, 1874-12-09

purity tho capitalists Of tho country. and at last,
whom tho war war ovor, 70 had party at tho
head OF which woro capitalists and at tho foot
thon1. fLa,,glter on tho patt Of tho Demoorata.1
Ihero !s 10 oocaHIon for yo'ir laughter, as tho
Democratic party ts in worry much tue samo cond
son aH tho old Whig party lcndorf tho capitalfgta
ot that party, WIG would not no. 60 into tho
70 for bringing up tho leboripg mon.
Finding nowhere olHo to 50, tltoy won't over
and bocame leadota III the Democratic party,
and 80 that ls d purity now With old Wtig bonc.
llauRhtcr]; and tlcro is very little afatlo'1 le
twcon tile head and tail, eithor. We have rot
tnlo thta abnormal coalition Of things, and Tho
Republican party llas got for tho last time The
opportunity to roliove THO country. from ita dis.
tfoss, to recover ie contidonce, md to show that
tho poupla arc objects OF itA caro- II No fail
now VIC full forever, baoaueo party onoo in
angnrated lssts for generation; aud that Ia to
all of us horo forever.
AT AugSDMEHr.
At tho close Of Dir. Butioy's spocch, 1fr. KelloY
ofrerod nuhstltute tor tic second section Of tho
bill providing that Tic Secretary OF tho Treasury
shall invest ~ por cont Of tho United States
notos received in oxohangc Of such convertible
bonds outstanding at tho tino Of tito passage Of
the net, or In tle purchase Of gold NTH which to
rcdooln such bonds.
oEs. oArr1zIp aeEAws.
4lrs 0AIHElQ HR.At - bGllQF1 [uIB Dlfl Ii
fraMght with sneasuroloss owls TO ovory great
aud good tndcroat Ut tfle people Of theBe United
States; nut to tho Government alone, but
to tho Government. tho capitalist. and, most
Of oil, tho labotins intcrosss. For tho last
timo with whnt ability I could to study out this
question % to any ollor before tho American
pouple; and believe 1t is clearly demonstrated
that, wero We now to entor OH tho path pointed
out III this bill. and Advocated BY tho two gcn.
fl.n that,
would lead na BY quick aud rapid grade down.
ward to tho most mpnsure1esR tlisaBtor which Inns
eyer befallen the lueincRa and prosperity Of tho
American people. Tho scontleman from a1assa-
row millions on millions in Now York to-day ii e
rants to borrow on cnl, but that it ho offor
commercial paper, mud desires money for six, Or
eight, or ten, or twelve months, ho cannot got 1t
except ut large rate of interest. And then tho
gentleman gavo reason, whici to rae i tho most
anazlng reason That aou!d DO given. Tho reason
why money cannot be go borrowed ho Baye. fs
that men who have money aro affate! thu: Con
grosa will resume apecio payment, or TINT Con-
greHs and the preHidcnt wilI do 1t.
feared that Congross was going OIL wtli tic corr
traction Of ourroucy. said you never could
tesu1uo.
alr Gari1eld-In other words, tho capitalists
WHO hnyo money in their handh will not lend Il
for niue Or ten months nl4cad for rear tho logA-
latlon Of C0ngfess will make that money bettor
at the timo 1t In to bo paid back to thonl. Now
who erer heard reason like that given for my
thing In tho worid3 ! can understand precisely
the reverse il thu reason Of tho nouoy lender,
Ho declncs to put his money out OF Ills hands
for \ number OF months because OF Ills fcar OF
jus: such measures na THU tendiog to dopreciuto
tho yntuH Of his money. and to provide that it
slall come buck into his hands worth lar loss
in his State, and nl tue States, tho busiueau OF
the country elumbcts on d volcano becauHo, for
example. ths $500, ,000, 900 1T the savings hanks
of Massachusetts arc Invested thelD Oh call, una
ho says that should tao servant girls oven Of
that Stato at once nanko n demaud for tl,eir
deposits, tho business Of tho State would col.
lapse.
