The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1867-01-24

his would faeilltate 70 the extent OF such subsIi
lntlon, The reduction Of the currency ~ ~ "a
Tie process q The reduction Df the currency Z
cot rapid enough "a suit theee ;geptlemcis Il "a
boo Ia idy they PROPOSE theref0fe bythis amend
Inent TO make itnnlawfnl for the banks u retain
compound integest notes as reserve, and compel |
them 70 substitute the egai-tender now circulating
among the people. They propose. at 'one fell
swo0p," by this amendment to take all the conf
pound-lnterest notes ont Of the vaults of the
banks, and compel them TO put In their place le-
gal tenders or MISUNDERSTANDING notes.
Now, Mr.. Speaker, l said while ago that there
were two parties to this controversy two inter-
essainVolvedf Ii "a .. nne thug for US to talk
boldly and eloquently about the rights Of man,
IL il something for us 70 say when we go home,
that during the present session Of this Congress
we euIranchlsed portion Of a race that has been
disfFuLchlsed from time immemOrial; II Is some
thing for US to say that we have, as far is We
were able by our voice and our votes attempted
70 do Justice 70 every member Of the human fam
lily; but, Mr. Speaker, while We are doing
that while this interest seensto overslaugh all
others, II must be recoleeted chat back there In
the States there are few white men left, whose
interests must be consulted by the Administration
aud by Congress. They have said ln thuuder
tunes 70 us These thingsye ought to have DONE"
and the same distant and potential voice will also
peal FORTH ''and not 10 have left the Others un-
done. Ii we do not now, we will be compelled
70 hear and our successors TO heed, the latter In
junction. For my part, ] am disposed to hear
and obey that injunction now. twill not do for
you TO say to these men whom you called Into the
Servlces million and quarter strong, men from
the free States who endured the hardshlps i'm
pused upon them BY the Government to put down
The rebellion, that, after they did as they had DONE
nobly, you, by your action on thls great qutstion
Of finances have 90 crippled the industrial In
tefesls Of the country as 10 turn them out Of
tr to
to aIarye. "shS ''' NV
Iknow somo gentlemen talk as though they
could compel men who had money to operate with
| II, No such thing can be DONE, Capital, as has
been said here repeatedly, b always tlmid. The
| lnanufactu ers, who give employment to these
men, will do just as their interests indicate they
should do, 10 order 70 save their capital and en-
hance It, And therefore II Is not surprising at
a1l that, amid the terrible uncertainty that now
seems 70 hang over this wholeq question OF finance,
We Snd that hiteen thousand artisans, mechanics,
and day labofefs are idle Ii the city Of New York,
looking in vain for the means Of procuring sub
slstence. Why, sir, we not only owe. 70 all con-
dItiOns Of men the boon Of personal freedom, bqt
we. owe to them access 70 the means for their
And here let me say that there Is another thing
that Will come up In the hereafter, blink IT asyOu
may, frowt II down III these Halls as you, can.
Having provided by law that one sixth Of allyopl
taxable property, held by all the people Of this
country, shall, Tor MI time 70 come, be exempt
from taxation, II you turn these men out of EN-
ployment, who provide the means BY WHICH thC
value Of aud Interest upon that property 10 Kept
up they Will say, II they are thus treated BY thel
Government, Why should they hereafter labor ant
: toll 70 keep IN power q party in the country whC
viii continue 10 exempt that property from taxa
tiop, while It's action destroys the means 10 thei
prosperity y hope the day may never come !
, The History Of our country when the thought .
, LtepndiAnon will tarnish It's talr hme, But vii
tell gentlemen they may 50 aet, they may 50 eon
duct public affairs as to precp such on eVenl
II win do the soldier nogood twill furnish llu
no reasons why he should cOntlnne his euppolbf
party that, on these great abstract rights, ooe!
D cd the hehests Of justice and the dlctgtes OI 2
epllgbtened conscience, when at ths salne time
tails TO seeurerto him and his family tle means
exist. This, indeed would be a sublime hlstor
: and grand example for the instruction and 9dmi
r milatl0n Of the world. The soldier hGs been hoI
. ornbly discharged from the conflicts OF the o.
sangulned field be has now returned, ifnotli
\ the more terrible, yet more pr0traeted battle {
4 blife Il Ia true we have free country but wit
' freedom want to carrylblessngs to all lie pei
pie. The manufacturers Willnot, cannot, eInplo
these men. The agricultuhst cannotdo II. III
capitalist will not invest his money In any ente
pfises without reasonable prospects OF fair prof
% upon the investment They will prefer hives
nient In the untaxed bonds Of the Government.
