The union Democrat., 1868-08-08
SPEECH OF HoRATIo sEYM -UR.

S0y Hour Speecn embracing Ill Oh tue
financial question, delivered in New York
to the Young Mems Central Club, on the
evening of June 18th. 1t Will be read
with peculiar interest just at this time:
EVILS OF pEBAsED CURRENCY.
But the most offensive distinction is that
OF having two Linds of currency. Good
money Tor the bondholder, and bad money
Tor the laborer, the pensioner and the busl,
ness man. Every Paper dollar now put out
Is Governnlenr iaisehood, for it claims to
be worth more than its real value, and it
goes about the country detrauding the la.
Jorer, the pensIoner, the mechanic and the
farmer. An indignant chief of one of the
tribes from whom We bought land at an
early day by pledge of money aunmty said
this Government was u cheat. Ii got land
from the Indians by promising them 50 many
dollaEs each year, that 1t now paid them in
money which was lie, which said on its
face lt was dollar wh-n 1t was but little
mure than halt dollar. The red man told
the simple truth. OF all the devices To cheat
honest labor, to paraly ze industry, to degrade
public morals, and tu turn business pursuits
into reckless gambling, zone has been SO
hurtiul as II shifting standard ot value, u de
BASED anu lying currency. l have hot thus
set forth the condition uf the country Tor the
purpose ot lndulglng IN lnyectves against the
party IN power, but for an another object
Many Republicans who admit the wrong GO.
ing of their leaders say that we have no plans
Tor lhe rehet Ut our country, that pointing
out wrongs Is ot no use unless we can poiut
out remedies. This we propose to do. and
We probe Tie ulcers To the quick because we
mean to meet the case and cure the malady
Among other things which have caused anx
iety in the disordered state of our Union is
the fact that our Government bonds are
mainly held IN one section pt our country
The Labor OF the West put its earnings in a
large degree into lands, which are tax bur-
dened. The labor of the East puts its earn
ings iuto savings banks, life Insurance, or IN
other form OF moneyed investment. Thus
they are deeply interested in Government
bonds. The amount il savings banks in this
State alone is Sl40, 900, 900. This shows that
there must be at least S5OU ,00O, 900 of paper
thus deposited in all the States. The average
OF the deposits in 1867 in the State Of New
YORK was S270. The number of deposltors
in the State of New York is about i've hun.
dred thousand Ass, ,479,) and IN this city
lation. This will make the number of depo.
Sitors in the Union more than 100000 In
the State ut Connecticut. in 1865. one quar-.
ter Of its population had deposits in savings.
II Is now usual for men of small property to
insure their lives. The number of policies
given cut by all the lie insurance companies
Is about 45O, 900, and the amount of insurance
about 81 ,25O, ,0UO,U0 The money invested
Is held as IL sacred trust, as it is a fund laid
aside Tor their families when the insm ed die.
All OF the funds of savings banks and life
insurance companies are not put in Govern
ment bonds, bus they holu an amount which
would cripple or ruin them if the bonds are
not paid, or If they are paid in debased
paper. II we add the trusts for widows and
orphans we ind that 2,500.000 persons are
interested in Government bonds who are nor
capitalists, and who are compulsory owners
ut present prices under the operation of our
laws. There is II lear that this state OF
things Will make cla>hing of interests be.
tween the labor of the East and the labor
OF the West. 1t is clear that our opponents
hope that 1t will hinder US from gong into
the contest with compact ranks and with one
battle cry. However alarming this aspect
may be, am sure there is IL policy to be
marked out which will har1nonize all jarring
Interests. 1t can he shown that the danger,
spring from an unwise conduct of public
affairs. They have come up like frogs
ot night from foul fens; they rise from un.
wholesome, darkened counSels, and will fade
away before the light and life Of IA clear and
honest policy. Is it true that the laborer,
the pen>ioner, the tax payer and the bond.
holder nave conflicting interests which will
hinder them from acting together in uphold
ing constitutional right? Why are the tax.
payers iaboring under 4 debt which bears an
interest OF SIX per cent, while other Govern.
ments can borrow money at three per cent,
and at this low interest their bonds sell for
better prices than ours? Why is the laborer.
the farmer, the mechanic and the pensioner
paid IN bad money, 50 that they get one
q1arter less than they are entitled to on
every paper dollar paid to them? Whv is
the bondholder wronSed by the tainted credit
OF the government. 50 that he cannot sell his
bond Tor as much by one third as the citizen
at Great Britain gets for the bond of his Gov.
ernplent, which bears lower interest: and
why Is his claim made odlous in the ewes of
the people by the fact that his interest is
paiu IN specie, while they are compelled to
take debased paper? IL is clear to eyery
thou u5huui man that public safety and honor
VIII not admit OF our having two kinds cf
currency for any length of time. We must
nave uniform currency for all classes.
ihere Is but one question to be settled Shall
our currency be unitormlv good or uniformly
oad Are we to have an honest standard of
value Tor all, or are industry, enterprise and
morality to be perplexed and disnrdered bv
shiiting and dishonest standerd? If il can
be shown that all these evils under which
we labor spring from a common source. then
IL Is clear that all classes should ioin in a
common effort to root out the policy which
sheds such widespread curses. There are
TWO ways of making our paper currency as
good as coin. One is to contract its volume
oy calling in the legal tenders. This will
make them scarce and will force specie
standard, but 1t will carry ruin aal bank.
rnpteT into every part of the country. 1t
VIII bear down the prices of properly and of
iaoor, IL is policy which cannot be car.
ried through, for the country will not consent
10 1t. There is another way OF lifting up our
gfeenoacks to par, which will not harm any,
out VIII help all which will bring back
coz hdenee, revive business and enter prise.
VIII iighten taxation. will give TO labor hon.
est moneys. and do justice to the public cred.