, 1875-09-04
Fav0ring le-Resumpli0n in The
Abstract, but Opposing 1t In
tho Concrete,
aud Conteuding That Greenbacks Are
Not frredeemabIe, but Should
Not Be Redeemed.
a Demagogical Plea for the Indefinite
Continuance Of tho Shin.
plaster Era.
ITO M 4ssoefattd rsfH.l

ZANEsytkt.E, u, Sept. J.-GoE, IessAsacks, oI
Indiana, stolvosca al ntl1resa ut DeulocEstic
n,octng In this place, to-t'ay. The Sreoch was
mainly doyoted to a consideration Of tl,s cuff
cency question, on which point hiH reinasks wero
nH follows:
!, FEnLow-ctrtzEss: think the , ro.oloction Or
Gov. Allen sury important. nl.tl, therefore, upon
tho invitation VI y0ur Htato Executive Comtnis-
tee, stand before you to-day.
REPUBLICAN, FrHANCfAL POLICY.
Before striking blow At taov. Al!on only TO
rorpetualo the presrnt conduct aud policies
will you not carefully consider the Aa1ne, ana de-
eide whether that he your real julgfncutf Upon
tinanco, wllat lo yoN wnnt your vote 70 mean
DO ynn wssh 1t to bo a1' nppfoEal and indors".
lnon. Of tho policy Of tho ltopublloan party On
that snbjcctf Tint policy III found iii tho act OF
tho 14th OF last january, Gov. Morton Informed
Tic poop1o OF Ohio that 1t was the result Of con-
nlltat!on and compromises, and that csotY Ho,
publican senator, ssvo Que, votod for it. as did
nlt tho Republicans il the HonBe, except y lew
from tho Eastern States. M Democrat In tho
Senate voted for it, and I am nat aware TINT 1t
received my DoIn9srat's support. III the liouae.
DECLARED TINT he roported tho measure, adso.
Gated and votod for It, and heartily dosends aud
approves T., that it was the rest,ls OF tho most
careful de'iberasion ths. T. definitely aaslsres
tic Republican party. land no step backward
And DOW, ns thnt act debates tie deliberate pur-
pose and tlted policy Of tlat party upon !! most
important question, it should 10 accurately md
Tor tho e.ibRltution OF silver for tho fractional
currency, THO silver is not in tho Yfeasnry and
must be purchased. Tho special dispatch to tho
Cincihnati Commercial of tho llth Of lust month
says TINT Tim Secretary Of tho Issass'ry wtN bc
obliged to hp between $50. G00, 600 and $40, 0,000,-
DpO Of s per cent bonda for that pHrposO. Tho
direct o1oct IL to incrcaso CUR intoreat- t-boarng
dnbt about 9lU, ,000, ,000, md tho anuua! iltorent
taG0D U0U-,n other woTla. II IL tho conversion
- f1,rn fAnht which ha8ra ipthraAt.
INTO 4 u foruigu debt bearing iutateat. TIC
aitycr coitl, Hlen 81 tBsued will not bo legal
ierdsr bsgorA aB, aud ita depreciation below
yolu will be nearly il not Quito. nH great aH that
Il tho currency which it IL to diapace. Tho Bec-
md section repeals the inv which ai'ows
charge for coin!ng bullion. and Is proper. Tho
third, and remaining. section, removes legal re-
strictions md limitations, 10 A. to allow szee
Danll bills to ths bankb tAo Secretary OF tho
Treasury shall redeem legal-tender Treastry
n0tes.to tho cxtout Of 50 per cont Of tho bank
b,s.s 80 issned, untis tho vo'uwe Of the legnl-
tiuced to e30o. COO, 600. Thc effect ot that pso-
vision iH to substitute National hank paper fer
logal-tendor notes to the oxtnnt Of about 3B2,-
O00. 600 Of tho latter. Tho section then proyldea
b. 1873. the Secretary ot the Treasury shrll TO-
deem In coin tho unitod States lngal.tendes
notes thon outstanding on their presentation for
redemption ut tho otfco OF tho Aaaiataut-
Of Now Yorh, in sums Of not leaa than tifty
dollars" THUS, by tho procosa Of redemption
mud aubstitutiou, oil tho logal-tender notcs arc
to 10 taken from circulation, and tue ourroucy
Of the country is To- bo coin and ban: bills. III
other worda, It waa intended to E[Yo tho Nation-
nj Uanks tho onsro Asld Notwithstanding tho
Eame EongreGs. iu tho month OF Juuo LhSoro,
had giynn tho country tho Insurance that tho
lcRal-tonder circulation shonld remain ut 1882,
00u,uU0. Such wAs till construction given to tho
not OF Juno, 1874, whilst IL was pendin9 In. tho
Bounte. l,aYo given you tho language OF tl,Rt
provision ot tho aot requiring tue aecrcsary Of
The Treasury on tho lat day Of January, 1879,
and thoroafter, 70 redeem tho legal, ,tendor motor
to tho poopio Of 6l.io that "tho Bill provided
tnat tho gfcenbAchs should not DO retired 80 AZ
to leave loss than $500, 600 QUO In circulation" !"
