members to
Make Themselves Proficient In
the Use of Firearms-Will
You Aid It?
As U10 National-Greenback and Democratic
parties are running lashed to all Intents and
purposes, the subjoined extracts from docu
ments circulated In tlio west by the first-named
party must have a very important significance
to the friends of law and order.
From the tract entitled "Meat for Men,"
Issued by Pomeroy, Chairman of the National
Committee for organizing Greenback clubs,
pages:
'Let Congress, so soon as we, the people, can
be heard in that heretofore Infamously corrupt
body of plunderers, declare that in order to save
the American Republic, the bond must be
burned, and destroyed even as slavery was
destroyed. That it must be called iu and retired
In ashes, even as tho greenback money has
been taken in. That the bondholder shall have
greenback, legal-tender, lawful money of the
United States ror every claim he holds against
the United States, ir he refuses this, then let
him howl ir he wishes to. Let him rave, and
bis financial damnation rest on Ills own dis
honest head. We will have .no bonds or any
kind issued by the government.
"ir this government of ours will not protect
us, tho tax-paying people, then we owe it no
allegiance. If it will not do this, it is a bad. an
infamous government, after all the people have
done for It, aud we had better nnlte the west
and the south, secede from a Union that bene
fits only eastern bondholders, and let their
dupes In northeastern States go into slavery to
the illegitimate brat of Republican horning and
Democratic adoption. So it is, eastern masters
and money-hoarders, that we sight the gun
directly at your black hearts. Too long have
your political tricksters in both parties held the
hot iron ot bankruptcy to our backs. Too long
have you, by aid or knaves and hirelings, held
us in the morass or poverty and the slough or
despond. You can give us back the rull silver
dollar the greenback dollar as a munition or
peace and a part or the government, or In 1880
never rises a sun on the Republic as 11 now
stands. You have lied to the people, loa,
August Belmont, Jay Cooke, John Sherman.
Samuel J. Tildcn, aud all or the plundering
bullion-baggers. You have torn down the
Constitution till it bangs only by one nniL
You have Iguored the rights or the people. You
have turned the misfortunes or a war you pro
longed to your great advantage and the people's
disaster, and you deserve to have your banks
broken open, your houses plundered, your
spoons and rurniture stolen, your ill-gotten
gains wrested from yon, yonr possessions con
fiscated, and your northeastern Stales held as
appendages to a united west and south, band-
in-hand co-operating as the JNew America.
Give us back the money or our fathers. Give
11s back the greenback money you have stolen
and burned. Give us, the people, the property
that belongs to us who live by labor, or you
shall bo shorn or your power, despoiled or your
possessions, aud lcrt in the desolation you plan
ror those you have so long planned to hold as
slaves.
CLEANING THEM OCT OF HOMES.
"Young men or the west and south, we can
clean all or those eastern pirates out or homes
and the property they have stolen. We can
unite and whip them to reason and to a compre
hension or the right. We can leave the coun
try northeast or the Allegheny mountains to
pay the national debt. We cau unite and make
the southwest the garden or the world. We can
onen the Mississippi river and float our billions
or prodace down its waters to market. We can
send our surplus products to roretgn countries
by way or southern cities. With the proceeds
weean line the west and south wuu new rail
roads, open new mines, and make the east a
bowling wilderness, in which will roam the
ghosts or the witch-burners and or those Puri
tans who made fortunes In supplying me soutn
with slaves stolen from the coast, of Africa.
We can do all this, and you will take this for
your repast in the near future ir you do not
burn your ill-gotten bonds and let me people
live. Organize Greenback Clubs with bayo
nets In reserve. "
From page 14, same tract:
"Citizens have been robbed of their equality.
Ijind has been robbed of its value. Labor has
been robbed of Its life. Life has been robbed of its
reward. Every bondholder Is a robber whose
knife is an infamous law that was made to en
rich a few at the expense or the many. Every
national banker is a robber of the people In bis
monopoly to take from llicin double interest on
Hi,-bills lie ims nl. nt ne ol' which are. re-
l-ciii!l!o In KolU or KlIViT. K
llllM I WOt I
STRAY SHOT.
TltK SKIRMISHERS OF ARGUMENT.
Great Facts In Little Space-No Grains of
Allowance for Those Who Would
Destroy the Country.
