The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-08-02
nosps AND sREExBAcks.


What discussed, or what denounced, was the
Democratic proposition To issue thousand or two
thousand millons OF greenbackf, for the pur-
pose Of paying of the national debt.
| denounced that population. |
repeat it 10 night. I denounced it es
robbery and plumber, not only of the bondho.ders
but Of the people, snd say now that il the Demos
ocratic party har any position upon this question
at al it ia hat the government has the right 20
90 on and issue new greenbacks to the amour, OF
hundreds and thousands OF milons. When the
greenbacks are issued to that amount they viii
never be redeemed. They will become worthless,
SO that you cannot buy hat with \ hatiul Of
hem And this is the democratic doctrine. Its
position, If il has any on that question, notwith-
standing what Seymour may have said, or what a
small body of Democratic bondholders may have
said. l must, in Justice 70 my colleague iMr.
llendrcks), say that upon that question be has
sta pusitsen NJ al. He made a speech
on the 9Th o. January in this city which he re-
peatcd Last night in part. will ask my friend to
read part Of that speech:
:" hen ". nj ~ at commence the payment
Of our debt BY the issuing Of treasury notes, .nd
thus stop the pay ment Of gold Intere.f, and al.o
increase our currency, aud thus stimulate com
nercc, enterprise labor, aud In con ecton with .
wise policy towards the Southern States and the
development of their resources, restore prosperity
TO the whole ,untry. would not be underetood
As being in favor OF an increase Of the currency
without limit. The dangers and evils Of an unre.
Ficte dissue OF paper money cannot be to care
Iuliy avoided. The temptations in that direction
are great, and must be resisted by Weldon and
prudsnce- No one more than myself regrets the
necessity Of resort TO paper currency, but it re-
suits from the Necessities of our condition The
issue mast be limited to the demands IF business
and the wants Of the people in meeting tie enor-
nous leviss Of national, State, county, and city
purposes"
After Mr.. Hendricks had proceeded to argue
the right Of the government to pay the debt in
greenbacks, he then stated:
1T 10 time now to commence the issue Of those
greenbscks for the pur1 lose Of paying the debt,
and to stop the gold interest
Why. my fiends, this is all Seymour n.ks; thi.
is all Valandgham asks. this is all Mr. Peulle>
treme views of bis party. But there is something
else which / would ask my friend tt read ::
Il would not be understood ~ beirg in favor Of
an increase of the currency without limit. The
dangers and evils of unrestricted issue Of pa
per money cannot be too carefully avoided, and
must be resisted by wisdom and prudence No
one more than myself regrets the necessity Of a
resort to paper currency; hut it results from the
necessity 81 our condition. The issue must be
limited to the demands Of business and the wants
Of 'he people in nesting tho enormous lcvies for
national, State, county and city purposes"
After having frst said: II is now proposed to
begin the issue Of Treaeura notes to nay the debt
and ssop The gold interest,"" be then says: I've
must not carry papeS money too far" He in
Weighed against PAPER money as bitterly as
wauid, and then be says the issue of paper money
should be limited not b, the quantity necessary to
pay the debt Or to St p the payment Of the intcr-
cal, but by the demands Of busin.ss and
the wants OF tho people. Why. agree with
him perfectly on that proposition. But that com
pletely osertnrns aud overN heima the other Nov.
can any man tell mo upon which side Of thai
great question the distinguished Senator stand. .
He will hare to make another speech in
order TO define his position upon the question.
tLaughter.) will ask my friend to read % about
the banks:
"rhe system Of the National Banks va : etn
Psnaous folly. Tbs security of the hillhoder i. in
Inc bonds On deposit in the Treasury, upos which
tns oi.ed States pay the Interest, and the gnv
ernmcnt furnishes the security in its own credit.
Wy nst .tsas H. Treasury nsts directly and
thus save ths INTEREST," In supplaatine the ,ys-
tan. but one evil u to b guarded against II \,
sAd the loans o1 the banks - the hesinese men 81
the country smossf to shout t60o aoe. 600. ma n
this State = 4l7,d o,a0o. 4 To csnpsi The bsnks
9 once 70 Withdraw tAsif leAas would IL r.ipou,.
! The snfssitasion ms.s - 4nsds 80 = to avoid |
ennncial and hu ainass oeisia,"
nov o." to: d,s,insuisAst seestoe hsgiss ~ say.
~ ~. s,e s.'ise B>akips syssen was : mon.
ssrosiy; tat !: 80 4 ff.nf MN IL peopls. He
gcss - far on the qsssion % IL aoet nltsA anti
DsAs 80 sssllA al Aiats 8. bat hs doe not