RESUMPTION OF SPECIE PAYMENTS. 467 



resolves are mainly a summary of the teachings of Gov. 

 Tilden, to be found in his luminous messages to the New 

 York Legislature, wherein he speaks in no ambiguous 

 language. Governor Tilden was originally opposed to the 

 issue of irredeemable notes, and counseled Secretary Chase 

 against the expedient, which he averred would greatly en- 

 hance the cost of the war, and lead to the ernbarassments 

 and disasters we have since experienced. When they were 

 once issued he insisted that they should be held redeemable 

 at all times in the interest-bearing obligations of the gov- 

 ernment, which Mr. Spaulding, the author of the Legal 

 Tender Act, tells us was the original intention of its 

 framers. At the close of the war, one of his grounds of 

 quarrel with the party in power was, that it did not at 

 once engage actively and efficiently in preparations for their 

 redemption. ' ' 



The above letter was endorsed by the National Dem- 

 ocratic Committee and printed ;and circulated as a Demo- 

 cratic campaign document in the Tilden campaign of 1876. 



In 1880 they declared for: 



" Honest money. * * * consisting of gold and 

 silver, and paper convertible into coin on demand. n 



It is useless to pursue this subject further. To the 

 unprejudiced mind it must appear that both of the exist- 

 ing political parties are responsible for the present sad 

 condition of the American laborer. 



"To secure resumption of specie payments by the 

 shrinkage of values has bankrupted two hundred thousand 

 of the most enterprising business firms in this country. 

 It has caused wide-spread stagnation of business and finan- 

 cial distress. It has caused forced sales of merchandise, 

 of household goods and farming stocks, far below the cost 

 of production and has caused, besides, various sacrifices of 

 landed property. It has caused a general suspension 