Was it the Ohio idea, after all ?
not.
It seems
The Ohio "idee," is now 5,000 republican
majority.
There seems to be a panic among the Dem
ocratic President-makers.
The Graphic expresses the opinion that Sam
Tllden will become a nun. None like him now.
Marble suggcs'.s tombstones. Perhaps he
will get a place at the head of Democracy, after
all.
The silent agony of the Democratic editor
Is the most moving spectacle of this stormy
epoch.
A party must have convictions to win confi
dence. The man who has no political faith is a
thing of putty.
It was a favorite remark of the late .Samuel
J. Tilden, reformer, who died or too much
cipher, losay "I'll see you later."
It would add fresh laurels to his brow if
Edison would Invent a Democratic platform
upon which that whole party could stand.
Democrats are consoling the Greenbackers
with the idea that though they may not carry
Pennsylvania this year, they will do so In 1130.
There is at least one crumb of comfort for
Senator Thurman, now that he is laid away iu
his little bed. He made It sort aud he will lie
easy.
The only fixed principle the Democratic
party lias Is Its unwavering advocacy or foreign
pauper labor against American Industry and
enterprise.
The Tribune says the cipher dispatches
which have been published compared with
those that are to come are as a penny-whistle to
a fog-horn.
Fernando Wood is financially embarrassed;
he is bad off politically, too, and is truly in
condition to sympathize with the great Demo
cratic party.
The music of the Greenback song appears in
the Graphic. Every nolo is marked on the back,
'This Is a million dollars, "but the song doesn't
seem to sing well for all that.
The fiat men in Ohio lost a grand oppor
tunity to put their principles in practice. Tbey
should have got together a rew votes early, and
declared "this is a majority. "
An exchange says the crop of hay and oats
Is so large in Maine that it Is cheaper to be a
Jackass than a man. The greenback craze down
there was then really a question or cheapness.
Thurman is satisfied that he was cheated
when he traded with Pendleton a seat in the
Senate for Presidential chances. He would
like to have "Gentleman George" take the rag
baby back, at all events.
A Cincinnati paper says you can't make a
diphtheria patient drunk. It is evident that
Democratic politicians don't have the diph
theria, and It is gratifying to know there Is one
disease they haven't got.
The Greenbackers have proved themselves
better talkers than they are voters, as shown
by the result of the elections In the west; but
they are altogether too strong to be made light
of by the friends of honest money.
Candidate Dimmick, of the Fifteenth Con
gressional district, must feel lonesome. Nearly
all the Democratic papers refuse to support
him. He is realizing how much easier it is to
humbug a convention than the public.
The Democratic papers have forgotten all
about the ract that there was an election In
Maine. That Greenback party that fought so
bravely in September forgot the better part of
valor, and did not live to fight another day.
The nfortalitv among Democratic states
man this vear Is nositlvely frightful. Mr. Tll
den dies of too much cipher. Mr. Thurman of
too much "Ohio Idea." Mr. HendncKS 01 too
much Communism, and all the Massachusetts
Democrats or too much Butler.
Senator Wallace begau a speech the Uhor
.i in nils wav: "There Is something menial
tT.
ir n il
What Is II." J" iiio 1. -
Nl.iiiKliter of winclmills; In reilllfcvlvanlil
t 1 lirf:: To wiikc
THE TARIFF.
Its Value to Pennsylvania.
How the Democrats Have Assailed It
at Every Opportunity.
What the Republican Party Has Done for
Protection In the Interest of
the Country and Its
Citizens.
In the early stages or the Republic all classes,
all sections, nnd all parties were earnestly for
protective tariff on foreign imports, for the pur
pose ot encouraging and fostering ihe establish
ment nnd permanent maintenance of domestic
production. This was inherent in the spirit ot
the revolution, which was as much Incited by
the despotic repression or the colonial Indus
tries, In order lo give the permanent control of
the American markets to British manufactures.
as by any otlier cause. Among the first fruits
of the protective policy was the American cot
ton crop, which was fairly protected Into ex
istence. But as In the lapse of time the Repub
lic became populous and flourishing, and the
amazing spread of cotton culture made it the
basis of the formidable political power which
subsequently assumed the name of the Demo
cratic party, a combination or the strong for
eign commercial element at New York with the
southern agricultural force was formed, the in
terest ot which lay In opposing the protection
ot domestic manufactures a '. favoring a low
tariff on foreign goods, on the ground of fur
nishing the farmers and planters with cheap
merchandise for consumption.
