The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-10-09
A PLEA FOR HARD MONEY.
sENITOR WM. ". EITON'S REPLY TO
WILLIAM ID. II ELLEY.
The Issne Of Paper Money not Warranted
bv the Constitution The Evils OF an In-
hnted Currency What the People Demand.

y
Tho Issnc Of Paper Money not Warranted
bv the Constitution The Evils OF an In
fnted CURRENCY What the People Demand.
New HAVEN, Oct. s.-To-night. in the
great canvas pavilion on the Grand Army's camp
ground, United states Senator VIM. W. Elton
Of Connecticut rerlied to the argument Of the
Hon. william d. Kelley OF Pennsylvania Tho
air was cold and as night came on a drizzlug
rain fell that had a depressing effect on the bon
fres and torches. In the pavilion were about
nfeen hundred person, attentive and sympa-
thetic. Mr.. Eaton was introduced by Ruel p
Coler, and among those on the platform were
Judge Bradley OF the Probate Court, and the
Hon. James Galaber. Mir Eaton had his speech
written out, and confined himself quite closely
to his notes. In opening. he said
am here tonight to discuss the business questions Of
the community. and desire my that no party is re-
ns'ble for wha, say strictly speaking the question
of finance being based rules OF political economy.
should not he forced into the OF politics. and In
no other country Of the world Is 1t an open debaable
political question. There be but basis, the
TrecUus H. etals one that makes your golden coin
SILVER bar exchangcabe for neeessaries In China.
Scy q our country by c5n.ti,Htiohal proysSn.
written as well as u1srttcn 10 Ihe pres 1te of war
ons OF PROMISES to pay our rulers "a umoi the right
sinncd against reason against nscc and agatnst ths
letter OF the Constitution, in declaring the worthless
tnted states determined explicitly that sue Consres.
refS period 20 sReS Il Vas aSopied con
gress believe has no such power, and II seems TO
with f.. The xact words defining the powers Of Con.
",e 10 no. CON noney snp reg1ne the Iaue Ihereoi
struction that GOV. Allen srd Mr. Kelley thenis,yos
can put on s that money should he made from metal
aud should be melted and stamped by Congress not
that Congress should establish paper mills and INK fac.
tories.
Putting ssIde the constitutional question, 4 remains
slraole; We are cnve 3ped, ! kn2~ by burden Of
sps Ins srssi deet p came upon ptn i:
through lnnalon It remains in sond figures, and the
that Is to " pay ths deoS fGe debt must be pph psid
Sr m s"n be paid in Ss Say Of .nS Sf ,Sd.
,SSely mvh. say Py retrsnehmen Of i6e expenses OF
ludiaton. and would lead to three direful results.
people sceonciJ l. would dersnge values and destroy
sonndsnce and thirdly Sand here let me make the
lion YOU'D S us the the sss @ .na aaGH .ssndss Of cane M
The eondsion Of FraSee and Rsir. ON the one ss
1874 into cohv1on hat len in 1879 ana is7. on
he other SIDE France. pr spsfca: ai.et s'OlstoS,
se 1T9nsa ns ailrDSs az DS W SaT SAyns ans Of
she did not rush 10 her printing presses cancel her
money. and today s over the woro twenty franc
me .s m sye Sr bes & gId 5
fever tell you that by their pans Industries Will be
MI be built out they DO not tell you that not less
Of ss Of iesR s6eS S1 sa sa'
nV0sV have oren taSen from the people In exchange
DO Sesd to SOsI sSca a af' eegR RSs
speakers s,so teal you that the laboring class
money they It 10 the face OF the fact the
losl cdin the ssyns- banks. Lei The Legislature see
There Is another proportion to which ask y ur at
teniion lsay that today the volume OF currency !.
any ialrmndel man viii that DO not fairly sstab
OVERLOOKING the whether Congress
TO make further Issue q ps?,r money calm that IS
.y '4S ITs, q T,e 70 1 GS.,O. %hs1
sa s f.a ass Ss 1DRsS
ns St sna . e:
~ 4a pa qas u ns s9u Ss} N eisS5 hs1 Ss,
es SGSoo2O 70 f9r%gsIy a'eS In TIA, psr,.
s', NO more mSqe, nseeo @ 90 r,n'aS. GSI
Texas anu the Pacnc coast t6lOOoODo OF coin and
and ~ 900 oco q na'io6ai bans notes. Al MI. vas!
eireu Begs s thre ~ was IN a.stas
locked 10 IN tss Treasury 800 Of coin esrtn
ss; sse Sss ~ iS ga ssa q m nes s1I
Transacted ~ " bushes. win sss thsa sso5oooo 100
nov has nearly twice iha sum in existence anc the
then. Thefe is today more than 500 Of green
Sa. 70 e or to M and sass .hs e q,
Before closing let me point to the conciton OF GreA,
Britain todaY. For more than nifty years the
of England have, without diversity Of opinion agreed
upon gold ana 20 d notes the currency Of the
SSTH'i S u Is 5s States three eIoeees o ont
all her manufacturing, her transporting, and
her tratnc s considerably less than t5OOOfpOOO coin,
bu lion and bank notes, There Il, IA addition 10
tnis t5ooOooO0 reserve fund of gold In the Bank Of
country alta less than onc-third business 10 be
transacted. nearly tvCO 100000 In circulation and
IN reserve. OF England's business nearly ninety.
sM ger cent s is ,. ,aTnn,aeted oS checks ana
passes from hand hand nr Carr schurz thirEs thai
In nis country nlnety.thrce per cent s transacted by
checks aud exchanges ana seven by coin ana
think he Is mistaken. estimate that ten per cent
was scarce instead Of credit being scarce the proper.
uon would approach more nearly to that Of England.
Whenever there Is a redunGAncy Of the circulating
medium, aud when the powers delegated to legis
trous innation. IL We wanted more Rreenbacks We
could get them. We cannot take our bOnds-th are
more than thousand million Of them in existence
carry them TO Washington and call for the reserved
ties DC rot want grcenbacks end those who do want
them are 10 poor to buy them II there were times
as many IN existence.
what then can do TO be saved7 First be econ.
omical. say that s5uOOOOOO be saved n the ex.
penses OF the Federal Government. Save that sum
yearly, ana long step viii be taken toward pros.
perity. Repeal at once the measure known Shcr-
mans olll II lays down lo method IL is dictaoral,
save f5O.OOOOJO year, and then each month with.
draw from circulation such sum sound policy may
dictate, whether II may be one million two milnons
three millions. save nifty millions a ear, anu rg.
ton.
At the close OF Mr.. Eaton's address the noor
OF the tent was cleared for dancing.