MUOMAIHl DO IX'M II III I I It Hi m filUUMtlll tJltlf.M M'tHf
eiiey ro. etui ciiefjiJIli of the unifon would lor
bfd rmtort Co Jt. There r noine wuo will up
bold vuch a promise Klmply Oocause it lias leeii
made. They must vote wim uu iur me irij
which gave 1U
Tbe refunding of the national debt, tbat
till counts by hundreds of millions, at steadily
reducing rales of Interest, down to (our per
cent., Is a reBultor Republican administration,
and Is more blgbly prized If compared wltb the
achievements of tbe last Democratic adminis
tration. Treasury notes were issued forlo,
000,000 in tbe winter of 18G0-61 at rales ranging
from six to twelve percent., and 9,556,000 of
tbe gross amount commanded more tban ten
percent. There could have been more money
obtained. Offers were made at rates running
up to ihlrty-six per cent. , and tbe Secretary or
the Treasury proposed to have tbe national
loans endorsed by the several Slates in order to
make tbem acceptable. This was some of the
very last Democratic financiering; and it re'
quires no great boldness when contrasting wnb
tbe condition to assert that national economy
and rednoed taxation call urgently for Republi
can administration.
Soft money does not find much favor in
New England. People arc a little too Intelli
gent there, and they work for their money, so
that they are anxious tbat it shall be of tbe very
best kind wben they get It. In New Hamp
sbire the Democrats did not dare to go buck
upon the Resumption act, and bad to adopt Hie
Republican platform on tbe money question,
But there was another good old Democratic prin
clple wbich they could safely sbout over, so
they went in wltb all their migbt for a tariff for
revenue only, and denounced protection as tbe
monster tbat was oppressing. Tbat is the
Democratic party all over. It is the chameleon
In politics. In Ibis State it is one of tbe
staunobest friends of protection, but once a
Democrat gts ont of tbe Slate he puts tbis
principle In bis pocket, and is careful not to
bow it until be gets back. In Mew Hampshire
Democracy shouts for bard money; in Ohio it is
for soft money, and plenty of It anything to
get votes.
Fiat money is treated as an original idea,
wben it is a venerable absurdity, and holds its
aeml-oentennlals almost as regularly as the pro
cession ot tbe equinoxes in every civilized land.
Usually an emergency causes tbe issue. There
after tbe history is uullorm depreciation of tbe
fiats, loss of coin, fear of contraction, call for
more fiats without limit, repeal of resumption,
reclatlon, ruin, return to coin, and recovery.
W6 stopped on the margin of repeal, if indeed
we bave stopped, and so avoided tbe final
trouble. But It the Democracy sbould eflect that
repeal, and pour out more legal-venders, as tbey
desire, we sbould go through the whole conjuga
tion, which happens to be a declension, as cer
tainly as France and other countries bave done.
There Is nothing new In tbe matter, and tbe only
unaccountable thing about it is that wlUi all
these centuries of experience men sbould follow
tbe venerable delusion, and worship as novel
and original and good what Is as vile as it is
ancient.
There are points on wblcb the Democratic
party may, perhaps, challenge commendation.
Its original Idea bad merit. While tbat was
adhered to, under Jefferson and bis immediate
successors, the party grew for desert. But
growth Incorporated new notions and changed
early opinions, so that finally the parly became
the express champion or slavery, and many of
Its loaders,as well as of Its members, progressed
to treason and civil war through tbe blood of
Kansas. All that has passed, and now we bave
the same party pursuing as bad a course in
finance where it has the power, and advocating
It where It Is without power. It plunged the
country into war with au empty treasury; it
opposed all tbe sufficient means adopted for
meeting tbe cost of mat war, ana now pro
poses unsatisfactory methods ot disposing
or tbe debt so created, and fights those
which are much more rational and accept
able. Turning to States, we find tbat they
created a debt of M0, 000,000 in Pennsylvania in
their thirty years' rule before 1860, dishonored
half and bankrupted tbe Slate; while In tbe
succeeding period of Republican sway, op
pressed by tbe costs of war, 'the real estate of tbe
Commonwealth has been released from taxa
tion, the interest on State securities has been
reduced one per cent.; S20, 000,000 of the debt
nave been paid and tbe sinking fund holds $:2,
000,000 for paying the residue. So in Missouri.
The Republicans placed tbe finances on a good
footing during their rule after the war; toe De
mocracy won power, reported their own defal
cation 6300,000, and stopped paying interest on
the State debt. So In New York city, tbe very
seat or Democracy, the municipal debt in
creased ell, 000,000 annually until It reached
$131,113,907, its.presentsum unaer uninterrupted
Democratic sway, although the Republican na
tional administration In thirteen years has paid
81,000,000,000 of publlo debt, reduced tbe Interest
on bonas SS5,000,000; reduced national taxation
248 ooo ooo, and reduced government expenses
am' ooo'.OOO, and brought currency near to tbe
car 'of gold. Such a contrast as this needs no
enforcement to unbiassed minds, and meets
amncxatlccesure unanswerably.
.Villi H (.ll t.l
n..... ItolmVn Julie, 177."., l-V-O-
runry, 17. i, 10, fwwi.ooo or pnfter mouey nan Is
sued Mil.l MiJUIe K legal-fender by t-'ontfress. Mini
trie w,aralo rolfiuteK ah wel I. lit mi.ll lion, flit
entire issue h'hn assigned Jo tlie colonics accord
ing to their population, and each colony was
pledged to retire its quota. This was really fiat
money, for no sooner did it fall below par and
It never floated at par at all tban Congress
enacted tbat any one who sbould refuse to re
ceive the notes sbould be deemed and treated as
an enemy or his country. Men then, as now,
went about making speeches declaring that any
thing a nation called money must be money.
and as good as gold and silver. In spite or all
this. Continental currency ranged rar below par
with coin. In January, 1777, It was iound
necessary to reissue tbe Congressional fiat that
the notes were as good as gold, and tbat any per
son refusing to receive them as such sbould for'
felt tbe valucof tbe money, or of tbecommodity
offered to be purchased. Still, fiat money would
not pass for money at lis face, and Congress
went to the length of decreeing banishment from
tbe Slate as the penalty of refusing to receive
the notes.
