National Republican. (Washington City (D.C.)) 1872-1888, 1874-06-23

Iulug as nnatiOn, Until the people nave enough
currency with which to transact business, am
you then desire an excess. And1f there Is an,
man in this land who VIII now say there is al
excess of money here, let him read what th
people OF other countries say Of the amour
required to transact their business compared
| with the amount we have here.
When the development of the vast resource
Of this country is to be considered to make tn
land blossom almost as 9 garden, to talk abou
innation, when you have not near the amount
according to the business of the country, tina
other civilized people have, is absurd. Zap
plsuse. No sir, l am not for imitation in tn
sense the opposition would have you believe
nor have / ever been. but lam for the-people
by system OF banking, regulating the cues
ton themselves according to the business
wealth, and population Of the country. And
Will put this question to you as sober, sensibl,
men: Suppose our currency was gold, AMI
there was not dollar Of paper in the land
800 900 900 Of gold In circulation, and sup
pose some mine produces q hundred million
more, would YOU provide that 500 900, 00i
should not 60 into circulstioni Laughter
Would you call that Initiating goldi What
gold, but medium of exchange, and wher
you have not god, It's place is supplied b,
national bank notes and greenoacks. This Il
your money and when we ask enough of It
and no more, do you call that intstionf
cally in favor of that resolution, because, as
said before, l am in fsvo, Of striking down thu
monopoly feature in everything that can b
operated generally.
ORR NATIONAL REVENUES.
In 1855 our revenues Of ell kinds amounted
to S490, 900 900. The people then paid theil
taxes without complaint. The revenue oil
1873 amounted to $500, o00, 900, 8 decrease oil
taxation Of SlSS, 900 900, and yet taxes are
paid with great complaint, and your sdver-
tised tax lists were never so large. Why is
thisl viii leave 1t to the good Judgment OF
those who feel the difference to intelligently
answer the question. But am told we have
an abundance of money in Chicago. Well,
let US see. Besides the taxes we have to pay
to the State, county and cities and towns, we pay
to the United States Government sic, 900 900,
and we have bank circulation in this State oil
$1,000. The balance of our money here
comes from elsewhere--some in the purchase
of our products and some by borrowing from
the East at heavy rate of interest; which IN
terest, if paid at home, would add to the mate
rial wealth of our State, instead of enriching
other States which grow rich upon our mis-
fortunes. Observe the difference under our
banking laws. The six New England States
pay altogether in taxes to the Government
S5, 900 600, not quite one third of the amount
paid by our own State Of Illinois. Yet they
were allowed by the Comptroller of the Cur
repcy to take circulation, in violation of law,
to the amount of Sll0, 0O0, 600, and hold on to
It, at the same time denying US the right Of
free banking, while scores Of applications Lie in
the Comptroller's Office from this State and
others similarly situated. While this state OF
things exists, your farms viii be mortgsged to
Eastern capitalists at large interest, and when
your misfortunes come you will find no SYM
patty at their hands, as they will not see your
distress. We had in the year 1895, including
730 currency bonds which circulated as cur
rency, as also greenback Understanding
notes and bank currency, 81, roc, 900 900 in cir
culation In the United States; and notwith-
standing the great increase in population, bust
ness and wealth of the country since that time,
that circulation has been reduced thousand
millions Of dollars; and yet to-day you remem-
Der the Hourishing condition Of the country iu
'66, and how things have since been gradually
declining. appeal for proof TO the President
Of the United States, who said IN December last
that there was not more money IN the country
than was necessary for the dullest season in
che year. But, more than that, be calls the at.
tsntion Of the country TO the fact that the
money OF the country has been subjected 10 In
cesssnt contraction for the past few years.