This southern school of politics was founded
by John C. Calhoun, of South Carolina, and
although it was courageously opposed by Presi
dent Jackson, yet under the auspices of Presi
dent Vau Buren the whole Democratic party
gradually tell Into the arrangement. The rea
son or this was that in New York, which was
the northern centre or the Democratic parly,
the predominant Influence was Uie foreign Im
port trade. When this became fairly established
and recognized, foreign capital and commerce
centralized almost Irresistibly in New York
city, and armed with ample money supplies for
political work from those sources, the Demo
cratic leaders or New York and the south long
managed the whole national policy to suit the
views or the agricultural interests or the south
on the one band and of foreign commerce on the
other. To counteract this combination, the
friends of protection sought to build np manu
factures In such parts of the south as were not
adapted to the planting interests, and those
movements were represented by Whig slates
men ot the south, like Clay, Clayton, Bell,
Mangam, Crittenden, eta , while In the New
England and Middle States manufactures grew
and strengthened In consequence of the enor
mous Influx of foreign labor.
TUE TARIFF A NATIONAL QUESTION.
It was not until the great Presidential cam
paign or 1810 that tne tariff was fairly made a
national test question. The defeat or Van
Buren led to the passage or the Protective Tariff
of 1842, under which all branches of productive
industry took an immense start, and made such
progress that the plantation oligarchy of the
south saw the dawn of their policy and power
unless a reaction could be effected. Upon the
plain and open issue or Free Trade this could
not be done, and therefore it was not attempted.
But by the shrewd devise of the annexation of
Texas a popular cry was raised on which the
Democrats again obtained the control of the
Administration and Congress. The Immediate
result was the passage or the low tariff of 1846,
and the war with Mexico. Under this ruinous
tariff the progress made under the Protective
Tariff was mostly lost.
When, during Jackson's administration,
South Carolina undertook to nullify the pro
tective duties, a Compromise Tariff was en
acted. But when the tariff of 1842 was passed,
strongly protective as it was, no resistance was
offered or threatened. Public sentiment bad
advanced. Statesmanship resorted to strategy
Instead or;menace. Extending the area or the
Republic was but a device to enable the cotton
power to recover central and enact a low tariff.
Accordingly the Tariff of 1846 was passed by
the casting vole of Vice President Dallas and
signed by President Polk, both of whom, while
candidates for those offices, were heralded as
r.i.nH. r ihn BTistlns Tariff of 1S42. So trans-
oarent was this trick mat even the war fever
did not Drevent the decisive defeat of the Demo-
cratic ticket at the Presidential election of J848.
During the subsequent Democratic nomina
tions of Presidents Pierce and Buchanan free
trade had rull swing because there was no politi
cal element strong enough to make headway
aealnst the Democratic party. This was caused
ih raet Hint the concentration or foreign
uniiat and commerce at New York had become
enormous, and was wholly on the Democratic
siile, while at the south the plantation ollgarcny
had completely crushed the Whig element and
made the south a Democratic unit. Slavery at
the south and lorcign capital at New "ork were
BLAINE.
HIS LETTER TO WENDELL riUXLIPS.
The Senator from Maine Answers Some Per
tinent Inquiries Do States Clearly Ills
Position on the Currency Question.
Augusta, Me., Sept. 23, 1878.
Wendell Phillips, Esq:
My Dear Sir: I remember the conversation
In the Senate Chamber to which you refer, and
I beg to recall to yon possibly more fully than
I then stated the objections to the intercon
vertible bond as the basis of our currency. I
am aware that many wise men besides yourseir
have approved and advocated this theory. The
power to hold a bond which may at any mo
ment be converted into legal-tender notes for its
face value, and to have legal-tender notes which
may at any moment be converted Into a bond
at par, appears at first sight attractive. But
no scheme is more deceptive or delusive, and I
will briefly state the objections which seem to
me Insuperable.
OBJECTIONS TO THE SCHEME.