At the close of 1779. $241,000,000 of this fiat
money was in circulation. Some idea of its
depreciation may be gathered from tbe fact
tbat 200 of It would barely purchase a barrel of
flour in 1778, and in 1779 It took $5000 to purchase,
a pair of boots. And this was ' 'legal-tender"
flat" money, based truly and ouly on the
acts of Congress, and redeemable nowhere and
by nobody. The lesBon is plain. Tbat the ad
vocates of fiat money will see and heed tbe les
son is not so certain.
France tried tbe experiment of fiat money in
1789. Tho Communists and Democrats or tbat
period found themselves short of funds and
without credit. Tbey conceived tbe idea of
confiscating tho church lands, and making
tbem tbe basis of the Issue or assignats. 100,
000,000 or these notes, with Interest at three per
cent., were Issued, and tbe National Assembly
solemnly pledged lis faith and promise tbat no
more than (240,000,000 should be Issued. The
lands upon which tbey were a lien were valued
at f 800, 000,000. Soon the Assembly broke its
pledge and Issued 160,000,000 more. Before 1793
300,000,000 of these fiat notes were in circula
tion, and after the confiscation of tbe lands of
tbe nobles in 1793, anotber batch of assignats
was issued. Tbe final crash came in 1796, wben
no less tban 9,113,000,000 were in circulation.
Tbe penally for selling an assignat for less than
its face was death, but in spite of all, tbe value
of this fiat money had sunk so low tbat It would
not pay the cost of printing. As regards tbe
losers by this wilfnl violation of the laws of
fiuanoe let the historian speak:
THE WORKING-CLASS THE SUFFERERS.
"Belore the end of the year 1795, the paper
money was almost exclusively in tbe bauds of
the working classes, employes, and men of small
means, wbose property was not large enough to
invest In stores and goods, or national lauds.
Tbe financiers and men of large means, though
tbey suffered terribly, were shrewd enough to
put much of their property Into objects of per
manent value. The working classes bad no
such foresight, or skill, or means. On them
finally came tbe great crushing weight of the
loss. " After all was over, it was found that the
wealthy classes, "foreseeing tbe inevitable re
sult, had methodically invested all tbe notes re
ceived by tbem in tbe confiscated property, so
tbat wben the final collapse came, tbe greater
part of tbe capital of tbe nation was In their
bands, tbe worthless notes being.almost wholly
In those of tbe poor. ' '
Tbe good sense of the American people will
not fall to point the moral.
As a fitting sequel to this condensed history
ol fiat money, we submit tbe result of the latest
experiment In tbat direction. It was made in
this country. The definition given to fiat money
by Us advocates Is "money based upon tbe faith
and resources of tbe nation. ' Confederate cur
rency was, according to its creators, based upon
"tbe faith and resources of tbe nation. "
Tbe following is the record of the amount of
Confederate paper required, on tbe 1st, loth and
20tb of each month, to purchase 100 in gold, or
its equivalent In goods:
1862. 1863. 1864. 1865.
January
January 10,
January 20,
February 1,
February 10,
February 20,
March 1.
March 10,
March 20,
April 1. -April
10, -April
20, -May
t, -May
10, -May
20, -June
1, -June
10, -June
20, -Julyl,
-July
10, -July
20, -August
1,
August 10,
August 20,
September 1,
September 10,
Septembers,
Ooiober 1,
October 10,
Oelober 20,
November 1,
November 10,
November 20,
December 1,
December 10,
December 20,
12o 310 1,800 3,400
122 320 1.800 4,000
125 320 1,800 3,500
125 300 1,900 6,000
128 3110 2,000 4,500
135 310 2,200 4,500
140 350 2,000 4,700
150 385 2,000 5,000
160 400 2,000 5,000
165 460 2,000 6,000
170 410 1.900 6,500
170 600 1,800 ....
170 615 1,600 ....
180 620 2,000 ....
190 650 2,000 ....
190 625 1,800 ....
190 625 1,700 ....
ISO 640 1.700 ....
190 700 1,700 ....
190 800 1,700
200 900 1.800 ....
200 1,000 2.600 ....
200 1,200 3,200 ....
205 1,300 3.200 ....
220 1,400 3,000 ....
225 1,500 3,000 ....
2.50 1,200 3,000 ....
250 1,000 2,500 ....
275 1,100 2,500 ....
275 1.100 2,500 ....
300 1,200 2,500 ....
200 1,300 2,500 ....
300 1,600 2,200 ....
300 1,750 2,700 ....
300 1,600 2,750 ....
300 1,700 2,800
'mxi
is ,-rc.'i.t- y " . .-
CCiillMT I, IStWi,
7 3-IO Truasury notes, illio In lsi;7
illlll - H.HI,lll.o,
In Htltlitlon to these there were debts due ln.,l
the government, in the lorui ol temporary loa2
on ten days' notice, and certificates of indebtet-1
ness to the amount of $155,000,000. The corj-
pouud-interest notes were a legal-tender at their
face. Tbey were paid out and for a rew monies
circulated as currency, but the Interest wblth
tbey bore soon caused them to be taken ty
those who had money to Invest, and to be held
as securities. Neither the five per cent, nor tlie
1 3-10 notes, as I have said, were a legal-tender,
nor did they, except aB before slated, answer tie
purposes of money.
THE BASELESS FABRIC OF A DltEAM.
