The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-06-14
He GREENBACK IN THE
United STATES SEN ATE.
racts from the Speech Of Sen
tor Wright of Iowa,
january 18th, 1877.
LCAUSES OF THE PANIC.
!. the Greenbacks have
done.
Remedy not Contraction and
Resumption.

hCSuHIptIOH'
DISTINGUISHED chairman OF the
fee. the senator from Ohio,
his earnestness for maintain
t he calls the pllghted faith
,yernment. is equally earnest
indignant denial that he is a
onist. And yet he advocates
policy which as inevitably
Ids to contraction. in my judgement,
any necessary effort will follow a
Use. And SO no man will admit that
is an eXpansiOnist. But If the
re addition to the currency IS ex-
.lsion. then it would seem that there
II those who should be thus classed.
But that which has interested me
--yst is to see the wonderful agree
mt of our good friends who demand
.eturn to specie payments, and their
ar conception of just how and when
TO be brought about. Whether
shall pay gold next July or next
luary; whether we shall get it by
LING bonds, or where is it to come
IN; whether. if we start, we can
-ep it up, and if so. how long; Wheth-
the recent monetary arrangement
s u panic. u crisis. IL revolution, or
tm accident; whether it was attrib-
ab!e to our currency: to the Lies,
= sfrauds,' the ''engraVed false
DDS las they style them) III the
tpe of greenbacks, or to something
-.e: whether we Shall pay gold and
Thing else, or whether we shall, at
option of the government, give
bonds-all these, and many other
tiers. they seem to leave quite UNI
.ided. And, indeed. the chairman
he committee, SO furious for re-
lption. saws. himself, that he ven
eS no opinion; does not commit
II nself to amy theory, to any plan,
| SO he leaves it. And yet we are
Ted, in the midst of all this uncer-
2ty-withOut any definite sugges-
from him. certainly-tO enter up
this hazardous experiment, and
S, too, with the most perfect lndlf-
ence whether the balance OF trade
n for or against us, for than this, III
A.opinion. there is no greater num-
RE.) and, too, though he admits
1
ned under all circumstances. tact,
he saws, not resting III theory mere
hut attested by demonstrated eX-
iience. And thus the argument
nds. And yet we are expected to
e for resumption. whatever the
n, however little our ability, what
III the consequences, because we are
llged to do SO las early as practical
We have had what is called imam
crisis. or panic, or reVulslon, IL
q but little for names): and as al
rs heretofore, everybody has looked
nut for the causes and then for the
nedy. That is what we are engag
in now. irving to diagnose the dis
,e, getat the producing causes. AND
n from an intelligent stand point
Ike the prescription. WITH one
.oOl Of financial doctors there seems
be agreement, q wonderful degree
unanimity if | except my excellent
ends the senators from ONO ant
rmont, Messrs. Sherman and Nor
III. who here unfortunately dlfter
U.for the most part there Is agree
ut. in ascrihing the patient sltua
h to an overdose of currency. green
ks. paper money, the absence Q
-9.- tthe antidote.) and NATURAL.
ugh the remedy in their estimation
rold in the place of greenbacks. con
exchange for paper: that the pa
MT shall have y solid, precious
rld-convertible diet, diet tina
sintrinsic value. and not the wlshy
shy. easily destroyed. worthless
y. "lampblack and rags stuff.
Itch has well-nigh destroyed its LIE
Unjust make it hopeless lnvall
wears if not for all time. The dis
les of this school may be terme
speak with due respect | trust
ser contractionists or substltutlor
for they would either depriv
I, sick one of good portion OF II
giving nothing of the sam
Il in return. or else they Woul
NV away all now prescribed and II
20 itwith something as they hellev
ter. stronger. safer. | confess thu
! not SO understand the diseas,
of course cannot approve the pr
.ption. 80 r1;..o,
,,lv repeating itself. We do thes
nos year after year and experlent
flowing up and coming down pr
INST about SO often-every nv
~ or ten years | state the Ia
Van agree with me. Do you te
.se furnace was fed with gree