The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1877-06-14
He GREENBACK IN THE
United STATES SENATE.
'racts from the Speech Of Sen
tor Wright of Iowa,
January 10Th, 1877.
LCAUSES OF THE PANIC.
:. the Greenbacks have
done.
Remedy not Contraction and
Resumption.

), Remedy not Contraction and
Resumption.
distinguished chairman of the
tee. the senator from Ohio,
his earnestness for maintain
he calls the plighted faith
,vernment, 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 it 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
..vst is to see the wonderful agree
Int of our good friends who demand
.eturn to specie payments, and their
Ear conception of just how and when
is to be brought about. Whether
I shall pay gold next July or next
1uary; whether we shall get 1t by
ling bonds, or where is it to come
I'M; whether, if we start, we can
-ep it up, and if so, how long; wheth-
the recent monetary arrangement
IS a panic. a crisis, a revolution. or
tm accident; whether it was attrib-
hble to our currency; to the ''lles,
b ssfrauds,' the "engraved false
DDS" las they style them) in the
ape 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 un-
.d,ided. And, indeed, the chairman
he committee, SO furious for re-
lption, says, himself, that he ven
.es no opinion; does not commit
nself to any theory, to any plan,
i so he leaves it. And yet we are
red, in the midst Of all this uncer-
Hty--without any definite sugges-
from him, certainly--tO enter up
this hazardous experiment, and
S. too, with the most perfect indif-
fence whether the balance OF trade
Il for or against us, flor than this, in
Aopinion, there is no greater hum
80 and, too, though he admits
1t such payments cannot be main
ned under all circumstances, fact,
he says, not resting in theory mere
8tbut attested by demonstrated eX-
9iience. And thus the argument
nds. And yet we are expected to
liza for resumption. whatever the
IN, however little our ability, what
Ar the consequences, because we are
tlged to do so "as early as practical
We have had what is called a tinan-
crisis, or panic, or revulslon, Il
e but little for names); and as al
rs heretofore, everybody has looked
,ut for the causes and then for the
nedy. That is what we are engag.
i'm now, trying to diagnose the dis
se, get at the producing causes, and
In from an intelligent stand point
Ike the prescription. With one
aodl of financial doctors there seems
be agreement, a wonderful degree
unanimity if except my excellent
ends the senators from Ohio ano
srmont, Messrs. Sherman and Nor
IN. who here unfortunately differ
Clfor the most part there is agree
mt. in ascribing the patients situa
h to an overdose of currency, green
lks, paper money, the absence o
.M,- 1.-THE antidote;) and NATURAL.
.ngh the remedy in their estimation
rold i'm the place of greenbacks, coli
Exchange for paper; that the pa
ut shall have q solid, precious
rld-convertible diet, a diet tina
,ihtrinsic value, and not the wishy
shy. easily destroyed, worthless
v, .slampblack and rags stuff,
Itch has well-nigh destroyed its life
Unjust make it a hopeless invali
wears if not for all time. The oil:
les of this school may be terme
speak with due respect l trust
Ter contractionists or substitution
!. for they would either depriv
.sick one of a good portion OF 1t
.9ulum. giving nothing of the sam
Il in return. or else they woul
NV away all now prescribed and n
AZ itwith something as they believ
ter. stronger, safer. l confess thu
! not so understand the diseaS,
Of course cannot approve the pr
.ption. ,.
these are the facts. Histor
,nly repeating itself. We do thes
,nds wear after year and experient
ahIowing up and coming down pr
INST about SO often--every nv
M or ten years. / state the Ia
IN agree with me. Do you te
IL furnace was fed with gree
mrEm nk1r7made too mut
J ] ] ! ! !: ! ! !: !,
- had leisure
u under the II
bw upt Il SO, a
ke got too hot. Al
Z burst inthe yea
II hen ron had a
IS ~ irredecmable paper mon
! into these wild schemes, a