New-York tribune., 1874-09-14

cisely as made, because the people haa i, ~ rne
stated currency and should be paid In that chi,v to
As the Government had received only from ' ,hat tbe
sixty gold for these bonds 1t was unjust M
people should be required to pay 100 in order 20
them; certainly not until their legal tenders, ,onai IN
were the currency OF the people, had become e!un ~
gold that the taxation necessary, burden put upon
the people TO do this would be unjust and WRONG and
seemed 10 be the construction OF the law, III. .h,s
believed the advantage OF that constfuc ION W nP
country would be that would a1onI opHiur US
to send ont large amounts OF specie 70 pn, ~, onr
abroad. You will remember that substantially @ az y
and small portion OF them were taken a ~ home
and 50 long s,hs Pas our nor by
payment OF that interest. It was only sh',tnx ~ xed
and n receive the dividends The country would not
be impoverished but II the bonds went aoroao W. ,e
were obliged to pay per gold oo and 70 ta1
the people, then staggering under the ehpens q, the
which q fuinous to the prosperity vi w"
country. -. r ,,,u
whether was night wrong in my Judgment VIII WI,
discuss hereafter. As stated above, Ths was lHe Io
aud front of offending and because OF these m
all the harsh attacks made upon me whcn are s
familiar the country. had and stu nave uuo.
opinion the right Of the people TO have the @
eqmzed which was not agreed TO oy very tht these
bonds should be taxed as otherwise men would ", me
Government would come upon the poor mdn, .hs
and especially the business Interests of 'n ~
StunTy St 6s, ,me feme%0e by showing the fact that
rich in this district in 1868, who owned stoeH re o.
on ne took M pay N to ae
he held no property liable taxation and, alter tne
his stock Sf goods This Gould be easily done, his
stock In the County OF Essex, and ht ~
opposed to my notion thai the bonds ougn s0 70
be taxed other property. The inquiry has often o
been made of me since, "why did MT you press your
TO Congress in iss There were two answers that
found the Republican a:ty.largey divided upon en
any division OF the Republican party TO get INTO
power and have already SHOWN you that, az inas
time with such condition OF warfare In the ooutn as
now, 1t did justify patriot. IN my Judgment "
interpose financial questions until the conntry waI
pacifcaed and the just result Of the war achieved
am OF the same opinion now. There was anot ier anu
still more potent reason Congress IN March lso' pasSea
a solemn resolution against my earnest protest because
thought 1t was unjust and unwse that al our Donueu
debt should be paid IN gold. That resolution became
part of the contract however unwse IL was 10 make
such legislation. ,,
From that to this has heard me. publicly
or privately, express the opinion that these bonds were
payable otherwise than the contract requires ~
has been made aud must be kept was wrong IA my ny
construction of the law then there was no .or
the passage OF tins act except 10 settle douots m
because hereupon our bonds were Immediately sought
investments In Europe. They went abroad by nions
upon millions and we got IN return ,a rgy some ne
fifteen hundred millions of our debt IS now pesu !n
foreign hands to say nothing o, cg % sece a 60 out
from this country every year to pay our interest we
ism What was thati Ireland one of the most
fertile islands the globe with large manufactures
wealth up to the Ii me when IL became fashionable for
her rich landhoders to live in England where her gov
rents Of her lands were spent by her landowners
ont Of w ireland, M amounting to alo Iae coHnrl sun
alton the effect OF this continued drain upon her indus
tries indeed perhaps by the not too wise measures OF
people reduced 100000 and quite all her landed
estates have passed through quasi bankrupt Court.
foreign bankers Of Europe. TO whom each OF our
40OOOG00 have to pay much larger t;lbute Annually
than did the people Of Ireland 10 their absent lords
THE EFFECTS on BUSINESS.
10. haon buanpsa.
an over-stimuus to importation crippng manufactures
and increasing the value OF bonds until that bond
bought for thirty cents gold Is now coming to
1O5 until the rate of interest which to tha time had
not exceeded in this Commonwealth six per cent In
large or extended investments, has now come to be on
an average nine TO twelve per cent, even when you
mortgage your farm and house TO your savings bank.
Taxation has become nearly one-third Of tho earnings
and dividends Of ordinary business enterprise. Mean
while our system OF National banks, with their notes
guaranteed by the Government and our legal enders,
OF ali the highest judicial tribunals OF every state ana
OF the United States have become tae best currency any
country ever Based upon the faith OF the naton,
secured by pledges OF National bonds, portion largely
in Of the market value dollar OF United states
money at par passes from hand TO had In exchange LOT
all nmodes at the same value over larger eAteht
OF country than the currency OF any other nation IN me
world not excepting gold and silver without deduction
fexchsnge. II could stop here IN describing our n
cia condition nothing would give me greater pleasure:
No statement could be made OF greater pao5
OF greater success OF Government In eslaDIisnus
ne finances
would not profitable take time now to examine the
business of banking in this country has paid the a
the lowest profit because IL rightly managed IL IL t1e
most safe No business in this country for the last 10
years-I speak advsedlyhas ven such enormous re-
Turns as banking Reckoning their dividends, surplus
revenues. the rise Of their shares no manufacturing
stock will stand beside them, no railroad STOCK WI.
compare with them business enterprise bat what has
paid tribute the The curse OF the country to-day
In my gneu the rate OF interest for business pur
poses At East 1t is from to cent III the west
IL to Is per cent, aud at the South ls 10 "a
nd ara
lending that many OF our snrewdest capitalists nave
withdrawn their money from business enterprises under
taken by themselves and loaned 1t to others on sucn
securities that the business men OF the country are
taxing all the risks and the s reaping a
the rewards OF their enterprise The situation was
ths In endeavoring to relieve the distressed condoh
bankers and the demands of the people for money aud
10 pay all claims against the Government for which IN
their distress the people rushea upon % n IT. r.
reserve which had been held In the Treasury, leaving
authorized by law Answering this urgent call from
the western and southern portions OF the country tns
further OF this slsOOOO currency to its limit
OF s4Oo00eoc0 and also providing for qualified and Inn
sron and amending the House and Senate. passed by
considerable majority IN the House and IN the the
bill voted with majority OF the Republican party and
majority Of the House and Senate, but la opposition TO
my colleague from Massachusetts,.
THE ONE MAN IN NEw-ENGLAND
Indeed, I believe I stood the one man In New
England who voted with the majority OF the Republican
party of the both Houses of Congress upon this
measure OF finance and for that vote my repubcansm
challenged before you II your representative
cannot vote with the majority or his party and be
Republican, pray with whom should he vote and be held
to be acting with the Republican party Should he vote
with minority should he vote with the opposition
and still be counted good Republican in Massachusetts,
provided that vote accords with the financial notions
Of few men in Massachusetts But have no inten-
tion Of shielding myself behind the oth,rs; such
never has been my course / stand by my
own view as instructed by my own Judgment and