The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1868-08-14
Extracts from the Great Speech
HON. IEoRATEO SEYMOUR,


Delivered at iIae Cooper Institute, before
file Jackson Central Association,
june 20, 1858.
Why are the taxpayers labOring un-
der debt which bears an interest of
six per cent, while other governments
can borrow money ut three per cent,
and at this low interest their bonds
sell for better prices than ours? Why
is the laborer, the farmer, the mechan-
ic, and the pensioner paid in bad mon
ey, so that they get one-quarter less
than they are entitled to on every pa
per dollar paid to them? Why is the
bondholder wronged by the tainted
credit Of the Government, SO that he
cannot sell his bond for as much by
one-third as the citizen of Great Brit
ain gets for the bond Of his govern
ment. which bears a lower interest :;
and why is his claim made odious in
the eyes of the people by the fact that
his interest spaid in specie, while they
are compelled to take debased paper !?
1t is clear to every thoughtful man
that prhIin safety and honor will not
admit of our having two kinds of cur
rency for any length of time. We
must have uniform currency for all
classes. There is but one question to
be settled. Shall our currency be uni
formly good or uniformly bad? Are
we to force the bondholder to take bad
money? Are we to have an honest
standard Of value for all, or is indus
try, enterprise, and morality to be per-
picked and disOrdered by a shifting
and dishonest standard? Ifit can be
shown that all these evils under which
we labor, spring from a common
source, then it is clear that all classes
should join in a common effort to root
out the policy which sheds such wide
spread curses.
HaymOHizing Paper IoHcy and Coin.
There are two ways of making our
paper money good as coin. One is to
contract its volume by calling in the
legal-tender5. This will make them
scarce and will force a specie standard
but it will carry ruin and bankruptcy
into every part of the country. twill
bear down the prices of property and
of labor. It's a policy which cannot
be carried through, for the country
will not consent to it. There is anoth-
oy ,,1xy Of Iiftipor nv, 0,,p ,.roor booIyo 70
par which will not harm any, but will
help all, which will bring back conf
dence, will revive business and enter
prise, will tighten taxation, will give
to labor honest money, and will do JUS
tice to the public creditor. And that
way is to give to all the world full faith
in the honor and wisdom of the Ameri-
can Government. Our paper money is
not its par in coin, because the ma
tional credit is dishonored. How can
the notes of our Government, which
pay no interest, be worth their face in
gold or silver, when the bonds Of Gov
ernment, which pay six per cent. in
terest, are worth only eighty cents on
the dollar? You cannot make the
notes put out by banks worth more
than the bonds which secure these
notes. 1t is a sad thing TO say that our
credit is dishonOred in the markets Of
the world, but it is true, and it must be
said, if we are to find a remedy. 1t is
humiliating to find that when Great
Britain borrows a thousand dollars for
twenty years it pays the lender but
81 200, when, if we make the same
loan, we have to pay $500 to the
lender. If we wish to help the tax
payer, if we wish to get at the cause of
debased currency in the hands of the
lab0rer, we must first find out why our
credit is dishonored- for it is tainted
credit that sinks alike the value of
bonds, of greenbacks, and bank notes.
Make the credit Of the United States as
good as that of Great Britain, or of a
merchant in good standing, or of a
mortgage on farm, and our troubles
would disappear.
Ct,,,F,1,.f.,<, Ill.,,