/ THERE'S another view Of this subject Wink
may beimportant In this connection, and whiC
"a Is ultimately connected with this question Of lab
a or the employment Of labor
n Before the war when our currency was
ID round numbers $500, 900 900, the manufacture
t. as class, aud even the agrlculturlsts were
II. much IN debt that they were obliged to contn
in operation their business regntdees Of the |
"A suits oil their operations as to profits The lia
I'd lfacturers were compelled 10 keep their eStablls
IA nlents In operation even at yearly loss 80 thl
"a by the sails Of their PRODUCTS their existing
N debtedness could DO carried over from year
10 yssT aud they were Ris0 stimulated by the no
al that each successive years operations might shu
ro q better balance-sheat at the end thereof "f
of The farmers as a clbss were embarrassed
ne reason of Investments made for improvement
upon their farms or for additions purchased thel
a 70, 90 that II might be said, without any displ
NJ agement of the farmers us class that their fart
st werU shngled over with mortgages TO secure 4
y. payment 0t liabilities incurred as above svgg
"A ted They too we're compelled TO cultivate III,
II. farms, furnishing employment TO labor, so IL
he by the sale Of egch years products they were
a. abed 10 pay the heerulng interest on their liat
nt tiles and also carry over or change their maturi
III liabilities by mnking new loans q D Bal
~ ih But, MI Speaker, that state Of things no Ion
n. hcr exists The manufacturers aud farmers
ha comparatively u not tntifoty fcHtReu from do
ny and the only thug for them now 10 decide In I
consideration Of the question OF prosecuting th,
business ls, whether Il wlLgbc profitable 10 q
he crate or not Tho farmer will be- eOntented wi
hs simply producing enough TO subslst himself a
M famlly Unless indeed, lie has assurance that
nd will receive such prices for the surplus thatr
ho will DO pald for hls labOrsl The same relna
,e will apply 10 the manufacturers. 30 that
~ question Of the employment OF labor will not
4 heretofore, be governed by the necessities OF /
ol. employers thereof, but by the prospects Of th
M business. 1 l'if tit tdl 2. 5fl"9ht9H
w Now, Nv. Speaker, Il II not easy TO sec that
by 0ar action hers the financial affairs Of /
he country shall DO 20 distracted aud disturbed "a
m unbettle on gmbarfass our producing enturpFs
and that surplus shall be eht short by Teaa
thereof, thai tile prices OF produce and evefythl
OK that Cur people consume will be enhanced the
= byR Tue lhct Uf q reduced currency OF resun
W ton of specie payment would not have much
70 tuenee IN the premises 'tlfs 9iW0 Anaf
BY And, slr, II we reduce our currency below
m absolute requirements OF the country IN order
lor the secessnl prosecution Of oil classes Of un
nc prises how are you TO command the meana
w pay tile acerulng Interest on your public del
70 brOm what source viii you derive Internal re
pal hub9 Whence will DO derived your surplus Il
We lOuks TO the creation Of a''slnlSnt fund.- or
ly direct reduction OF extlugulshmeut OF your pul
~ debts DO you expect lnat the Commissioner
Az Internal Revenue will be able 10 report the
IN celpt annually OF more than $500, ,OOO0 900 II
70 this source alone And how Is tue labor Of
ave country to DO employed with reference 10 the
W terest II not 70 the very exsteuce Of the labor
noy eoaIess d0nOt see howthese questions can
celve satisfactory answers II the llne Of policy
~ 80 aaguFaIed BY tho SecretAryis 70 DO pursued
va va definitely. 'Qt aN' dHH N tsi
sala Now, Mr.. Speaker, have said all that hi
~ ~ ded 10 say, aud much more. Having no mol
and keeping no account 0f what did cay, ow
y ~ 10 the repeated Interruptions TO which l b
nnc been subjected II Will not be strange Il theae