Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-26


The meeting of the Chamber at large for
the consideration of the following resolution
introduced by Mr.. Banning took place in
the hall of the House of Representatives,
last evening, and was largely attended, both
the hall and lobby being we'll filled:
Resozyed, That among the measures of fnan-
cial reform imperatively required to arrest
the further destruction of values, remove the
paralysis of business, and depression of all
departments of labor and productive indus
tries, are
First-The RECOMMENDATION Of silver and its
restoration to It's place in the monetary system
of the country, as intended in the measure now
pending in Congress, known as the Bland bill.
Second-The unconditional repeal of the
resumption act.
1h,u-The increase, rather than decrease, of
the issue Of treasury notes or greenbacks by
the general government to the end that sound
and reliable currency, consisting Of gold, silver
and United States treasury notes may be pro-
vided to such extent is necessary to develop
and supply the business wants Of the country.
President Rice called the meeting to
order.
Mr.. Banning was the first speaker. He
argued that the reduction of the currency
diminished the value of property, as is shown
by the history of our financial difficulties in
the past half decade of years. The .depre-
citation of the aggregate value of property in
the United States has fallen upon every class
the producing classes Bonds have not de-
preciated, but this is true of no other classes
or kind of property.
Thaddeus Stevens, wise man and a
statesman, stood up in the House, and with
fearful eyes said: "You are making one
kind of money for the people and another
for their creditors.
THE RICH MANS OPPORTUNITY.
When the civil war was raging, it was es-
sential that money should be raised or the
armies would be paralyzed. Greenbacks
we're issued to stem over the
tide, but when such an uncommon amount
to 40 cents on the dollar. Then was the rich
mans opportunity he purchased those
bonds which are now demanded to be salts
fed only in gold. But when the hum of in
dustry was revived, when the nation was
saved, the conspirators had an act of Con-
gress passed, providing for the
payment Of these bonds in
coin. The next step was to de-
monetize silver, thus making them payable
i'll gold.
This same interest is now conspiring tc
fasten their policy upon the country. VIZ
are making now financial system not fol
one day, but for future generations. The
question u.s. shall the government or the
creatures of the government make the cur
rency?
In forty years we shall have one hundred
millions of people, and it will require two
thousand millions of dollars to transact bust
ness for them. Who, then, shall make the
money?
THE REORGANIZATION ACT.
Upon the subject of the demonstration OF
silver the public is strangely misled. He
then gave the history of the characterization
act, and showed that on its passage its effect
was not understood, the vital and
not having been discussed at all. It was one
of the tricks of legislation which appreciated
the bonds ten or twenty per cent. It is now
time to cry halt-to stop. The people have
only the right left to 60 to the ballot box
and unhorse those men who are riding on tc
destruction. That is the only remedy fol
the ills the people are now suffering.
The bondholders and capitalists want
resumption, because it enhances the
value of all their possessions
This was the case in England when they re-
sumed. Capital does not produce; it alb
serbs.
How are they going to resume with less
than eighty millions of gold in hand. They
say the present condition of affairs is due tc
the ravages of war, but France is standing
proof to the contrary. She plucked victory
out of defeat and to-day wears the garlands OF
victory while her victor, with her thousands
and millions of indemnity, is clothed in the
garb Of defeat and humiliation. France re-
tanned the double standard while her victor
Germany, demonetized silver and to-day is
reaping the fruits of her unfortunate policy
The proposition is now to retire the three
hundred millions of greenbacks and to force
resumption at any cost. This would inev-
itably place the government in the grasp OF
the national banks.
The bonded debt of two thousand millions
Of dollars will remain i'll perpetuity for al
succeeding generations
THE TIMES ARE CRITICAL.
The laboring man cannot sit still under
the terrible trials to which he is subjected
The working classes fought the battles and
saved the nation. They were paid in green
backs, and why should not the same money
be good enough for the bondholders?
Riots may be put down by force, but tc
of the discomfort.
The engineers who struck last summer
were oppressed, and were right in striking
They saw around them their desolate homes
and had no other recourse than 10 rise uE
against their oppressors. They had no other
ecourse than to cry in heartrending anguish
oh, God, that bread should be so dear,
And human flesh and blood so Cheap
and then make one grand effort to gain the
necessaries of life and put bread in the
mouths of their dependent little ones. Who
can blame them for such a course?
MR.. GILMAN's SPEECH.
Mr.. j. M. Gilman had not intended te
make speech He would, however, speak
few words on the question of resumption
which was one of vastly more importance
than the silver question. The general i'm
preston prevails that resumption can be
brought about without hardship if green
backs were at or near par with gold. IL
keep paper at par with gold there must be
relative amount of gold to that of paper
France, whose paper money is at slight adj
vance over gold, because of it's convenience
does not resume specie payment. She dares
not attempt it.
European governments do not resume UNI
less they have two OF three times more specie
than paper outstanding. But how is it will
the United States? In the past five years
the product of our mines and imported
precious metals is only 124 millions Of boil
gold and silver. Comptroller Knox places
the amount at 1856 millions of gold and sc
millions of silver but it is generally conceded