The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-18

into bonds not exceeding four per cent.
SPECIE PAYMENTS.
And now. fellow citizens. this brings mo to the
question upon which there is so much diversity
ui opinion. 50 many strange delusions and that
is the question OF specie payments. What do
mean hv this phra-ep liz 1t that we are to
have no paper money in circulatiunp If So. |
am as much opposed to it as any Of YOU l. II
that We are to retire our grccnback circulation
II 50. am opposed to it. and have often 80 said.
What mean Ivy specie payments IL simply that
paper money ought to he made cqunl to coin. So
that when YOU receive IT II will buy us much
hcci corn or clothing as coin
Now, the Importance uf this cannot be OVER
estimated. dcpreciutrd paper money cheats
and rolis every man who receives it. Therefore
II If That sp.cl" payments. or specie standard.
Is pressed 10y the great body oi Intelligent men
prerequisite for steady business and good
times. Now most OF you will agree to- all this,
and will only diilrr as to the mode. or time and
manner but there * n largo class of people who
believe that paper can I've and ought to be- nlndc
INTO money without any promise or hope Of re-
dcmptlun; that u note should be printed. This
isa dollar. and be made a legal lender.
regard tins us mild form Of lunacy. Com
gross Will never entertain such proposition.
and, IL IT should we know that the scheme
would not stand a momcnt hcforcthc Supreme
Court. That court only maintained the con-
stitutionaly of the legal tender promise to pay
a. dollar hy a divided court. and ON the ground
turr of q forced onn to hn redeemed upon the
payment ot u real dollar that il. So many grains
Of silver or gold. therefore dismiss such wild
Now. the que tlon is as to the time and mode
lN Mll"N tll~ irt~uiuI tom may Np brought
ABOUT. AMI ON TINS subject no man should Ice
dugwntir. or stand without yielding upon u
plan Of his own. hut should hr willing To- give
and take. curing the h.st cNpcdicni that pub
lice opinion Will alinwto be- adopted The pur-
iu~" aud obligation Ia bring our paper money
10 the standard of coin have locn over and over
a..uin announced 10y acts of Congress and 10y
the platforms of the great political parties Of
the country If resolutions and PROMISE, would
bring about spr'i" pawn MS. W" would have
! been there long ago. hut the diversity Of opin-
! ion as 10 the mode nuw-twrlV" years after the
ID
| at % lScount ul live per cent. Until this IL re-
| moved There will hc No new ent rpriscs involv-
| ins great sums. no active industries, hut money
| Will lie idle. and wat IA and wait the changes
| thnt may be made before We Zach the specie
THE RESUMPTION ACT.
/ In 1863 ConEr, - pledged the public faith that
/ the Jut,I States wouli pay gold OF silver dol
/ llrs for United States notes. Again. in January.
/ 1910. after more than a year debate. Congress
/ drrar,d that hy the lst Of January 1879 the
/ Unit II States would pay It's notes in coin. The
Secretary of the Treasury II expressly required
/ II AL United States notes presented AT tho
/ that purrOs" he l. AUTHORIZED 10 use all
! the surplus revenue. and to sell bonds
and une-hali. and five per cent. interest
/ at par in coin. 1t IL this law. called the Dsunp-
that imposes upon the Office | hold most DIM
cult and important duties. and. without reply
7 INK 20 any attacks made upon me. am anxious
/ t""oWNrl !" you PERSONALLY what nave done
/ amt must do i'm obedience To the provisions Of
TINS Nrt IL il sad tnNf the law II detective tllt
! II tn great Object aud policy " the law i right,
the ma n merry of the law could ons lis toe changed
10y S"nsr.>s. That RESUMPTION .an 9e securrd
/ hr my purpose To- show YOU and | shall not
| hesitate to- point out sud- defects in the law Us
ha,r occurred Ia me in It's execution.
There, ar. two modes OF resumption. either 20
diminish the amount Of notes To he rcdrcmoi !.
| which i commonly called contraction Of the
currency or hy the accumulation Of coin in the
=. .nntt,n III. one nrn.,i.nI 1nf,.at in thn
law IT, that the Secretary Is not al lih. rty to sell
bon Is of the United States Tor United States
note- lat must sell them for coin. AZ coin is
not ia circulation among the people. he IL
people. cN''pt hy nn evasion ~ the law. or
easier NJ par. ur at premium. in United
Stats notes. Thu process Of selling fgr United
States notes need not go Jar hrirr. tn" mere
fact that they are receivable for bonds would
bring them UP 10 par in coin and that is specie
But the reason ~ the refusal Of Congress 70
grant this authorty-oitcn asked of it-was that
1t would contract the currency: and this fear oi
from granting Tho easiest, llainost. sures, mode
81 ,rgsantoon,, d4 voIn o.n'fn,on, hro1
without limit Us 10 amount. and that when
issued. United States notes might T." tired to
Ia" extent 81 iour-iliihs 81 IN" tank notes
issued. THIS WIS Ia" only provision Tor re-
d"cming United Stnt"s notes that Congress
whit ' rr I" i6e Tnlti SUI n "T II :SIo
urnuu h'ior' Jan. |, lslH. The actual "Nprri-
mont only proves 'he iglly Of w, cry We had
y iur NOR" money, moro money. III r. was Tree
banking, a FREQ and almost unlimited right io
everybody L. lssn' more money. hut, unluckily
: for Visionary theorists, II was money that had
t. ne secured-nQl Wild eat money. but money
mat people could sleep uion wlhout Tear ~
breaking. The r. suit was that under free
ban lns N" issue Of rir'ulat9n has been far
less than was expected. and. therefore. the re-.
ductlun of Cnitcd States II ties was less. S,ill
ihcre was some reduction. Gre"nh"ks have
been retired under n" at u January, lr15. to
this time To- iht amount Of s22 gu5 700 and near
IIf q Ian