The fact that all of tbem were paid, or funded,
at or before maturity, wilboul any complaints
of contraction, proves conclusively that wbai
ever purposes they may have subserved in 1&'4
and the early part or 1865, they were so held,
long before they were retired, tbat Ibeir pay
ment or conversion Into bonds in no manner
affected the money market. If, as is contended,
tbe payment or funding of these notes was con
traction, how happened it that tbe contraction
was not fell or complained of while tbe process
was going on? How happened it that tho tide
of speculation continued to sweep on, that
prices continued to advance, aud extra vagance
to grow more and more wanton, until the crah
of 1873 awakened the country to a realization of
tho fact that what was supposed to be pros
perity was simply "the baseless fabric" of
dream. There never was any contraction 9f
the currency until after tbe crisis had been
reached, anil whatever reduction has taken
place since has been the result of business de
pression. There Is even now more money
(gold, silver, greenbacks aud bank notes) In
the vaults of the banks, iu the United StaU-s
Treasury and in circulation, than there was at
the close ot the war, or at the end or 1865. Tbe
temporary loans ot the government were paid,
or converted into five-twenty bonds as they
matured, without prejudice to anybody, and
the legal-tender notes issued for war purposes,
and no longer needed after the war was over,
might also bave been gradually retired without
financial trouble, and without any shrinkage of
real values. If this had been done, the country
would have long since been on Uio full tide of
prosperity. Property might have lost some
thing of the artificial value which had been
given to it, by being measured by a false stand
ard, but tbe damage, if any, would bave been
trifling, for tbe close of the war found the people
freer from debt than they bad been for a quarter
of a century. Nor was their contraction by tho
withdrawal of some 44,000,000 or greenbacks
In 1866 and 1867, or which so much complaint
has been made, lor this withdrawal was coun
terbalanced by increased Issues of bank notes,
and tbe volume. Increased as it was by the re
issue, Improperly so called (U was, in fact, a
new issue), of greenbacks, was larger in De
cember, 1873, than It ever had been before; aiid
yet there are lntellieeut men hardy enough lo
assert that the financial trouble with which the
country has been afflicted for the last five years
has been tue result of the contraction of the
currency.
TUB RESULT OF A REDUWDANT CURRENCY.
I repeat what I have frequently said, that
there bave been no financial disasters In the
United Stales which were not mainly, if not
exclusively, the result of a reduudant currency,
and the unhealthy enlargement of credits, the
natural consequence thereof. Whatever we may
have thought tben.it is difficult to conceive how
any sane man can now think that the country
really prospered between 1868,. when tbe policy
of non-contraction was established, and 1873.
If It did, what produced the crisis and the para
lysis tbat followed? Three-quarters of the mu
nicipal Indebtedness under which taxpayers are
groaning, and which renders property in many
of our towns and cities well-nigh valueless, and
seven-eighths of tbe individual debts which
bave been wiped off by bankruptcy, were con
tracted wlthiu that period. Were these debts
Indications of prosperity? Are there any among
ns, except tbe sagacious few who in time of
trouble enrich themselves at tbe expense of tbe
many, who would like to repeat the experiences
ol the last ten years? Tbe brilliant Mr. Mar
shall, of Kentucky, the victim of self-indulgence,
used to say that "tbe night's debauch
would be pleasant enough if It were not for the
horror of the next morning. " The hundreds or
thousands ot men who, in the days ot our ap
parent prosperity, were rendered delirious by
Imaginary gains, would have been happy also
if the delirium could bave been continued; but
tbe awakening tbe terrible next morning
came at length, and with It the painful realiza
tion that there are laws In finance which can no
more be violated with impunity Iban the laws
of health. Financial law was violated by the
Legal-tender acts, and (the maintenance in cir
culation of a large volume of Irredeemable pa
per money after the need or it had passed away.
Hugh McCulloch.
New York, Oct. 3, 1878.
Watch your Legislative ticket closely. See
to it that you vote for a Republican. The next
Legislature will choose a United States Senator,
aud he must be a Republican. One Democrat
from Pennsylvania is quite enough.
jo qjSu
'Car,... to trust Democracy aKai will, power
on their professions, tlielr liels would dispel the
I, , oil.. an.. I. so lone aa wo retain.-.! ono spark ol
lioiior. or tnero remained 0110 punii-le. of Jii.Ik
meiil III tlie !!ilillliiuLtlie people. Tim iiiesllou
now for tho people to consider is, in a measure,
a new one.
But there is a right and an honor-
able side, and a wrong and dishonorable one.
Where is this Democratic party? It Is intrig
uing to temporarily supply the vices and relieve
tbe distress of the people, which it has been the
prime cause or producing, at tbe expense or our
national honor, dealing out promises as liber
ally as a drunken landlord does his poison, and
with the same destructive eff ect.
It has no principles of intcgrlty.lays no claim
to consistency, and its platforms are con
structed to read one way iu Ohio, another way
in Massachusetts, anotber way in South Caro
lina, and still another way In Pennsylvania.
Its membership embraces the counterfeiters,
thieves, rioters, and ail that is vile in our social
system. There have been a few loaders, like
Samuel J. Tilden, who, laying in a moderate
stock of reputation, have assumed to provide
for the future necessities of character for their
party. But iu every instance this modest re.
serve of virtue has been the termagaut chas
tity or a selfish prude who prosecutes one lover
for rape while she solicits the lewd embraces of
another.
TUE STRONGEST REASON FOR ITS DEFEAT.
