, 1875-09-04

ton Of the tloveynInaht't credit In Tho form Ot
curscncy; aud, therefore. the 1reahnrY notes
evidence Ut tlsscrnmant Hobs, aud nro tnetli-
I'M. of cs,,1s.esce debt to 10 paid, aud loyal
tonLcr to 10 ,aod. TI,ny wore 30 iaano.l by tho
Nnyornme,t and 30 accepted by tho peoplo. No !
rio recaivcd tlon,. lcasinE that 10 Tho pleasure
nnh conscience M TIC Novarnmens III tho
meantime tl,oy hnsn teon uHed az .noboy. Ihon.
IL acrnt'nnco with tlio puspose Of sho1r issl'',
piould tllcy bc Withdrawn II, IN to injnro blls'-
nuHa, ani labor, nntit a. good or
cry obligation of tho tiovsrhmont must 10
met md discharged. Whoever questions tho
fidelity Of the democracy tn tho counlry'a hnnor
In thai rcBpcct, speaks without regard to truth.
fully rcaEixo tho obligation III tho rodnmpeion
Of tho Treasury notea, hut I cennot feel tllat 1t
1n,,st to discharged ut q tlme whon IL may
sct!ous!y atA to our esnhasrasHmeuia. aua "hgM
the people who hold tl,om do not togiro " ~
eut foroigu guild obligations tB q cnlan'lty. WI
va, roto to convert this domestic non.tnsoseRL-
hcarin.s debt Into a farct3W. hltarcatrpaas1nH.
gold tjnbt ? III this etnsonont hhvc made no
eStante for thn tao Of ko''tH aati ihcfoaso o. ~,
tr1ost debt, which may lo nocessary TO cnanio ia
tho Secretary 10 rcdenm tho ntkhly-two mll!lon
lcsa,-tc,,aera which aro to 10 displaced ~ bank
bills fss,c.
i. ia ow my duty to cal! your attention to other
p7o',ah!e eonanNusnces 9! kh!a maanuro, moro
tho tiino for tlAo redemption OF tue Ireaauly
totos in gold approaches, aud tho Secretary pre-
parca for taoir redemption by tho nelo o. oonus
mud tho accumulation Of gold IN tho Ifeasufy,
tloy will RAPIDLY adsat1co IN fnluo. Uuflf& the
peY;od os twt yepsa hlfaso tho redemption conl-
incuccs, rcrsunB wllo aro nblo to hold money ols
or act,vo uEe. will nccunlulato anu retro tl'o
Treasury notes for tic protiss OF tloir increasing
ya1ue. The banks arc pet,n'.lsn ny T." 10 10 re-,
tic bills and .lotrH ARC about the Bnmo value,
tic lii!a arc not presented to tho banks foE
,avmont. But M Hoon RI Tie Treasury notes
advance IN van9 th9y will III, 10 Irssiss;nssa i.;s9a
for it hy boarding lilo Treasury nosos FOR Tho
t,omytior OF thor papor. Tho probnbta conso.
tucuco will bo that u.,ler thoBo influences tho
1roau,try yotca wit. for considerable period Ut
currency will 30 contractoa to iloarly ono-lIalf
Ns quantity. Al rapidly as tho Treasury uoteH
are used III tl,n REDEMPTION and rctiren.ent OF
tho banls bills They Will be presented as tho
pear forever. I kuowit il snid that aa aoon as
It is established that they ato retee1uablo in gold
they will not be presented, AZ they will then bo
NJ good III gold. 10 SUMO extont tint would be
srne In a timo Of cstabahsl campoHuto aud
contldorco, but that will not Io tho condition ot
our country whilst tt,ts iaw II being ecxcntoA.
