The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1865-10-27
THE WISCONSIN CURRENCY BILL.
Speech of Hon, George Reed, delivered
in the Senate Of Wisconsin, March
20. 1855.
From the Milwaukee News.

|
attention of the people to the sort Of legis-
laticn which has been Infected upon them
by the speculatirg politicians of the state
capital.
10 accordance with this law, and other
legislation Of similar kind, the state au-
thorities have seized upon all the charita-
bic funds of the State and paid them over
at the rate of dollar for dollar mostly for
the redemption Of state war bonds IN the
hands Of bankers which were not yet due,
and for which the bankers paid but seventy
cents on the dollar. This has been done
upon the false preteuce Of protecting the
people from the deprecated currency Of
the state banks, while the fact is that the
banks were good for every dollar OF their
notes IN circulation. The result. is, that
the bankers have been enabled TO realize
upon their bonds at par, and the state
treasury is depleted TO the extent Of half
q million or more, 70: which the people
have never received any consideration, and
for which they never will receive any con
siderati0n.
l: has been the habit Of the Madison
junto TO force legislation 81 tbs character
iupon the state continuously and with i'm
punity, aud unless rebulol b. the people
u
AZ 'ne Coming e'eN''o"' ''-S,' 81 80 once
dictatIon and corruption IN tut1re wlLi lie
bounded only bT their degrading ambition
and fla dqDtb Of their Docl,ets,
s.,o.o. r,r.,, ,,.,,. i..r,5,,od . IL,
..I..,,. 1880
W 'a'''l'''-' '''' ''>''' - ,','' u S''''0 'u'
rency and provide Tor taking Up certain
state bonds" and novel TO suspend I'll
rn}as ;nt4rcarirg with is inmedia,e
,:7 -.;. C.,-. D
t'''>s"70' VI' 'A''0' '''0'''" N0""'0' '''-D
si'id
Mn. PHEsIDr&T Il hope and trust the
motion viii hot prevail. Tie til! is in
troGuced tonight, read at the cler&' 3 desk,
and Ieieyfed to Tie committee on finance;
this was night proper AM satisfactory TO
me. i supposed, then, that tie bill Voc
- permitted 10 take the ordinary Courae,
be p,lnlad and placed upon our files, and
having the honor OF being On dat commit
tee, was congr&tuIa.lu- myself on hay,ng
5 ga opportunity Of becoming acQuain'eI
, with the provisions o.! the bill and the
designs and purposes Of the authors, when
| waa surprised, 0aF, aatonishel to hear
tho honorable chairman Of that committee
ask TO have tbs bill Withdrawn from theil
: Consideration. "a senators vera veil PIE
!, pared 10 yota upon it now: Re further
: tells rs taat aen2toFs arc fully Informed
upon The subject Of tie provisions q thl&
oil, and ere wei prepared to vote for /:
: passage no." lbs oil has bean before
tbs s90ate Ter " te" minutes only, jus
: long enough to Dc read by The cierA an(
: me'sasad ScFoSs me chamber 10 me gen
p .t'nah "ho ASKED - ave II "'tHafa"
rom bis co'nml'@e. HON, "hen' anl
i where would asa, dld senator's Obtain
1 Their knowledge OF THIS proposed meaSu"
p to sustain the credit OF Che state and re
!leVo the people from their financial EN-
- baTr"Ssments growing out OF our deprecl
ated currency:
lh9 senator who introduced this biI
S and has made The motion row before t.
9 senate, tells US that It was dFa"n mos
4 c@rg"tLy dT0a0n, by the attorney general
: thatlt has been approved by ELL tire sta!
officers and some ct the best tnancIoTs O
. the state who had been consulted on TIL
!, subject, and that the measure is demande
y by the people who hold the Deprecated
d currency OF our stale banks. lie tells L
! further that he has just been among b.
constltuen'sTtAe peoP!e-and they aske'
why don, you DO something to relev
onr distress and says, 1t IS now late Il
the session and we must pass tins oil tn
medIately II We would save the peopi
0 from ruin The Inquiry on the part Q
the people, Why has not the legislator
: done something 70 protect the pcopl
against 'hEoatened loss, from coliaps
: Of our state currency, has been lor!
; heard throughout these halls, and va
S most persistent and should have beer
. headed.
r / say, sir, we delayed action upon thi
. SUBJECT too long, and | charge here Ia 10,
: place, that the whole co9rse OF our Iegls
d latlon thus far has been to pToducs III
5 very state OF things-this financial crisis
OF y hlCh the peCD9 so iC-..t~ SO IuEtI'