But there Is ono reason more powerful than
all others which presents itself to the thought
ful mind to deter any laboring man, mechanic,
manufacturer, or tradesman in the State of
Pennsylvania rrom assisting to reestablish the
Democratic party in power. Through all its
twisting and turning, its pandering to sordid
and base motives, and Its cringing to power, tbe
Democratic party has been the consistent
enemy to the commercial aud manufacturing
Industries of the nation. It has never failed to
be the tool of foreign Powers to.deslroy Ameri
can enterprise. Under its rule or the country,
Liverpool was ot more Importance to the
United States than any or our own great cities,
and profited more by the labor and products ol
our laud. Since it has released itshold upon our
government notwithstanding the enormous
burdens we nave bad to bear we bave not only
developed the resources of the country for our
own nse, but American coal, and Iron, beef
and manufactured goods find ready market In
tbe cities of tbe old world, while our wheat and
grain fields have become important factors in
the existence or the population or Europe.
This never could have been accomplished under
the pernicious rule of free-trade Democracy.
The language of truth is simple and easily
understood. It is the misfortuue, perhaps, of
the Democratic party to have been originally
the cause of every reproach and distress tbat has
attended our government, and Democracy is en
titled to the credit of Inventing numerous
schemes and quack remedies for our Ills. But it
behooves us to look carefully before we depart
from lines unmistakably correct- It is gratify
ing to note the signs of the times and to realize
that there Is a moment ol difficulty and danger
at which flattery and falsehood can no longer
deceive, and simplicity itself can no longer be
misled. The anxiety among the common people
to know the exact truth, and tbe general and
growing appreciation everywhere of the folly
and wickedness of tbe Isms tbat have been forced
upon a credulous people, Is evidence that tbe
time is rapidly approaching wben tbey will be
fully understood and rejected. It Is tbe part of
wisdom and the patriotic duty of every citizen
of Pennsylvania to see tbat tbis is so.
An analysis of the vote in Congress by which
Wood's tariff bill was defeated shows that the
main bulk of tbe Democrats in the House voted
for its passage, and that tbe south constitutes the
dominant element In tbe party now on this
subject, as In farmer times. Even those Demo
crats representing strong manufacturing dis
tricts are so under the party lash that tbey can
only be got to vote for protection in a case of ex
tremity. On all questions where tbe yeas and
nays are not recorded, these men Ignore protec
tion and vote with their party. The present
Democratic Speaker, altbougb representing
strong manufacturing district, has aided In the
making of Fernando Wood's outrageous tariff,
and stands clearly responsible for tbe committee
wbich framed it- To the south the tariff Is no
longer what it was in tbe days when Calhoun's
nullification policy was agitated. For the tri
umph of American manufactures Is so great
that even the most rabid confederate does not
dream of the possibility of legislating tbis vast
element out of existence. It is, however, still
a means of combining with foreign capital to
dominate the Republic for political and com
mercial ends, and against tbat combination the
Republican party Is the natural foe.
The cry of hard times is still heard. Did
you ever know a time when they were good ?
The fact is tbat never within the history or this
generation has the cost of livlDg food, clothes,
and rents been so low as now, and there never
was a time when a larger percentage of tbe
profits on all sorts of manufacturing went to tbe
laborer, nor when it was possible with the same
economy to lay by a larger percentage of the
year's earnings. The proportion of men out of
employment Is small, and good workmen were
never in greateidpmanrt.
Ilea, rjollilne wlileli men deal In as articles 01
commerce ami exclianco has anytvaluo except
the value whieli 111111111.11 l.'ilior anil limsele im.l
enemy liavo put Into II- TIIO valuo or tliat lalMir
an.l miiNCle Is lor llio woplo to meiisiire.aiiit not
the government. The measure of valuo must
have value, and It must be the value conferred
by labor and muscle. This, coin has. The Re
publican party has given Its pledge that the
representative of coin, paper money whether
the money issued by a State bank, a national
bank, or the government itself shall be re
deemable in the actual currency of the civilized
world -a currency which has intrinsic value,
which has cost labor and muscle and food to
produce. A paper dollar, as money, has no
value, except as It represents au actual thing
and is capable of redemption and conversion.
At the reference to the ' 'currency of tbe world"
the applause was of the warmest kind.
LET CURRENCY AGITATION STOP.
The Republican party invented the greenback,
and it has redeemed It from legal aud financial
infamy. It intends that the laborer who re
ceives it on Satunlay night for a hundred conts
sball be able on Monday morning to buy a hun
dred cents worth or Hour. The greenback, re
viled and slandered and rejected by those who
hated the rebellion it suppressed, is to be re
deemed and made good by the Republican party.
The long and weary struggle is over we have
paid tbe price or resumption, and now demand
the rrults of the sacrifice. Let there be no
more agitation of the currency question among
tbe people uo more tinkering at the currency
In Congress. Its gradual appreciation In value
has led us naturally, in the reasonable course
or events, to a return to a settled ami stable
condition, and has saved the Jar and destruc
tion ot a sudden collapse. Tbe credit or the gov
ernment is restored and the credit or business
men, dealing one with anotber, is not measured
by the credit or discredit in wbicb the govern
ment itseir stands. We resume our production,
our trade and our traffic according to usage and
the maxims to which we are accustomed.
WHAT REPUBLICANISM HAS ACHIEVED.
I will not argue, fellow-citizens, how the
Bentimont or the Republican party has com
pelled accountability In public officers that
not a dollar of public money has been lost in
nation or State by defalcation of those charged
with the collection and disbursement of public
money; bow in Pennsylvania your State dtfbt
has been reduced from 42,000,000 to 13,000,000;
how real estate pays no State tax, and how all
the burdens or State taxation have been re
moved from the shoulders or the people and put
upon the corporations who hold your valuable
franchises; how you have made the most vigor
ous preparations to pay the national debt; that
you have already In eight years paid Its one
third, and reduced your interest account rrom
145,000.000 anually to 91,000,000. Having
raced the solution or this problem, you will go
on with tbe honest effort to pay our debts in
honest money.