Do you not rresent yonr negotiable papcr at
maturity merely because you lave confidence
In tho ability and Willingness Of your
debtor? 1low LONG do son think tho gold ratit
remain IN tho country VIII It pass alunH the
veins and arteries Of bl,Aincss and GiVo lilo And
cnesgy7 III timo Of eauorat confidence It
might DO RD hut not whilst this IN" IL being
executed. Public confidence aud financial sta
hility cannot bu made TO rest upnn borrowed
gold. IlA 1nsanure will inc1oaBo our gold ob!-
;ationH abroad, mud. because Of contraction. will
1elnco production at homo. This !Iow Of .goll!
abroad will coutuo, and thc borrowed gold will
Roon bc gouo. 1u this presentation Of tho anb-
tnct havo not consdoroa tho possibility Of any
extraordinary foreign demand. Auv Crcat fsanu-
eal crBis abroad. or disturbance Of the ponco Of
Eutopo, would cauAo our bonds 10 10
tlrowsl upon our znnrket In largo quan-
supply Of gold. DO not heliovo ~o can rely
upon this measure for any supply Of gold to our
domestic curioncy that will ho permanent or
useful. Substantially oi1r reliance for cur
bs iii condition to supply it3 Tho retirement
of tho TreaHury notes will leave then, under tha
obligation to redeem In gold only, eau they
n,oct tbat obligation? And with tho known I'M
cortaiuty III tho supply OF gold wil they venture
10 ouautlties as al adequate to tl,e demands o.
legitimate bus,noss2 ? Tho not pcr1nita fioe bank.
lug, aud tho l,lls Rro yet redeemabfe 10 Treasury
sutea. Wlnt t,as beer, tho rosrlt2 Tho state
tnent Of the Comptroller, rnads on the 9th of July
lh75. to tho first oi July. nearly . hulr .yoar
Tho Increase Of bank currency Is but ~ 65s
loos this attainment jassify tho opinion
that nftor tho Treasury noteB. leye
banks will venture their rhpor upon thu dis
turbad currents Of bubincha 2 belioyp tht
financial policy OF this Administration, and o
the party which supports 1t, rs expressed IN tlis
act Of Congroas, will 30 tract the currency ii
to psra'yze ally legitimate business, and leave
1abor in rags begging for. employment. knou
tho opinion iB eniettain'od-- havo heard Il
oppressed BIZ many-that tho law ID 90 clear1!
iu1politto that its execution, will not DO at
tempted. DID the President in bis arst iuaugu
/ ra@, iot pay that all laws should be EXECUTED
| whothor tlloy mot lila uppruvA or not Dur til.
| law ia now being executed. Mapy rnll1ions q
dollars Of tho bopas have .n1rendy been sold t
provide tho rnnnna for tho rotrcment Of ths
! outstanding currohcy+ Ii this tort,blo blow Il
fall upon tic Industries Of tho country Ohlt
stands III tho van. She should mako hof Rroa
| strength 80 sols tnat even Senator Sherman, wht
reported tho measure. will respect It in q n1oyo
mont for repeal. II Gov. Allen bo olectod. I bo
| the people. But sonatora Sherman and Morton,
| In thor hey-noto spoeclin8, doolarod to the poo
ple Of OHIO TINT tlls Ia tho party policy to bo mp
| proved and stood ": May It not we'll bo csatnos
that Gov. Aliens dotoas u ata approval md In
! tha sorato to consent to It's repeal Ifowevo
earnest We may bo for rcturn to Hpeoio pay
monsH. NO caunot wish to rcaoll II through unt
vorsal bankruptcy and a frjBhtful increase o
our foreign public debt. Because Of my Btrou,
belief that thta measure ia ftaught With ca!Ami
| ty to the commercial intoroata, to th
industrial pursuits, and TO tho labo
Of the country. 1 have responded to tue Com
niittee's Invitation without reference to man
osher questions thai uay DO d!Aoussea anon
you. Have you eonaidefsd sle ,roasons whle
passing this ia~ 2 t1o himself wanlod anothe
measure, Whether batter or worse than this
| nocd not consider lie wished to fund th
Treaaury notoa until the resllue.should DO ut pa
with go!d. liy hoH great 4 contraction nei.ho
ha nor can aaY. How destructive to ouslueA
become atrewn with broken to,tanes, and III
highways filled with wsotchod man seeking en-
plVymont: l1ts party ffionds would not agre
to 1t. nc says they hsl gono tuto Il,
osnvass Of iaht yoaf With divide
counaeis, sud TIM result w&A defcat. Whe
thoy met last wlntnr they wero taught i
tho defcat that tho party n power mist Qgro
upon BofNc measure and the result WAS tho PIT
sago Of this Law. II IL a strange stasomont-
confession may say-thAt . law anootlug owe,
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