The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-09-23
NATIONAL QUESTIONS.
Financial Sophistries OF the De.
m0cracy.
Able Review of the Transportation
Issues. -
The Supplementary Civil Rights Bill
Speech OF Hon Daniel d. Pratt, United States Sen
ator, at KendAllviIle, August 20, 1874.
naOcracy.

and nation. I shall not. probably. find time t,
speak to you upon any questions Of purely Stat
policy. propose to speak to you of the finance
Of the country; upon the transportation ques
ton. upon the supplementary civil rights bill
and likewise if should find time TO indulge in
review Of the things accomplished by the Republi
can party in this State and in the nation durinl
the last thirteen years. And first, as to the
FINANCIAL QUESTION.
that Is what comes home to every private individ
ual Money is the measure of value; by that W,
estimate the value of labor and the value of ever,
species Of production. We do not say that mar
is worth q thousand head of cattle a Thousand
be definite, because conveying no idea of value
But we say that q man is worth s5.0e0in land oil
agree that the constitution of the country reeog
nizes money as coined of gold or silver. The con
ing money which Implies metallic money, and
IL forbids the States from aking anything but
gold and silver n legal lender for debts But ever
since our career as nation began We have
been accustomed to paper money, paper eur
government or by banks authorized by the States
icing promises to pay, upon demand, money
Before the war we had mixed currency consist
ing OF paper money issued by the State banks,
and geld and silver, anountlns ~ al prooanlS
banks an suspended and it became necessary for
the government, after having borrowed from the
banks all the money they had to loan, to provide
army and navy, and for paying the soldiers and
thorized the issue of Treasury notes. You may
remember the old demand notes which were re-
Win soi The o 30 notes cohsres eon1ertsd into
80 bonds. But on the 18th of February, 1852, =
the he issue Of siSoc6 90 of United states notes.
commonly called greenbacks. IL also author
authorized the conversion of the ,greenbacks into
bonds, ant 1t likewise authorized the conversion
debt tied Of the country into $40 bonds Now.
as this was the origin OF the greenback currency;
tpd s Rs the
considered dry. explain to you what our
and S Gr bona
because it is an obligation payable TO the bearer
part 81 ne government to take It up at the expi-
ration of five years, | need not say that these
value received. The law authorized the Treas
ury Depai tns ut t9 accent greenoaqiks m equal
ing treasury notes could be converted into
them
OF the government, payable on demand. 1t is
payable in coin. 1t is exempt from taxation.
t n no bor d son bear referred to 50 often
They are all Obligations of the United States of
are all equally exempt from taxation under state
or municipal authority. The only difference be
est. while the bonds do. There is another differ
cnce. that the sreenbacks are due on presenta-
ton. while the bonds do not fall due unsiitwenty
In 1865 Congress. found it necessary in the prose-
system. Most all. if not all, existing banks were
created under the amended national bank act of
Inc system rs ,hers.orf ten y ysars Oh Iof
secondly, national bank notes; thirdly; OF frac-
is SIS, Ooo.ooo, in the following proport pms:
Last winter Congress ixed the MAXIMUM limit
hank currency limit at $50 ,O60 600. ana about
s5o,ooo,eo fractional currency afoat. All this
out Of the necessities of the war. It is greater.
doubly greater than the state bank issue at any
State banks had reached their highcs. limit Of
issue. the amount only reached s23s 900;
this question. which arose from this great volume
o. paper currency. Gan We return to condition
Last winter hs bill was introduced in Congress
enlarging the existing currency as follows:
the mt Of IA ths BANK currency
1he9rs s sss Esps5
as President. vetoed that bill, and principally be-
cause the volume OF the paper currency was ex-
III sna oefause !. pos.ponga 20 SUI iater
ments. Ihave made these preliminary observa-
the position of the two great parties in the field
in relation to this financial question. wish to
say, and for that purpose read from
he third resolution:
th na are IN d i.S9r OF such ake On
tiOnal banking free, and shall furnish the
country with such additional amount Of currency
cultural. industrial and commercial interests of
the country; to be distributes between the see
nsr rs to be consistent with the credit and honor
n soG caps.s to
the currency of the country"
llatform. Let us sea what the Demoerstie party
say in their recent convention at Indianapolis. +
apon this subject; We will see where the parties
agree and where they disagree:
Resolved. That we are in favor of the re-
iemaption 81 the SO bonds, in green6aeks aee;;
That law is the act of February 18th, 1862. to 1
which have slready referred;
,f March. 1852, which aimed to construe the law
30 as to m axe such bonds payable exclusively in
old In other words. the Democratic party BY 1
his resolution are in svor of repeating the act
passed in March 1855, known as The act to I
strengthen Public Credit in the United States -
n which Cengress iafter reeiting that there were
anu diaere3t Interpretations OF the law Of
we're issued, and after referring. in terms
hat everybody understood, to the canvass of 1858,
n the Democratic platform, that the5-2o bonds I
n9 , o Tsdes e y & they declared
10 interest. and also the SO bonds +
E pa H ina. s ean
hou'd be carried but. The Democratic party /
JAILED in power. sssn have some, somethins more ore
o say upon this subjeet bye and bye. +
AZ the nation al bank law. ana the Substitution Of
I oT Mi IS L the naenal saak Ggrrsaey
Of arg fer rG tie III bank
totes, but that they announce their purpose to
polish the national baak law itself; to strike the
ystem down.
After all that they say il their fourth resolu-
ION. I'VE are in faver Of return to specie pay
fents so sosn SIS the business interests of the
euntry will permit We have been trying to !
sturn to specie Payments ever since the
lose OF the war. on the basis sf paper currency
{ SIS, @e. ooe. and the wit OF maa has
ct bsen able so far to solve the problem. Bft
aestion By that issuing rreen6aeks enough to
IKE up some SEQ eoo, coo of $50 bonis-then the
euntry viii be in condition TO return to speeie
a-ments az an early day. Ii
There is but one more resolution on this subject,
nd an through with thai portion Of the plat
ITm: n
-. We are IN favor of SEch lesisstien from /
me &c time shall adjust the volume Of the [
lrrency TO the commercial and industrial wants 6
the ecuntrys Ii