attended, like the pebble and the plant, with its own shadow-a shadow which casts itself forebodingly into the future. [Loud applause.]

How has it been with the Republican Party, my friends? What has marked its pathway? Examine it during its various periods. Examine it when it sprang into existence, as the child from the lap of Liberty; then during its maturity, when it stood before the nations as the advocate and dispenser of human freedom and of justice. Mark how it sustained the good name and credit of the Government during the severest ordeal to which a nation was ever subjected. Follow its course, and you will find that it has fulfilled every promise, and measured up to every obligation. All along the pathway of this remarkable organization we find, where thistles once grew, flowers and roses now blossom. As compared with the parties of the past, it will go down to history as the party of patriots who loved their native land, and having saved it by bravery from destruction, exhibited their wisdom and sagacity in those essentials of statesmanship which go hand in hand with patriotism. [Great applause.]

All human beings are liable to error, and it would be strange indeed if the Republican Party had been free of error and mistakes. But it can point proudly to the fact of having been quick to perceive its mistakes, and no less quick to mend them. Now, when a party has proven itself faithful to the integrity of the nation, faithful to its flag, faithful to its glory, and faithful to the spirit of our free institutions, let me ask you what wisdom there is in putting it aside for the purpose of making a dangerous experiment with an untried party, or with a party that, having once been tried, has proven itself worse than a failure? Why is it, I ask, that our people contemplate the perpetration of so great a folly? It must certainly arise from a spirit of change and unrest, dangerous to the last degree. Believe me, fellow-citizens, it is better to adopt the maxim, "Let well enough alone," and it is better to trust those who are tried than those who pretend. I am no alarmist, my friends, but I fully believe that our Nation is now undergoing a test which must decide whether it will be permanent enough. is committed this great question; and believe me, my friends, when I say that you can do no better than trust our young Republic to the party which has proven itself a kind mother, a brave defender, and the wisest of all counsellors. [The speaker retired amid long-continued cheers.].

To you

THE DIFFERENCE BETWEEN REAL AND REPRESENTATIVE MONEY

AND FIAT MONEY "- -A PERTINENT STORY.

In another great speech at Van Wert, O., September 2, 1879, devoted almost wholly to Finance, General Logan also said:

The Democrats, and Greenbackers, say that the Republican Party does not understand the nature of our Greenback currency, and they propose to take charge of it themselves, and see that the people are posted. When the Greenbacks were first issued, some people said they were worthless rags, etc. Now, however, they so love them that they are determined to have them strewn out of the window of the Treasury with a pitchfork, so that anyone can have as many as he wants; and, strange to say, whenever we speak of the opposition to Greenbacks in former days, and the affection for them now, the Democracy think we are shooting at them. [Laughter.] Their conduct in this particular reminds me of a friend who refused to attend church for many years, because, he said, the minister preached politics. One Sabbath, however, he was prevailed on to go with a lady relative. During the sermon the minister quoted the language, "The wicked shall be turned into hell, with all the nations that forget God." This gentleman left the church at once. When the lady relative returned to his house, she inquired why he left church. He said he would not listen to a political sermon. The lady replied, "I did not hear any politics." He replied, "Did he not say 'The wicked shall be turned into hell, with all the Nations that forget God'?" The lady replied, "Yes, but what of that?" "Why," said he, "if he did not mean the Democratic Party, who the devil did he mean?" [Prolonged laughter.] Now I do not want my Democratic and Greenback friends to get themselves so mixed that they will not understand who is meant. [Laughter.] But, my friends, the Greenback proposed to-day by our opponents—the fiat currency, without the promise of the Government to pay, -is not the Greenback of the Republican Party. The Greenback of the Republican Party is the one that contains the pledge and good faith of the Government as to the volume to be issued; it is the one that contains a promise to pay; the one that the Supreme Court says is an obligation of the Government to pay in coin of the United States of a quantity and fineness authenticated by the stamp of the Government. This is our Greenback, and we have kept every pledge of the Government in connection with it. My countrymen, the Republican Greenback came

forth amid storm and confusion, with a promise upon its face, and the hope and faith of the Nation bearing it along to the performance of a great work, and, in obedience to our legislation, on the first day of January last, it walked to the foot of the hill, and there, standing in the presence of the gold and silver which glistened upon its summit, did say, "I am here in accordance with the promise of the Republican Party, that I shall be made equal in value with coin of a metallic ring, and I demand that it be done”—and it has been done. [Great applause.]

Now, my friends, let us glance for a moment at the basis upon which rests the whole theory of what is called the Greenback creed; improperly so called, however, as the Greenback belongs to the Republican Party, by patent right, and the use of its name in designation of a spurious article is as unwarranted as it is dishonest. But the basis of the Green

back creed, that which underlies the main structure, as well as its various wings and additions, and this, too, whether promulgated in the platforms of the National Party, or the Democratic Party, or in their campaign documents, or by their speakers on the stump,-is the simple assertion that a government has the power to create money. Now you will observe that there is a broad distinction between the creation of actual, or real, money, and the creation of representative money. Governments can create representative money, and every civilized government of the world probably does so at this day. But mark the difference between real money, and representative money. Real money, is something which has an exchangeable value among all commercial nations, and long usage has constituted the precious metals the materials of which it shall be made. Representative money, is something which represents real money.