Take this vast country and view our mines Of
ooal, our mines Of gold and silver, the richest
that exist, with all our other interests, look at
our vast resources, and tell me II we shall sit
down in conservative sloth, and let our country
while in reality she Is but In her youth and
vigori [Applsuse.l
Il noticed, when passing through Penusylva-
MIA, that the smoke that curled heavenward
f6m her tnnumersbie furnaces a brief period
ago Is to be seen no more. see our Industries
psralyzed all over the lsnd-our farmers being
the only independent class In the possession
of their fne crops; but the manufacturing and
tradespeople all over the country are parslyzed.
They claim 1t is because they cannot obtain the
money with which to run their establishments.
l mention these facts simply as they have oc-
CURED to me from observation.
The next proposition Is a reaffirmation of the
Philadelphia resolution In reference to
RErURSISe TO SPECIE PAYMENTS.
/ irdorse that fully. 1 Endorsed Il years ago
when It was adopted. canvassed the coun-
try upon It. l stood upon Il then, and I stand
upon It to-day. tApplause.l When we made
the canvass against poor old man Greeley, who
said 1.-THE way to resume was to resume" !
said was for RESUMPTION at the earliest prae-
ticabls moment. What did It meanf Simply
the earliest day the Government had the sbil-
Ity to do IL, am In favor of that yet. Let
no man latter himself that we can return sud.
denly 70 specie payments without grand
crash and almost If not entire ruin In this land.
And I will give you the reason: to return to spe-
els payments you must have gold and silver
enough for the redemption Of whatever may
be presented for redemption. Every national
bank in the country must return 70 specie pay
ments at the same time. Whyl Because the
Government Of the United States will then re-
deem in gold, and the redemption Of the ma
tional bank currency must also be in gold.
How much money have we gotl With
$40 ,c00, 900 Of gold and silver We must under
take to pay $50 900 900 interest per snnum
abroad, and $50, oo0, 900 In gold on account Of
the balance Of trade against US; being
$l3o, 0oo, 900 IN all. Laughter When they
say Of me; He II. is opposed to specie pay
tween those who claim to be for specie pay
ment and myself is that they say ''do Il at
ooce, :" and say "you can't" am az ready
IS you are, but they want to Jump from the top
OF the house. 70 the cellar and break their necks,
and want to get down from the roof to the
ground By ladder. Laughter and sp-
Plsuss.
want to return to specis payment grad
uslly. WANT 10 return honestly and fairly, in
Q way that will not bankrupt the country. /
dont want the debtor who has q mortgage on
his house, mortgage made for greenbacks-
] don't want him ten days sftervard to have
gold demanded on that mortgage, [spplsuse, ]
but want him 10 pay gold only when be has
gold TO pay for other things. / want the
change TO be made 90 that gold and silver will
be q circulating medium again; so that poor
man-s dehtor-can have an opportunity to get
70 pay bis debts with, when the
gold Is demanded, 40 veil as q rich man.
On this point, then, gentlemen, there 10 no
difference, except adifference Of time. can't
name the time for return to specie payments. \
Neither can they. It may be far OF or near.
don't want to do It In the manner In which
England returned to specie payment after the
Sspoleonlo wars; when, by trial after trial,
having reached specie payments, she bank
rupted debtors all over the land, and the prop
erty went into the hands Of few men, and IL |
remains there to-day. / don't want that to
occur here in this country. don't want the
bulhonists In New York to own the State
Of Illinois. ! don want them to own her fields, |
and houses, and shops. Iwant that we should |
pass along as we are doing, the best we can,
until the time comes, produced by the laws Of
trade. How IL IL to comet for It will come;
20 question about that but howl Whenever
our country develops itself to such a degree |
hat we have more products to sell than we |
buy; when the balance Of trade 70 In our favor. |
We are approaching It very rapidly now |
Whenever the time arrives we can return to |
Ipecie payment without injuring the debtor or |
anybody else in the land. Gold win then flow |
n-gold is an article Of product in our country |
and when that time arrives we will have |
enough, and not before. In that way, and in |
10 other, in my judgment, We must return to
pecie payment.
NH no4 aav mn n.,,ot -ot,-r - .-..,.