First It tho bond be or sufficiently high rate
or interest to float the currency even to an ap
proximate equality with coin say four per
cent, or thereabout the inevitable tendency
will be for the cnrrency to run into the bond
rather than for the bond to be exchanged tor
currency, and this with such force aud volume
at critical times as to compel a scarcity of
notes, an ever-recurring stringency in the
money market and a general instability in
affairs.
Second If you make the bond of a rate so
low as to avoid the tendency and the danger
Just stated, you or course abandou all idea or
having your currency at par witn coin. 11 your
interconvertible bond is worth but 75 to 80 cents
on the dollar In coin, you thereby fix the value
or your currency at 20 or 25 per cent, below par,
and you banish coin from your circulating
medium absolutely aud Anally. So that, 11
your bond be one that will float a currency at
par with coin, it will steadily and irresistibly
tend to contract Its volume. And if you seek
to avoid this result by lowering tho rate of in
terest on the bond, you render equality with
coin impossible. In either event the scheme
would work its own destruction swift aud
sure.
Third No device was ever conceived that
would eive a more complete advantage to un
healthy speculation ot all kinds tliuu the inter
convertible bond. Several times within the
past ten years we have witnessed a "lock-up"
or greenbacks by Wall-street combinations,
with a view to financial ends, which were at
war with the public good. So promising and so
profitable were those ends thnt the speculators
coule afford to have many millions of green
backs lie idle in order to force a stringency
In the money market. Your interconvertible
bond would open the way for this class of finan
cial operators to "lock-up" greenbacks and
have the government pay them interest on the
whole amount, while they might be conspiring
to derange the business of a continent, and de
press the value or every rarmer's crop In the
land. In other words, your theory would force
the government to be an accomplice In every
gambling scheme devised in Wall street against
the peace and prosperity of the country.
Fourth Every year, as the spring business
closes and summer comes upon ns, there is a
vast accumulation of money that lies idle for
three or four mouths at the financial centres; In
the vaults ot the banks, iu the safes or capital
ists, iu the treasuries or railways, and in the
strong boxes ot insurance companies. During
that period nearly one-fourth of the year
there are from one hundred and fifty to twohun
dred millions or Idle dollars In New York and
the other great money centres, and these dollars
all belong lo rich men. Y'our interconvertible
bond would provide an admirable mode for
these capitalists to take a large amount or Inter
est from the government at a season when they
cannot get it lrom any othersource. But I ques
tion whether It would be quite ralr to tax the
whole people during the hot months or summer
In order to Insure to the wealthy capitalists or
the country a good income on that large sum or
money which would otherwise be idle while
they are enjoying the.mountain.air and the sea
1
I breeze.
? Flfth-The interconvertible bond would leap
to postponement in the payment of small bills
and debts in the domestic business of supply in
'every-day life. In our present system a large
sum of money is carried at all times on deposit
without interest. When bills are presented from
'the butcher, the baker or the candlestick-maker,
the man having money on deposit not drawing
! interest readily pays them, for there is no profit
.... 1 . iin. Kill A.M
But once
, to nim in puumsuuui
teach every man who has a surplus of ready
money that he can deposit it with the govern
ment and draw interest thereon, and the inevit
able tendency is to place it there and keep it
there as long as a creditor can be denied, avoided
or evaded. The advantage in all branches of
, trade and labor or promptly paying small 0111s,
not drawing Interest, Is incalculable. The in
lerconveriioie uouu wumu diuji mm i. .m.. , ......
would array the avarice and cupidity ot tho
moneyed class against it. The interest paid by
the government would go into the pockets or the
rich; and the interconvertible bond would again
THE STATE.
Pennsylvania Expenditures.
A Favorite Theme for the Democratic;
Politicians in the Campaign.
Some Interesting Facts and Figures that
Throw a Little Light on the Var
ious Administrations of the
Commonwealth.
The Increased expenditure or the State admin
istration has been and is a chosen subject or
comment in all Democratic discussions. It is
a thoroughly legitimate topic, and one we are
glad to have opened. The only rear is lest it
shall drop out of sight atter the election, as it
has so often done heretofore. The periods gen
erally chosen for comparison are those of
Packer, Democrat, in 1858-00, when the costs
were Si, 209,849 17 for the term; of Cnrtin, In
18G1-66, when they were S1.885, 157 68;ol Geary's
first term following, when they amounted to
2,453,148 ; of his second term, in which they
were S2, 808, 306 07, and or Hartrantt's late ad
ministration, in which they have advanced
rrom 999,987 77 in 1873 to 81.213,276 31 in 1877.
