The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1868-02-07
Extracts CrOm q speech Of
] HON. S. r. GARY.
i - Xsuss ~ Representatives
fpeem The Cousrcssioual 0ao he Sch VI lac. ]

Ihsvc been. led to believe, Mr..
Chairman, (and have often express
cd my acknowledgements, that the
capitalists who came forward in the
hour Of our extremity and took the
bonds Of tho Government were influ-
cnced By patriotic motives; that they
were ready to offer their accunula-
ted treasure upon the altar Of their
country with = feeling akin to that
which moved ths-poor widows of tho
laad. tU hsing their sons. their jew
sls. oil up tho docimatcd ranks
Of tho army.
bat wc arc now told that capital
lists would not touch =. Govern
ncnt bond until they had the .ssur-
suce Of tho Secretary Of the Trcasu-
ry.aSd Jay Cooke. his agent, that
Il they would lend their grcnbacks
tl,on worth fifty cents on = dollar
Gin gold), they should receive bonds.
which would pay twelve per cont.
interest On their coin investment,
aud twics their then gold value
whenl redeemed. This speaks we'll
hbv their financial shrcwdncss. but
dissipates ali our prcccnceived no.
tion Of their patriotism. While our
poor soldiers were struggling and suf-
fering to save the nations life. that
freedom might DO established and
extended. these money kings wcrc
.<mrtSing their purses that they
Asight:r eplcnish them two-fold. They
recognized the truth Of the Bible
maxim, .'thcre is that givs,h and
increascth." Let mo hasten to do
Justicc to all those who disclaim the
demand for gold payment Of their
binds. for to the credit Of poor hu-
man nature DO it remembered there
srs bondholdors who agree with Us
es.to the Hnrighteousness of the
o9aim. So = Z
"A patriotic ncighbor Of mine q
pcmocrat too, had By his honest
industry accumulated $s, 600 in gold
which he thus loaned to the Gov
erhmcnt.- At the maturity Of his
Govsfnncut paper il he had rsceiy-
~ payment ia gold hc could have
purchased $40. 900 Of these Eve
twsstics for his $4,000. But he
was required to receive grccnbacks,
his whole payment amounting to
Only $3, 200 in coin. This is spec
inen Of the financial morality which
was justified by those Who eharae-
seriss rs IS regulators for propose
ing to pay bonds purchased with is-
gal-tcndcrs in the same coin. II
this is bad faith, in what language
shall we discribe their action: With
such example before Us, what mar
ysi Is that men less exalted should
have their sense of homer blunted :!
They paid gold obligations in depre-
cistsd currency, while wc only pro-
pose to pay currency obligations in
greatly appreciated currency. / ap-
peal for Justification Of my course to
MS Constituents.
Retired capitalists. by their rep-
resantatiyes. would have the people
believe that further, Increase Of
tho currency would be disastrous.
Il dnes uotreqnire = very thorough
knowledge Of finance to UNDERSTAND
the interest Of tho moneyed asistoc-
racy lies in tho direction Of contrac-
ti"u-not ; contraction Of their
bonds, but Of the peoples means Of
paying them. II tho Volume of cur
rcncy is reduced. their securities
appreciate. whilo with their incomes
they can purchase much larger
amount of labor and it's, products.
On the other hand, While the price
Of, labor and production j. diminished
ono half. the taxes remain tho Same
- before. and As /. necessary conse-
qucnce the burdens upon tho sons Of
toll are doubled. The result 10 .
System Of yassalags for tho produocrs
Of wealth scarcely less intolerabls
than slavery itseE. IT,. with the
diminished wages Of labor, tho debt
could be reduced in props,tios. no
isljsstico s.ould 30 done tM taxpay-
II: flour intsrest. bearing ebtsWas
$4,000, 900, 900, and the! ference