lVv*/'""^c^cv .Ccv(<: mm ^ Iff 'P:^^' ^f> -JK'«f ' cc> ^eJ^ fLlBRARY OF CONGRESS.? t ^ i I ^^^^/ nsi-^- I i^ . I UNITED STATES OP AMERICA. J .<: CO ^ ' C CC ^ re tCCC C. «l^? . Greece ■ • c f c vCC CoCCCCC^. C «ieC C C C<.C(«C <^ <_^ ^«.5: ■•« ^-c. <■/ ^s^' <^'SiS<^cC'v c. «::<*. <:^<-, ■ <-^'^'. *^f^ c ^ * x C C '^-c ^cc 4. ^ 'C «S3r C C(C«:c «^ c c. cc CC.cC^ .:<.•< <: r ' «.<'*■«.-' <: f ' ■ : «- K- , c ' ■ ct- «.. • ■ «<- ,"-- . < C< ^'■' C'C^'.C Tij- •*• <- 't>-*^ ct. < c ^c c cc \ > C_ lessed us this year with abundant crops, and we are, step by step, lessening the public debt. Add to this industry and economy, public and private, and our safety is insured. Our opponents have made themselves hoarse with the cry that the Government bonds were not taxed. It was the judgment of the fathers of the Republic, especially of that wise and able first minister of finance, Alexander Hamilton, that it was against public policy to allow States and Municipalities to tax National bonds. Are we wiser than they? By their terras, however, the bonds may be liquidated after a given period. This enables the lawmaking power so to adjust the interest on new bonds that the reduction will itself be equivalent to a tax. And can there be a more effectual tax than a reduction of the rate of interest? It is a complete methcd. It reaches every dollar, at home and abroad. None are ingenious enough to escape it. The Republican Congress says this shall be done. The Demo- cratic party, by their representatives, and by the President, says it shall not. But we can wait. The rising of the sun is not more certain than is the ultimate reduction of the interest on the public debt and the consequent large saving to the people. The Democratic party has mourned long over the idea that the bondholder is a bloated personage. If true it would be bad enough for the bondholder, for any sort of morbid inflation is bad. And between the bondholder and the plowholdcr there is, as they would have us believe, a great gulf. Now I happen to know some plowholders who are themselves bondholders, and, if I mistake not, the American farmer is as well able to hold bonds and to protect his rights as is any of these 10 gentlemen who seek to be their champions. And it is especially noticeable that the great majorities rolled up by the Republican party are obtained among the plowholders themselves, as the Democrats are fond of calling the farmer. Aside from the fact that a large share of the bonds are in the hands of the industrial part of our population, no portion of the American people is so much interested in maintaining the integrity of the contract be- tween the Government and the bondholder as the tillers of the soil and the laboring classes. The mechanic, too, in this coun- try, generally owns his house. To save himself from loss by fire, a loss he could ill afford, he usually insures it. The insurance company in turn must invest its capital, and its surplus earnings in some good security. The public stocks offer the most con- venient, and, until recently, have been held to be the safest, in- vestment. The fire companies insuring in this State alone have invested not less than twenty five millions of dollars in United States securities; perhaps a million more has been invested in U. S. stocks by companies that insure against railroad and other casualties. And we find that including fire, life, and marine insurance, the whole sum that would be affected by the repudiation of Government contracts would be about five billions of dollars. The security, in part, for this vast aggre- gate, in which every household is interested, is fifty-five mil- lion dollars in Government bonds. Then, there is life insurance. To whom is this form of in- surance so great a boon as to the mechanic and laboring man, whose daily wages are absorbed in rearing a family. More than four hundred thousand life policies are in force in our State, rep- resenting upwards of a billion dollars in risks, and nearly twenty- five millions of their assets are invested in U. S, bonds. "When, therefore, you strike down the Government credit you inflict a cruel wrong upon hundreds of thousands of women and children. There are in our State one hundred and one Savings Banks. Of these, eighty -eight have investments in II. S. bonds, and three others hold bonds as collateral for loans. The remaining companies are mostly the smaller or newer ones. The par value of the U. S. bonds held by these eighty-eight Savings Eanks, on the first of July