Now, II underatand tho nature and effect Of
this it Ia to put tho oniro tlnanceB Of the United
States in just such position As that in which
tho gentleman riotnros tho ntfairs Of his own
State; to say that oil Tho great obligations
which this Government owes shall DO ob1iga-
ttons on cali; to say that there may bo a rush,
not Of aorvant-giils alone, but Of all the specu-
latofa III the laird. to demand eishnr moro green-
backs for bonds delivered. or moro bonds for
greonbacka delivered. Or course. oil great vol
llmcs Of ,nouey which Nav York capitalists hold
to-day and aro Tilling to lend at per cont on
call. as the gentleman says, wontd ha lent to tho
Government at 3,G5 during times when it was
not required for more profitable usea.
Mr.. kelloy-Would the Government be in
iured By roceiying at aus paper interest aud
redocmlnG por cont gold bonds with it
bfr: Gartietd-Wlth tho prospect OF hcing
they got for it in redcemi"g it mhou j. was i,se-
sonted to them to get the currency again. This
IL proposition to tile effect that If t!loEe be q
lu1l in business in tue United 6tatea. so that u
few mi1liona or hundred millions may be lying
idle at a.ly t'nlc, tho Treasury Of the United
States shall tnho that and give tho capitalist i'll
forest on it. Ent the moment tTat tho capitalist
find moro profitable uso TOR lis money it
speculation, ho comes to the Treasury aud Hass: :
"tiYe mo n,g 1nopoy now; l4ayo not needed it
while you havo had It, and yon haro paid me
interest npon 1t; but now that I can speculate
with 1t as higher rate givo 1t back to nie."
Mr. kG]ley-Why TO not owners OF tho sixty
millions Which lie dead in vour Treasury draw
them out 2 They stand therc, a perpetual rofa~
tatlun OF that nrgna8eut.
Mr. Ga.held-1f' tho gentleman pursues a
policy which dcmoralizes gold aud makes 1t i
more commodity, | do not wondar that men who
hayo gold are willing to let The Treasury keep it
for them. But ln1 gold bo matte uoney,-the
ulonog Of tho Constitution they Hilt sooa
withdraw it.
Mr. Kolloy-tt is not SCI, o,0O0,0oo gold, but
grcenbaosH.
arr. Garied-I have but fow words more to
I sio that began wnen i{1o Var bsoss oat, and hss Is
not yet ended. We pusscd from the
level Of paace np 10 Tho turbulent
and stormy heights Of was, and I'D a
aro necessary. NOT 10 UattcE OF btRtcSHH'5HtIlp
for peaco, but AZ terrible aud fell necessity al
var wo issuoa Sso1 oCt uo0 Of paper a. forced
statesmen Of tint time to tnkc it up at tho
earliest possible momont and restoso tho Gov
| ornnent to tho money-standard Of tho Couatlu-
ton. Wo won't up booming In those days Of IN.
crease mud imitation, and. rs in such times all
| business is easy. so whom ne attempted TO ro-
/ turn VIC found it very hard We l.avo been
coming down through great trlbnlations,, dis
tresB and panic, and hnrd times. for al mark our
pathway downward towards solid values. The
Kentloman from massachusetts '(1uller) Hays
| tlero has boon 25 por cent Of shriuIsage in
| Massachusetts and rs rer cent ID Now York
Thoro has heen great shrinlage everywhere.
aud now, wl.aa wo a1a almoHt down to Bolld
| ground and honost yaues, the proposition Of
thoso gentlemen IL that VIC cut 'ooso forever Il
say torayer. III tile acuse tho gentleman from
Mnsaachusctts, Dutlor, uHod IT. from tho old
traditional values OF our, money, and go, OH
floating, ba'looning flying. with, no hone
of return foroyurmoro. ! should focl
nsyso!f base. il did not protest to
THO oxtont OF all my power against any
schomo that proposes to send thls coantry back
ngain into tho clouds aud darkncsa through
| tYlinh haze tt.tnf AfTltrA.