Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1876-05-25
Our dangerous Financial Policy.
: We extract the following from

the State .aeDt In answer 70 =
speech Of Col. Bailey. It is Nsil
WORTH psrusal:
.I.proposs 70 show mor9 in ce-
tail what the n oney PpSer has
already dope to enPlavs the peOs
pie.
The most alarming thing 10 its
interference with legislation, The
first thing which j call attention
to-. is its hold and daring assault
ppon the bill, as it passed the
House makiqgiths gre .npaeks ale
gal tender for all purposes The
bullionists we're seshiRg 10 get the
interest in the five tsep,ies psyas
BILE in gold and thep to keep the
gold above the money made for
the people. quote FROM asPeeeh
of the craftsman Of the bill, 'Thad.
Stevens, of Pa. to show what they
did, All impartial men now con-
cede that if the notes had been q
legal tender in pay m 'nt of oil
debts, public and private, they
would have been about equal to
gold. and then if we wanted to re,
sumo specie payments, We could
have done 1t without breaking up
the country by contraction to
reach it. The following is Mr.
Stevens speech after this power
had coatloled the Senates a
9Mr. Speaker, l have 3 very
few words to say. approach the
subject with more depression Of
spirits than | ever before approa-
ched any question. No persona
motive or feeling influences me.
/ hope not, at least. have mel
.alncholy foreboding that we are a.
bout to consumpate a cunningly-
devised scheme WHICH will carry
great injury and great loss to all
classes 5fthe people throughout
this Union except one. With
my colleague, l believe that no
act Of legislation of this govern
mept was ever hailed with as
much delight throughQut the whole
length and bredth Of this Union,
by every class of people, without
any exception, as the bill which
we passed and sent to the Senate.
Congratulations from all G asses
merchants. traders, manufacturers
mechanics, and laborers-poured
in upon US from all quarters The
The Boards Of Trade from Bose
ton, New York, Philadelphia,
CinciR1ati, Louisvil lie, St. Louis,
Chicago, and Milwaukee, appro-
we'd it's provisions and urged its
passage as it was. l have a dis.
patch from the Chamber Of Com
merce of Cincinnati sent to the
Secretary of the Treasury, and by
him to we, urging the speedy pas
sage of the bill as it passed the
House. II IL true there was a
doleful sound came up from the
caverns of the bullion brokers and
from the saloons. of the associated
Tia .ir cashiers and agents
were soon On the ground, and
pu! suaded the Senate, with but
little deliberation to mangle and
destroy what it cost the HoH'e
months to digest, consider and
pass. They fell upon the bill 10
hot haste, and disigured and d.
it that its very father
would not know is.
Instead of being 2 bene6cent
and inyigqrating measure, it t.
nov positively mischievuos. IL
has al the bad qualities which its
charged on the original
bill, and none of its benefits II
creates money, and by its
very terms declares it a money
for the banks and brokers, and
another for tho people. 1t dis.
eliminates between the rights Of
different classes Of creditors. al
the rich capitalists to de
nand god, and compelling the
lender Of money on iudi.
vidual security to receive notes
the government had pur-
posed discredited."
MIR. Kelly, of Pa, in a late
speech, refers to what Mr.. Stey4
ems said on that OCCASION as fol-
lows; o.
Il repember the grad old com
moneT, with his bat in his hand
and bis cane under his arm, talk
ing himself and another when he
returned to the House after the