The daily gazette., 1878-11-04


value a false system of money, that took
mems reason and kept them from seeing
the truth. IL was like building houses
! on sand, instead of upon foundations of
solid rock.
In 1861 those in charge of our govern
ment made fatal departure. They DISC
beyed the laws of finance, fact, of reason,
of civilized countries, and we are now
suffering the consequences, and when /
heard men talk of renewing those things
that cost us our trouble | stand amazed
and when | am told that their ideas are
becoming popular, | feel that must sill,
more firmly protest against Them. -
The speaker next proceeded to show,
by able deduction, that gold and silver
have been proved in all human exper-
| ience, to be the real money of the world.
| They are indestructible metals, their ac-
ceptance is universal, and they have be-
come stable measures of value because
they have value Of themselves. There
fore they are accepted as measures of
value all over the world.
| The wise men who framed our govern
ment knew that system of weighs and
/ measures was essential TO honesty in busi-
ness transactions, and they also knew
| that money was necessary as measure
of value, because that governed every
| thing else. If mopy be 1uc uating, so
will the measure be and therefore it was
! necessary 10 have stable money. They
gaze to Congress all the power they could
and still keep the people free, and among
other things they gave Congress he pow
or TO coin money and regulate its value.
But they gave Congress no power to make
values. Labor alone can do this, for it is
regulated by law higher than that of
man. Congress had no power to make a
| ''fial" or "absolute" money. Ii is impu-
dent, absurd, ridiculous to suppose that
men can make money by their breath,
and by human legislation escape the
primeval curse that "by the sweat OF thy
brow thou shalt earn thy bread"
But notwithstanding the absurdity of
Congress attempting to exercise such
power it did attempt it and from the
evils of this attempt we are now suffer-
ing. They issued printed
dollar; but did they make it a dollar !?
BY force of law it was made sufficient for
the payment of debt, but the power of
Congress did not amount to much toregu-
late its power TO purchase. Their "fiat"
money fell into discredit. 1t was not
value, and Congress could not give it
value
( This attempt to create values deluded
and bewildered the people, and led them
on false hopes. We are now awakening
to the truth. There is one fact in regard
to money. 1t is TO the body Of business
| what blood is to the corporeal body |;
and as the evils of the body arise from
blood poisoning, so are the evils we now
experience the result of poisoning in
the money.
| We must correct these evils. We must
have outspoken, unhesitating opinions
! from those who have studied these things
and no twisting and escaping the real
issue for fear of unpopularity. Men say
the plighted faith of the American peo-
pie should not be kept, but there should
be no such party here. No man should
be permitted to ENJOY the blessings OF
free government II he attempts to des-
| troy its plighted faith. Where is private
credit If this Is done? Where will
be business prosperity? Ii pubhc credit
Is crushed privae credit goes with it,aEd
| therefore what madness IL is for men to
assa'l public credit.
| The speaker next briefly reviewed the
| financial system of France since the es-
tablishment of the French Republic. IL
was entrusted 60 the management OF men
who knew their business, land through all
the varied political convulsions of the
government these men were kept iii their
positions; and when the public interest
demanded it, every Frenchman arose at
the name of France The loan for the
purpose of paying the war indemnify
was taken by the people of France
Under that feeling lay the strength of the
country, for the hearts of the people
were true to it.
Alluding to the relation of parties to
this subject, Senator Bavard said hu ar
raigned the ambitious, wrong doing OF
the Republican party, in It's managemet
of the government finances for the pres
ent financial evils. On this party, as led
and organized, lies the responsibility Tor
the dis ress that prevails. They set the
ship ofState atioaJ, lihout ruuder or COM
pass, on sea of doubt and uncertainty,
by destroying the measure OF Values
Mr.. McCullougu who was Secretary OF
!, the Treasury at the close ofthe war, knew
that + was the duly ufthcgovernment to
lead the people back to firm measures ol
value Congress approved of his report,
I followed his measures for two years, ana
( retired forty-four millions of The treasury
: demand notes. But the poison OF paper
: money was in the blood oi tne peopie'
g lhey were craZed by an era OF specula'
. ton ard so theycried out against contrac'
ton and demanded expansion. Ihen
: came the administration of Gen. Grant
: who had no adequate conception OF the
1 po>iiior, for he knew nothing of nation
i. al finances. He appointed Boutwell,, the
q Groton grocer, Secretary Of the Treasury
: but it would have been cheaper for tht
:, people to have pad him million dollars
u u a wear to stay at home. These treasury
demand notes were one debt; but the
/ other debt was not pay able Tor twehty
+ Years, vet Boutwell, took the gold coin
It that was so much needed as the basis OF
d our credit, to make the demand notes
n good, ard sold it to buy bonds at grea'
= premium that were not due for twenty
. wears. True, this resulted in showing
!. reduction of the public debt, but IL wa
e done at DIRE adful cost to our present pro-
y n cts. 1t is hard 10 consider how the re
5, Sources of the country were wasted dur
n ing that lministration without grroan
r Mr.. Bayard proceeded to show how
!, during his career in the Senate, he hat
:. :. opposed this system of financial legisla
II ton, aud related how, when the act O
IS 1860, ''to strengthen the public credit,
le by making the bonds payable in coin
y was passed, Mr.. Sumner had told hln
IL was Unnecessary to do something tt
,r counteract the influence of Butler,
- | ~, :, =. that p,tt1ar ayan then en-