The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1874-10-09

And how Will we ever return 10 spe-
Gle payments?
ventured to say in my speech at Coll
nmbns that the premium on gold aud
silver during the war and at Its close
rose and fell, not always and exactly ac-
cording to the volume Of paper, but
somewhat according to the fate Of bat
ties. That statement has been ques-i
toned. have here the exact figures
In December, 1862, with four hundred
and eighty millions Of paper currency,
gold stood at thirty-three per cent In
February, 1868, with no more currency,
il stood at seventy-one. In July, of the
same year. with one hundred millions
more greenbacks outstanding, ii fell 10
while in December, with
still one hundred millions more Of green
backs, it rose TO fifty-four. In May,
1864, il was one hundred and ninety in
August il was two hundred and fifty
seven; and In December it was two
hundred and eighteen. Five months
later, IN May, 1865, the premium fell to
twenty Eight, without the slightest dim
inution in the currency.
Gentlemen. let me remind YOU Of an
incident which some OF our Republican
Traction may touch and injure the banks
as wellas the people In 1873 Jay Cooke
and his associates ~ ere the special agents
of the 4 ADMINISTRATION, the friends of
the con. n.a.iig1r policy, and the hackers
land maaipuiltors oi. .thei internal i'm
provement unlter Repnttcsn auspices
known as the Pacific RaiPosd. a pam
lie came on. Mr.. Sherpar says il was
caused BY want of confidence in rail
roads! Every one else thought 1t was
caused By scarcity of currency and over
trading. Instantly depositors in banks
withheld and boarded their greenbacks.
! Deposits fell off enormously. In one
lease IN Cincinnsti Il they are said TO have
fallen from four hundred thousand to|
one hundred Thousand dollars. In an
other case depositD checked. .w.ckedIy, /,
liz was said, $4,000. Tmmediately the
whole banking aud mt - interest hur-
lried the President and ite Secretary Of
1.-THE Treasufy ~ New York. and extortedl
lfrom. them .sa Illegal issue OF twenty
|six millions. When they could get mo-
Imore, 6very hank suspended payment.
They certified checks admitted they
owed the money claimed they had IL
lin possession, but refused to pay, and
linen who needed currency for their pay
rolls were compelled TO pay two and
even four per cent premium. How soon
these resumptionists clamored for ex-
pan sion when contraction touched them !!
and how quickly they defauited and
committed al act of bankruptcy when
they could not secure IL! lido not COM
plain Of their course then. Ii was per-
q. In fstf s.f
Iexpansion again, and as often As con-
traction shall affect them They clamor
for immediate specie'payment now, but
a year ago they suspended on what they
call an irredeemablc and excessive cur
rency.
But they are wise and far-sigbied, and
Intend, so far as they can, to be pro-
ltected in all emergencies. The latest
plan is to induce the Government to call
in the bank notes, and to issue to the
hanks instead Government notes pay
able In gold on demand at the Treasury.
In this way, when the Government shall
compel resumption Of specie payments,
the banks will have no notes to redeem ;
and when the holder shall present the
notes at the counter they will tell him
politely. to 20 to the Treasury. And
thus the whole burden and expense OF
resumption will be put on the taxpayers.
This scheme is only whispered now.
Before year it will be loudly and ur-
gently pressed on Congress.
Gentlemen, there are two methods OF
reaching specie payments. You may
contract the currency and thus reach
specie payments through the pr0stra-
Ition Of all business, the idleness Of all
llaborers, and the poverty aud suffering
of all the industrial classes. This is the
Republican plan.
l Or you may stimulate all business, en-.
ergize all industry, excite to their ut
, most every productive engrgy Of ouI
! country and our people. You may make
, our factories roar with the noise Of ma
, chirery, our mills red with the glare o
blazing furnaces. our fields smile will
: abundant harvests, our laborers happy
in the rewards of active and contentet
, industry. Active and increasing bust
, ness wilt increase our. capital, increas'
. our expectations, increase The influx o
i'coin ani thus bring grcenhacks TO a pal
, win coin. tCNeegs. his j. the Dem
! oc.a,ic y,sn. IL may be slower, but !
il sarer. safer. happier. II proHote
every interest. Ii Injuries none. An
: plause.l
: Fellow-citiyens may speak one wore
!, of myself without egotism? beiicv
!. YOU will bear witness that have alway
! been jealous and faithful servant o
|. the Democratic party; that have un
!. derstood its principles and faithfnll.