The close of the war found the government In
receipt ot more tban five hundred millions
in taxes in a single year. The reduction or the
debt began, and at the same time began the cut
ting down of taxes. In 1867 they had fallen to
462,846,679, and in 1868 to 376,434,453. Since
then the decrease has been steady and constant,
wltb ouly one or two exceptions, until last year
tbe people paid for the support of the govern
ment and tho Interest on Its debtonly 269,000,
686, a reduction In tbe thirteen years of a far
greater percentage than even the reduction of
the debt, great as that was. Can any one say
that the bondholder has been protected at the
expense of the people? Is it looking out for tbe
bondholder or for the people when tbe Secretary
of tbe Treasury goes to the bondholder and says
"We are not goiug to pay six per cent, any
more. You must take four or tho face of your
bond. ' ' His income Is cut down one-third, and
the people get the benefit of it, and yet there
are fools who think it would be so much
better to go on paying the bondholder
bis six per cent, for a generation longer.
Why, the actual saving In the interest ac
count, that has been the result of Republican
financiering, is almost half enough to pay the
whole running expense of the government.
Ten chances to one tbat when you get to the
polls you will be asked to trade. Don't do it.
When any man proposes a trade, he is looking
after his own advantage, and not yours. You
will be asked to vote for So-and-So for Repre
sentative because he lives In your street. Then
you will be assured tbat Tom is tbe right man
for the Senate. To be sure he is not on your
ticket, but he is such a good fellow, and wben
you go up to Harrlsburg he will do anything for
you that you want. Or, Dick is up for Con
gress, and in return for a vote for him you can
bave two for one of your friends. Don't trade.
You may be sure that no one will ever propose
any exchange ot votes with you nnless he sees a
chance to get tbe best of the bargain. The
straight Republican ticket this year is eood
enough for any one. There may be times when
It will pay to scratch, but not this year. Tbe
successor the party is involved, and not only
Its success this year, but its triumph in the
future; for once a Democrat gets into power, be
holds on like death. Few die, and none resign.
It is a great deal easier to keep them out than to
torn them out.
snoy lis lile-Klvlitu
principle. Anybody Kin lstioo money Willi Kold
behind It to redeem II; yoor troo tlnaiiHeer is lie
wleli kin make money wleli don't, want re
.lec.lii Allyooliev todo Willi tins money Is
to keep It Iiiovln. Yoo turnip this bill onto your
leather merchant, and he'll bump It along on
somebody else, and ez long ez you think It's a
dollar, why isn't it?"
He took it, tho tt seemed to me he wnzn't
convinst-
We ain't bothered with it at all, ez it ain't
never to be redeemed, except that when one bill
wears out, the holder kin come and git another
in its stead. We mite retire a worn-out bill,
but ez tbat wood contract the currency we don't
think it the best thing to do. We want a vol
ume uv currency afloat ekal to the demands uv
trade.
There wuz some trouble, for a great many
farmers didn't want to take It, and Bascom
kicked somewhat. Rut we had a remedy for
this. Thelabrin populashenheld a meetln.aud
in tbe sacred coz uv labcr agin capitle notified
the people that any one wbich refoozed to take
tbe money at par wood be to-wunst bung.
Under Ibis stimulus Bascom look It, but be 1m
mejitly advanced the price uv llkker to fifteen
cents, and a few hours arter to twenty-five.
We remonstrated with him about It, and he
answered us:
Ef there's going to be a era u v prosperity, I
am eolng to share in it. Yoo kin hev all the
llkker you want at five centB, old money.bulcf
I am compelled to take your fiat money ror
llkker, yoo can't dictate to me the prlcejl shel
ask, for that rests with me as a Tree citizen uv
these Yoonitld States. "
I am a just man. I acknowledged the
strength uv his poslsbun. All I did wuz to
walk over to the printin' oitis and order another
hunderd thousand dollars struck ofT, and put It
into cirkelashen to-wunst. Wat we want Is
money enuff.
The effeck on the Corners wuz instantaneous.
We never hed slch an era uv prosperity. Ez
every man hed all the money he wantid, work
wuz generally suspendld, and the people give
theirselves up wholly to enjoyment. Bascom
did a tremendous business, the storkeepers (all
except that cuss Joe Pollock and Joe Bigler,
who not only refoozed to take the money, but
refoozed to be hung) did a smashing business.
Men wich never hed a dollar in tber lives bed
tber pockets full, and theris nothtn' but the
most cheerful prospeck ahead of ns. When
money Kin be hed by printing it, wat is to pre
vent everybody hevin all they need? Notnin,
I shel print a lot more to-morrow.
PETROLEUM V. NASBY,
Reformer and Financier.
p. s There is one little speck uv trouble
about our fiat money. Thcr ain't no farmer
pultin In any wheat, for they say they don't
keer about sweatin for this kind uv money.
The bloatld employers at FactryvllleandPlaln
vllle have consented to advance the wagis uv
their employes ef they will take our money in
nav. but tbe mechanics swear tbey must be
paid In Nashnel Bank notes ef they work. Aud
tbe most or em decided they won't work at ail
in nne ot. t.liev kin Bit enuff flat money to live
on. It's all very well now, but ther ought to be
some work goln on. We must bave legislashen
compellln uv era.
Two Things the Ohio Election Showed
From the Detroit Free Press ( Deui. 1.
