The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1875-08-12

80
Pendlcton, delivered at GalIipolis,
Ohio, June Dist.
For the present, ] repeat l am a
liard-money man. ! believe that a
return to specie payments should be
kept Steadily in view in our legisla-
ton and action, and that wise states
manship will seek the means of re-
conciling with the true interests of
labor and business, and justice to
the debtor Resumption can not
safely be forced. 1t must be the
proper outgrowth of surrounding
healthy conditions, or twill Meth
er be beneficial nor permanent
The gardener may cultivate and
stimulate the tree, but it is the tree.
that produces the fruit. And if ]
may do it without egotism, let me
say was in Congress when the le-
gal-tender act was passed. | voted
against it. | believed the law un-
constitutional andthepolicy unwise.
i have never changed that opinion.
But in spite ofmy efforts the poll
cy was adopted, and became inter-
woven with our system of finance
and trade. / will-seek all the good
/ can findin it. / would not ADAM
don specie payments, because !
thought it unwiscand great wrong
to the creditor. 1 viii not rush
recklessly back to specie payments
over the prostration of all business
and the utter ruin of the debtor
Specie payments are means, not an
end. / find no mystery either in
our condition or in the remedy. In
1861, when the Republicans came
into power, they found gold and
silver coin the only government cur
rency and the only legal tender
A few government notes were out
standing, but only because they had
not been presented for payment
The Sub-Trcasury system was in
full operation. The Democratic
party had, after twenty years of
struggle, established the system,and
fixed it as they supposed firmly.
The government received and paid
nothing but gold and silver COIN
At that time the coin currency was
one hundred millions, and thepaper
currency issued by by State banks
was about four hundred and fifty
millions.
A Republican Congress passed
the bond act, the legal-tcnder act
and the national bank act. The eff
feet was instantaneous. Gold and
silver ceased to circulate. The OBJ
legation to pay interest in coin, and
the demand to pay custom duties
in coin, made the government the
only purchaser for home uses and
increased the premium.
Thevarious issues ofpaper-bank
notes, greenbacks, certificates and
other notes-some bearing interest,
some not, but all serving as currcn-
cy in some way or another, either
as circulation, surplus, reserve or
otherwise, in theyear 1865, reached
an enormus sum, stated by some au-
thorities to be more than twenty
one hundred millions. The bond
ed debt of the governmentwas then
twenty-five hundred millions Of dol
lars: The taxes were six hundred
millions.
The whole South was opened up
to the currency, which had been
confined to the North and West
alone, and one million of men who,
as soldiers, had been consumers,
were returned to the field Of active
production.
Then commenced the Republic
can system of finance. 1t was
plain and simple. Contract the
currency, and, if necessary to this
end, increase the interest-paying
debt. And from that hour to this,
with occasional brief respite, there
has been steady, grinding contrac-
ton ofthe currency. Down, down
has come the currency: and down,
down, down, also, have come the
prosperity and happiness of the
country, the fortunes and credit of
the wealthy, and vigor and activity
of enterprise, the rewards and COM
forts of the laborers,, until now We
are confronted with a condition of
affairs which YOU, my fellow-citi-
zens, feel too keenly to make de-
scription necessary.
The iron and coal Of all this re-
gion can find no market. The sup
ply lies heavy on your hands. Your
mines and mills are stopped. Your
capitals unproductive. Your build
ings are gong to decay. Your la
borers can not get employment and
are suffering.
rru,n E,a,, Snx-