Gold and silver are the metals which, by universal consent, are used as the standards of value. And being so recognized, they have an inherent worth-that is, the value lies within the thing itself. Now paper, not being the standard of value, has no inherent worth, no matter what devices may be printed or engraved upon it. And when governments issue notes, for convenience of handling and safety against loss by robbery, etc., they can only have a value in so far as they represent the recognized standard of value. Take that standard from behind them, and they are only bits of paper. Hence you see it is impossible to create money out of nothing. A man may give you his note of hand, promising to pay a certain sum by a certain date, but his note is valuable to you only as it represents an ability and disposition to pay that which is recognized as money by your neighbors and will be taken by them in exchange for articles which you need. But the Greenback

theory proposes to take away the representative character of the bill or note entirely, and declare that a certain piece of paper is a dollar de facto. They declare that the fiat of the Government is potent to give inherent value to a thing which the world around us has said possesses none. Of all the schemes for an inflated currency which have ever been originated by the nations of the past and present generations, this has the least merit and safety under it. Even the South-Sea bubble, which involved such wide-spread ruin, as well as the assignat heresy of afteryears, had each a representative value to commend them to the people. But our friends of the irredeemable-Greenback persuasion have such faith in the power of the Government to do anything it chooses, that they believe if it puts a declaration upon a piece of blank paper like this, for a thousand dollars, it must be so. Divinity itself could scarcely go further.

My friends, I could make this thing so perfectly ridiculous, if I desired to take your time, that it would be very laughable; but I will not.

I will, however, say right here, that if we all desire to be honest, one with another, the way to be honest is to demand honesty of the Government. Let your Government be honest, and let your citizens be honest. Learn to adopt the same rule. Then if you want to be honest, have honest money, and you will have honest dealings. Let your money have a fixed value, whether gold, silver, or paper; let it all be of the same value, having the same purchasing power, and then nobody will be cheated. Whenever you make money not redeemable in coin, or whenever you make it of any character not having a standard purchasing power, you cheat somebody. Any person who holds such a dollar, when the time comes to make a change,-to make its value equal with others of higher value,—is defrauded, because the holder has something which is then worth less in money, or which has not the full value of a dollar, so that somebody must be cheated.

It reminds me a good deal of an old farmer, who had studied finance for years. When this Greenback question came up in Congress, he wrote to his representative in Congress, stating that he had been a Democrat, and a Whig, and everything, and had studied all the systems. of finance. Said he, "I have been a hard-money Democrat,"—just like all those Democrats have been,-" then I got to be a soft-money Democrat," just like most of our Democrats have got to be; "but," said he, "after trying that a while, to write you the plain, honest truth, I have come to the conclusion that the only way to have a dollar is to have a hundred cents in it, and then nobody is cheated." [Laughter.] And that is the only way. Three pecks of wheat never made a bushel, in the world, and the man that buys three pecks for a bushel is cheated

always. So it is with your money. Eighty cents never was a dollar; eighty-five cents never was a dollar; and ninety cents never was. takes one hundred cents to make a dollar, in either paper-currency, silver, or gold.

It

A COINCIDENCE-GENERAL LOGAN AGAIN ELECTED TO THE U. S. GREAT REJOICINGS OVER IT, EVERYWHERE

SENATE

HIS WELCOME TO CARBONDALE-GRAND WELCOME BACK TO WASHINGTON-SENATOR LOGAN'S GREAT SPEECH AT THE NATIONAL CAPITAL--HIS FIRST ACT, ON RETURNING TO THE SENATE, IS IN BEHALF OF THE OLD SOLDIERS.

It is rather a curious coincidence, that, within the same twenty-four hours, General Logan was renominated by the Republican caucus for United States Senator of Illinois, and the Arrearages of Pensions Bill got through both Houses of Congress. A Chicago paper of January 16, 1879, thus alludes to the latter event.

The bill for the payment of arrearages of pensions passed the Senate yesterday, and thus, unless disapproved by the President, which is very improbable, becomes a law. The passage of the bill will bring joy to the hearts of the thousands of pensioners, widows of soldiers, and their children, throughout the country. It is a measure that General Logan has labored for years to have enacted, both in the House and Senate, and its final passage is largely owing to the good work he did for it in its incipiency.

General Logan was re-elected to the United States Senate, January 22, 1879. While the Senatorial contest was pending, and looking doubtful, Republican papers from one end of the land to the other, representing the interest their supporters felt in the issue of the struggle, spoke highly of his services in that body, and expressed a hope that he would be reelected. The Albia, Ia., Union, January 2, 1879, said: "The whole country is taking a lively interest in the selection of the next U. S. Senator from Illinois; and well it may, for it is a matter which concerns the whole country." Said the