The Ohio election showed two things very
plainly. It showed first, that no amount of
heartiness in accepting the Ohio idea or Thur
man platform as the Democracy of that State
preferred to call it could bring the National
Greenback party into the Democratic fold,
though that party was quite ready to take the
Democracv into its fold. In other words, there
was no way of uniting the greenback senti
ment Bave by abandonment of the Democratic
organization and acceptance by the combina
tion of tbe most ultra doctrines of the "flat"
money teachers. Tbe election sbowed.secondly,
that tbe strength of tbe ' 'flat" money supporters
was vastly overrated. The argument used to
bring the Democracy to them and failing that
to secure a united support of I he same candidates
was that tbe "nat" idea was in an overwhelm
ing majority and constantly on tbe Increase. For
weeks before the election the number of tbe
"irredeemables" was fixed by their own organs
and by Democratic newspapers far np in tbe
thousands, in many instances being placed in
excess of tno.OOO. Indeed, the Cleveland Herald,
a leading Republican paper, placed tbe strength
of tbe "flatlsts" at 120,000. In view or these
boasts, the actual sbowlng is simply pitiable.
Annual Cost of the Rebellion.
From the Philadelphia Press.
Our Democratic friends bave much to say on
the expenditures or the government. The sub
ject is Interesting and always important. The
money spent Is collected rrom the people, and
tbey bave a right to know why It Is spent, and
how.
By consulting tbe record It will be round:
First Tbat since 1869 (the beginning or the
Grant administration) the total expenditures,
less redemption of public debt, bave fallen from
322,895,079 51 in 1869 to S258, 459, 797 33 In 1876.
Second Tbat tbe ordinary expenditures bave
fallen from 112,970,198 29 In 1869 to 8110,485,
334 69 in 1876.
Third That the per capita proportion of ordi
nary expenditures was 92 99 iu 1869, aud was
2 44 In 1876.
Fourth That the per capita proportion of ex
traordinary expenditures and those due to the
rebellion was 5 5S in 1869,"and 3 27 in 1876.
Fifth-rTbat the expenses dqe to tbe rebellion
were 199, 623.662 24 in 1869, and 140,919,679 23 in
1876, or nearly 812,000, ooo a month, and nearlv
$400,000 a day. '
iMvittlc, who gallier.wl uiero i,y minions, an.i i
who. lliauus to lli general .rliu-liles of tlie
prolecllve. system, preselite.1 to tovclilli-
ers a'l iiu.lisliiiulshalile mass, so that they
asked, "Where are. Hie people, the. artisans
the iwmiu, tho laborers'.' ' ' Tbis exhibit of
the developed resources of our couutry, of tho
skill and attainments or our people, of the In
flueuceof self-government upon the social habits
of a people, was the crowulng glory of the first
century of our h istory.
A FALLACY EXPOSED.
The theory he attempts to enforce Is false. It
Is tbat a duty imposed upon any article is, as I
have already said, not only added to the price
of that article wben imported, but adds itself to
every like articio produced in the country
of consumption. Now, if this proposition be
true, I, In common with most of my country
men, am like the client who cried in court be
cause he had not known how badly he bad been
Injured uutll he beard bis counsel slate the case,
ir this theory be correct, which I Ocny.our farm
ers have been robbing aud plundering me aud
all other dwellers iu cities and towns until it is
no wonder we are so poor and depressed. I bave
prepared a table showing the amount of wheat,
barley.oats, potatoes, corn and rye raised In the
country in 1877, tbe amount exported, and the
rates of duty on each, and the amount of tax
imposed on the country at large by the farmers,
if it be true that the import duty increases the
price not only upon the imported article hut
upon the product of the country. On wheat
alone they stole 60,591,212 80 from us. Kid you
know that? Upon barley, 85,162,080 60; on rye,
$1,987,300; on potatoes, 21, 820,552 50; on oats,
$40,214,587 20; and on corn,$126,689,948 20; mak
ing In all $256,465,681 35 enough to have paid
the duty on all tbe assafn?tida taken by farmers'
wives since the country was first settled, and
upon the annual consumption of all tbe articles
the chairman or the committee supposed Syd
ney Smith's farmer was going forth to pur
chase. GENERAL CONSIBERATIONS.
A tariff is not a matter of inspiration. It is
a tiling of slow growth and of adaptation to the
extent, resources, and development of a coun
try. Switzerland, with her few miles of terri
tory, her snow-capped mountains, aud her
lakes, enriched with no native resources in
the way of metals, may need free trade. But
It is not adapted to a yonng and sparsely-populated
country wbicb extends, as ours does,
from ocean to ocean, embraces all climates, Is
more richly endowed than any other country
with soil and climate for varied agricultural
productions, and is still more richly endowed
with'minerals, useful and precious, and whose
peopb, having been trained in tbe Industrial
centr-s of all countries, are in the enjoyment of
scboos of art and science such as the mag
nificcit one founded by the munificence of the
vendible man who does me the honor to listen
to m (Mr. Peter Cooper), which, with its
stores of literature, its models, its drawings,
its scent! tic apparatus, and other durational
applhnces. is open to the poorest child of either
sex if4he country.
Suci a country needs a protective tariff that
will eiable its people to employ whatever facul
ties ICaven has endowed tbem with; the feeble,
with taste for art to embellish our produc
tions tnd adorn our homes and public balls; tbe
vigorous and enterprising, toexplore our moun
tains and develop tbeir wealth; those with
matbimatical and mechanical gifts, to advance
the aits and Industries and carry them forward
with he advancing line of civilization into our
unpeopled wastes. The inhabitants of such a
counry develop tbeir faculties and aptitudes by
laborng to supply and gratify each other's
needsand desires; but to enable them todo tbis
the grVcrnment must secure to tbem at least
equal chances wltb the foreigners in tbeir own
marstts; and this can only be done by a tariff
ample for tbe purpose of protection. This Is all
that t Judicious tariff is. ft is all tbat the
manufacturers or this country ask, and had the
Committee of Ways and Means met them tbey
would bave indicated reductions of duties that
could be made with safety and extensions of tbe
free list wbicb might be made, and which wben
madeould justify a further reduction of duties
upon tie articles derived from such materials.
Tbey do not seek to injure their countrymen by
tbe establishment of protected monopolies.
