The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1869-04-03

able speech in the United States Senate re.
Gently. We present the following extract !:
The condition OF tho country in financial
point Of view Is alarming, and most Of the
remedies prescribed appear to be temporary
in their character. Many Of them propose,
in certain contingencies, 70 issue more bonds.
as If the bonds already in existence were not
absorbing and consuming tho substance Of
tho people. That relief which comes from
increasing tho burden will not meet my ap.
probation. The desperate situation Of our
affairs is rendered perfectly manifest by the
conflicting and contradictory measures nd.
vocated by statesmen Of great capacity and
enlarged experience. Scarcely any two
agree, and yet each has the utmost conf.
dence in the wisdom aud policy Of his own
scheme.
Tho speech Of the distinguished Senator
from Indiana in support Of his proposition
was an effort Of great yig0r, and as TN intel
lectual display, would compare fayorably
with anything that has been lately delivered
in this Chamber. Iio began his voyage amid
the c0nvulaions OF revolution, circumnnYi.
gated tho globe, visited England, Germany,
France and Spain, and, moro fortunate than
Captain Cook, hc entered tho ports Of re-
demption aud roconstruction, with flying
strearners, under cloudless skies, and i'm,
PEELED by pleasant brcezes. lGrcat Laugh.
ter. lie came overland from California,
developing q sufTicioncy Of gold in that State
and the territories 10 pay our debts and put
us on tho high road 70 prosperity, and after
all he returns 70 Us with courage on his brow
and = constitution inyigoratcd by tho tolls
and dangers through which he has passed.
Renewed Laughter. II his discoveries
should prove of little valuo 10 the currency
Of tho country VIC can at least rejoice ut the
restoration of his health. Whatever may be
thought Of the speech in other respects, il
will be the unanimous verdict Of candid men
thn. it - tho most cheering and hopeful pre-.
scutation Of our financial affairs that will be
made during the present generation.
The Secretary Of tho Treasury, with the
amplest means Of information, seems b be
puzzled and bcwildcrci by the difficulties Of
the situation. lilo shows very clearly that
Webster aud himself we're alike inimical 10
Il deprecated currency, and by extending
his researches he might have discovered that
other men entertained similar opinions on
that subject. Laughter lie recommends
that Congress ehalI pass law legalizing
gold contracts, and cau see no very partic.
ulgr objection to tha. proposition. IF per.
-
would make il laggfu! for them 10 do So IL
his opinion il is Of the highest importance
that the tax. paying voters should be cneour.
aged by the fact that the debt is in the pro.
gress VI rapid extinguishmcnt. | would
like TO obligo the Secretary very much, but
cannot encourage tax payers by any such
assurance. / do not believe that the public
debt Of the United States ever can be paid,
and the facts upon which this judgment is
based are drawn chiefly from the report of
the Secretary Of tho Treasury.
The Treasurer, who Is gentleman of the
olden time, and who speaks about what be
thinks, has INDUCED in some tolcrably plain
talk on this financial question. The lower
grades Of tho fractional currency authorized
By Congress are most offensive aud disgust
ing 70 his sight, taste, and smell. Laugh
ter. lie calls ii ian almost worthless, iF.
rcdeemablc, poisonous and stinkiug copper
and niclc.toke currency" lie wakes warm
as the argument proceeds, until he challeng-
cs the world TO show as mean Government
rs ours, laughter and declares that an in
diyidual guilty Of such practices would be
branded as Il two. o.pcnny thief and consigned
to house of correction. The Government
ia accused Of fraud and open reputation !;
but of all his charges there are none so dam
aging and disparaging, so unwarrantable
aud unjust, as the comparison TO two-pen-
ny thief. Laughter. This effort TO de-
grade the Government by intimating that its
operations arc confined to n retail business is
surprising misconception but as it was
prompted by sudden excitement, and is ev;-
IDENTIFY not the result OF deliberate malice,
we hope that time and reflection may induce
tho author to modify or retract the aspersion
Laughter.
Deprecated paper is the object of assault
on all sides, and those who forced it upon
the country arc now its deadliest foes. A
speedy resumption of specie payments, with
or without the means, is advocated as sure
defense against all the dangers that sur
round US. That redundancy of currency of
which We hear so much may exist in the re-
gion wbere the bondholders live, but in the
agricultural districts there is no such com.
plaint. In my section tho people are mel.
ther given to idleness nor to luxury. They
have never had tho wealth to indulge the one
nor to support the other; and man who
enjoyed both would not be n very respectable
member of society. Intelligent labor is in.
dustriously applied to q fruitful soil, but
still money is so scarce that any contraction
Of the currency would operate most iniuri.
ously upon the agricultural and mechanical
interests.
Let it not be said that am or have been
the friend of the paper money, or of any Of
the ovefSrown monopolies that have fed and
fattened upon pu1!ic plunder until they defy
the constituted authorities OF Government
The resumption of specie payments, II We
were ready to resume, it is admitted on all
hands would be attended by great enhance
ment of the value of paper money. A dol
lar in gold, instead of being worth dollar
and thirty-fye cents, would be exchanged al
par, for the premium of thirty-fve per cent
Of gold over greenbacks would no longer ex
ist. So that O man holding $lOO,0OO IN
greenbacks would have it suddenly raised
to the value of $l35, 900 in that currency
But the people of tho United States are no
oil bankers and bondholders. The great
majority of them derive no profit from the
one or the other, and tho interests of this
class, numbering twenty to one, are entitled
to some consideration at the hands of Con
gross in its efforts to solve the financial ques
ton. The debtor is entitled to fullyas mucl
sympathy as the moneylender. The labor
E er between his plow- handles and the me
chanic in his shop are, under our system o
government, the equals of any other citizen
of the Republic. 1t is their energy anC
their productive industry which upholds an,
sustains the fabric of American civilization
Knock out this support, and the Government
. with its bonds and its currency, would be in
volyed in O common ruin. The claims of la
, bor and the welfare of the laborer are mat
ters which must engage the attention c
: !. statesmen if the sunlight of prosperity
y ever to shine on us again. Politicians ma
Ill hoS larc n md or