The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1877-11-28
Mr.. DAYS SPEECH.

bill, the bin thai makes tie resumption Of
specie imperative on the FIRST day Of Janu-
airy 1879. Mr.. Davis enters upon the dis
cussion fully impressed with sense Of the
calamities which Cypress his cons ti,uenis,
growing out Of measure plaa>ibly peas
an, 10 a people still retaining the memory
Of a metallic currency; but measure, IN
The present condition uf the country burden
cdwitIi an appalling public debt, only benz
eicial 10 those who hold the evidences OF
that indebtedness IN the shape Of bonds
whose value will be maintained at par
gold value If resumption shall be operative,
while the shrinksge III value Of what all
other classes possess. whether in property
Or 10 labor, will reduce these latter TO a
condition Of financial serfdom to the former.
The contest Is between the two classes and
il is for the delivery Of the last that Mr..
Da.is speaks.
OF the effects Of The general financial po-
icy IL the government, slr. Davis says:
1 a.l Inc mare obliged to him because
this IS Que Of the most important questions
which cGa engage the attention Of Congress.
and one which demands our most careful
consideration, and because | wish TO say
some things on tins subject which may at
least serve 10 warn the public creditor anc
tie Capitalists Of the danger 10 them as well
a. to The mass Of tile people Of the country
in u 6nancial policy whirh has brought
bankruptcy and ruin to thousands. ay,
hundreds If thousands Of our citizens . POI
LEY which has deprecated immensely every
species Of properly except bonds and IN,
tOnal bank slocks a policy which has para>
lyzed "a Dor. industry. aud enterprise, which
are the only sources OF national wealth and
prosperity policy which has sown power
Is and distress broadcast all over The land !;
policy which has brought want. aud, IN
maHy instances. pitching hunger to families
ii thousands and hundreds Of thousands Of
laboriug men who seek aud cannot find re-
muneratlYe employment.
Sir, has there not ruin, certain ruin, been
brought to the country. Is there not Dis
iress. The man who has ears % hear. the
:nsn who has eyes TO see but cannot perceive
this. must be blind indeed, must be deal
indeed.
What is the cause Of this? Everybody.
Mr.. Speaker. can tell when man Is sick.
Everybody can tell when the country is ia
distress. Ii requires 10 medical skill to d.
that. Il requires no science or knowledge
Everybody can see when the body lies pros
irate with fever; it, guickened pulse anc
Iafebed tongue tell il is about 70 die. Blu
perhaps every bOdy cannot tell what the re
NEEDY Is. Everybody csntell when ae see
man Keeling IN drunkenness and eyerybod,
ean tell him that il lie stops drinking he cal
ret sober. Now il you know what the dis
case is. IL you know what produces il. wha
j. the caase. then Il is very easy matte
% apply the remedy. :,e. Us see what
the Cause Of this disease which has brOugh
~ much distress upon the country. Ii
70 be found in the financial policy now pre-
yailing. which has enriched the few and in
pnycrished millions.
On the tax Of 10 per cent on banks
says:
but. sir. what has been dones To II
first place there Is banking Law which giyl
= monopoly IL banking business 10 the u.
ti5nal bondholders. This law, by tax
10 per cent. on the circulation Of oil banl
other than national banks. gives them Il
exclusive privilege Of banking. aud this Il
was imposed so;ely for this purpose. ltw
not for revenue. for not one cent Of reyenl
Is realized.
Il isan unjust aud ndions Discriminate
preventing al free competition. which j. q
lie II 81 free and healtifal trade. ID
giving 10 one class " men tho power
cubtrol absolutely the currency 81 tie cou
try.
You mag have your gold. but you cam
hank upon It, You mag have your Ian
but ;oU cannot bank upon il. You m
have other species Of property other th
those national bOnds. and you cannot bal
upon Il snd canDo. &c, credit upon il. A
YET The gentleman irom New York n
Chiitendcn who spoke yesterday said
was 10 favor Of free banking, Ind that Won
bring relief 70 the country. Ills free b
h. tax Of ~ per cent. on Ill other ban
except national banks. ana nobody % b
except those who can get the natiousl bob,
Tba, Is what ny friend On the ether side
The House means by free banking. II
means there should be competition 10 !
~ inc every other business. aud that il shot
regulate itself BY the Law Of supply and
nsnd. there !. no difference between b
aDe myself. save Us from bis hind Of {
banking! We hate bad il for fifteen &c
and it has laid the country PROSTATE and
ruin.
IN reply 70 protest q Mr. Chitien,
ON. Y. against ihe ustioh u the Ilot
NJ. Davis aid
Honest money! Why sir, are no,
,greenbseks hohest money! The gen
man held apobe q them yesterday Is
the honest money! lit is not. pray