I PLAUSIBLE FALLACY EXPOSED.
But time will not permit me to further exam
ine details. Let me, however, hastily consider
. 1- .1 .... t -i .... nr 1Ua MiainnDn rf iha
SOIn6 01 lUO uuuiuca 'i iuw .i ......... .uv
commltl' He assumed throughout bis speech,
and so did the gentleman from Virginia, that
duties themselves to the price not only of
Imported articles, but ounce articles produced
in this country. Let me ask tbem, do competi
tion in 00 market anu increase ot supply in-
. , .... .1... ..io.ui ..." -.. ..... wnnllitTl
creaseP1 iu5uiDji..w.nw. wwu, w..tu,
worsted M"1 silk goods, of locomotives, iron or
steel rails, machine tools, agricultural imple
ments, mechanical toys, or any of the thousand
other articles we now produce, as high as they
were node' tbe free-trade tariff of 1837, or at any
timePfl0 tue increase Ul me raiea oi uuty iu
1861? I?o 6lr ' a" kiDrls f American goods can
ho hnoeht cheaper under the higher duties of to-
daytnaiittiey could under trie lowest rates ever
fixed by o". I. i 3, ,uu H la una veij. liiau-
nf,ss0f theory to assert, as the gentlemen have
rinna. tbat duties which stimulate production
and dd w 108 worla'8 supply enhance prices.
piso sueli ierHoiis us menu nwl coiiliii.uuie lei- I
lows.
A SOITNO CURRENCY.
What was it that made you regret the dlsap
pearanceof coin money and the substitution of ir
redeemable paper currency for 11? Simply tbe in
stinctive feeling that when you badagold dollar
in your pocket you knew what you had. But
when you had an irredeemable paper dollar yon
didn't. And that apprehension has been justi
fied by subsequent events. You may tell me
that for ten years after tbe first heavy emissions
of the paper legal-tender In 1868 you prospered.
Tbat is true; at least it looked so. But in 1873
the fearful day arrived wben the balance-
sheet was struck, and where were yon then?
AU of a sudden tbe balloon burst, and we came
to tbe ground so heavily that our bones are still
aching. Aud I repeat that this collapse was not
brought about by a contraction or the paper
currency. I have sufficiently sbown, by prov
ing with official figures, that for five years pre
ceding the crash the currency bad not been con
traded but steadily expanded, nnlil In 1873
there were over fifty-six millions more of it ont
than In 1869, and nearly thirty millions more
than in 1868.
FIAT MONEY.
We are gravely told by fiat money men that
this is a great country; it has some forty or
fifty billion dollars of property in it, and the
government of this great country puts its stamp
upon a piece of paper and thus makes it money;
then that money is based upon tbe wbole wealth
of tbe country. This sounds magnificently,
but presently, when we have made that fiat
money plenty, we shall find tbat it depreciates,
and will depreciate more and more the greater
thequantity we Issue, just as the greenbacks did.
Nothing is more ridiculous tban to bear these fiat
money doctors pretend to have made a great
original discovery and to parade it before ns as
the most progressive idea of the age. Why, It
is a story a thousand years old. Tbey had such
money in China In the ninth century or this era.
Tbey had it in Persia towards tbe close or the
thirteenth century. They bad it in the Ameri
can colonies in the seventeenth century In
tbe shape of bead and clam-shell cur
rency. They had It In France at tbe
beginning of the eighteenth century, under
the management of the great progressive Scotch
financier, John Law; and they had It in France
during the great revolution in the shape of the
assignats. Tbey had it it. tbis country again
during the war of independenofl In the shape of
tbe Continental money. Always, in all essen
tial features, virtually the same a paper money
based in some indefinite way npon an indefinite
something. In some cases with the promise of
resumption of real money; in some cases with
out it; in some cases issned under the stress of
circumstances; in some cases lor financial spec
ulation. BANKS AND BANKING.
The third thing wbich I pointed out as neces
sary to lay tbe foundation for sound business
and prosperity is a well regulated and safe
banking system as a depository for business
rnia nnri sl mupJiiiutv liMT- bnsineiiR --ennoroq
T
Tho Amer"aasapaaaaaswTC7
tbis respect gone through a lively variety of ex
periences from the wild-cat State banks 'which
existed before the war to the national banking
system of to-day. What qualities must a bank
possess so tbat yon may call it a good one? If
it be a bank of issue its notes must be well se
cured, and surrounded with such guarantees of
convertibility tbat they may pass throughout
the land without discount and without danger
of loss to anybody. Second, its deposits must
be well secured by reserves so as to be reasona
bly safe. Third, its discounts and loan business
must be conducted without extortion, so as to
afford reasonable accommodation to tbe busi
ness community.
Now compare the State bank system, as it ex
isted before the war, with our national banking
system as it exists now, and what do yon find?
Under tbe State bank system we have partial
and general suspensions and break-downs of
banks In 1809, 1814, 1819, 1825, 1834, 1837, 1839,
1841 and 1857 resulting in aggregate losses of
hundreds of millions of billholders and de
positors, and tbe most disastrous confusion in
tbe business of the country. Our national
banking system has now been in existence for
about fifteen years. It has passed through a
financial crisis, reaching further and more dis
tressing, perhaps, tban any tbat ever swept
over this land. And what has been the result?
Not a single bolder of a national bank note has
lost a cent; and the wbole loss suffered by de
positors In national banks during the wbole
period of tbeir existence, including these five
terrible years of collapse and distrust, amounted
to about six million dollars, a loss less than
tbat suffered by depositors in State and savings
banks tbis year alone. These are facts which
cannot be disputed. These banks have stood
successfully a trial wbich no banking system
in this country ever stood before. And now we
are told that the natioual banking system Is
unpopular, and must be abolished.
