The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1874-05-09

ment, now resort to sneers and threats o.
war : but those who stand up here and ad
vocate an increase Of our currency cannot
he influenced or intimated by threats OF
var, nor by attempts at burlesque or ridi'
| Guile. grant you that an act Of Congress
undertaking to make one dollar equlvaleh,
! 20 three would be wicked and shameIui
initiation of our currency but wheh we
| ,.r.,,.,s.. y, u;thdraw interest bearing notes
| and issue instead non-Interest- oe"i III III.
60 ,aI a,,,n,,nt il cannot be called
,,,,,. ,,,,ptractionists amuse themselves by
t,Ikin. IL what they call the Government
paper-mill and printing press. One gen
tlcman sneeringly said it was proposed to
grind out paper foI the winds to blow over
the country that the people may catch it
and use 1t as money Now, sir. these
ccntractIomsts know, as every plowboy
knows, that when the Secretary OF the
Treasury pays out greenbacks he pays them
out for something, for material, for seryi-
ces, tor public works, and for value re
ceIved. therefore this paper-mill talk is
meaningless and foolish.
Mr. speaker, We have heard a great deal
said here about ga coin basis A great
many gentlemen here from New England
are clamOrOus for what they call "a coin
basis for our currency You know, Mr.
Speaker, that We have never had such d
thing IN the country as com payments OF
com currency. Prior t. the issue of green
backs. whenever the demands Of foreign
ers called for little cuIn say s. 900, 900
ur SO. 800 900, or 81, OK, 900, the tctiol
and swindle called specie payments wa
made apparent, and al such periods revul
sion and general disaster and bankruptcy
vas the inevitable and mvarlable conse
| quence Sf what is now called "a soun,
| basis. The eyes Of our people. through
sad euence, have been opened To- tn,
swrudhng nockery and snare called speci,
basis, or one gold dollar kept in the bank
vaults To- redeem five dollars IN hauk-notei
on demand. What is termed gold basis
/ or com payments, is a scheme or devIc,
enabling bankers and money changers upon
each one dollar Of their gold to issue thre,
! dollars, four dollars, five dollars, or tel
dollars m their paper currency their owl
/ credit.
Now, Of course the banks cannot pay il
com the whole amount Of their issue o
.
nands are made only one in three or fou
Or ten according t. the ratio Of com to cir
culauon could get anything, other holder,
| get nothing nevertheless. while the con
| tidence Of the community continues I,
| Keep the bank notes IN circulation and II,
! demand is made for coin from our credit
ors IN Europe. there is no trouble. and tn,
| confluence arrangement runs smcothl,
snough and attracts very little attention
! But the moment great failure happens
large enough to create a shock to privat
/ credits, hkr that of the Ohio Life an,
\ Trust Company III 1871, q Jay Cooke 4
/ Cu. IA September, 1873, Or whenever
! large amount Of coin is required to pa
debts ia Europe, the banks break with
] great crash. pane enSues, carrying all be
fore 1t into bankruptcy and wide-sprea
\ rum
Here is the lesson Of our experience wit
\ the common but dreadful deluslon an
cheat called specie basis or specie paw
meuts. Ne have tried It often. and hay
as often been humbusged and ruined by il
and the system still exists ia England, re
sultlng, as you know. in at least one grea
financial panic every ten years. And ye
gentlemen spend hours here IN praIsIu
and eNtollng a system which. to say til
least OF 1t, is defective, and often out q
/ JOINT. They long tor 1t. and gray
statesmen stand up here and say We shout
prepare our house for the dreadful event
/ Always insisting that We sho nd " look I
I n and " FIX the time tor 1t, they talk III
cessantly Of the necessity Of preparing fo
a hard-muney basis for our currency, bu
they never tell as why.
l. it not singular, Mr.. Speaker, that dun
ing this long debate no gentleman has toll
us 'rhy he wants com basis for our cul
rency N Is Arrays assumed, ha ,,oH
tell as ,rI,y