The Van Buren press., 1875-10-19
A PLEA FoR HARD MONEY.
SENATOR VIM. w. EATON'S RE
PLY TO WIN. ID. KELLEY.
The Issue Of Paper Money not Warranted
by the Constitution-The Evils Of an
Inflated Currency-What the
People Demand.
New HAVEN, Oct 8.


Connecticut replied to the argument OF
the Hon William D. Kelley of Pennsyl
vania. The air was Geld, and as night
came on drizzling rain fell that had
depressing effect on the boniires aud
torches In the pavilion We're about tif-
teen hundred persons, attentive and sym
pathetic. Mr.. Eaton was introduced by
Ruel F. Cocr. In opening, he said;
/ am here to night to discuss the bust.
ness questions of the community, and
desire to say that no party is responsible
for what say. Strictly speaking the
question of finance, being based upon
rules of political economy, should not be
forced into the arena of politics, and in
no other country of the world is ii an
ope debatable political question. There
can be but one basis. the precious metals,
oae that makes your golden coin or sill
yer bar exchangeable fer necessaries in
Cnna, in South America, or in Europe.
Gold, too, is the currency Of our country
by constitutional provision, written as
well as unwrttcn. In the pressure oi
war our Government was forced to issue
hundreds of millions of promises to pay
Our rulers assumed the right of govern
ing wrong. They issued bits Of paper
and sinned against reason. against justice,
and against tile letter Of the Constitution,
in declaring the worthless bits to be le-
gal tender The Supreme Court of the
United States determined explicitly that
such Congressional action was to be con
doned only in consideration of the stress
ful period in which it was adopted, Con-
gress, ! believe, has no such power, aud
it seems to me that the bare statement of
the case carries conviction with it. The
exact words defining the powers of Con.
gress are to coin money and regulate the
value thereof There is no room left for
/ argument. The only construction that
Gov. A len and Mr.. Kelley themselves
put on it is that money should he made
from metal and should be melted and
stamped by Congress-not that Congress
should establish paper mills and ink fac
tories a
Putting aside the constitutional ques.
ton, it remains then TO ask whether an
increase of paper money is desirable. We
are enveloped, know, by burden Ct
governmental State aud municipal deb,
reaching perhaps 81 600, 100000. This
great debt came upon us through infla
ton; it remains in solid figures, and the
duty of the country, though grievoas
one, is plain, that is to pay the debt.
The debt must be paid and must be paid
in the currency of the world How can
it be done? Chiefly and almost solely |
might say by retrenchment of the ex-
pens.s OF the Government. Initiation is
of the same creed as reputation, and
would lead to three direfal results. FIRST,
it would impair the credit ANA the Maine
of the people secondly. it would dersnge
values and destroy confidence; and third
" land here let me make the point that
there is loo mucn money, ana that con
traction will give the relief imitation never
can J, it would ruin the credit and stand
| ing Of the Government AS an example,
compare to-day the condition of France
and Austria On the one side the issue
of paper promises to pay threw Austria
in 1871 into convulsion that left her in
1873 and 1874 on her knees before Eng
laAd. beggar for gold, and on the other
side France, prosperous after dcsolation,
after passing through a disastrous war,
having linc of five thousand'millions Of
francs to pay to Germany, she did not
rnsh to her printing presses to cancel her
debts with assignat, but she contracted
her paper money, and to-day all over the
world twentyfranc note Of the Bank of
France is worth agold Louis.
The men who have been attacked with
the imitation fever tell yon that by their
plans industries will be stimulated, and
that hundreds Of miles Of new railroad
will be built, but they do not tell you that
not less than $4,000 miles of railroad
have been built in the past at aa expense
of "a .0oO, 100000, of which At least ST.,
500 100000 have been taken from the
people in exchange for worthless bonds
and stock say that the people dc not
need to stimulate such artificial wants.
The speakers also tell you that the labor
ing class are suffering because OF want
of paper money, and they say it in the
face Of the fact that the laborers of Con
nccticut have more than $40. 900, 900 de-
posted in the savings banks Let the
Legislature see that those banks are safe
claim to know that what the people
want is stability, economy, and honesty
They want firm values and unqucstoned
stability. Mr., Kelley has said that they
would wieak vengeance upon the advo
Gates of hard money. How false is such
CRY need NOT tell you.
There is another proposition to which
| ask your attention say that to day
the volume of currency is larger than the
business Of the country can use, and it
sav fair minded man will say that do
not fairly establish my point, l will join
the ranks OF the nhationists. Overlook
ing the point whether Congress has au'
thority to make further issue Of paper
money claim that it is wise and that 1t
is expedient to follow contraction. APP
ply the rules of mercantile traffic to this
question When any individual or asso
citation has ON hand 4 glut Of merchan
disc OF any class of goods, far more than
can be used, manufacturing is stoppe'i'
If, for instance. you desire to purchase
one hundred cases of York cettons, and
there were in the hands of single mer-
chant one thousand cases of those goods
for sale at cost price. You would pur.
chase the hundred cases and not demand
that new ones be made instead. Ii you