, 1874-11-10

19svea s.,; ,onF pocket when you buy ,,sp p0wt; +
IL MI excellent transaction; II you 1,aye no US use
for tho plow, IT is not, because you havo lot
your wealth, aud you liavo plow 10 leave Il In
your Bl'ol to rot. Now, aB you have to pay tho
nntion Inns TO pay for ,tA gold and silver col1lt
nl,I TOR convertible bnt'kotoIl q G9m 3 4.1 pank
1iko, mud IL docs tho wolk AZ MOL. Then tlio na-
tiou saycB tho expense Of tho gold. lnstoad of five
1oyereigna which is 100 shIl!ings worth Of prop
l,atlon oniy Ga or "a tor doing tic samo work.
Now when tho ips,iing bank, Or whoever may bo
tho isnucr gotta from tho public tho ammo quau.
tity OF wealth for tho notes as 1t would II It OBJ
tainod gold and silver from tho minors, It
is matter OF indifference to the nation; It
pays for tho motto tho Har,o quantity Of woalth It
did for Tho gold mud Bilycr coin. The nation ls
not poorer .o far, md aonloboay gots tivo aoy-
English rcoplo aro concerned, II they want tho
tye soyotoigns TINT thing il wanted a. a tool i
ii thoy choose to have it In netat thoy must
Glvo E5 worth Of English goods to tho Callfornla
miner Or olso they do not yet tue Go!d. nor M II
t1ley Eiyo tho same quantity OF goods ray to tho
Bank Of England, thon tho 13ank or EnBlnnu haa
obtained tho samo sum from tho people Of
England tlkt the California minor would havo
douo.
nur THERE IN 4 CHEAT DIrFEnESoE.
Il tlo gold il givon to tho California miner.
tho ratiSn has lost it, II tho gold IN given to tho
English iHstor Of tho uoto, the natton has still
got insido OF it tho wealth which would hayo
gono to tho California minor.
Let mo beg your attention, particularly, to
w!sat mn going to say. 1t Ii cloar that to tlat
extent tho Bank Of England (et us suppose 1t to
DO the iasucr) haB obtained from tho people of
England tto E5 worth Of goods which tho csfor;
the Bunk Of ENGLAND haa tho .powor Of londing
thuHe goods. Who pays for tlc1n7 Tho public.
Wuo keeps tho notcs? The public. who
gtyea tho f1yo soycreigns??, Tho public,
A,3 t&1.N In 1{aYtk 1fE Ehr} IN hal IN
this property iu its notes? Because tho pnblio
docs mt choogo to 10 to tho Bank Of England
aud asls ilvo sovcrclgua for tho papor.,, Thoro-
fore, to tho extent 10 Which tho publio--oaeh
man acting for himself and Eayfng. " am satla-
fled with their 1loto inHtead OF metal, and you
Bank of England people may take TINT wealth
and lend It to tho traaers upon discount, Tint
il IN excellent operation. mid tho nation, In
California tniuer.--kcops it, and It is loaned to
merchants aud traders upon lts own soil. lap
plauae.l
Now, in this analysis, what havd got to I'M
preas upon you IL, that
THE POWER OF LENDING,
By tneans OF notes, when thoy ara payable on
demand, is determined, not by tho banker, bnt
by tho public who choose to keep tho notcB and
not go and Ask for tho soverogns ho cut collect;
snI tho public vii. not ask for the sosereiena
taoy can clam, go long al there ia use for the
notes but, tho monlont thoro IL no uso for tho
noeH. you find in England they go back to tho
bank airecsly. Nobody wants Tho aoveFeigns;
tdlc money, usoless money. goes to tho bank; no
body will lIaro it upon my to1ms.
