Ellsworth American., 1876-04-20

The t",lnWius extracts are from the able
speech ~ Hon Julius II >cclye ut Mass,
ou The Currency question.
Now. affirm that the one defect in ou7 pres
oni currency. a defect which pcnrtrates 1t
through aud through and renders it forever IN
capable oi performing the functions OF \ sound
money, l. that It ~ \ currency which has or
isinally cost no labor. Il rests upon no solid
ground OF industry. and therefore when YOU
undcrtt tkc 10 pay for labor with II labor i.
cheated, and the Industry OF the nation. be ing
dishonesty paid, becomes IN consequence pros
iraie and paraNred- In other wori,. We have
fancicd that we could actually measure the Ia
bpr II The land by that which has m labor in
u, We have taken piece OF paper which costs
un labor. and whice may bc duplicated aud
multiplied 30 any extent without labor. and
have supposed that We could make this the
actual standard OF value and wealth, when the
Que cs>cn nilSl thing without which value disap-
Iears and wealth becomes nullity is labor.
There j. no possible way in which the curren-
Of nation can be stable representative OF
The industry OF the wealth Of nstiun unless
that currency hc 4 commodity which cost. Ia
h.r - r.,d 4.-+ lt ami J. worth whs, u has cn.t
tor some other lisa ihau cuErvu,N- IL ulay be
any commodity You please, II Il have these
charaytrrlsttcs: IL nav be wampum or bullets
- among the earliest colonisis OF MassAchu-
s.tts X NAV b. SALT. or tin. or tea or cowry
sheds. among some Asistic and African pco-
pcs TO-DAY. or II may D. silver and gold. a.
irom the carlirS history has been the in
the civilized world, bat wh4irVer II is. II must
possess these two Quslities. Of being tntrln>i-
callv desirable 10 possess aud equally difficult TO
obtain. or u cannot be truly money or furnish
truly stAh. currency inr The people who sm-
pioV II. The snnpic reason foi thl.. which
makes is truth apparrni 10 every sound eve. /.
that these two elements are rNaclly what give
value 10 anything IN other words. arr exactly
iAAt which constitutes wealth. and while all
wealth l. no; money. there canno, u moncy IN
an, true sense which i not wealth.
Now. | vii not argue the ads aniaccs OF
gold sud silver FOR this purpose. for these arc
go, plain to need arguing. Neither DO wish
20 bring any charge of disadvantage against
paper currrncN which represents il liked
amount OF gold ami silver. in:o which II may
b. turned al the option OF the holder for such
CURRENCY has IL obvious conNcLIence> wblch |
Anow oi nousht To eoniraNcac. But g paper
currency which ! onlN promise ~ pay that
i never fulfilled. currency whose only value
= iuruished hy the command or even by the
crrtU of The government which issues II. n cur
rcnrv whrh can he produced 10 any extent
"a thsuf labor. ani which hss no pps> ihl.s ise
Tor anythtn: except A. currency. j. MT only
!uconN cnent rni dlsa1vanlAEcoas, but must be
q d.,astrou, " wherever employed. Such cur
rsaey. unstable itself. renders everything eise
uu>iah'c. Il un>rlilc. all values: II disiurhs
every Kind OF business. Il oblige. that trade
>aauld De dome with a broader margin OF pront
and loss. and thus en- larglng the field Of specu-
lAtioh il extends IN an equal degrcc tbs bound.
of bankruptcy. It always hA, been. whenever
tried. me>; fruitful source ofcyil. and, from
the nature OF the ease. Il, results must be al
waVS evil
Hen. then, in = wori is he exsc, and hope-
les. difficulty with thi. currency Of ours IL
un lrrlaAc. TO pay foi industry with that which
ht> no industry in IL, Aai this i fraud upon
industry which however cloAAed or long con-
ccai.d WI al lcnsth come 10 lish; and claim
- rctTituian. My Lord Cardinal said
Anne OF Austria ~ Cardinal Richelicu one daY,
Nj l.ord CArlin2l. God dovs not pay # the
cud ot every week or month. bat Al the eud
Tie pays" To individuals this payment NAV
=, carrscl over bevonl this world. but nation.
sufcr herc ahd now for their faults and follie..
