National Republican., 1877-10-09
GREENBACKs THE SAVIOR OF THE
COUNTRY,

The question which now deeply agitates
the country is how its business interests are
to be rescued from the paralysis that has
settled upon them. Statesmen and finan-
ciers are alike absorbed in the work Of de-
fning causes and seeking remedies. The
Hon. W. d. KELLEY, of Pennsylvania, has
recently been lecturing in Boston on Hard
Times; Cause and Cure" and treated the
subject very pleasantly and cogently. We
extract from his treatment of the causes of
hard times:
There is no natural blessing with which nature
can rndow people that Is not ours; and yet TO.
day masses Of our people walk In hunger and
despair Money will yield no interest IN manufac-
lures In this stricken land Of ours and the people
rather than engage in any enterprise are glad to
lend their money to the Government at four per
cent. Why Is ~ Has war, pestilence or famine
devastated the country within the last two three
years" No. my friends. Since 1866 We have had
no war. Our broad country has been peculiarly
with the largest crop Of cereals and fbers the
American people have ever produced. The ques
tion Is too broad to be discussed In detail. Let
me invite your attention to one or more instances
In 1857 there closed a decade Of unparallclc!
prosperity, During that time the gold Of Cali
yielded as they have never yielded since. During
that time agriculture was blessed and the potato
rot in Ireland the British Isles and the Continent
|
migration ran up to 2iO,nD people. We were then
blessed with gold-basis money. Every circulating
and one night in 1857. at tho close OF that decade
of prosperity, we went to bed with our bank notes
in our pockets, confident that we were on gold
hsSis, and we awOkc the next morning and break
tasted In that belief but before our dinner the Ohio
Trust COMPANY had fhilet the Ohio banks had
fs7i d. joie nf bank failures all over the country
| The supposed basis had been withdrawn, and we
had irrcdeemnhle bank paper unnn which there
l la l.tR
ard on which there was an additional discount
wherever Il travelled beyond the borders of the
ste ~ whSn y laa Den l,sIed, aa IN tne S,ln'
/ the face Of the note.
In ls6l there was an attempted resumption of
specie payments, but what was the condition" La.
hr was idle and capital unemployed. A loan of
sli0pnnn was .madc on the condition that gold
should he paid out rs soon rs rrrcivcd and not
shipped abroad. Another like loan under.
taken. but the undertaking broke down. Then
came the cry, We must have other than gold
publics stabilized on its ruins" We found way
IN make money. We issued sOsOU0 Of paper
We gave Il all the attributes of money. We pro.
Voice why don't the Government honor it,
Nr Kelley. The Government did honor II, and
dollar OF that SO0HOOO ever paid a discount. II
received that sin0NOOOO in payment Of all dues and
taxes, and what is more II provided for its con.
version into an interest bearing bond. So that who
hnd so Of that money could go to the Treasury
and get an intcrestbearing bond. and whoever had
house and pay It. Didn't the Government honor
= Il? know that the theory Of the newspapers and
hon. Gentlemen are ssi3 90 000 more than s5,iSO
ONOOO'9 II so there has been no contraction II
less there has been contraction equal to the entire
, difference between those sums OF money.
Now. they talk about bank notes and grcenhncks
, as If they were the same. Gentlemen. bank note
Is not money. 1t Is promise to pay money; u Is
. We invoked n power hitherto unknown. We
prayed that our country might be saved. and u
|lht t..N 81. la In
10 feed our army and our navy There. Totting at
our wharves, were the vcSs''ls to make navy,
+ the corn. Here were idle men who could have
been clothed aud armed Then, with the aid Of
e our hitherto unknown power, with tho glad cry,
we went well clothed well armed, well stocked
with good cavalry horses and with ample artillery
h Whence did these supplies come? why they had
E been shOwcred upon us by that marvellous child
the Rag Baby! Here some one on the platform
made remark about the Rag Bahy's father
Q whereupon Mr Kelley rejoined: hope you will
not rock him so harshy in this old Cradle Of Lib
. ery for here he Is SUPPRESSED to sleep. and wonld
farmers. the merchants. and said, "Oncn the chan
o nels Of industry; and they did Il. Ngw, If wa
on the other, side Of politics should use Sarsi
h language tonight; but am with Mccormick ant
sherman in support Of the President civil service
?. TO his financial views. And say is it more Of
, sin for me to oppose him on one ground than II Il
II for you to oppose him on two gronndsG Rut, gen
I tlcmen, am honest in my convictions and yoi
:, are not am making a lOng-wnded speech, bu
,f my object is not to wakcn the hnby but the people
. that they may be able to receive II when II wake
u and rises again for you will need II to rescue you
d aye, and before the LIST Of January 1879, you vii
= need it as badly as we needed II ln 1851 am no
savior in the hour Of your agony, II that resnmp
ton act he not Repealed; Take sponge and pou
that water out Of H. and you reduce II to It's org
=, nul weight. So the Government has been squccz
U ing the American people rs u sponge until II ha
L taken all the values out Of their property.
y, These utterances bear the characteristic
7, of earnestness and intelligence, and poin
Of directly to the remedy which alone ca
y reach the financial maladies of the day
y The issue Of greenbacRs which are redeem
e the plighted faith of the nation and ar
K, made payable for all dues to the Govern
y mcnt and the people, offer the hope of earl
R. relief while it cannot be discovered so di4
r., tinctly in any other direction. Let th
rs policy ensue and there will be no troubl
o. about resumption. 1t will adjust itself,
~ little stimulus administered to the busines
lie interests of the country in the way Of silvt
Or mOnetization and the issue of paper none
rs that secures public confidence will Yer
pr soon find paper and coin ON such an equalit
in that the former will be preferred TO Il
|? latter. Then, rs in 1861, greenbacks wi
st prove the savior of national and individu
'e prosperity.
ne THE good people of Frederick, Marylan
- are making gigantic preparations to rccci'
Is. the President and the members of the Cabin
~ who may accompany him on Thursday neN
Te on the occasion of his visit to the agrlcultur
n fair to be opened there on that day. TIL
H. shows the proper spirit on the part of o
H. Maryland neighbors, and is one more less
20 added to the many since last March, that
to prove the assertion a fact that the era
= good feeling has indeed returned.
pe On! WHAT A FATE awaits the average Go
rs gresham or stupid special correspondent
.s they should have the temerity to venture
No tho vicinity of the gold fields of Dako
LYING CHARLEY" was the name Of foOli
fellow that had the audacity to induce par
w Of miners TO leave their prospect at t
F' Black Hills and go in search of gold in t
oy Big Horn country. When they arrived at t