Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1874-09-03

UldCh, may Ut CUiD pclicu W ldDOT dt tHO
pauper prices of foreign countries. lap
piause. / pass from this question of
protection to American industries, be-
iieving that in it the people of this dis
trict have deeper interest than in any
other question perhaps that may come
before future Congresses, and ! appeal
to you TO remember that this system
of protection grew up with the Re-
publican party, that we had what was
called a revenue tariff under the ad-
ministrations of Democratic Presidents,
and that it is part and parcel of the
legislation of the country that will be
stricken down with the Republican
party.
CONCERNING THE CURRENCY-RECENT
LEGISLATION.
As to the currency question, when
Congress met in December last, there
was throughout the entire country
great excitement upon the question of
currency. There were in Congress two
classes of men who desired to legislate
in directly opposite directions on the
matter of currency. There were those
who believed the only solution to what
they termed our Financial troubles"
was by at once passing some law that
would fix definitely time when we
should resume specie payments. Their
plan, generally, was to retire the
''greenback" circulation of the country
until we got down to $3.50, 1000, ,OC0 or
$500, 600, 900, and then compel the banks
to resume specie payments. That was
one class of men largely represented in
Congress, especially from the east
There was another class-and they
came principally from the South and
West, who thought the only solution
of our financial troubles was to print
more money, to give us larger supply
of either the greenback or the national
bank currency. And these two parties
were in condict on the currency ques-
ton, and there was time when it
looked very much as though there
would be rupture of political parties
on the currency question, the South
and extreme West arraying themselves
against the Middle States and the East.
Happily, this was averted; and l he
lieve the sober judgment of the Amer
ican people has determined by this
time that what Congress did was the
right thing. When this matter first
came up and was discussed, it was at a
time when the ranic was upon the
country. We had had, as you know, a
panic, commencing in September last,
that extended into the winter months,
and there were petitions and addresses
from committees, chambers of COM
merce and from individuals piled on
the desks of members of Congress de-
manding relief. / believe that at that
time the people "a great majority of
them-believed that Congress had in
some way the power to relieve them
from the panic that was then upon
them; and the relief they demanded
generally WAS in one of the two direc-
tions that have Indicated: either that
Congress should al once provide means
for returning to specie payments or
should initiate the currency. And here,
i'm explanation of the votes L gave on
the currency question, will say that
early in the session, whilst the panic
was upon the country--whilSt men
were going out of business and into
bankruptcy all over the land, there
was proposition made to restrict the
currency, or sreenback circulation, to
$3.50, 600, 900. | voted against that prop
osition, Iapplause, and voted in favor
of fixing it at $1,000 ZOO. / did it for
the reason that at that time S26, ,000, 900
of the S44 4,000,000 in dispute were al
ready i'll circulation, in the pockets of
the people, it had become part of the
circulation of the country; aud at that
time to have indicated that we were
about to retire twenty-six millions of
the currency that great many of the
people of this country believed at that
Z, far oh ~ Of IL, a
necessities of the nation, would have
aided to the panic very largely so as
to have driven a great many good bus
iness men out of business; and for that
reason | voted against the proposition
to restrict the greenback circulation to
1856, 200, 900 and in favor of what was
known as the for; y-four million bill.
After that time and later in the session
/ voted against what was known as in
fiation. l believed in that doctrine
that may be somewhat old-fogyish, yet
L believed if the currency was let
alone, if Congress kept its hands off the
currency, the people would get along
as it existed. Applause. In 1869,
your greenback was worth about sixty
five cents on the dollar, and since that
time we have had little or no legisla-
tion upon the currency, none either in
creasing or diminishing its volume,
and your greenback is worth to-day
ninety cents on the dollar, an appreci.
alton of twenty-five cents on the dollar
in five years That, in my judgment
is doing very well. l believe that the
time is not far distant when our green.
back dollar will be of the value of q
gold dollar, without any interference
on the part of Congress; and if Con-
gress interferes, it must interfere either
in one direction or the other; it must
either interfer,. in behalf of the creditor
class or of the debtor class; it must
either Interfere to make the greenback
dollar worth more or worth less. If il
does not interfere for one of these pur.
poses or the other, for what purpose
can it interfere? You go at once to re-
firing the greenbacks, go at once to.
wards preparation for specie pay
ment, and you will enhance the value
of the money. If you initiate, you go
in my judgment in the other direction
LET ALONE-THE TRUE POLICY.
/ Then, gentlemen, upon the currency
question, | believe in the policy thai
has been pursued for the last five years
The measure passed by the last Con
gress amounted to very little one way
or the other. first allowing the banks tC
use their reserves. The other PROPOSE
tion contained in that bill was one that
very few men-and I believe only for.
ty in the House of Representatives
voted against. 1t was proposition
that very few could afford to vote
against-a proposition looking toward:
the redistribution of the currency
From the West and South, and especi
ally from the South, we found this cry
come up to us: 1--WE have not the
banking facilities in the South and
West that they have in New England
and New York. We want more bank,
ing facilities" And the proposition tC
redistribute the currency was one that
seemed so eminently just and proper
thera vprn OnIy fOrtv yOtaS in the