last, was about fifty-five millions dollars, and the amount held as collateral nearly four millions more, mak- 11 ing fifty-nine millions dollars. The deposits thus in part se- cured were placed there by no less than five hundred and twenty- six thousand depositors. Of the vast sum above given, there is owned by the Savings Banks of this cit}' and Brooklyn not less than foity-seven million "dollars, belonging to over four hundred thousand depositors, or something less than $120 apiece. Surely, these are not bloated bondholders nor bloated deposi- tors. Shall we encourage economy and thrift, by protecting the Government security, and thereby making secure the savings bank depositor, or shall disaster, in the shape of Mr. Pendle- ton's scheme of inflation, incorporated into the Democratic platform, be allowed to overtake individuals, not only, but savings banks, insurance companies and all surplus savings of the economical and thrifty. For you can in no M'ay trifle with the public credit without wronging the industrious and frugal, without increasing the cost of every loaf of bread, every pound of meat, every cup of tea. It has been frequently stated that if the Democratic Convention had adopted a sound financial platform, and had nominated the Chief Justice of the United States for President, and General Hancock for Yice-President, its chance of success would have l)een equal to that of the Republicans. 1 do not so believe ; the real difficulty lies much deeper than this. The Democratic party is not only to be defeated as it was in 1804, but utterly routed in the coming election, because of its lack of patriotism during the civil war, and for the known sympathy of 60 many of its leaders with the aiders and abettors of treason. The blunder of the Democrats, made at the commencement of hostilities, has continued to this hour. What little support they gave to the Government, save in some exceptional cases, was given grudgingly and with reluctance ; they did not want the country to be entirely destroyed, for then there would have been notiiing for their iidicritance, but judging them b}^ their actions, it would seem that they wished it might be almost ruined, that they might have the credit of saving and rebuilding it. Chief Justice Chase, therefore, if he had been the nominee of the Xew York Convention, though eminently fitted to dis- charge the duties of that most responsible office, would have been dragged down by an unpatriotic party, and would have shar ed its fate. 12 In the secret conclaves of the July Convention, it was admit- ted that the Democratic party unaided could not elect their nominee, hence it became a matter for grave delibera- tion, whether they should so arrange the platform and the nomination as to draw from the Eepublicans, or take the Rebels into partnership. They decided to take the Ivebels. Mr. Chase's nomination would have indicated the op- posite policy. The State of Kentucky was the first to vote. Being greatly pleased, its Democratic majority was largely in- creased. Why? Because her people saw that the Democratic party had decided to join hands with the rebels, and its success would place them in power again. The election in Vermont -was the first response of the North to the New York arrange- ment. It was followed by Maine, and will, in my judgment, be followed in a similar way by every State that voted for the re- election -of Mr. Lincoln in ISG-i, except the State of Maryland. I believe I appreciate the desire of the entire community to learn all they can concerning the future President. I have no more authority to speak for General Grant than any of you, but I have been favored with opportunities of observing him more frequently than some of you, and there- fore, trust I may venture to say that in Genl. Grant t|j,«e country will have a calm, thoughtful, faithful, and able statesman, who will firmly and energetically discharge the duties of the Presi- ^ dential office, in strict justice and impartiality to all the people I in every State, and on every foot of American territory. When ^^ 'he enters upon his duties, no whisper of disunion will, be heard/ North, South, East or West ; his administration will bW-as strongp and popular at the South as at the North, and will be respecte^ and honored everywhere for its moderation, its justice, and i| wisdom. jv* .''Mm' ■■■" C^J"^" S^'^^ ' (C C/< CC ^^ c /CC/ « >« l;C-C> «..-><^ C! C<::- ^ .<. .CCTi; r^c CC ^ c^<_c^<^m cvc?:cc ^^% '^ «- ^ ^ ^s:>c*^ C'^'-C cC<^ vccc. C ^«4- ::