The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1875-11-10
Senator Eaton's Speech In Behalf
of Il Specie Currency.

We have read carefully Senator Ea-
toms speech in behalf of u gold and sill
YER currency, delivered before the people
of Hartford, Conn.,, irrespective OF
marty. on the 25th ult. Hartford is one
of tic greatest money centers on the
continent, being creditor of other sec
tions TO tile amount of one hundred and
, fifty millions of dollars, and hence,
do,ibtless gave an enthusiastic endorse
ment of the Senator's hard money doc
trines. The speech is q very able one,
carefully prepared, and presents strong
array of facts and arguments III favor OF
making the currency convertible into
gold and silver com.
The sneaker insists upon the uncon-
stitltionality Of the legal tender act,
! and denies to Congress any right to issue
noner as a substitute for coin. The SUI
nreme Court has indeed sustained the
act. but in the opinion of the Senator
| better counsels will at some time pre-
vail, and that august tribunal return TO
tho strict construction of the Federal
Constitution, which prevailed at an ear
! lier period. -,
But apart from its unconstitutlonallty,
the Senator opposes an increase OF the
paper currency for three. reasons-llrst
that it would impair the credit OF the
;-second, that 1t would
affect our domestic Interests,
third, that there is more paper currency
now i'm circulation than is needed. IN
der the first head he refers to the case OF
France; with its credit destroyed under
! Louis XIV and XVI by its unwise issue
of paper money, but re-instated by Ma
polcon, and placed on solid basis OF
specie since the late war; under the
second head, to the speculative mania
which has resulted from the past infia-
ton policy of the country, and which
has involved q loss Of hundred OF mil
lions of the peoples money; and under
the third head he makes ar elaborate
statement of the past and present circu-
lation of the country, going to show
that we have more than S3o0, 0,oOo, ooo
over and above what are required by the
necessities Of business.
The circulation of the United States
to-day amounts to over eight hundred
millions of dollars, whistin Great Brit
ain, with its immense commercial,
manufacturing, and financial interests.
the circulation is less than five hundred
millions Of dollars. But, should it be
said that 06 per cent. of her business Is
changes, the Senator replies that at least
30 Dcr cent. Of the same business is done
in this country in the same way, and be
shows conclusivcly that the circulation
should be less, not greater.
He r;d;cules the idea Of issuing gov
ernment londs with the low interest of
So. .O5 per annum, with the hope of their
being exchanged for the present bonus
with their five and six per cent. interest,
payable semi-annually in gold. he
also takes issue with those who propose
to exchange rational notes for green
backs, and denies that there will be any
saving of interest to the people-the ma
tional currency not being interest-bear-
ing, and imposing no burdens from
Which greenbacks would relieve. .
The Senator draws sad picture. OF
the burdens of taxation which are I'M
posed by the present debt, federal, state
and municipal amounting in the ag,,
rrerate to four millions of dollars, aud
rs q relief from our financial difficulties,
proposes a scheme which, whilst it will
place our currency upon q specie basis,
and make it convertible in gold and
silver, will reduce the amount OF clrcu-
lation and lessen the annual expenses
of the Government. His scheme pro-
poses the establishment of specie re-
serve of one hundred and fifty millions,
for the redemption Of the national ana
preenback currency, reduction of the
circulation to five hundred and 1lfty
millions, and saving to the Govern
ment annually of from ode hundred
to one hundred and fifty millions of
dollars, by the ase of a currency ex-
changcable in gold and silver.
These views are all elaborately dis
cussed, and fortified with an imposing
array of facts and arguments. The
speech is an able one, and makes a
strong plea in behalf cf hard-money
currency. 1t is suggestive throughout
and will command interest, even when
it fails to secure conviction.