Our national bank currency possesses a qual
ity very important to the business of tbe coun
try, which tbe government paper currency does
not possess. It is the quality or chastity. Have
you not all been demanding a currency elastic
In volume? Well, tbe bank currency is. The
government paper currency is not. The volume
of bank currency, under a well-regulated sys
tem, Is determined by the requirements of the
business of the country. When more is needed
lull cumd only bay, "1 li
tbe question; 1 nave not eiami -cuamptoneu.
itlcs as to the ruling of the Chair", - examine
prepared to say what my jaiigmeiAe authur
icsard to that rulina. " See llecK.l am not
.. , db-.ft);
verutiuiy grave position "
tbe "champion" of a bill '
. .... . Unte1
tub jjemocranc Lieu ? ' nim
the bill out of order, and the U-oate Wbi 1
lowed Is said to have be Jen tb ext,aaHUJim
discussion or a parllarlientir "fony-nich
has occurred in the Sena iamy years at
least Tbe two speeches In favor of consider
ing the bill and against the rnling of the Chair,
made by Senator Stone, are models of clear and
vigorous argument and exhaustive research.
Senator Fertig took no part In the debate, but
contented himself with signing tbe appeal after
the Senate bad adjourned. In tbe House ail tbe
four members from Senator DiU'sdistrict voted
against the Free Pipe bill. Had tbe "Cham
pion" no influence with them? Will some one
point ns out in tbis record the evidence of cham
pionship or even zealous support by either
Democratic Senators?
In this connection It might be instructive to
recall the course of Senator Dill on the Free
Pipe bill or 1875. as given in tbe Philadelphia
Press of September 24, 1878, as follows:
"On the 23d of February, 1875, Senate bill 66,
known as the Free Pipe bill, came np on
second reading in the Senate. On a dilatory
motion committing the bill to the Finance
Committee of tbe Senate, Senator Andrew H.
Dill voted in the affirmative, and tbe bill was
so committed. On the 3d of March the bill was
reported from Finance Committee, and on the
following day, March 4, it was defeated, tbe
record showing that Senator Andrew H. Dill
dodged."
It wonld also be satisfactory to many to know
with certainty whe'e John Fertig stood on that
question in 1875. Did he sign the remonstrance
against the bill? Let him answer and, not get
one to answer for him.
The Anti-discrimination bill passed tbe Senate
without a word of debate. How, then, was it
championed by Mr. Dill with great power?"
It was drawn np by the attorney of tbe Pro
ducers' Union, printed by them, and the copy
introduced by Senator Fertig was tbe printed
copy furnished him by them. When It finally
passed the Senate, It was called np by Stone,
and on his motion passed. Senate Journal,
page 518. Why, then, claim tbat Mr. Fertig
"drew up" and "In fact passed it through tbe
Senate. ' '
Senator Fertig simply read in place the
printed bill which had been prepared and hand
ed him. It was sent to tbe committee of which
Senator Stone was chairman; was by him re
ported; by blm called np on first reading, and
by him managed on final passage, and through
out its course in the Senate. On its final pass
age the vote in the Senate stood: Republicans
Ayes, 26; nays. none. Democrats Ayes, 10;
nays, 1. In tbe House tbe final vote stood: Re
publicans Ayes, 48; nays, 3U Democrats.
Ayes, 17; nays, 32.
How much candor and trnth is therein the
ouse killed It, for doing
e held
responsible," whet the. wg majority of the
Republicans voted for the bill and the Demo
crats voted against it nearly two to one?
But the Democratic record is even worse tban
this. When Governor Hartranft found that tbe
Anti-discrimination bill was defeated be sent to
both Houses during the last days of the session
a message recommending the passage of a reso
lutlon to authorize the appointment of a com
mission to investigate this subject. Tbe sub
stance of bis recommendation is embraced In
tbe following ex tract from bis message:
"As the legislation proposed railed to meet tbe
views or tbe differert parties or reconcile the
different interests concerned, I wonld suggest to
your honorable bodies the propriety of author
izing a commission during the legislative In
terim to give Die subject a thorough examina
tion, collect statistics and prepare legislation
acceptable to all classes and jnst to all inter
ests. "
When the oil men became satisfied that the
proposed commission would be constituted of
fair, discreet and honest men, and especially
wben it became an open secret tbat B. B. Camp
bell, W. S. McMullen and J. D. Potts would be
the men appointed, tbey beartily seconded tbe
Governor's suggestion. Senator Stone promptly
Introduced a resolution to carry ont the sugges
tions and giving the proposed commission power
to summon and examine witnesses nnder oath.
The resolution passed the Senate by tbe fol
lowing vote, viz. : Republicans, ayes, 24; nays,
1. Democrats, ayes. 2: nays. 6. Neither
Senator Dill nor Fertig were present to vole on
this important measure. In tbe House tbe vote
stood: Republicans, ayes, 84; nays, 17. Demo
crats, ayes, 1; nays, 62. Tbe resolution was
afterwards reconsidered and postponed, with
out a call of tbe yeas and nays. Had the reso
lution passea, it is easy to see mat tne commis
sioners named, with tbe powers specified, wonld
bave laid out some very Interesting work for
tbe railroad omciais ana tue standard uii lom
panv. For its defeat the Democratic party is
alone responsi ble.
TO tne eniorcement oy proper legislation oi
tbe provisions of the Constitution prohibiting
discrimination in freight, rebates and draw
backs, General Hoyt stands full and pnbltely
pledged by his Lehigh county speech. His col
league on the ticket. Senator stone, from the
time of bis first speech In favor of a Free Pipe
bill In the Honseor rtepreseniauves, in isii, to
this date, has- been an nnwavering, bold, able
and Indefatigable advocate of tbe principles and
interests of tbe oil-producers.
wny snouia
not give (hese men our votes?
J. T.