New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-24

coins Have not our creditors domestic and so
eign reasonable right IN view Of our uniform pfse
would remain unchangedf IL seems so to me, Sir WV
MIssIssIPPfs EXPERIENCES
The most striking portion of the Senator's speech
was the following reference to the financial hsto,v
Of Mississippi:
In 1852 tho State Of Mississippi practically rcpndath
OF these days aud scale" them of existence T
Just refused TO pay Them and sir 1t has kept Its promise
to itself, though it has broken 1t to Others.
Ipass the years that intervene between this "a.
and those OF comparatively recent date Years tbs
as thought had the weight Of the despoers ham,
visiting my old home at Vicksburg. asked OF NJ
sissppians what debt the carpetoaggers had been sSs
to fdsten upon their unhappy commonwealth knev
That OF the most Ingenious and cruel OF all that "a
paeious horde had settled within the limits of the Stat
aud forgetting its repudat0D OF twenty years am
naturally asked what the STATE debt had grown 10
The answer Practically. sir, we have no St.s.
debt so complete the ruin OF State credif h.
reason of the Reputation OF 1852. that even the M
paraeled ingenuity, the indispensable effrontery ana
the incompatible devices OF carpetbaggers have not b
equal TO the formation of a scheme sufficient In ~
petty hevery upon Whatever the States necessiies
have been, whatever its interests have suggested Va
have found one willing to give enlarged credit "a
can say Mr. President, as II in parentbess th,. q,
the single instance within knowledge where any peo
ple have apparently proted by their wrong doing
which ruined her credit! II her citizens have re9uss
large they have obtained them mt usurious rats Of
interest n her corporations have needed capital tss
have purchased it by paying rates above those accorS
Go sister states II her counties or townships or cit
have desired to effect local improvements through ~
aid OF capital from beyond their boundar,es me me
memorable penalty has attached to them Great
cruel Injustice has come 10 tuccessye generations be.
aud cntranchised the credit OF the new State becom
ins second TO none But SIR IL Is SAFE to say that the
shc had been despoed by fraud and robbery even a.
South Carolina and louisiana have been. May we not
representatives OF the United States profit by the h
tory and experience OF one Of our number.
Mr.. President, should fall short in dnty II we cir
fl.,I. ..au 1nf
passing bills 10 renOnetze silver adiudged by the
broad world, from whom much OF our capital has here
t0forc come ana must hereafter largely come guilty a
doubtful action regarding our obligations the penalty
whether rgptfulIy or wrongfuy inflicted, viii
priyat: enterprise than upon public credit
If upon these the blight Of broken faith real implied
our present misrortnes We borrowers Do not LET
forget this fact, have said our first requisite i
unqucstOned credit. With it established we can Obtain
all The capital need for legitimate enterprise With
1t farmers will enter upon another year with hope
productions of SOIL and have no need to feel that
war; in dcs0ating Europe, compes them to fatten on
carnage With our manufacturers VIII be able TO enter
safey upon the sharp, close competition that advanced
civilization and the developments or science have
made necessity, II We would as we can place pro-
speak from personal knowledge when i say that for.
en and domestic capital refuses 10 give American
tcrprsc credit this very hour because Of this debate
HE PEOPLE vITALLY CONCERNED.
IL conclusion Mr.. Randolph said
NJ,
should discuss this question one OF dry law alone
To me- it is question of policy IN Government. IL Is
also D question Of public morals. That which may be
right in law may not be expedent in practice That
which the state may legally do, may not always BE-
II has been substantially asserted that when govern
meut creates q debt and fixes the standard valGc Of the
coin agreed to be taken in payment. 1t may lawfully do
what it chooses changing the commercial value Of that
coin. Mr. President l cannot debate This pro-
position-i have only 70 say, as | have IN sub
previously said. that not only Is great Govern
ent sacredly bound in policy and III honor To maintain
the fun standard Of it, obligations, but unicr the mta
tions and obligations Of the constitution. it is compelled
t0 do g. To - coin and regulate" Will never bc inter
prvted meaning to coin and deprecate' No Mr.
President as Government Of purpose and prominence
ana chaIscter cannot afford any such consrIetiou.
The cry has gone out aGainS, he " tondho!der'
chose 10 separate the real bnndhOlder from the mere
capitalist. To ham, have shown, the bond Is nos
me real holder of our Government bonds j. rarely tie
great CAPITALIST To him the interest II too low even
upon the best OF them. Other ventures are far mere
tempting than Governments, that scarcely pay per
The registered bonds OF the United states ten the
story. Examine tn. books. and yu will the names
OF executors guardians and trustees OF cstates-Bot
great estates but small ones You viii IND the names
name. and still more rarely II at all, the names of
capitalists These are facts that no rheoire WI re-
fc. \, ed frespass by new recital OF other facts
showing how great sum Of Government bonds are now
Led by the savings banks OF the country those SPECIAL
deposores Of the prOyidrnt puOr in the larger number
~ states. Upon these bOndholdcrs every dollar o: pay
ia deprecated coin would fall Win cruel eNaetlon
fcsty among the best because the most thrifty the
uu stiOn ~ what com means is vital QUE. Have
they no voice. then business the value Of their
coin Our banks from whom the men OF smaller means
borrow. are not Government bonds the foundation u
iciy issI,cs May affect njarously and seriously
the value of bonds and s leave borrowers 10 obtain
O. Glal terms easily aa before!
Among the most DcnCficcnt ~ modern iDS,tuOns
sand thc lie Insurance. companies. despite occasional
.xirivagauce and fraud in management. Analysis Of
Size ssets ~ theses companies VIII show that t1er re-
-crye fund, thar flmd which % the pOicyh0lders mum
herring hundreds Of thousands in ths country e the arx
their safety, Is largely invested In the bonds of The
United States. Are these people VIII not say citizens
for they who most Interested women aud child
rem. have they uut business with Ia saying what
- coin means. Tile school fund Of my own state IL
largely Interested n Government bonds Have the pe1
p!e no interest in our public schools
III Pre- dt n am aware OF the inter uselcssness OF
any ar. Umo III have attempted &C. make 10 stop the
of the present purpose As one o the representa-
lives OF ate, whose people have jealousy preserved
heir credit suffering temptation 10 hinder duty
md advantage. real OF unreal 10 daily with tie virtue
their STATE. have been impeled. against my previous
purpose TO make this plea, 10 enter this protest.