The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1876-12-20

The only reason that can be assigned
for the legislation of 1873 as
1t is plainly seen, is that an abundance Of sfl-
yer would tend to cheaper It. This is q
risk that all men take who agree to receive
payment in a commodity likely to change
Its value Ike sold or silver. The only way
that the bondholder could evade receiv-
ing IL in payment was to have it demonetized
so that there would be only a gold
coin in existence, since their debt was paw
able in coin and silver was as much coin
As gold. Is it not strange that a congress OF
the United States could be induced to destroy
the value OF this great mining interest, fur
nishing labor to so many thousands of men
and producing wealth to the amount of
hfty or sixty millions OF dollars; that the
country could be induced to adopt legissa-
ton that benefits single class alone small in
number, and non-prOducing class at that2
Ii IS said by gentlemen on this floor that are
IN favor OF contraction of either hard or soft
money that our productive industries can
not prosper unless the cost Of producing
commodities for expectation corresponds
with the cost of like articles produced in
other countries, and which ere likely 10
come IN competition. In order to reduce
their cost they propose TO reduce the
quantity OF money in the country be-
cause the quantity of money in any coun-
try or its representatives. used In
performing exchanges of commodities regu-
lates the value of all commodities As the
quantity of money is reduced the value Of
commodities is reduced, and consequently
the price of labor. If the quantity of money
Is redueed here to correspond with the guam
tity of money in monarchical countries, the
price of commodities would be the
same as there, and the price of la
Dor that produces them must also be
the same. You gentlemen have now pur-
sued this policy until you have reduced
many OF our laboring men to beggary and
want. More than two thousand families In
the city where 1 hyG, it is said are de-
pending upon the charities OF the
city for sustenance. The New York
Herald, few days ago, informed Us that
nearly fifty thousand mechanics and labor
ers out of employment in that city,
and large portion of that number border
ing on starvation. You pursue this policy
of contraction as you have done and pro
pose 10 continue to do to reduce the
cost OF commodities in order 10 compete
with foreign nations, and you will bring our
laboring men. down to the condition
of the laboring men of Great Britain and
other countries. IL is this that have been
sighting ever since l have been upon this
floor. IL is that we may have more money
and cheaper money that am now contend
ing for the remonetizatiOn Of silver prefer
cheap money aid well paid labor to
dear money and poorly paid labor
No government coin is countenanced
by any other nation. Our coin
is a commodity whenever il leaves our
shores. The coins of other nations are
commodities when they come here. and
there is nothing the argument so often
adduced to which l have referred. When
ever a commodity of this country passes 70
another it is subject to the laws OF trsde
there. When their commodities come here
tboRy fn hn afah
trade here. Our coin or currency have
nothing whatever 70 do with their value in
foreign countries. Their value is regulated
by the supply and demand in their own
country, and the amount of money in circu-
lation 30 perform the exchanges of the ma
tion. A favorite remark of contractionists
and demOnetizers OF silver is '1et us have
honest money! thaye come here to make
honest money. The constitution Of the
United States has conferred power upon con-
gress TO coin money and TO regulate its value
as well as the value of foreign coins. How
do we regulate the value OF money? That
| is Just what we are now trying to do-regD-
| late the value of silver money. We are try
| ing TO make it legal teuder for all debts
public and private; that is just the way that
| congress regulates the value of money.
Whenever they make money whether coin
or paper only a partial legal
tender it is dishonest legislation,
and dishonest money Is the re-
| suit We have deprecated money. | have
never cast a vote here and never expect TO
cast one to make anything meney for one
| purpose that is not money for all. ii that
] policy prevails we will never have money
| that can be called dishonest, because il viii
always be a. par. Money is valuable just az
| it is useful, and whenever man gets into
| field with hfs money, whether metallic or
paper, that he can not use, he must
submit TO q shave to get sone-
| thing that he can use If gold
had been legislatad against as silver has
been. and silver been favored with legisls-
ton as gold has been, gold would be dishon-
| est money because it would be deprecated,
as treasury notes and silver now are. No
| man cares what his money is made OF. The
question is what can be do with il? hope,
Mr. Speaker, to see the day, and that very
soon, when there will be no deprecated
money; when this congress wiz exercise its
power under the constitution to make
money, and shall make ali money
| full legal tender Let this bill
pass, the gold broker will be panic
stricken, as silver will perform the same
exchanges that gold does Let this govern
| ment honor its own paper and receive It's
own notes in payment of debts due TO il,
the gold brokers viii leave their gold board
like rats deserting sinking ship. That is
| just what want to see. i want TO see legis-
vor of gold gamblers and bond holders, and
no speculation in money except for legiH-
mate business purposes Money is not some
and it's offices are to perform exchanges