The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-05-31

JSGI WILL ulCE6 OGpT0SSlOl III SpiTlbS
than ever before approached any
4 question. No personal motive or feel
influences me. | hope not, at least
/ have a melancholy forebo ling that
We are about toiconsummate a Gun
ningly -diyised scheme which will
carry great injury and great loss to
all classes of the people throughout
this Union except one. With my
colleague. believe that no act o.
| legislation of this Government was
ever hailed with, as much delight
throughout the whole length and
bredth Of this Union, by every class
of people. without any exception, as
the bill which we passed aud sent to
the Senate. Congratulations from
all classes merchants, traders,
mechanics. and laborers-poured in
upon us from all quarters. The
Boards of Trade from Boston, New
York, Philadelphia. Cincinnati. Lou
isville, st. Louis. Chicago, and Mil
waukee approved its provisions aud
urged its passage as it was. | have
dispatch from the Chamber of, Com
merce of Cincinnati, sent to the Sec.
retary of the Treasury. and by him
TO me, urging the speedy passage of
the bill as it passed the House. IL
is true there aoaS dolefM sound come
up from the cdUerns of the bullion
brokers and from tie sdl0ons of the
associated banks. Their cashier and
agents ,Cere soon on the ground and
persuaded the Senate, aCith but little
deltberatiOn, to mangle and destroy
what it had cost the House months
to digest, consider and pass. They
fell upon the bill in hot haste, and so
disfgnred it that its very father
would not know it.
Instead of being beneficent and
invigorating measure, it is now pos
itively mischievous. 1t has all the
bad qualities which it's enemies
charged on the original bill and none
of its benefits. 1t now creates mon
ey, and its very terms declares it, a
deprecated currency. 1t makes two
classes of money-one for the banks
and brokers, and another for the
people. 1t discrininates between
the rights of different classes of
creditors allowing the rich capitalists
to demand gold and compelling the
ordinary lender of money on individ-
ual security to receive notes which
the Government had purposely
discredited."
MIR. Kelley, of Pa, in late speech
refers TO what Mr.. Stevens said on
that occasion, as follows:
81 remember the grand old CON-
moner. with his hat in his hand and
his cane under his arm, talking to
myself another when he returned to
the House after the final conference,
and shedding bitter tears over the
result. Yes said he, we have had
to yield. The Senate was stubborn.
We did not yield until we found the
country must be lost or the banks
gratified. and we have sought to save
the country in spite of the cupiditY
of its wealthier citizens,"f
Judge Kelly says in the sams
speech that that crime has cost the
people more than the war Would nave
cost had the bill been adopted. He
(Kelly) shows that failing to make
these notes a full legal tender, and
undertaking to reach resumption by
contraction, has turned two millions
of men out of employment. This is
loss to. the country of say $2,000,-
900 daily. It has continued for
years, and will get worse unless the
policy is changed. Besides, it has
demoralized the whole country, and
well nigh ruined all our industries.
The three laws which provided for
issuing the greenbacks, also provid-
ed for the 500 loan, and by the
terms of tie laws. as they passed
both Houses, these greenbacks were
made legal tender in payment of
al debts. public and private. except
duties on imports and interest on the
public debt. Now, did not this make
the principal payable in legal ten
ders? 80 3
Mr.. Stevens said in 1868. land he
wrote the laws. ia his place in. the
House, that when the bills were
passed there was not one member
of the House who understood it
otherwise, and that he, at the in
stance of members. explained that
that was the meaning and yet the
money power has literally forced
the construction that the principal
Is payable in gold. and the people
are burdened with one hundred
millions to pay interest.
/ stated that they had taken con-
troll of the President.
Tn 1873 Gen. Grant said in his
message:
. s'The experien ce of. the present
panic has proven that the currency
of the country, based as it is upon
the credit of the country, is the best
that has ever been devised. Usual.
ly in times. of such trials currency
has become worthless, or so much
deprecated in value as to initiate the
values of all the .pecessaries of life
as compared with the currency.
Every one holding 1t has been anx-
ious to dispose of it on any terms.
Now we witness the, reverse. Hold
ers Of currency hoard it as they did
gold in former. experiences of a like
nature. r...s ,..s.s.t -.s.s..f.,...@
''It is patent to Y the most casual
observer that much more currency
or money is required to transact the
legitimate trade Of the country DUR
ing the faIl and winter months, when
the vast crops are being removed,
than during the. balance Of the year.
i.Inssiew of the egreais actual con-
TRACTION that has taken place in the
currency, and the comparative CON-