t have explained to YOU | hope, that with
Convertible papcr-mouoy, without any injury to
tho nation. great recourse is obtained foc
trade, With no injury to tho natlon, because. II
the nation did not chuoso to have tho note up
oil the hypothesis We hnyo giyon it would haTo
to dio atd loso its property. Tho nation then is
no loser: On the contrary It is tho gamer, be-
cause tho woalth romans here, and III loaned to
merchants to bny other gooaH with; but
WHEN TIE PAiEn IS uNcoNrEnr1DLE
now s.ata Of things takea placo,, ! call un-
onco it is lot out cannot bo paid. Govorn-
neats hare 49, very din different r. T. weys ,on,o Of
~ want guus. aud want Jackets and bayonets,
and want lots Of your tninEs, and taho them
aud give you pieces Of paper, Il means TO gay,
II DO not pay you to-day, and God knows whom
elzo, becauso tLoso Who ha7o got boyoneta, and
swords, aud guns to soil would not be fools
enough to give these guua and good things to
the Government it TINT was all; they do not
sell goods without knowing when they arc
going to got their 1nonny; that clnas
wouid ho tlo lhbt bort Of people they
would want to lond money to. You say, III q
man In Chicago docs not pay mo, know how to
So! it from hlni | got him before the Judge and
Jury, aud sentence Ia pronounced, and sell
him up, aell all tho gooda ho has got; bnt il I
take Government paper cannot lock up Con.
Grant don't know what to do With that,
and il lock up tho House of Representatives,
or Congress, that ia worse yet; therefore this
piece Of paper il very worthless paper for mo-"
uo would not give Lis swords; ho would not give
his gui,a and bayonots for that But
THE NATION Is CLEVER ENOUGH 70 Bay
papor,-" Wo will do something for you to make
YOU tako it; wo shall make every man in tho
American nation who has got debt to receive
take that paper; wo shall mako that papor stand
s1.1,t u III Nam E$br1
owo lot of things i'll tho town; "Tako theae
pieces Of papor," Bays tho Government, ''and
you will be- able to pay every debt In tho town
with them." "0hl" says tho man, "now you
understand all my dobts aro psid with thoso
piocos Of paper; arn out Of tho mess at any
rate" LLaughter.l That ia tho way paper gets
out.
A goce-1 would like to ask you II tho bank-
notes Of England arc not losal-tendor between
ci.izons Of Eng land eserywAere--all over tho
Kpgdom2
hlf. Prico-No! Yo,, hayo omitted ono little
fact. It III lega-tendor between citizen and
etizon. but nut lcga!-tondcr against tho bank !;
4 yoico~-l1 is q legal-tendcr between citizen
and citizen Tie same as ours ia.
hlr Pree-No, my dear Bir : each citizen can
go.iho instant he has got it, mud get eoveroigns
Atnerica you cannot. [Applnuse.] Dnnk Of En-
gland paper wo know the meaning of, lit means
s aoyereigns. I don't know what S5 piece in
America ID. 1 have no definition Of tho isord
ct all; nor havo you.
A voice-Can You buy any property III America
With tue groenback2 ...
Dfr. Prics-I can answer that question yory
oaai!y, but don't want to kocp you here all night.
am interrupted in tho courao Of MI argument
Of great Importance. You must allow nc to
explain. I lave shown you distinctly how un-
convertible paper comes out in the world. 1t ia
the dovornnlout in all casos that issues uncon-
vcrtiblo paper. The Government says, "Giyo
mo your property and will give you paper, j"
and tho moment you hayo got proposty tho Gov
erament wants it; but you would mover givo
that property to tile Government il the Govern-
mont did NOT Bny something moro. The Govern
snent aayH, "Ayo will mako this pioco Of paper
LE1Ar, TENDER; ...
Fou shall be ablo to pay your debts with these
9ieceB Of paper containing those protty figures
fritten upon it, aud those figures shall be called
doliara." What that may mean tho Government
does not try to dofine, but that is tho word.
"Your debts stand 10 the books Of your. crcdlt-
ors III dollars; no mako a. law that thu is 4 dol
lar, aud with these pieces Of paper you cloar
your dobts." Very we'll then they got tho