, 1875-11-27

FHoHH ~ lE1u ulpueyEu sUlSrtSt VI 6U3 CoHHtIJ
=, '"ppuss th" utensn:es os s. fiManetA' MINISTER.
tho two luan nets raeaed At The ettra earstnn
of tho 1hnty-screnh Congress provided for tho
mo lIeasion uf Tho ) -llelauIy Inv fur II Q
stp,cBa purioso Of enabling tho Secretary -
avail huaarlt OF tteaa facilities. But In refsfd
to accept them. and po'sis;ed III dcmsntl nR Hat
ths bht,ka SHOULD ,ay IN COIN tt" atuount Of tho
l.ans lor wi'ch sh"5 In! ~ &c tbe.. no effect
At u blow. tho foundation Of bank crodt:a, mi
lorcod SUSPENSION OF Bposte tasuoauts Ito
gold Which had consti' utnd ths basis OF banking
transactions was absot bcu BY tho Treasury, II Ao
paid out to contractors, And in,meliato'v to 10
haatdtd ~hato It could na longer bo utntut Ia
business or for tho public e1igoncios. Mt.
Cl'aho might have avoided thIn hat l1o "a" 1T 70
pseciritate tie t,lsaa.er. Ia do this in n per4oi
Of national calamity. shalt slNh.s regard ~ Al
act OF mos; ostfsordlnary tnfatua.t'r1.
Immediately Aftor Tho fanuro Or lie hante.
TIM hl,l "ss introduced BY YOURSELF authorizing
tho Issue Of Uuited States not-s to c,Ecnlatu NJ
currency. and providing for tLe funding u them
in u per cont honda. Your .1en WA ilIat u
necessity. did not phnra your viows. Accord
tnKly, 1nppoaed III debate tho p ocos:top to
issle leual.tendor tapor currency whl:1i tho
frsmors OF The Con:t'tu.inu Lad IT sc'y intondasl
10 tnhioit. ht tho same tlule ain FREQ to admit
tHAt the tcc3u1 ,nnsina provision to fluid thcao
raper prom1eca promptly IN tho bonds of t4'
Nhch could not nudor Tho c,rcumst3nceu bo
too highly commended. At tI,.a moment It pre-
acrts the only moanB po4slolo fur al e1rl5 aat
safe return to specie Pssincnta., Had 1t been
conslatpnts nlharcd 10 it w;,u"i hava brought
tho country to that point ucfora t.lo present Adj
naturalization GANG Into posor.
Bit, unl1applv. CougEpHa nucceeted TO tho
Iui,tv-soyenth Which was not cu.,trul4o1 by tho
high moral considerations. AMI whr', dfsi rot
,utHess The capacity uf Its rsodec raor. f.ooss
viown Of fil.alirial integrity wo.o eutarsai1ol.
THO Secretary Of tho Iroasury found tho m.-
jol,ts pisabio to h,s purposes. At his uesna.;d
legislation waB had abroga;ing the provision for
tho CONVERSION OF tue lcsa.tendtr notus Into
bouds, xnd also empose sel,nE him to tsauo other
| evidences o. dobt II his dseoEoso'. Apower Ho
tremendous haa seldom, Il ever before bco'
| lodged in tho hands Of u Minister. mn con-
strained to sav that 1t VISA exorcsol ali.o-t
wen.onlY. Tho credit OF tho nation was dcrrt-
c!atod to tha verge Of bauiuuptcy. ! PR
cont loan was tlnccd on tAo nlu.1;ct; coEpcun !
! lnloro1k notes aud other opheulalRl deyrcs wcro
reso,ted TO. in order 10 Bh1ro u, tho asupsrdou.
| 1naucat fabric Which seemed 10 bo lettering to
its fall. I counted tha dIfferont yaretieB Of
| papor which wore omitted. iin1'. II my faemo;y
ResvtB me tight, tho number reachod thirty
threo. whom gA7o up to dosra!r.
| The inatIncs Of the peo 10 was wiser than tho
Bnbtloty OF tho tnan who assumed to guido it.
| Mr.. 1inooIn was plaeed sacond tmo In tl.e
field for preeidout. rtIe Dir. Chaao was COM
pcIler to vioId to the Storm which l,c hsd created
and rotiro from tho TreahurT. To tho errors OF
hsA tilreo years Of o.lico thu country iH nucb:.d
fer the needless augmentation OF tho public
debt ut icas. 7l.0o301u 0oO. But pcrhapu atill
| gseatse evil was the repudiatiou. by an obso
1uiouB majotitv In Congteas. Of tho national
faith which had been pledged to tue holders ol
the 1ega!-tondes notes. Uy Sos: Of tho act ao-
proved Feb. 20, 1872, It is provided that - any
holder OF said Uuited Btatos notes, tcpossting
any Kun not less thai $50, or ammo multiple o1
$50, with tho Treasurer Of tho Uritou htateB, 0.
/ eitber Of the Assistant TreasuretH. shall re-
cetso In oxchnngo thorofof duplicate oertin
| Gates of deposfF, ono Of which may oe
transmitted to tho Secretary of tho Treasury
who sha' tboreupon ieaue to the holder III elua
amount Of the bonds OF tho Un.tcd States, " DC
This provision, which vas lndorFed uron ever!
nota isaued. was repealed iu ruanner which
must characterize ns clandestine. Hencefurtl
ths notes were irfodecmable, md In that forIl
they sunk from ono dopsh ri degradation to nn
| other. uutfl thoy Wero worth but one-thiri o
their facc valuo. The moral Renso OF tho coin
muu1ty waa also debasod uutil 1t became as lo7
as that OF the Government
Under the ensuing Administration no ability
and Integrity Of purpose was displayed by th'
Secretary Of tho 1reasury. tho lion. nuei, Nc
CulIoch, which, had ho beeu properly acconde;
by Congress. might still have retrieved tho ma
tional faith. But career Of jobhorY had no'
been. entered upon. rartsanship aupnrsodot
our history viii be perusoa by Americans In th
future only With enottons OF shame.
Tho appointment OF Mr. Boutwell, to th
Treasury Department vaa . concession to tn
spirit Of The tln,os Uudsr his administration
tile pubic Anances, tho ourroncV, Which ha'
been LOCALIZED only AZ Whr measure ontafd
and beyond tho Constitution, was atill furths
expanded, although peace had been restored
and i.s original purpose had been accomplished
It is All encouraging omen that tho publ
| mind has 1t length become aroused to the in
pofsauce at restoring the couststutlenal cur
touc7. Wherever elections havo been held, III
paople. In disregard Of partisan considerations
have voted agalnat any further imitation Of th
currency. devnutly trust that tbe good wor
will go on until tho great wrong which has oeo
inflicted upou tho Industry Of the nnk!on shall b
rightod. You will, / trust, pardon mo for aayin
Ia conclusion that tho lrat rcquaito for tho ue
cornpliahu.ont Of this desirable end Is radiol
change In The adrlnislFatlo&1 Of the Govern