"Let us first take up these financial questions, and in charity and kindness, and with due deference to opposing opinions, endeavor to get at the right, if we can.
"The great body of all parties are interested in and desirous of promoting the public good. If they could only hear both sides fairly stated, there would be less heat and bitterness in political contests, and more independent voting."
I then proceeded with a full discussion of the financial questions, referring especially to the speeches made by General Ewing, with whose opinions I was conversant. I closed with a brief discussion of the southern question, and especially the nullification of the election laws in the southern states. This speech was the best of many made by me in different parts of the state. I was engaged in the canvass in Ohio for two weeks afterward, during which I visited my home at Mansfield.
In traversing the state I was surprised at the remarkable change in the condition of business and the feelings of the people, and at the evidences of prosperity not only in the workshops but on the farms. It was jokingly said that the revival of industries and peace and happiness was a shrewd political trick of the Republicans to carry the state. As I rode through the country I saw for miles and miles luxuriant crops of thousands of acres of wheat, corn, oats and barley. It was said that this was merely a part of the campaign strategy of the Republicans, that really the people were very poor and miserable and on the verge of starvation. This was the burden of the speeches of General Ewing, who attributed the miseries of the people to my "wicked financial policy," and said that I was given over to the clutches of the money power and stripped and robbed the people of Ohio for the benefit of the "bloated bondholders."
While General Ewing was fighting in the shadows of the past, caused by the panic of 1873, a revolution had taken place, and he who entered into the canvass with the hope that the cry of distress would aid him in his ambition to be governor, must have been greatly discouraged by the evidences of prosperity all around him. I found in my home at Mansfield that business was prosperous, the workshops were in full blast, and smoke was issuing from the chimney of every establishment in the place.
My coming to Ohio naturally excited a good deal of comment and of opposition from Democratic speakers and papers. I was charged with nepotism in appointing my relatives to office, but upon examination it was found that I had appointed none, though several, mostly remote, were holding office under appointments of General Grant. On the 25th of August I left Mansfield for Columbus and Cincinnati, and on the train met Charles Foster and others on their way to Mount Vernon. On their arrival they were met by flags and music, and in response to the calls I made a brief speech.
On the 27th of August I made my usual annual visit to Cincinnati and the Chamber of Commerce of that city. That body is composed in almost equal numbers of members of the two great parties, and therefore, in addressing it, I carefully refrain from discussing political topics. At that time there was a good deal of discussion of the order made by me on the 13th of August, addressed to the treasurer of the United States, directing him not to withdraw from bank depositaries the money deposited for the payment of called bonds, until it was required for that purpose. At the date of that order over $70,000,000 of called bonds were still outstanding, but only $52,000,000 remained on deposit with national bank depositaries to pay them, thus showing that $18,000,000 United States notes had been withdrawn from the depositaries into the treasury in advance of their need for such payment. These sums were fully secured by the deposit with the government of bonds to the amount of such deposits and a further sum of bonds to the amount of five per cent. of the deposit.
I felt that the withdrawal of this great sum in advance of the presentation of the called bonds would necessarily create an injurious contraction of the currency. To meet this condition of affairs, upon the advice of the treasurer at Washington and the assistant treasurer at New York, and the pressing complaints of business men not interested in depositary banks, I issued this order:
"Treasury Department, August 13, 1879.
"Hon. James Gilfillan, Treasurer United States.
"Sir:—With a view to closing as soon as practicable the accounts of the department with depositary banks on loan account, without unnecessary disturbance of the money market or the withdrawal of legal tenders from current business, you will please receive from such depositaries in payment called bonds to be credited when passed through the loan division. You will require from such depositaries sufficient money in addition to the called bonds, to insure the withdrawal of all deposits on loan account on or before the 1st of October next. The letter of the department of March 26 is modified accordingly.