From The Language of the law, you peteolye
displaced by bank billa ase to bo redeemed and
tAken out Of circulation. Doyuu wish your voto
70 approve tlia niohsnro and faHten II upon
tho country2 WAS cAlled uron to preaide oror
In my address to that body, upon this aub1Gct, I
Haid "Onr paper currency consise of Treasury
notss, dsc!aroa by CongroHs 70 be lawful money,
md National Bank notes. am not in favor of
tha policy that proposes to retire tho Treasury
notea to mako room for an inorcaso OF National
hanks hhd their ,pator' Tho Treasury -notea arc
tie cheaper cutteucy 10 tbs people aua command
public eoufldencb. They ara not trrcteemao!o.
IQE klGlF FAluD kuDJ 1cHk uFVQ LIlu plcuR2 hDu
consclonce Of tho country fl.o relation betroen
the holder and tho aovctlfnont Ia .dltBet. Tho
people are not required to pay interest upon ma
tional bonds deposited Al tho basis Of their So
curity aud value. ~ In tho cnao OF bank notos.
Passing everywhere and without queation, they
am the favorate atad popular ourtonoy."
AK your vary careful consideration OF the
laat provision Of tho ACT. It won|u havo beol,
Idle. ~ vol as vicious, for Congrcsa to direct
the Secretary Of tho Treasury 10 soleom the
legal tdnderB In ooin without making provision
for the sAIne. 10 meet tllo necessity tho nut
provides "Aud 10 enable tho Secretary Of the
Treasury to prepare and provide for tho redom!-
tlon N this act authorized Or required. lo Il
authorised 10 uso any surplus revenues from
ti1'io to tma In the Treasury not othorNlaa ap
proprated, and To tssuo. sell. aud dispose Of. al
rot iess than par 70 con either Of tlis descrts
the aot Of UonRreas approved July IA, 1910, en-.
titled An act to authorize tile retuntng O.
the publo debt with lilo gua!itios. p1iy
isgss: and essempsions to tho eitaa
to uso tho proceeds thuroof tor the upE r,,
poses aforesaid. And all PROVISIONS Of lay
,h noohsn.Sos Ml.h Tue pIosissons OF tha sct ART
tSsea the passage q Ut ae
Of legal.tender notes ~ provided In the sct n
Juue, 1874. Hheuld aho $8l,00O 600 b rss,rs.
by t6a substitution Of bauk notes uuder the Fl "a
section, then there will lreman $500 900 900 10 +.
$4,000 000 Will bo entirely dlspacud bv bsnI III
notes. II not an excota Of tho {BUU, ,oo1 5oe hi
probably equal tAe aurpiua rovonues iu golti tia
the Secretary will lind avsilablo for the' Durposs
Of tho aet. suppose it may therefore bs ss
humed that the Secretary Will bo required 10 ssl l
per cent honda to meet $500 o00, Obl OF Trsss
ury notas. Tho immediate and direct olYoot .
Tue measure WI oo be t., to n. increase our deb
nul Interest OF el5,D00.v .vu Ia gold, II "
aA tho s4o,Voo.Vo Of bonds tbAt mus
be sold to buy silver to displ&oe Il,
fractional currency, We hAve, In this tnoAsure, 4
increase OF heintorest- bearing lebt OF *s10, ,oov
Oot. And Of Tho annual iltc1ost OF $17. .00o zoo /
gold. The boads will bs sold iu Europe, TLi
Administration conducts n! aaeh sransAetion
through European syndicate, Or oomolnssio
Of banks. Thua tho deht will be . fD1elRn ont
and will add I'll, ,0o0, 700 to tho enormous annul
expectations Of gold to meet interest. Whl
consideration Of obligation or Of good polio
can support this meesurof 1n tho midst OF
tinAnolal c1ists 70 serious 10 disturb the four
aaAons Of our prosperity, NO aro 70 ada th
Large snm 10 our foreign debt. Why is II dono
The ASA. .o0o, 600 Treasury-u mo ha!ta o1cir
sM ssiyely hy our own peoplo. Il Is domestic deb