\ well a. for their crimes. Why. Mr. Chair
man. i any eye 80 eliui A. not - zee the dire
consequences of this currency OF our, a. now
apparent in the lAndt The gentleman from
frnnsy tNanis Mr.. helley the other dAy pici-
urrd IN sepulcheAl ionc> the funereal gloom in
Which our industries seemed TO him enshroud-
cI bat hat has brought 20 SAD a state 20 pass
WHY lh.s suspended industry and ''curtAii-
81 production. AMI enforced lIene>s" which
m The lanEuAsc Of the gentleman. has added
"iearfnly 10 the hit of suicides. crowded in
sane a,ylums with suddenly i'm poverishei ps-
ileuts. Ani opened A. their only refuge station
houses and houses Of correction 10 thpusand,
4 men and womfn " ho would nud LappIue>-
in euduring The penalty OF the primal curse
Gould tlfN a. fhTmltLed % cara tutlT bread Ia
the -wcAi of their brow" We stil have thi.
'-phi u-ophicai currencv.~ this ''sisrias cur
rencN =. 1.-The be>i currcncy IN the world Of
which the greedy foreign nations can never de-
prtNe Us: And these. upou which the srntlV-
man ha> dc>canted. are its legi imAie results.
To whs; el,c arr they. - wAai else they BE-
Inferred. even upon hIs own showing poes
h, co,> Sny man. believe thA. "1nSnclAl pol
lev inAuSurAted by President johnson, >ecr,-
isry - The Treasury" i responsible for this
i.
not occur tall from >ix 10 eight yeArs amer that
financial policy had been abandoned. DOES tbs
gentleman believe. ! he serious when he
critc> any part 81 thi, condition 10 What he
terms 'the hhludged act providlns for the ~
sumption of specie payments on the lst Of Jam
gAry. l>-9E~ But these results began lcng be
fore that al wa> passed or even proposed. and
II any beil does not know that thsy are alto
sciher independent Of thai at be needs some
thing more than arguments 10 give him sRowl-
edge. Il is not light which he LACKS, but an
eve. THIS condition ! not az al an unnatural
result Of currency like ours. IL Is result
which has Alvays attended such currency.
Ii : the result which has been predicted over
and over again TO follow the attempt 10
pay for labor in ANYTHING hichi Is no; the prod
ucI of labor. and this result can never BE- rem
edied hy any device which DOES no: resch 10
the very TOO; Of the evil itself.
Therefore. Mr. Chairman. this result is not
going 10 he changed. cannot, from the very nx-
turc Of the case. be changed BY making this
currency lntereouyeriibie with bonds, Asehene
made - famous By the persistent advocacy Of
the gentleman from Pennsylvania. and which
l have sometimes almost thought he has in
tended 10 present s. an exquisite piece Of irony.
or. perhaps, = magnificent piece OF bariesQue.
in which the ridiculous results Of . certain the
ory Of the currency might appear in All their
Ab>urdigy. But II this be . sober scheme. sob
eriy presented, venture 10 turn aside for
moment from tbs dirsc. line Of nv discussion
20 ask wha; il reslly means Dollars, according
70 the scheDe. are 10 be converted inre bonds,
and bonds are 10 be converted into dollars. in
terch2nSeSbly aud PsrpesuSlly, - the exigen-
cies u business shall require; bat what is
dollar. and whsf are the oonds. Perhaps
dollar means nothing. Is only . word with no
more significance than those mseutes which
MonIesQuisu tells Us the inhabitants Of the
West African coSs; employ in their reckoning
but suspect the gentleman would hardly a.
low that his scheme stands upoa the beyei.
Aud YET If dollar means xnythinS-I viii not
sSy definite weight. daly stamped. of gpld or
silver, bat IL u have any concsiy2hle meaning
then this acknowledgement Andbond
scheme. il il be ANYTHING other than gigantic
foily, Is : siupsn3ous fraud. Let Us see. The
gentleman surely will not claim that this piece
Of paper called greenaack IS 3 dollar. for the
srrenesck Itself claims TO be nothing Of the
sort All that the gresnbsck claims 10 Be IS
promise 10 pay dollar, and this premise can
not surely ee the Sane thing Ss dollar. except
upan ths, system I loSie BY which horse
hesnut IS proved 10 De the same thing IS
chestnut horse. 4 system of logic with which
have 10 doubt the gentleman ofsen amused
himself. d we all have done, in the sports Of
hoyhISd. but hy whicA that remarkably school
ef paliiicSl Economists which he - often quotes
actually guides itself in the spsenl.siens Of ma
ture hss.
The srcenhsck Is promise 10 pay. does this
nacan snythinxy Shall Il be ha,dlleds Yes.
sSys the gentleman. We wiz reieen is ip hoods.
A x1yxn anmhSr II xre<ohnrkx shall have in
re;aru given number of bonds. Thee prom
ise, 10 pay shall be transferred fhus into dos-