Resting upon these tacts, the Democrats and
Nationalists censure the Republican party nu
stlntedly for extravagance, and hint at malfeas
ance. It is so difficult to procure absolutely trust
worthy and In tel 1 lgi ble statistics In such debates
that Hon. Chester N. Farr rendered a good ser
vice to the interests of the Slate, the knowledge
of the people.and the cause or truth. In his con
sideration and presentment of the tacts at
Myerstown on Saturday evening. He did not
undertake to deny or apologize for a state or the
case Involved in the history or the State, and
generally known to everyone; but, premising
that the expenditures or the Commonwealth
have trebled since I860, explained the causes and
justified the facts convincingly, and when am
ple justification could not bo found, pointed to
Democratic action as equally or wholly respon-
.iiiin. rinrinz Packer's administration, of
1858-60, the expenses were SI, 209,849 17. Since
his retirement the population of the Bute
has increased from 2,006,370 to about
4,200,0oa This increase has necessitated in
creased expenditures in every direction.
CAUSED BY COMBINED ACTIOS.
One-hair or all that has occurred in the
seventeen years is due to the combined
votes or Republicans and Democrats, when
the constitution or 1874 added 270 members
to the Legislature, Increased the judiciary
heads or departments and clerks. This action
or botn parties appropriated 81,000, OOO-annually
to the public schools; increased the pay or tne
Legislature 8100,400, and that of printing 861,-
079 03. Of the 8218,070 46 remaining increase to
be accounted for, 8157,804 is accounted for by
the Increase In the salaries or the executive de
partment, clerks and Judges, all of which is
non-partisan, and has been approved; by the
increase of mileage and stationery in the sum
of 857,007 m, or 832,595 03 more than double
what they cost in 1860, and by 810,538 94 appro
priated to Soldiers' Orphans' Schools, leaving
but 843,258 53 of all this vaunted extravagance
unascribed the major part of the growth
having been wisely concurred in by both
Democrats and Republicans in order to meet
the iucrease of 25 to 50 per cent, which has
touched all branches of living since 1S60. As the
ncrease of expenditures nnder Democratic rule
from 1844 to 1860 was 66,vd per cent. , the Increase
ot the same expenditures for the years from 18C0
to this time falls absolutely 830,000 below tne
ratio or Democratic Increase when the costs or
reorganizing the government and Legislature
are subtracted. On the other hand the .Repub
licans have not only carried on the government
in a period or civil war, and through ajoltow
ingterm of depressed industry andlnactlvlty
with no increase of the debt, but they jave
made an annual saving or 880.000, together with
a profit ol 8261,922 by refunding the State debt,
which they have reduced from 842,ooo,ooo 10
813,000,000 and placed in the course of speedy
liquidation.
We remark of an exhibit whicn win grainy
tax-payers and true Pennsylvaniaus, irrespec
tive of party, that it proceeds lrom a compe
tent, responsible and reliable source, where the
floating statements which Impeach State credit
and hurt the prosperity of the Slate, Indirectly
if not directly, are the products of partial
knowledge at the best, and either leavened with
partisan feeling or intentionally colored. With
this authentic exhibit the case is made up. The
financial issue is the greatest In Slate as in
national politics. Having shown a great re
duction of the Stale debt, greater efficiency and
permanent gain in every department of ad
ministration, and preparation for greater econ
omy and profit, the party may well and sonQ-
dently go to the people, who wanted no other
evidence to renew Sheir original friendship and
sustain a policy they marked and demanded.
OUR PRI.XCIPJLES.
POETRY.
EATEST LAY OF THE DEMOCRATS.
Tho Story of an Attempt to Steal tho Presi
dency Tho Effect of Samuel's Bognary
A Miserable Failure.
By Samnel J. Tllden, LateKetbrm and Frand ;an-
didaie, now grievously al&icted with ciphers.
I have touched the highest point of all my great
ness, And from the full meridian of my glory
I haste now to my setting raster than Earns
trots
When at bis best; I shall fall
As falls the slyest knave that wears a mask,
And no man see me more my goose is cooked. -
Farewell, a long farewell to all my greatness !
