The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1876-09-28
fcoscInnrp FROM FIRST PAGE ]


of the case is, that some good men,
holding these place of high respousi
bility. do not see that 1t would be ru-
inous in its results to the credit of the
nation,
Let it be remembered that we are
solemnly bound by the act of 1869 to
pay in coin or its equivalent. Dare
any man cay that we can pay in this SO
gceatly deprecated silver and really
obey the law of equivalepcy which
was the basis and spirit of the statute
of 1869? He denies the principle of
equivalency who proposes to pay this
silver coin. He violates the law who
violates the essential object of it
equivalency.
If you insist on paying in silver,
then 1 insist that your silver dollar
must be equivalent to your gold dol
lar. Do gentlemen consent to main
tain equivalency in the two standards
and then pay in silver? Manifestly
not. Their incentive is gone the mo-
dred cents on the dollar. Some one
has said there is an innate desire in the
human mind to get chance TO cheat
somebody. A great minister once
man nature which when united al
ways made iuiquity complete-one
was the desire to do a dishonorable
thing, and the other was the opportu-
nifty to do it. 1t has happened in the
fluctuations of these metals that there
is now a notable opportunity to cheat
several millions of men by adopting
the baser metal as the standard of pay
ment, and thus accomplishing a swim
die on SO grand scale as TO make the
achievement illustrious. By The pro-
posed measure one-fifth of ibe enOr-
nous aggregage OF public and private.
debts can be wiped out as with
sponge. This nation owes x, O0O00,-
600, aud private citizens of the United
otates probably owe - 500 COS. .OC9,
possibly more, at the present mo-
rnent the relation of debtor and cred
itor in the United States Involves
nearly So O00,000,000. Ii is proposed
by the amendment of the gentleman
from Indiana Mr.. Landerl that at one
fell stroke one-fifth of all this eDor-
nous sum shall be wiped oil, repudi-
ated, and that this process shall be
called honest legislation! Since have
been in public life have never known
any proposition that contained so
many OF the essential elements OF vast
rascslity, of colossal swiudling as
this. 90 not charge that such is the
purpose of the gentlemen but such,
in my judgment, is the effect OF the
amendment proposed. Bat, aside
from the political ethics involved in
this scheme, we should consider its ef-
fects upon the business of the coun-
try.
Gentlemen may remember The finan- |
cial shock of 1887, the later shock of |
1857, and that still later in 1873. Con.
ceive them all united in one vast |
crash, and the financial ruin, the over
throw of business would be light in
with the shock which
would follow if the principle here
proposed were adopted. By princi-
Pile improperly called Gresham's
law" for it was known as far back as
the days of Aristophanes, where two
legal standards of value are put in
in the same country, the
less valuable always drives ont the
provisions now suggested, and ali onr
gold coin will leave the country as fast
ast il can be carried abroad. Do this,
and revolution in our monetary af-
Tairs utterly unparalleled in the histo-
" of our nation will follow. The
gentleman from Pennsylvania, Mr..
Kelley in his remark gave the key to
The philosophy of this proposed lcgis-
Iation. Why" said he, what does
. man want TO do with silver when he
IAN haye something made of white
metal that The thief will care 10 steal r (,
What is the meaning OF that? 1t is
hat he wants money so cheap and so
7aIueIess that nobody will care TO steal
{.
Idr. Kelley. / was speaking not OF
money but OF household utensils.
Mr. Garfield. II amounts simply 90 6
he grim summary os Thomas Carlyle, !
he theory OF "cheap and nasty, guam ,
ity at tie expense OF quality, glitter
ng sham al the expense OF reality,
Tlis Speaker pro tempos'e. The gem
mans iIme has expired. TDi /,
Mr.. Kelley Does the gentleman
rom Ohio mean 10 say | speak OF !;
Vhite-me:aI flor money? III he does, =
Ie will compel ne 10 denounce his i
tatement rs false.
mAXIMs FOR EAEsMEEs. I: