Urbana union. [volume] (Urbana, Ohio) 1862-1872, 1869-03-31
SENATOR GPRAGUE OF RHODE
-a. ISLAND,


no means Of forming an estimate of him
from first impression. Not having seen
we judged of him from circumstances,
and from these we judged that he might
be set down as adventitous. First, he
was the son Of a very rich man, and so
made prominent by wealth-next that
as Governor or Rhode Island he made a
big figure in the Loyalty line when it
was found that the South had taken
start Of Us in dividing the Union. And
next, that he was made Senator in Con-
gress and had married the daughter of
Chase, who was then the Won
der Of the Life Savers in Finance.
We begin to doubt the fitness Of this
prejudice, for it did not merit the name
Of judgement, when we found that he
had made great purchases in Maine for
the creation Of a new Water power.
And still more did we doubt when found
that he had visited South Carolina and
made great investments there with a
Ike view to water power. But these
doubts have become convictions of an
opposite kind when we have read his
speechin the Senate on the condition of
the ecountry. That speech is no mere echo
Of a party cryi it is made against the cry
Of his Party; it is in the face of theFin-
snclaI 'dogmas Of Secretary Chase when
Secretary, with all the knowledge of a
States man in Finance and all the cour-
age Of a Statesmanin the face Of a crisis,
which is slowly and surely coming on.
But the Senator win not always re-
ceive this just consideration, as may be
seen by the following sample from the
Boston Advertiser, truly Joa.) "The
Young Senator from Rhode Island, last
week bristled so like the fretful poreupine,
that some Of his indignant associates
proposed to put him under restraint.
He began the week with sharp attack
upon the. Public Credit Bill, and Gov
eFnment Finance generally, aud charg-
ed along the whole line OF Republican
political management. AS he did not
succeed in breaking the line, his assoei-
ates can afford to be grateful for the va
riety, he gave to their proceedings, and
for an example of independence which
others, with better reason than his might
follow.
The tone of this article is echoed and
re-echOed by all the pack. The master of
the Hunt cries, Hark Forward, and they
all give tongue, and follow.
But turn to the speech andiudge by that.
It is on the bill to improve the public
credit, $50 called" He spoke thus:
There is not a shadow Of doubtbut the
people concur with Senator Sprague.
That Senator said: lido not s3lnlpotbjze
tCith that class Of men GUl1O are holding
20 to the Gaze Of the people Of the United
States the 8GcTe01esS Of that de5t. / was
opposed in your caucus, Mr.. President
to an amendment Of the constitution
qiUi7lg undue protection to that debt, and
I am also now opposed to any reiterated
protection by the law contemplated by
the bill before the Senate. lido not think
that there is much sacredness in the is
sue Of bonds for the Pacific railroad
which become q part of your national
debt; and see nothing that is sacred
in the thousand and one unnecessary
appropriations that are made at each
session of Congress.
t'The great bulk Of the debt of the ma
ton has been created in pursuance Of q
necessary and important object, the
maintaining Of the territorial integrity
Of the United States. In Great Britain
to-day the profit on almost any one of
her great industries-her commerce, her
manufactures of iron or Of coal or of cot
ton or Of WOOl-are sufficient to pay in
terest on her national debt. But it is
the part Of a people to drift into the con-
dition Of Mexican society, where the ma
tional debt is an oppressive burden to
the community? If those whose busi-
ness tits to make light the public bur-
'dens neglect, either from ignorance or
from any other cause, to pursue a policy
that will relieve, instead Of policy that
will destroy; if the people Ofthis country
are to-day, an consequence Of the R1u5}jc
debt bearing heavily upon them, drifting,
as I verify believe, into the condition Of
Spanish and Mexican society, would any
one demand that state Of slavery rather
than a cancellation Of the debt2
''Sir, you have provided for wholesale
reputation Of private debts by your EN-
act ments at recent sessions of Congress.
You can cancel debts between individ-
uaIs, between the citizens of the country
and you look with holy horror upon the
suggestion that il you pursue policy of
destruction this incubus 1UW be Slougbed
of. You look upon it with holy horror
that am one should touch that sacred
circlep
Mr.. SpTagUe then proceeded to decant
upon the bad condition of the business
of the country, (Which views we may
refer to hereafter as precipitated by the
wretched course Of the politicians who
are clamoring upon the subject of the
public credit. As Mr.. Sprague is a
business man, in the highest and largest
sense Of the term, we give q portion of
his remarks to Illustrate his position, and
with it close this article. Mr.. Sprague
said:
t'I tell the Senate and 1 tell the peo-
pie of this country that the policy pursU-
ed from the beginning, of contraction
and of constant endorsing of the public
debt, has in effect driven capital from
this country, made that which was
scarce still scareer, ruined your COM
merCe, your manufacturin & and your
farming; and even the bankers them
selves, who are now constantly at your
bar begging for help even they, eating
their own words, admit that they are los
/ ing from day to day the business which
they were heretofore engaged, and they
are giving it up by force to such interlO-
/ pers as Fisk and Gould and they cannot
| help themselves. They are tied handand
1 foot, as surely and as certainly as they
have tied this Senate and this country;
rH rnf
drive q public debt OF q private debt into
the hands of the people of other coun-
l tries? Why, sir, that absurd doctrine
was given up two hundrhd and fifty
wears ago. In EliZabeth's time the
| whole people of Great Britain were
/ agreed that the public debt was a capi-
| tai, and the interest from time to time
paid on that debt should go to increase
| the capital within the territory of Great
Britain, and by that increase her indus
| tries became more prosperous. But, sir,
on the other hand, we have been trying
| to force beyond our borders the very
thing on which and by which alone we
were able to do our business. Bonds
| currency, interest, are capital, and YOU
cannot separate one from the other.
But, sir, look and see what you have
1 done with the banking capital Of this
| country, It is an interesting subject to
| contemplate. There are S420, 100000 of
national banking capital, and what have
YOU done with it? will show you.
Three hundred and forty million dol
| lars are locked mp IN your Treasury as
security for circulation; S37 900, are lock-
ed up to secure deposits; there are $780,
OOO. 600 of bonds otherwise; there are $50,