This Is the state of man: to-day he puts forth
The semblance or Reform; to-morrow preaches
And solemnly proclaims his bate or Fraud;
The third comes a Key perfect Key
And when he thinks, deluded man, full sorely
His prospects are a-rlpening, busts his mask,
And then be falls as I do
Yaln pomp and glory of this world, I hate ye;
And also ye, ye horde of nincompoops.
I feel my eyes new opened. Oh, how wretched
Is that poor man who tries to bribe electors !
There is betwixt that seat be would aspire to.
That vote of bribed electors and bis ruin, ' '
Such pangs and fears as I or Marble have.
And when be falls, befalls like well, like me,
Never to hope again. Deuce take the cipher.
Pel ton, I did not think to shed a tear
In all my misery; but the Tribune makes me
Out or its honest truth to play the woman;
Let's pack our trunks; and listen to me, Pelton, -And
when I'm execrated as I shall be,
And Sleep with, d that Marble,
Where no mention ot me more sball be heard, :
Then say I taught thee; Say Tilden,
That once trod the road to ruin.
And sounded all the depths and shoals of rogne
'ry, Found thee a way out or his wreck to rise in. '
A sure and safe one, though your uncle missed It.
Mark but my fall and that that mined me,
Pelton, I charge thee fling away ambition.
By that sin tell your nncle; how can yon, then,
The nephew ot your uncle, hope to win by it? .
Love thyself last, cherish those hearts that hate
thee;
Ask Scbell and Kelly np to dinner Sundays,
And write upon the gonfalon thou bearesl:
Corruption wins not more than honesty.
Reform aud Fraud are not cod vert 'ble terms.
O, Pelton, Pelton. Pelton, Pelton,
Had I but lived my lire upon the square
Not Gra mercy but the downright moral
square.
I would not In my age, with '80 Just ahead.
Be knocked much higher than the famous kite
Whlcb once waa flown by Mr. Gilderoy. -
IfASBY.
lie Proceeds to Organize a Section The
Result.
COXFEDRIT X ROAn.4.
(Wlehls In the Stale uv Kentucky),
epL 1, una.
I felt it incumbent onto me to go to Factry-
vllle, a village hard-by, and establish a lodge
uv Nashuels, uv the Kearney kind. Faotry
vllle wuz established by a company nv Massy-
choosl is disturbers, wlchinvadld the sacred soil
for the pnrpus nv manufactrln iron wich M
found there in great quantities, and they hev m
mill Into wtch about a hundred men hey bin
employed. The price nv iron hevln gone down,
these graspln monopolists hed the ashoorence to
ask their snfferin labers to redoose their wagls,
glvln the frivoloos pretex that ex the price uv
llvin hed gone down also, they cood afford to
work for a trifle less. Ez most nv the men
owned iheir own bouses, wich they hed saved.
and was comfortably fixed, they eoodent git
away, and hed to endoor the ojus exacsbuns uv
the grindin capitalists. And ex collocksbuns
wuz difficult, and tbey didn't git their wagls
with the regularity of former yeers, they mar-
mured some, which I felt it my dooty to Im
prove. They needed a leeder, for none nv 'em
knew how much they wuz sufferin till I went
and told em.
I bed a tolerable easy time nv It. I made em
two sneeches, in which I showed era tbey wuz
groanln under a tyranny compared with wich
the suffcrlns uv the Rooshun serf waa nothln,
and that they wood never hev ther own till
they organized and crushed their oppressors. I
showed em that wat tbey wantld wuz to crash
out capital, aud be thetrselves their own root
ers. It wnzn't hard to do, and the second nits
I organized a seckshun.
Cli9 ritojii I writ my3e if, basin it on Kear
ney's idee. It wuz very breef, and inn suthin
like tbls:
"Hath the brother wrongs?"
"He hath."
'Doth the brother brood?'
"He doth."
"Is lip a successful brooder?"
"He is."
"Doth the brother look forward lo tbe time
when he will hey bis iron beel on the neck nv
bis oppressors, and will hev Ihe lecherous em
ployer by the throat?"
Hi or
make (.taMMMteitfiaaUi