Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1874-05-07
Speech of Hon. John Q. Smith.

W u6u lu6 bIlI lOI lHCI6dSlLS tAO Sa-
rency and establishing a free banking
system was before the House of Rep
re sentatives in Congress, Hon. John
Q. Smith, the Representative from
this District, made the following able
speech on the subject, on the 9th of
April:
Mr.. SPEAKER The prosperity of a
people is not indicated by the nominal
amount Of the wages or wealth of
each citizen, but by the real amount.
It is the purchasing power of wages
that gives their value. If a dollar will
buy as many Of the necessaries of life
under one set of circumstances as two
dollars will purchase under other cir
cumstances, it is of equal value with
the two dollars for every purpose ex-
cept the payment of debts already
contracted. Now, sir, we have had a
great many definitions of money dur
ing the process of this debate. be-
lleve it is universally conceded that its
office is that of a measure of values
and an instrument of exchange. and l
think no one will deny that it is desir
able that its value should be as nearly
stable and as little liable to fuctuation
as anything we can obtain can be-
There is no article in this world of
absolutely determined and fixed val
ue. There is no article in this world,
as compared with any different sort of
article, of determined and fixed value.
But the article that approaches more
nearly the abstract idea of perfect ex-
cellence than any other, as measure
of values. in the opinion of all men,
in every age, is gold. It is an article
of universal desire, aud the amount in
use changes from decade to decade
very slowly. It is nearly indestructa-
ible; it is divisible; it is beautiful land
its fineness and purity can be ascer-
tanned with absolute eXactness. It is
honest; there is no fraud about it
For these reasons it has been selected
and adopted by every nation in which
commerce has fiourished, either inter
nal or external, as the article best cal
culated to measure the value of every
other article. I am stating nothing
new. l assume even the widest infla-
zionist in Congress will neither give
me credit for new discovery nor deny
the truth of my statement
Now, sir, what is paper money? 1t
is promise to pay gold. It's prom
ise to pay on demand, or at some flu
ture day, given amount of gold.
Without that promise what is it?
Nothing. Worthless, utterly worth
less. Its value depends wholly upon
faith in the premise. In proportion
as you destroy faith in that promise,
you depreciate the value of the prom
Use. If all faith is destroyed the prom
Use is of no value. But, on the other
hand, if the promise is to pay gold on
demand and that faith is kept, the prom
ise to pay is held to be equal, or near
ly equal, to the gold itself in value.
But the moment it becomes apparent
that the pledge to pay gold will not OF
cannot be kept, that moment the
pledge itself loses a part of all it's val
he. The Government of the United
States, dozen years ago, issued a
large amount Of promises to pay mon
ey-that is, gold coin, and made those
promises legal tenders for the pay
ment of debts. In the darkest hours
of the war it solemnly pledged itself
by act of Congress that the amount
should never again be increased. Con.
gress did that for the purpose of in
spring confidence in their ultimate
payment. Again, Sir, when the wal
was over, Congress reduced the amour
! $44, ,000,0 900, and solemnly pledged thu
honor of the nation that at the earlics
practicable day they should be redeem
ed in coin. Shall we take steps tt
violate our sacred promise? Shall W,
turn away from the fulfillment of on
solemn obligation.
Mr.. Speaker, believe that the patl
of honor is always tile path of tru,
policy. 1t is frequently hard to pay
debts. i know what it is sir. Th
wife and children may have to be de
priyed of many comforts. The HON
may be poorer. But the man who vii
not pay his honest debts, if in orde
to do so, he has to live more poorl.
than his tastes or his supposed neces
sites may demand, deserves the con
tempt of all upright men aud women
If this be true of a man, how muc
more of State? The man dies in
few years and is forgotten. The Stat
lives through the life of many geners
tions. If honesty is the best polio
for the individual, how much more
it the best policy for the State?
I read on this subject from Macal
lays Life of Give:
''That honesty is the best policy is a ma
i'm which we firmly believe to be general
correct, even with respect to the temporal i
terests of individuals; but with respect to s
cieties, the rule is still subject to fewer exec
tions, and that for this reason: that the life
societies is longer than the life of individual
1t is possible to mention men who have owe
great worldly prosperity to breaches of pl
Vate faith; but we doubt whether it be poss
= BILE to mention State which has on the who
A been gamer by breach of public faith. T
4 entire history of British India is an illustr
tion of the great truth, that it is not prude
to oppose perfdy to perhdy, and that the me
efficient weapon with which men can encou
ter falsehood is truth. During long cour
of years the English rulers of dia, 81
rounded by allies and enemies whom no G
gagement could bind, have generally act
with sincerity and uprightness; and the eve
has proved that sincerity and uprightness 6
wisdom. English valor and English intel
gence have done less to extend and preser
d our oriental empire than English veracity.
All that we could have gained by imitati
the boublings, the evasions, the fctions,
perjuries, which have been employed agail
US, is as nothing when compared with wi
we have gained by being the one power in I
dia on whose word reliance can be placed
oath which superstition can DEVISE, no h
tage, however precious, inspires q hundred
part of the confidence which is produced
the ''yea, yea" and ''naY, nay" of a Brit
envoy. Nofastness, no matter how strong
art or nature, gives to its inmates q secur
through the terrtories Of powerful Di and sa deat
enemies, is armed with the British guarant
The mightest princes ofthe East can scarce
by the offer of enormous usurY. draw forth q
portion of the wealth which is concealed
der the hearths of her subjects The Brit
government offers little more than per eel
and avarice hastens to bring forth tens
millions of rupees from its most secret repc